Report Information - Report Title: Silicon Ferrosilicon & Manganese Silicon Industry Chain Weekly Report [1] - Report Date: November 9, 2025 [2] - Research Institute: Guotai Junan Futures Research Institute [2] - Analysts: Li Yafei, Jin Yuanyuan [2] Report Industry Investment Rating - Not provided in the report Core Viewpoint - The prices of alloys this week were affected by both macro and sector sentiment, showing an oscillating trend with strong support at the bottom of the market. The current fundamental contradictions are accumulating, and demand may shrink due to steel mills' production cuts. Continuous monitoring of the supply changes on the alloy side is necessary [5]. Summary by Directory 1. Overall Market Situation - This week, alloy prices were affected by macro and sector sentiment, showing an oscillating trend with strong support at the bottom of the market. The fundamental contradictions continued to accumulate, and demand may shrink due to steel mills' production cuts. Attention should be paid to whether the steel mills' production restrictions will trigger a negative feedback cycle for furnace materials [5]. 2. Silicon Ferrosilicon Supply - This week, silicon ferrosilicon production was 114,100 tons, a week-on-week increase of 0.80%. The main production areas currently have no clear intention to cut production [4][56]. Demand - In September, the export volume was 40,100 tons, a month-on-month increase of 14.57%. However, from the performance of downstream steel mills, the actual output of molten iron decreased, and the demand for silicon ferrosilicon may be weakly supported [4][70]. Inventory - As of November 7, the inventory of 60 sample enterprises was 78,690 tons, a week-on-week increase of 9.31%, reaching a record high. There may be inventory pressure at the end of the month [4][78]. Profit - The weekly on - screen profit was 7.00, a week-on-week decrease of 92.96%, and the spot profit was -369.00, a week-on-week decrease of 67.35%. The profit was compressed with the market [4]. 3. Manganese Silicon Supply - This week, manganese silicon production was 201,900 tons, a week-on-week decrease of 2.81%. The production was at a relatively high level. The cost side was firm, but attention should be paid to the production plans in northern regions [4][18]. Demand - The steelmaking demand was weakly supported as the molten iron output decreased. The steel mills' procurement was mainly based on rigid demand, and the overall demand may weaken [26]. Inventory - As of November 7, the inventory of 63 sample enterprises was 319,500 tons, a week-on-week increase of 1.59%. The steel mills maintained a low - inventory strategy, and the short - term downstream demand may weaken [4][31]. Profit - The weekly on - screen profit was 8.03, a week-on-week decrease of 57.38%, and the spot profit was -131.97, a week-on-week decrease of 41.65%. The profit was significantly reduced [4]. 4. Macro and Micro Environment Macro - Domestically, the Ministry of Finance and the State Taxation Administration issued the "Announcement on Tax Policies Related to Gold." Overseas, the US "small non - farm" ADP employment in October increased by 42,000, exceeding expectations, indicating signs of stability in the labor market [5]. Micro - The molten iron output continued to shrink, weakly supporting the demand for raw materials. The fundamental contradictions of alloys continued to accumulate, and attention should be paid to whether the steel mills' production restrictions will trigger a negative feedback cycle for furnace materials [5].