1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cost of alloy raw materials has increased, and the futures prices have shown strong performance. However, the resumption of production by large silicon - iron manufacturers may continue the previous pattern of loose supply and demand. There are also signs of potential loosening in the cost side, and attention should be paid to the supply changes in the alloy sector [3][5]. - The macro - environment is generally favorable, with the domestic official manufacturing PMI rising in November and the expected central economic work conference, along with overseas interest - rate cut expectations. Microscopically, the iron - water output has slightly decreased, and the demand support for raw materials is weak, with the contradictions in the alloy fundamentals continuing to accumulate [5]. 3. Summary According to Relevant Catalogs 3.1 Manganese - Silicon Fundamental Data - **Production**: Manganese - silicon production has gradually contracted. This week's output was 188,000 tons, a week - on - week decrease of 3.6%. The weekly operating rate was 36.71%, a decrease of 1.38 percentage points from last week. Large manufacturers in Ningxia and Guizhou have started the shutdown process [18][22]. - **Demand**: The overall demand for manganese - silicon is weak. The downstream steel mills' production is at a relatively high level, but the actual iron - water output has decreased. The 247 steel enterprises' blast - furnace operating rate was 87.08% this week, a week - on - week decrease of 0.9 percentage points, and the blast - furnace daily average iron - water output was 232,300 tons, a week - on - week decrease of 23,800 tons. The rebar output also decreased this week [27]. - **Inventory**: The inventory of sample enterprises has continued to rise. As of December 5, the inventory of 63 manganese - silicon sample enterprises was 375,500 tons, a week - on - week increase of 7,500 tons. The warehouse - receipt inventory has also increased, and the steel - mill inventory has seasonally increased [34]. - **Manganese Ore**: The global manganese - ore departure volume has increased month - on - month. The departure changes need continuous tracking. The manganese - ore port prices have increased, which is closely related to the high demand for port clearance. The supply and demand of manganese ore may be relatively balanced [38][50]. 3.2 Silicon - Iron Fundamental Data - **Production**: Silicon - iron supply has expanded month - on - month. This week's output was 108,800 tons, a week - on - week increase of 0.11 tons. The weekly operating rate was 33.81%, a decrease of 1.03 percentage points. Large manufacturers in Ningxia have completed maintenance and resumed production as scheduled [57]. - **Demand**: Silicon - iron demand has weakened. The downstream steel - mill production is at a relatively high level, but the actual iron - water output has decreased. The non - steel demand shows that the metal - magnesium output has increased, while the stainless - steel crude - steel output has decreased. The silicon - iron export volume in October was 25,600 tons, a month - on - month decrease of 36.14% [75]. - **Inventory**: The visible inventory of silicon - iron has increased, and there is still visible inventory pressure. As of December 5, the silicon - iron warehouse - receipt quantity was 13,588, a week - on - week increase of 2,681. The inventory of 60 sample enterprises was 72,640 tons, a week - on - week increase of 810 tons [77][83]. - **Profit**: The profit of silicon - iron has been compressed due to the increase in electricity - cost. Attention should be paid to the potential loosening signs of raw - material prices [93].

1. Report Industry Investment Rating - Not specified in the provided content 2. Core View of the Report - The overall supply and demand pattern of silicon ferroalloy and manganese ferroalloy has expanded marginally recently, which may affect the futures market trends. Attention should be paid to the influence of macro - sentiment on commodity prices, and at the micro - level, continue to monitor the price changes of raw materials and the production rhythm of steel mills. Weather may affect the subsequent shipment and arrival of global manganese ore, so follow the subsequent shipment of manganese ore at South African ports this week [3][4]. 3. Summary by Relevant Catalogs 3.1 Overall Market Situation - This week, the alloy was affected by macro - sentiment disturbances, and its price fluctuated along with the black metal sector. Ignoring macro - factors, prices may continue to decline due to the downward movement of raw material prices and weak demand expectations. Domestically, the macro - situation is relatively stable with no signs of new policies. The previous optimistic expectations from China - US trade talks were disrupted by the Middle East situation, affecting commodity market sentiment. At the micro - level, demand is peaking, the off - season is coming, and if supply continues to expand, alloy prices may face more pressure [6]. 3.2 Silicon Ferroalloy 3.2.1 Supply - Silicon ferroalloy production this week was 95,200 tons, a week - on - week decrease of 2,200 tons, with a change rate of - 2.3%. The weekly operating rate was 31.35%, a decrease of 1.43 percentage points from last week. Some regions like Ningxia and Gansu have resumed production, but the resumption in Inner Mongolia has slowed down due to environmental protection factors [15]. 3.2.2 Demand - In terms of steel - making demand, the actual output of hot metal in downstream steel mills has decreased. The blast furnace operating rate of 247 steel enterprises this week was 90.58%, a decrease of 0.07 percentage points from last week, and the daily average hot metal output was 2,416,100 tons, a week - on - week decrease of 190,000 tons. In non - steel demand, the stainless - steel crude steel output in May was 3.017 million tons, a decrease of 77,000 tons from the previous month, and the planned output in June is expected to continue to contract. The total output of magnesium metal in May was 67,600 tons, a month - on - month increase of 2.2%. The export volume of silicon ferroalloy in April was 38,000 tons, a month - on - month increase of 14.8% [29]. 3.2.3 Inventory - As of June 13, the inventory of 60 silicon ferroalloy sample enterprises was 69,990 tons, a week - on - week increase of 2,210 tons. The number of silicon ferroalloy warehouse receipts was 15,228, a week - on - week decrease of 348, and the inventory was 76,140 tons, with a slower destocking rate. In May, the average available days of silicon ferroalloy inventory in steel mills were 15.2 days, showing a decreasing trend in different regions [39]. 3.2.4 Profit - The profit of silicon ferroalloy has rebounded slightly, the cost is relatively stable, but the expected cost may move down later [43]. 3.3 Manganese Ferroalloy 3.3.1 Supply - Manganese ferroalloy production this week was 173,400 tons, a week - on - week increase of 1,500 tons, with a change rate of 0.9%. The weekly operating rate was 35.3%, an increase of 0.27 percentage points from last week. The main production area in Ningxia continued to resume production, while some small furnaces in Inner Mongolia and Guangxi were shut down for maintenance [47]. 3.3.2 Raw Materials - Overseas manganese ore producers' quotes have continued to decline, and the port manganese ore prices are fluctuating. The global manganese ore departure volume has decreased month - on - month, and the arrival volume has increased month - on - month, with high port demand [55][59][66]. 3.3.3 Demand - In terms of steel - making demand, the actual output of hot metal in downstream steel mills has decreased. The blast furnace operating rate of 247 steel enterprises this week was 90.58%, a decrease of 0.07 percentage points from last week, and the daily average hot metal output was 2,416,100 tons, a week - on - week decrease of 190,000 tons. The weekly output of rebar has decreased by 108,900 tons, weakening the demand support for manganese ferroalloy [72]. 3.3.4 Inventory - As of June 13, the inventory of 63 manganese ferroalloy sample enterprises was 195,900 tons, a week - on - week increase of 9,300 tons. The number of manganese ferroalloy warehouse receipts was 97,951, a week - on - week decrease of 3,061, and the inventory was 489,755 tons, with a slower destocking rate. In May, the average available days of manganese ferroalloy inventory in steel mills were 15.15 days, showing different trends in different regions [76][79]. 3.3.5 Profit - The cost support for manganese ferroalloy has weakened, and price competition at the ore end is emerging [83].