Supply - The operating rate of 136 independent silicon iron enterprises is 30.44%, an increase of 0.02% compared to the previous period [3] - The average daily output is 12,140 tons, a decrease of 560 tons from the previous period, with a weekly production of 84,900 tons [3] Demand - Weekly demand for five major steel types of silicon iron is 20,574.5 tons, a decrease of 0.61% compared to last week [4] - Total production of five major materials is 8.8085 million tons, an increase of 84,100 tons, while total inventory is 13.656 million tons, a decrease of 32.94% [4] - Social inventory is 9.3254 million tons, down 28.02%, and factory inventory is 433.06 thousand tons, down 4.92% [4] - The price of magnesium remains stable, with weak downstream demand and poor purchasing sentiment [4] Cost and Profit - The production cost in Inner Mongolia is 5,476 yuan/ton, while in Qinghai it is 5,520 yuan/ton, and in Ningxia it is 5,427 yuan/ton [2] - The profit margins are negative, with Inner Mongolia at -226 yuan/ton and Ningxia at -147 yuan/ton [2] Market Outlook - The main contract for silicon iron futures has rebounded due to rising coal costs [5] - Supply pressure is easing due to previous production cuts, but overall inventory remains at a medium-high level [5] - Recent resumption of production in several large factories in Ningxia is increasing supply and putting downward pressure on prices [5] - The demand for magnesium remains weak, with low domestic purchasing sentiment and fewer overseas inquiries [5] - The outlook suggests limited supply-demand conflicts, but increased supply may heighten pressure [5]

Core Viewpoint - The recent decline in silicon iron futures is primarily attributed to the reduction in electricity prices in Ningxia for April, while supply pressures have eased slightly due to increased daily production and a decrease in factory inventory [5] Supply - The operating rate of 136 independent silicon iron enterprises is reported at 30.75%, a decrease of 0.17% from the previous period, with an average daily output of 14,150 tons, which is an increase of 10 tons [3] Demand - Weekly demand for silicon iron from five major steel types is stable at 20,560.4 tons, while total production of five major materials has increased by 78,500 tons to 8,836,900 tons. Total inventory has decreased by 871,700 tons to 14,471,000 tons, with social inventory down by 597,400 tons and factory inventory down by 274,300 tons [4] - The price of metallic magnesium remains stable, with downstream purchasing driven by basic needs, and limited acceptance of high prices in the market. Mainstream transaction prices for 99.90% magnesium ingots are around 16,300-16,500 yuan/ton [4] Cost and Profit - The overall market for Lantan remains stable, with production costs in Inner Mongolia at 5,681 yuan/ton, Qinghai at 5,792 yuan/ton, and Ningxia at 5,460 yuan/ton. Profit margins are negative in Inner Mongolia at -231 yuan/ton and slightly positive in Ningxia at -10 yuan/ton [2] Market Outlook - The short-term outlook for silicon iron prices is expected to be weak due to the impact of electricity costs, although supply-demand tensions have eased. The market will need to monitor future changes in electricity prices, especially since Ningxia will no longer be part of the electricity spot market settlement in May [5]