1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cost of alloys provides support, and their price trends are volatile. The high - level demand and rising cost of alloys this week offer some price support. However, due to the strong risk - aversion sentiment before the holiday and the game on the capital side, the price trends are volatile. Attention should be paid to the demand support from steel mills' production rhythm, and beware of intensified supply - demand contradictions and price declines if demand falls short of expectations [3][5]. 3. Summary According to Related Catalogs 3.1 Manganese Silicon Fundamental Data - **Supply**: Manganese silicon production has been slightly decreasing, with a weekly output of 20.64 tons, a week - on - week decrease of 0.23 tons (- 1.1%), and a weekly operating rate of 44.18%, a decrease of 1.5 percentage points from last week. Some regions show signs of production conversion, but new production plans create a strong bearish sentiment [18]. - **Demand**: Steel mills are conducting centralized steel tenders and pricing, and pre - holiday restocking has accelerated procurement. From the performance of downstream steel mills, production remains at a high level. The blast furnace operating rate of 247 steel enterprises this week is 90.86%, an increase of 0.51 percentage points from last week, and the average daily hot metal output is 242.36 tons, a week - on - week increase of 1.34 tons. The overall demand for manganese silicon is weakly stable [23][24]. - **Inventory**: - As of September 26, the number of manganese silicon warehouse receipts is 56,113, a decrease of 4,563 week - on - week, with a converted inventory of 280,565 tons and a warehouse receipt destocking of 22,815 tons. - In September, the average available days of steel mills' manganese silicon inventory is 15.93 days (+ 0.95 days). - The inventory of 63 manganese silicon sample enterprises is 233,800 tons, an increase of 34,900 tons from a week ago [29][30][33]. - **Cost**: Overseas mining companies have raised their quotations, and the port inquiry atmosphere is active. The chemical coke quotation has increased, and the manganese ore port quotation is stable. The cost side supports the manganese silicon price [37][50]. 3.2 Ferrosilicon Fundamental Data - **Supply**: Ferrosilicon supply has been increasing, with a weekly output of 11.45 tons, a week - on - week increase of 0.14 tons, and a weekly operating rate of 35.33%, an increase of 0.49 percentage points. Ningxia region's factories maintain high - load operation [54][55]. - **Demand**: - From the performance of downstream steel mills, production remains at a high level. The blast furnace operating rate of 247 steel enterprises this week is 90.86%, an increase of 0.51 percentage points from last week, and the average daily hot metal output is 242.36 tons, a week - on - week increase of 1.34 tons. - Non - steel demand: In August, the stainless - steel crude steel output was 290.28 tons, a month - on - month increase of 7.87 tons, and a year - on - year decrease of 2.25%. The stainless - steel crude steel production plan for September is expected to increase by 4.4%. In August, the total output of magnesium metal was 6.95 tons, a month - on - month increase of 1.4% and a year - on - year increase of 5.58%. In August, the ferrosilicon export volume was 3.50 tons, a month - on - month decrease of 2.6% [70]. - **Inventory**: - As of September 26, the inventory of 60 ferrosilicon sample enterprises is 61,460 tons, a week - on - week decrease of 1,930 tons. - The number of ferrosilicon warehouse receipts is 17,373, a decrease of 255 week - on - week, with a converted inventory of 86,865 tons and a warehouse receipt destocking of 1,275 tons. - In September, the average available days of steel mills' ferrosilicon inventory is 15.52 days (+ 0.85 days) [71]. - **Cost**: The prices of semi - coke and oxidized iron scale have been rising, and the production cost in the north has increased month - on - month [75].