Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The rubber market is in a wide - range shock state [1] - The tire market is facing cost pressure and profit shrinkage due to rising raw material prices, and the implementation of price - increase policies faces significant resistance [3][4][5] Group 3: Summary of Related Catalogs 1. Fundamentals Data - **Futures Market**: The daily - session closing price of the rubber main contract increased by 30 yuan/ton to 16,540 yuan/ton, and the night - session closing price increased by 75 yuan/ton to 16,555 yuan/ton. The trading volume decreased by 49,928 hands to 183,593 hands, and the open interest of the 05 contract decreased by 10,483 hands to 81,467 hands. The number of warehouse receipts remained unchanged at 125,410 tons, and the net short position of the top 20 members decreased by 1,338 hands to 11,930 hands [2] - **Spread Data**: The basis of "spot - futures main contract" increased by 20 to - 140, the basis of "mixed - futures main contract" increased by 90 to - 740, and the month - spread of "RU05 - RU09" increased by 20 to - 25 [2] - **Spot Market**: The outer - disk quotes of RSS3, STR20, SMR20, and SIR20 all increased. The prices of substitute products, such as Qilu styrene - butadiene rubber, decreased by 200 yuan/ton to 18,400 yuan/ton, while Qilu cis - butadiene rubber remained unchanged at 18,000 yuan/ton. The prices of imported rubber in the Qingdao market, such as Thai standard and Thai mixed rubber, also increased [2] 2. Industry News - As of March 30, more tire companies are raising prices, with an increase of 3 - 5% and most price - increase implementation times concentrated on April 1. Some companies have raised prices through recycling policies, and some have restricted shipments to customers who have completed their purchase tasks. However, the overall product supply is tight, and some companies have obvious shortages, which affects the shipment volume to a certain extent [3][4] - In March, due to geopolitical disturbances, the price of crude oil rose significantly, leading to a general increase in the prices of petrochemical raw materials such as synthetic rubber, carbon black, and additives. Although the upstream price - increase policy has driven the downstream replenishment sentiment to some extent, this round of replenishment is mainly a transfer of inventory from manufacturers to channels. The channel inventory is at a high level, and the release of terminal demand still takes time, resulting in significant resistance to the implementation of the price - increase policy [5] - The raw material costs of tires, including natural rubber, synthetic rubber, carbon black, and additives, have increased this month, and the profit of tire products has further shrunk. As of March 27, 2026, the theoretical profit of mid - range brand 205/55R16 semi - steel tires was - 1.25 yuan/kg, a decrease of 1.05 yuan/kg compared with last month and 2.09 yuan/kg compared with last year. The theoretical profit of economy - type 12R22.5 all - steel tires was - 1.36 yuan/kg, a decrease of 0.50 yuan/kg compared with last month and 0.10 yuan/kg compared with last year [4]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The mid - term trends of both soybean meal and soybean oil futures are in a wide - range oscillation stage. For soybean meal, factors such as high domestic oil mill operating rates, expected Brazilian harvests, and weak downstream demand are balanced by geopolitical risks and local supply shortages. For soybean oil, the global supply of soybeans is abundant, but geopolitical tensions and short - term supply contractions provide support [7][35]. 3. Summary by Relevant Catalog 3.1 Soybean Meal Futures 3.1.1 Mid - line Market Analysis - Mid - line trend: The soybean meal futures are in a wide - range oscillation stage. The 12th - week data shows that the actual soybean crushing volume of oil mills is 1.9905 million tons, the operating rate is 54.81%, and the soybean meal inventory is 670,500 tons. The high domestic oil mill operating rate, combined with the stable expectation of a Brazilian harvest and subsequent increased arrivals, will lead to a looser supply in the long - term. Weak downstream demand and a slow procurement rhythm also contribute to this. However, geopolitical risks and local supply shortages due to delayed arrivals or maintenance support the spot price [7]. - Attention points: South American weather changes, US tariff policies, and domestic aquaculture demand [7]. 3.1.2 Variety Trading Strategy - Last week's strategy review: Short - term spot tight balance and cost support boosted prices, but weak demand and long - term supply pressure limited the increase. The soybean meal futures price was expected to maintain a high - level oscillation pattern [10]. - This week's strategy suggestion: The daily trend of soybean meal futures is in a downward channel, and the funds are relatively bullish. Short - term spot shortages support prices, but long - term supply pressure and weak demand limit the upside. Attention should be paid to the operating rhythm of oil mills and the actual arrival of soybeans [11]. - Variety diagnosis: The main force is relatively bullish, with a long - short flow of 64.6. The main funds are slightly out - flowing, with a capital energy of - 30.7. The long - short divergence is 91.9, indicating a high risk of a market change [15]. 3.1.3 Relevant Data - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [19][23][28]. 3.2 Soybean Oil Futures 3.2.1 Mid - line Market Analysis - Mid - line trend: The soybean oil futures are in a wide - range oscillation stage. In the 12th week, the actual output of soybean oil from 125 oil mills was 378,200 tons. The Brazilian soybean harvest is a foregone conclusion, and the global soybean supply is abundant, which is a long - term negative factor. However, geopolitical tensions and short - term supply contractions due to maintenance in some domestic oil mills provide support [35]. - Attention points: US biodiesel policies, crude oil trends, and domestic demand [35]. 3.2.2 Variety Trading Strategy - Last week's strategy review: The short - term trend of soybean oil futures focused on crude oil fluctuations and policy expectations, maintaining a high - level oscillation pattern between cost support and high - price demand suppression [38]. - This week's strategy suggestion: In the game between short - term supply contraction and increased mid - term arrival pressure, the soybean oil futures are expected to maintain a high - level oscillation pattern [38]. 3.2.3 Relevant Data - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, and weekly operating rate. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [48][55][57][64].

Report Industry Investment Rating - Not provided in the given content Core View - The manganese silicon market is in a long - short market game with wide - range fluctuations [1] Summary by Related Catalogs Fundamental Tracking - **Futures Data**: For silicon iron, the closing price of SiFe2605 is 5982, down 106 from the previous trading day, with a trading volume of 181,701 and an open interest of 171,684; SiFe2607 has a closing price of 6124, down 84, trading volume of 105,111 and open interest of 132,640. For manganese silicon, MnSi2605 has a closing price of 6434, down 58, trading volume of 374,063 and open interest of 380,552; MnSi2607 has a closing price of 6472, down 56, trading volume of 75,022 and open interest of 124,885 [1] - **Spot Data**: The price of silicon iron FeSi75 - B in Inner Mongolia is 5650 yuan/ton, up 20; the price of silicon manganese FeMn65Si17 in Inner Mongolia is 6230 yuan/ton, up 80; the price of manganese ore Mn44 block is 48 yuan/ton degree; the price of semi - coke small material in Shenmu is 765 yuan/ton, up 70 [1] - **Spread Data**: The spot - futures spread of silicon iron (spot - 05 futures) is - 332 yuan/ton, up 126; for manganese silicon, it is - 204 yuan/ton, up 138. The near - far month spread of silicon iron (SiFe2605 - 2607) is - 142 yuan/ton, down 22; for manganese silicon (MnSi2605 - 2607) it is - 38 yuan/ton, down 2. The cross - variety spread of MnSi2605 - SiFe2605 is 452 yuan/ton, up 48; MnSi2607 - SiFe2607 is 348 yuan/ton, up 28 [1] Macro and Industry News - **Price Information**: On March 26, the price of 72 silicon iron in Shaanxi is 5600 - 5700, in Ningxia 5650 - 5750, in Qinghai 5600 - 5700, in Gansu 5600 - 5700, in Inner Mongolia 5650 - 5750 (+25); 75 silicon iron in Shaanxi is 6100, in Ningxia 6000 - 6050, in Qinghai 5900 - 6000, in Gansu 5950 - 6000, in Inner Mongolia 6000 - 6050. The FOB price of 72 silicon iron is 1150 - 1170(+10), 75 is 1170 - 1190(+10) (USD/ton, tax - included). The price of 6517 silicon manganese in the north is 6150 - 6200 yuan/ton, in the south is 6200 - 6400 yuan/ton [1] - **Quotation Information**: United Mining (CML) announced the May 2026 quotation to China, with Mn>46% Fe<4% SiO2<18% Australian block at 6 USD/ton degree, up 0.4 USD/ton degree from last month [3] - **Production Information**: Ningxia Shengyuan Metal Materials Co., Ltd. powered on one 33000kva silicon iron furnace and produced iron. Gansu Xinyutong restarted two 33000kva silicon iron furnaces and produced iron [3] - **Procurement Information**: A large steel group in Hebei released a new round of silicon manganese procurement tender in March, with a procurement volume of 5100 tons. Rizhao Company of a steel mill in Shandong finalized the silicon iron procurement price at 6080 yuan/ton in cash, up 380 yuan/ton from the previous round, with a volume of 300 tons [3] Trend Intensity - The trend intensity of silicon iron is 0, and that of manganese silicon is 0 [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that both rebar and hot-rolled coil are in a state of long-short sentiment gaming and wide-range oscillations [3]. 3. Summary by Section 3.1 Fundamental Tracking - **Futures Data**: The closing prices of RB2605 and HC2605 were 3,120 yuan/ton and 3,275 yuan/ton respectively, with daily increases of 13 yuan/ton (0.42%) and 12 yuan/ton (0.37%). The trading volumes were 765,830 lots and 320,782 lots, and the open interests were 1,676,246 lots and 1,243,723 lots, with decreases of 46,176 lots and 21,377 lots respectively [3]. - **Spot Price**: Rebar prices in Shanghai, Hangzhou, and Beijing increased by 10 yuan/ton, while the price in Guangzhou remained unchanged. Hot-rolled coil prices in Shanghai, Hangzhou, and Tianjin increased by 10 - 20 yuan/ton, and the price in Guangzhou remained unchanged. The price of Tangshan billet increased by 20 yuan/ton [3]. - **Basis and Spread**: The basis of RB2605 increased by 5 yuan/ton to 100 yuan/ton, and the basis of HC2605 increased by 4 yuan/ton to -15 yuan/ton. The spreads of RB2605 - RB2610 and HC2605 - HC2610 remained unchanged, while the spreads of HC2605 - RB2605 and HC2610 - RB2610 increased by 1 yuan/ton. The spot coil - rebar spread remained unchanged [3]. 3.2 Macro and Industry News - **Steel Production and Inventory**: According to the weekly data from Steel Union on March 12, rebar production increased by 21.99 million tons, hot-rolled coil production decreased by 5.85 million tons, and the total production of five major steel products increased by 23.73 million tons. Rebar inventory increased by 18.49 million tons, hot-rolled coil inventory decreased by 0.1 million tons, and the total inventory of five major steel products increased by 22.89 million tons. The apparent demand for rebar increased by 78.58 million tons, and that for hot-rolled coil increased by 13.79 million tons, with a total increase of 106.73 million tons [4]. - **Steel Import and Export**: In February 2026, China imported 36.9 million tons of steel, a decrease of 9.0 million tons (19.6%) from the previous month, with an average price of 1,470.6 US dollars/ton, a decrease of 52.0 US dollars/ton (2.9%). From January to February, the cumulative steel imports were 82.7 million tons, a decrease of 22.9 million tons (21.7%) year - on - year. China imported 9,763.8 million tons of iron ore, a decrease of 1,474.7 million tons (13.1%) from the previous month, with an average price of 101.3 US dollars/ton, basically the same as the previous month. From January to February, the cumulative iron ore imports were 21,002.3 million tons, an increase of 1,906.4 million tons (10.0%) year - on - year. China exported 783.7 million tons of steel, an increase of 8.3 million tons (1.1%) from the previous month, with an average price of 729.1 US dollars/ton, an increase of 45.5 US dollars/ton (6.7%). From January to February, the cumulative steel exports were 1,559.1 million tons, a decrease of 138.2 million tons (8.1%) year - on - year [5]. - **Price Index**: In February 2026, the national consumer price index increased by 1.3% year - on - year. The national producer price index for industrial products decreased by 0.9% year - on - year, with the decline narrowing by 0.5 percentage points from the previous month, and increased by 0.4% month - on - month, the same as the previous month [5]. - **Policy News**: The Political Bureau of the CPC Central Committee held a meeting on February 27 to discuss the draft outline of the 15th Five - Year Plan and the government work report. Five departments in Shanghai jointly issued a notice on optimizing real estate policies on February 25, which took effect on February 26 [5]. - **Steel Inventory of Key Enterprises**: In mid - February 2026, the steel inventory of key steel enterprises was 1,812 million tons, an increase of 301 million tons (19.9%) from the previous ten - day period, 398 million tons (28.2%) from the beginning of the year, 199 million tons (12.3%) from the same ten - day period of the previous month, 139 million tons (8.3%) from the same ten - day period of last year, and a decrease of 86 million tons (4.5%) from the same ten - day period of the year before last [5]. 3.3 Trend Intensity The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [5].

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The silicon iron and manganese silicon markets are characterized by a game between long and short positions, with wide - range fluctuations [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: - Silicon iron futures: The closing price of SiFe2605 is 5,868, with a change of 40 compared to the previous trading day, and the trading volume is 157,951, with an open interest of 223,284. The closing price of SiFe2607 is 5,956, with a change of 44, the trading volume is 49,217, and the open interest is 97,265 [1]. - Manganese silicon futures: The closing price of MnSi2605 is 6,130, with a change of 38, the trading volume is 217,679, and the open interest is 434,120. The closing price of MnSi2607 is 6,154, with a change of 40, the trading volume is 43,568, and the open interest is 93,511 [1]. - **Spot Data**: - The price of silicon iron (FeSi75 - B) in Inner Mongolia is 5,430 yuan/ton. The price of silicon - manganese (FeMn65Si17) in Inner Mongolia is 5,850 yuan/ton. The price of manganese ore (Mn44 block) is 43.8 yuan/ton - degree. The price of semi - coke (small material) in Shenmu is 695 yuan/ton [1]. - **Spread Data**: - The spot - futures spread of silicon iron (spot - 05 futures) is - 438 yuan/ton, a change of - 40 yuan/ton. The spot - futures spread of manganese silicon (spot - 05 futures) is - 304 yuan/ton, a change of - 38 yuan/ton [1]. - The near - far month spread of silicon iron (SiFe2605 - 2607) is - 88 yuan/ton, a change of - 4 yuan/ton. The near - far month spread of manganese silicon (MnSi2605 - 2607) is - 24 yuan/ton, a change of - 2 yuan/ton [1]. - The cross - variety spread of manganese silicon 2605 - silicon iron 2605 is 262 yuan/ton, a change of - 2 yuan/ton. The cross - variety spread of manganese silicon 2607 - silicon iron 2607 is 198 yuan/ton, a change of - 4 yuan/ton [1]. 3.2 Macro and Industry News - **Price Information**: - On March 6, the price range of 72 silicon iron in different regions is as follows: Shaanxi 5,250 - 5,350 yuan/ton, Ningxia 5,400 - 5,450 yuan/ton, Qinghai 5,350 - 5,400 yuan/ton, Gansu 5,350 - 5,400 yuan/ton, Inner Mongolia 5,350 - 5,450 yuan/ton. The price range of 75 silicon iron: Shaanxi 5,950 - 6,050 yuan/ton, Ningxia 5,850 - 5,950 yuan/ton, Qinghai 5,850 - 5,950 yuan/ton, Gansu 5,800 - 5,850 yuan/ton, Inner Mongolia 5,950 - 6,000 yuan/ton. The FOB price of 72 silicon iron is 1,100 - 1,120 (+20) US dollars/ton, and that of 75 is 1,140 - 1,170 (+20) US dollars/ton. The northern price of 6517 silicon - manganese is 5,800 - 5,850 yuan/ton, and the southern price is 5,850 - 5,950 (+25) yuan/ton [1]. - Multiple companies have announced the April 2026 manganese ore shipment prices to China, with varying degrees of increase compared to the previous month. For example, NMT's Mn36% (minimum) South African block is reported at 4.75 US dollars/ton - degree, a 0.25 US dollars/ton - degree increase from last month [3]. - Some steel mills have set silicon iron and silicon - manganese purchase prices. For example, Jinshenglan Group set the silicon iron price in Anhui at 5,820 yuan/ton cash on March 5, with a quantity of 500 tons. A steel mill in Guangdong set the silicon iron price at 5,989 yuan/ton cash on March 5, a 69 - yuan/ton increase from the previous round, with a quantity of 400 tons [3]. - **Inventory Information**: As of March 6, the manganese ore inventory in Tianjin Port is 337.02 million tons, a decrease of 19.88 million tons compared to the previous period; the inventory in Qinzhou Port is 132.38 million tons, a decrease of 0.69 million tons; the inventory in Caofeidian Port is 0 million tons; the inventory in Fangchenggang is 4 million tons, a decrease of 1.1 million tons. The total manganese ore inventory is 473.4 million tons, a decrease of 21.67 million tons [3]. 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and the trend intensity of manganese silicon is 0 [3].

Group 1: US Dollar Index - The US Dollar Index is currently experiencing a wide range of fluctuations at low levels, with a bullish candle formed last week [1][10] - The suggested trading range for this week is between 98.10 and 96.80, with a potential upward breakout to be monitored [1][10] - The long-term outlook remains bearish for the US Dollar Index, but there is uncertainty regarding whether a mid-term rebound will occur [1][10] Group 2: Euro - The Euro reached a high of 1.2080 before a downward correction, closing last week with a bearish candle [3][12] - The Euro is still operating within an upward channel on the daily chart, with a focus on the range between 1.1750 and 1.1950 for short-term trading [3][12] - Long-term targets for the Euro are set at 1.2300 and 1.2750, contingent on whether it can maintain its position above the channel [3][12] Group 3: Gold - Gold found support at the 4838 level and formed a bullish candle last week, indicating a potential for upward movement [5][14] - The mid-term outlook suggests a wide range of fluctuations over approximately four months, with a focus on the 5600-4400 range [5][14] - Short-term trading suggests a bullish trend above 5130, with targets set at 5232 and 5320 [5][14] Group 4: Silver - Silver experienced a significant pullback after reaching a high of 121.60, with a 50% retracement observed [7][16] - The mid-term strategy suggests a wide range of fluctuations between 120 and 64, similar to gold [7][16] - Short-term outlook remains bullish, with key resistance levels at 93.50, 101.20, and 103.50 [7][16]

1. Report's Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Both ferrosilicon and silicomanganese are in a state of game between fundamentals and sentiment, with wide - range fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Macro and Industry News - The two departments will increase the proportion of fixed - cost recovery of coal - fired power units through capacity electricity prices to no less than 50%, and improve the electricity market trading and pricing mechanism, encouraging a flexible pricing mechanism in medium - and long - term contracts [1] - On February 6, prices of different grades of ferrosilicon and silicomanganese in different regions were reported, with FOB prices of 72 and 75 ferrosilicon increasing by 10 dollars/ton [2] - Hebei Steel finalized the purchase price of 75B ferrosilicon in February at 5760 yuan/ton, the same as in January, with a quantity of 2150 tons, a decrease of 1163 tons from January; Kunsteel's purchase price was 5820/5830 yuan/ton, a stable - to - 20 - yuan - per - ton decrease compared to the previous round, with quantities of 300 tons each [3] - In January, the settlement of ferrosilicon electricity prices was in progress. In Ningxia, the prices mainly ranged from 0.37 - 0.38 yuan/kWh with a downward trend overall; in Qinghai, the prices increased by 1 - 2 cents, ranging from 0.42 - 0.46 yuan/kWh, increasing factory losses [3] - UMK announced the March 2026 manganese ore quotation to China: Mn36% South African lump ore at 4.45 dollars/ton - degree, a 0.13 - dollar/ton - degree increase from last month. Some manganese mines in South Africa have been affected by security inspections, with production and shipment delays [3] - As of February 6, the total manganese ore inventory was 429.39 tons, a decrease of 19.2 tons from the previous period, with different changes in each port [4] 3.2 Trend Intensity - The trend intensity of ferrosilicon is 0, and that of silicomanganese is 0 [4] 3.3 Futures and Spot Market Data - Futures contract data shows the closing prices, changes from the previous trading day, trading volumes, and open interests of ferrosilicon 2603, 2605 and silicomanganese 2603, 2605 [2] - Spot prices of ferrosilicon, silicomanganese, manganese ore, and semi - coke are provided, along with price differences such as basis, calendar spread, and inter - commodity spread [2]

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Both ferrosilicon and silicomanganese are in a state of game between fundamentals and sentiment, with wide - amplitude fluctuations [1] Summary by Relevant Catalogs Macro and Industry News - The two departments will increase the proportion of fixed - cost recovery of coal - fired power units through capacity electricity price to no less than 50%, and improve the power market trading and price mechanism, encouraging both supply and demand sides to sign a flexible price mechanism that changes with market supply - demand and power generation costs in medium - and long - term contracts [1] - On February 4th, the price of 72 ferrosilicon in Shaanxi was 5200 - 5300 yuan/ton, in Ningxia was 5250 - 5350 yuan/ton (down 50 yuan/ton), in Qinghai was 5200 - 5300 yuan/ton, in Gansu was 5250 - 5300 yuan/ton, and in Inner Mongolia was 5300 - 5350 yuan/ton. The price of 75 ferrosilicon in Shaanxi was 5950 - 6000 yuan/ton, in Ningxia was 5750 - 5900 yuan/ton (down 25 yuan/ton), in Qinghai was 5800 - 5850 yuan/ton, in Gansu was 5750 - 5800 yuan/ton, and in Inner Mongolia was 5850 - 5900 yuan/ton. The FOB price of 72 ferrosilicon was 1060 - 1080 dollars/ton (+10 dollars/ton), and that of 75 was 1100 - 1140 dollars/ton (+10 dollars/ton). The northern quotation of 6517 silicomanganese was 5600 - 5700 yuan/ton, and the southern quotation was 5750 - 5850 yuan/ton [2] - Hegang finalized the purchase price of 75B ferrosilicon in February at 5760 yuan/ton, the same as in January, with a quantity of 2150 tons, a decrease of 1163 tons compared with January [3] - In January, the electricity prices of ferrosilicon in Ningxia were mainly concentrated at 0.37 - 0.38 yuan/kWh, with some remaining the same and some rising or falling, but the overall electricity price trend was downward. The electricity price in Qinghai rose again, with a large gap among factories, ranging from 0.42 - 0.46 yuan/kWh, an increase of 1 - 2 cents, and factory losses increased [3] - According to South African trade data, in December 2025, South Africa's manganese ore export volume was 2,560,747 tons, a month - on - month increase of 14.44% and a year - on - year increase of 33.2%. The total export volume of South African manganese ore in 2025 was 27,929,473 tons, a year - on - year increase of 13%. In December, South Africa's manganese ore export volume to China was 1,717,140 tons, a month - on - month increase of 13.9%; the export volume to India was 406,062 tons, a month - on - month increase of 4.6%. The top five export destinations of South African manganese ore are China, India, Japan, Spain, and Malaysia, and the export volume to these five countries in December was 2,370,243 tons, accounting for 92.56% of the total manganese ore export volume [3] Trend Intensity - The trend intensity of ferrosilicon is 0; the trend intensity of silicomanganese is 0 [3] Fundamental Data of Ferrosilicon and Silicomanganese Futures Contracts - The closing price of ferrosilicon 2603 was 5654, up 3 compared with the previous trading day, with a trading volume of 93,117 and an open interest of 89,527. The closing price of ferrosilicon 2605 was 5644, up 38, with a trading volume of 90,122 and an open interest of 129,808. The closing price of silicomanganese 2603 was 5828, up 28, with a trading volume of 20,117 and an open interest of 58,065. The closing price of silicomanganese 2605 was 5868, up 32, with a trading volume of 118,851 and an open interest of 354,221 [2] Spot Prices - The price of ferrosilicon (FeSi75 - B) in Inner Mongolia was 5350 yuan/ton; the price of silicomanganese (FeMn65Si17) in Inner Mongolia was 5650 yuan/ton (down 30 yuan/ton); the price of manganese ore (Mn44 block) was 42.7 yuan/ton - degree; the price of semi - coke (small material) in Shenmu was 745 yuan/ton [2] Price Spreads - The basis of ferrosilicon (spot - 03 futures) was - 304 yuan/ton (down 34 yuan/ton); the basis of silicomanganese (spot - 03 futures) was - 178 yuan/ton (down 58 yuan/ton); the spread between ferrosilicon 2603 and 2605 was 10 - 4 yuan/ton; the spread between silicomanganese 2603 and 2605 was - 40 - 4 yuan/ton; the spread between silicomanganese 2603 and ferrosilicon 2603 was 174 - 6 yuan/ton; the spread between silicomanganese 2605 and ferrosilicon 2605 was 224 - 6 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **豆粕期货**: The soybean meal futures are expected to maintain a range - bound pattern. Brazil's soybean harvest is abundant and gradually hitting the market, leading to significant global supply pressure. Domestic downstream demand is weak, while high oil - mill operation rates and low breeding profits suppress consumption growth. However, Argentina's drought and the continuous reduction of domestic soybean meal inventory provide bottom support [6]. - **豆油期货**: The soybean oil futures price is expected to continue a wide - range fluctuation. As the oil - mill operation rate recovers, soybean oil supply is becoming looser, and terminal consumption is weak, with inventory pressure still existing. But the US biodiesel policy expectations and international crude oil price fluctuations support the soybean oil futures price [29]. 3. Summary by Directory 豆粕期货 - **中线行情分析** - The soybean meal futures are in a range - bound stage. The 4th - week oil - mill soybean actual crushing volume is 2.1021 million tons, the operation rate is 57.83%, and the soybean meal inventory is 898,600 tons. Pay attention to South American weather, Brazil's new - crop arrival rhythm, and domestic breeding demand [6]. - **品种交易策略** - **上周策略回顾**: The soybean meal futures price was in a sideways trend last week, with a slightly bearish capital sentiment. The M2605 was expected to be in a range - bound pattern, with an expected operating range of 2700 - 2800 [9]. - **本周策略建议**: The soybean meal futures price is currently in a sideways trend, with a strongly bearish capital sentiment. The M2605 is expected to be in a weak - range fluctuation, with an expected operating range of 2700 - 2800 [10]. - **相关数据情况** - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. The data sources are Wind, Mysteel, and the Great Wall Futures trading consulting department [19][21][24] 豆油期货 - **中线行情分析** - The soybean oil futures are in a wide - range fluctuation stage. The 125 oil - mills' actual soybean oil output in the 4th week is 39,940 tons, and the national key - area commercial soybean oil inventory is 956,000 tons. Pay attention to the US biodiesel policy, crude oil trends, and domestic demand [29]. - **品种交易策略** - **上周策略回顾**: The soybean oil futures price was in an upward trend last week, with a slightly bullish capital sentiment. The Y2605 was expected to continue a slightly bullish range - bound pattern [32]. - **本周策略建议**: The soybean oil futures price is in an upward trend, with a slightly bullish capital sentiment. The Y2605 is expected to be in a high - level range - bound stage [32]. - **相关数据情况** - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, weekly operation rate, weekly port inventory, and Brazil's premium. The data sources are Wind, Mysteel, and the Great Wall Futures trading consulting department [42][45][47]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The manganese silicon sector experiences emotional resonance and wide - amplitude fluctuations [1] 3. Summary by Relevant Catalogs Macroeconomic and Industry News - On January 23, the price of 72 silicon iron in Shaanxi was 5200 - 5300 yuan/ton, in Ningxia 5300 - 5350 (+50) yuan/ton, in Qinghai 5250 - 5350 (+25) yuan/ton, in Gansu 5200 - 5250 (-25) yuan/ton, and in Inner Mongolia 5250 - 5300 yuan/ton; the price of 75 silicon iron in Shaanxi was 5850 - 5900 (+25) yuan/ton, in Ningxia 5750 - 5800 (+50) yuan/ton, in Qinghai 5700 - 5750 yuan/ton, in Gansu 5700 - 5750 (+50) yuan/ton, and in Inner Mongolia 5800 - 5850 (+50) yuan/ton. The FOB price of 72 silicon iron was 1060 - 1080 (+10) dollars/ton, and that of 75 was 1100 - 1140 (+10) dollars/ton. The northern quotation of 6517 silicon manganese was 5650 - 5700 (-25) yuan/ton, and the southern quotation was 5800 - 5850 yuan/ton [1] - As of January 23, the manganese ore inventory in Tianjin Port was 319.06 million tons, a month - on - month increase of 4.41 million tons; in Qinzhou Port, it was 102.06 million tons, a month - on - month decrease of 2.43 million tons; in Caofeidian Port, it was 0 million tons; in Fangchenggang, it was 15.4 million tons, a month - on - month increase of 14.4 million tons. The total manganese ore inventory was 436.52 million tons, a month - on - month increase of 16.38 million tons [3] - An Inner Mongolia silicon - manganese plant recently ignited a 1*45000KVA furnace to produce 6517 silicon manganese, and the 4th submerged arc furnace is expected to be launched around the Spring Festival. Another Inner Mongolia silicon - manganese plant recently ignited a 1*32000KVA DC furnace to produce high - silicon silicon manganese, and the 4 new production capacities are currently producing iron normally [3] Fundamental Data of Silicon Iron and Manganese Silicon - For the silicon iron 2603 contract, the closing price was 5652, an increase of 42 from the previous trading day, with a trading volume of 147,842 and an open interest of 215,911; for the silicon iron 2605 contract, the closing price was 5626, an increase of 40, with a trading volume of 50,737 and an open interest of 82,503; for the manganese silicon 2603 contract, the closing price was 5818, an increase of 46, with a trading volume of 72,983 and an open interest of 174,771; for the manganese silicon 2605 contract, the closing price was 5856, an increase of 42, with a trading volume of 143,780 and an open interest of 348,558 [2] - The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5330 yuan/ton, an increase of 30 yuan/ton; the price of silicon manganese (FeMn65Si17) in Inner Mongolia was 5680 yuan/ton; the price of manganese ore (Mn44 block) was 42.7 yuan/ton - degree; the price of semi - coke (small material) in Shenmu was 760 yuan/ton [2] - The basis of silicon iron (spot - 03 futures) was - 322 yuan/ton, a decrease of 12 yuan/ton; the basis of manganese silicon (spot - 03 futures) was - 138 yuan/ton, a decrease of 46 yuan/ton; the spread between silicon iron 2603 and 2605 was 26 yuan/ton, an increase of 2 yuan/ton; the spread between manganese silicon 2603 and 2605 was - 38 yuan/ton, an increase of 4 yuan/ton; the spread between manganese silicon 2603 and silicon iron 2603 was 166 yuan/ton, an increase of 4 yuan/ton; the spread between manganese silicon 2605 and silicon iron 2605 was 230 yuan/ton, an increase of 2 yuan/ton [2] Trend Intensity - The trend intensity of silicon iron is 0, and that of manganese silicon is 0 [4]