Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On December 2nd, the manganese - silicon 2601 contract was reported at 5722, up 0.07%. The spot price of Inner Mongolia silicon - manganese was reported at 5520. Considering macro - factors, the US ISM manufacturing PMI index in November dropped 0.5 points to 48.2, staying below the 50 boom - bust line for nine consecutive months. Fundamentally, inventory rebounded rapidly, production continued to decline slightly from a high level, and inventory increased for 9 consecutive weeks. In terms of cost, the port inventory of imported manganese ore increased by 330,000 tons. On the demand side, hot metal production declined seasonally. The spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia it was - 410 yuan/ton. The final price of Hebei Iron and Steel Group's silicon - manganese in November was 5820 yuan/ton, unchanged from the previous month. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was expected to be volatile [2]. - On December 2nd, the silicon - iron 2603 contract was reported at 5448, up 0.04%. The spot price of Ningxia silicon - iron was reported at 5200. Macro - wise, as of November 26th, the coal inventory of the national unified - regulated power plants exceeded 2.3 billion tons, with an available days of about 35. In terms of supply and demand, market transactions were mainly for terminal rigid - demand restocking, and prices declined. The inventory continued to decrease this period. The spot profit in Inner Mongolia was - 270 yuan/ton, and in Ningxia it was - 525 yuan/ton. In the market, the tender price of Hebei Iron and Steel's 75B silicon - iron in November was 5680 yuan/ton, 20 yuan/ton higher than the previous round. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was expected to be volatile [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price: 5724 yuan/ton, up 112 yuan; SF (silicon - iron) main contract closing price: 5466 yuan/ton, up 76 yuan [2]. - SM futures contract holding volume: 658,779 hands, down 5617 hands; SF futures contract holding volume: 482,043 hands, up 6290 hands [2]. - Manganese - silicon top 20 net holding volume: - 24,616 hands, up 179 hands; Silicon - iron top 20 net holding volume: - 22,000 hands, down 757 hands [2]. - SM 5 - 1 month contract spread: 44 yuan/ton, down 2 yuan; SF 5 - 1 month contract spread: 0 yuan/ton, down 8 yuan [2]. - SM warehouse receipts: 15,851 pieces, up 1093 pieces; SF warehouse receipts: 11,316 pieces, down 71 pieces [2]. 3.2 Spot Market - Inner Mongolia and Guizhou manganese - silicon FeMn68Si18: 5520 yuan/ton, unchanged; Yunnan manganese - silicon FeMn68Si18: 5550 yuan/ton, unchanged [2]. - Inner Mongolia silicon - iron FeSi75 - B: 5250 yuan/ton, unchanged; Qinghai silicon - iron FeSi75 - B: 5150 yuan/ton, unchanged; Ningxia silicon - iron FeSi75 - B: 5200 yuan/ton, unchanged [2]. - Manganese - silicon index average: 5499 yuan/ton, down 16.75 yuan; SF main contract basis: - 266 yuan/ton, down 76 yuan; SM main contract basis: - 204 yuan/ton, down 112 yuan [2]. 3.3 Upstream Situation - South African ore (Mn38 block, Tianjin Port): 32 yuan/ton - degree, unchanged; Silica (98%, Northwest): 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1250 yuan/ton, down 50 yuan; Lanthanum charcoal (medium - sized, Shenmu): 890 yuan/ton, up 10 yuan [2]. - Manganese ore port inventory: 4.263 million tons, unchanged [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate: 385.09%, up 345.96 percentage points; Silicon - iron enterprise operating rate: 33.41%, down 0.40 percentage points [2]. - Manganese - silicon supply: 194,775 tons, down 2135 tons; Silicon - iron supply: 107,200 tons, down 1100 tons [2]. - Manganese - silicon manufacturer inventory: 368,000 tons, up 5000 tons; Silicon - iron manufacturer inventory: 71,830 tons, down 1220 tons [2]. - Manganese - silicon national steel mill inventory (monthly, days): 15.84 days, up 0.14 days; Silicon - iron national steel mill inventory (monthly, days): 15.80 days, up 0.13 days [2]. 3.5 Downstream Situation - Five major steel types' manganese - silicon demand: 121,727 tons, up 320 tons; Five major steel types' silicon - iron demand: 19,660 tons, up 117 tons [2]. - 247 steel mills' blast furnace operating rate: 81.07%, down 1.10 percentage points; 247 steel mills' blast furnace capacity utilization rate: 87.96%, down 0.60 percentage points [2]. - Crude steel production (monthly): 71.997 million tons, down 1.4931 million tons [2]. 3.6 Industry News - On December 1st, the purchase price of coke by mainstream steel mills in Hebei and Shandong was lowered. The price of wet - quenched coke was lowered by 50 yuan/ton, and that of dry - quenched coke was lowered by 55 yuan/ton [2]. - The US ISM manufacturing PMI index in November dropped 0.5 points to 48.2, staying below the 50 boom - bust line for nine consecutive months, with the largest contraction in four months [2]. - Jiang Wei, the deputy secretary of the Party Committee, vice - president and secretary - general of the China Iron and Steel Industry Association, stated that the total steel demand has entered a downward period, and the cost pressure is extremely high. Chinese steel and Hebei steel should focus on high - end, green, intelligent and integrated development [2]. - Liaoning released the "14th Five - Year Plan" proposal, which mentioned strengthening the clean and efficient use of fossil energy, actively promoting the transformation and upgrading of coal - fired power and the replacement of scattered coal, and promoting the peak of coal and oil consumption [2].