Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that both ferrosilicon and silicomanganese will fluctuate around the cost line with wide - amplitude oscillations [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing prices of ferrosilicon 2511 and 2601 are 5736 yuan/ton, down 20 yuan and 8 yuan respectively compared to the previous trading day. The closing prices of silicomanganese 2511 and 2601 are 5930 yuan/ton and 5964 yuan/ton, down 18 yuan and 6 yuan respectively. The trading volumes and open interests of different contracts are also presented [1]. - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5350 yuan/ton, and the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5730 yuan/ton. The price of manganese ore Mn44 block is 40.0 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 650 yuan/ton [1]. - **Price Difference Data**: The spot - futures spread of ferrosilicon (spot - 11 futures) is - 386 yuan/ton, up 20 yuan; the spot - futures spread of silicomanganese (spot - 01 futures) is - 234 yuan/ton, up 18 yuan. The near - far month spread of ferrosilicon 2511 - 2601 is 0 yuan/ton, down 12 yuan; the near - far month spread of silicomanganese 2511 - 2601 is - 34 yuan/ton, down 12 yuan. The spread between silicomanganese 2511 and ferrosilicon 2511 is 194 yuan/ton, up 2 yuan [1]. 3.2 Macro and Industry News - **Price Information**: On September 19, the price range of 72 ferrosilicon in different regions was 5200 - 5450 yuan/ton, and the price of 75 ferrosilicon was 5900 - 6050 yuan/ton. The FOB price of 72 ferrosilicon was 1050 - 1070 dollars/ton, and that of 75 was 1100 - 1140 dollars/ton, both up 10 dollars/ton. The price of 6517 silicomanganese in the north was 5700 - 5800 yuan/ton, and in the south was 5800 - 5850 yuan/ton [1]. - **Manganese Ore Inventory**: As of September 19, the total inventory of manganese ore was 420.63 million tons, a decrease of 24.15 million tons compared to the previous period. The inventory in Tianjin Port decreased by 18.92 million tons, in Qinzhou Port decreased by 7.25 million tons, in Caofeidian Port increased by 2.52 million tons, and in Fangchenggang decreased by 0.5 million tons [1]. 3.3 Trend Intensity The trend intensity of ferrosilicon is 0, and the trend intensity of silicomanganese is 0, indicating a neutral view on both [3].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint - In the short - term, the price trend of ferroalloys mainly follows the price fluctuations of coal. The current good profit situation of steel mills and high hot metal production support ferroalloy demand. However, in the long - term, the real estate market is persistently sluggish, and the support from the home appliance and automotive sectors for steel depends on policy stimulus and cannot be sustained. With the gradual recovery of Australian ore shipments, the supply of manganese ore is relatively sufficient, and the support from the ore end for ferromanganese is insufficient. It is recommended to try to go long with a light position after a callback [4][5]. 3. Summary by Directory 3.1 Spot Market - **Silicon Ferrosilicon**: In the main production areas, the price of 72 - grade silicon ferrosilicon in Inner Mongolia is 5550 yuan/ton (- 50), and in Ningxia is 5500 yuan/ton (- 150). In trading areas, the price in Hebei and Tianjin is 5900 yuan/ton (+ 0) [2]. - **Silicon Manganese**: In the northern production area (Inner Mongolia), the market price of 6517 - grade silicon manganese is 5800 yuan/ton (+ 80), in the southern production area (Guangxi) is 5870 yuan/ton (+ 70), and in the trading area (Jiangsu) is 6000 yuan/ton (+ 50) [2]. 3.2 Cost and Profit - **Silicon Ferrosilicon**: In Inner Mongolia, the profit is - 49 yuan/ton (- 134); in Ningxia, the profit is 48 yuan/ton (- 234) [2]. - **Silicon Manganese**: In the northern region, the profit is - 98.14 yuan/ton (+ 70.51); in the southern region, the profit is - 425.86 yuan/ton (+ 85.56) [2]. 3.3 Supply - **Silicon Ferrosilicon**: The weekly operating rate of production enterprises is 34.32%, a week - on - week increase of 0.56%. The weekly output is 10.91 tons, a week - on - week increase of 4.5% [2]. - **Silicon Manganese**: The weekly operating rate of production enterprises is 43.43%, a week - on - week increase of 1.25%. The weekly output is 19.58 tons, a week - on - week increase of 2.62% [2]. 3.4 Demand - Steel mills have good profits, and high hot metal production supports the demand for silicon ferrosilicon and silicon manganese. However, the inventory build - up of five major steel products limits the further production space of steel mills, and the growth space for silicon ferrosilicon and silicon manganese is limited. In June, the production of magnesium metal was 8.55 tons, a month - on - month increase of 6.63%. In the long - term, due to the sluggish real estate market, the demand for silicon manganese is relatively weak. This week, the demand for five major steel products of silicon ferrosilicon is 2.03 tons, a week - on - week increase of 2.01%; the demand for five major steel products of silicon manganese is 12.52 tons, a week - on - week increase of 1.25% [3]. 3.5 Inventory - **Silicon Ferrosilicon**: The enterprise inventory this week is 7.18 tons, a week - on - week increase of 9.45%; the warehouse - receipt inventory is 9.82 tons, a week - on - week decrease of 10.89%; the total inventory is 17 tons, a week - on - week decrease of 3.3% [3]. - **Silicon Manganese**: The enterprise inventory is 16.15 tons, a week - on - week decrease of 1.52%; the warehouse - receipt inventory is 38.02 tons, a week - on - week decrease of 2.34%; the total inventory is 54.15 tons, a week - on - week decrease of 2.1% [3]. 3.6 Data Overview - **Silicon Ferrosilicon Daily Data**: It includes data such as basis, futures spreads, spot prices, and warehouse - receipt inventory from August 1st to August 8th, 2025, showing different daily and weekly changes [6]. - **Silicon Manganese Daily Data**: It includes data such as basis, futures spreads, spot prices, manganese ore prices, and warehouse - receipt inventory from August 1st to August 8th, 2025, showing different daily and weekly changes [7]. - **Ferroalloy Weekly Data**: It includes data such as production, operating rate, daily average hot metal production, and inventory of five major steel products, with week - on - week and year - on - year comparisons from August 1st to August 8th, 2025 [8].

Report Overview - The report is a daily report on the manganese silicon and ferrosilicon industries dated August 5, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - On August 5, the SM2509 contract closed at 6018, up 0.94%. The spot price of Inner Mongolia ferromanganese was reported at 5800, up 20 yuan/ton. The ferrosilicon 2509 contract closed at 5716, up 1.03%, and the spot price of Ningxia ferrosilicon was reported at 5550. The ferrous alloy currently has negative production profit. Technically, the 4-hour cycle K-line is between the 20 and 60 moving averages, and the operation should be treated as a shock. [2] Data Summary Futures Market - SM main contract closing price: 6018 yuan/ton, up 46 yuan; SF main contract closing price: 5716 yuan/ton, up 42 yuan [2] - SM futures contract holding volume: 612,782 lots, up 7945 lots; SF futures contract holding volume: 424,431 lots, up 13,926 lots [2] - Manganese silicon top 20 net positions: -89,515 lots, up 284 lots; Ferrosilicon top 20 net positions: -34,851 lots, up 2015 lots [2] - SM 1 - 9 month contract spread: 92 yuan/ton, up 6 yuan; SF 1 - 9 month contract spread: 140 yuan/ton, down 2 yuan [2] - SM warehouse receipts: 77,295, down 316; SF warehouse receipts: 21,930, unchanged [2] Spot Market - Inner Mongolia manganese silicon FeMn68Si18: 5800 yuan/ton, up 20 yuan; Inner Mongolia ferrosilicon FeSi75 - B: 5650 yuan/ton, up 20 yuan [2] - Guizhou manganese silicon FeMn68Si18: 5800 yuan/ton, down 50 yuan; Qinghai ferrosilicon FeSi75 - B: 5430 yuan/ton, down 30 yuan [2] - Yunnan manganese silicon FeMn68Si18: 5800 yuan/ton, unchanged; Ningxia ferrosilicon FeSi75 - B: 5550 yuan/ton, unchanged [2] - Manganese silicon index average: 5837 yuan/ton, up 149 yuan; SF main contract basis: -166 yuan/ton, down 42 yuan [2] - SM main contract basis: -218 yuan/ton, down 26 yuan [2] Upstream Situation - South African ore: Mn38 block: Tianjin Port: 34 yuan/ton degree, unchanged; Silica (98% Northwest): 210 yuan/ton, unchanged [2] - Inner Mongolia Wuhai secondary metallurgical coke: 1100 yuan/ton, up 50 yuan; Semi - coke (medium material Shenmu): 670 yuan/ton, unchanged [2] - Manganese ore port inventory: 438.5 tons, down 11 tons [2] Industry Situation - Manganese silicon enterprise operating rate: 42.18%, up 0.6%; Ferrosilicon enterprise operating rate: 33.76%, up 0.43% [2] - Manganese silicon supply: 190,820 tons, up 4340 tons; Ferrosilicon supply: 104,400 tons, up 2100 tons [2] - Manganese silicon manufacturer inventory: 164,000 tons, down 41,000 tons; Ferrosilicon manufacturer inventory: 65,500 tons, up 3400 tons [2] - Manganese silicon national steel mill inventory: 14.24 days, down 1.25 days; Ferrosilicon national steel mill inventory: 14.25 days, down 1.13 days [2] - Five major steel types' manganese silicon demand: 123,715 tons, up 45 tons; Five major steel types' ferrosilicon demand: 19,922 tons, down 143.7 tons [2] Downstream Situation - 247 steel mills' blast furnace operating rate: 83.48%, unchanged; 247 steel mills' blast furnace capacity utilization rate: 90.22%, down 0.56% [2] - Crude steel output: 83,184,000 tons, down 3,361,000 tons [2] Industry News - Trump threatens to significantly increase Indian tariffs, causing Indian ETFs listed in the US to turn down. The EU will suspend trade counter - measures against the US for 6 months. [2] - Trump will select a new Fed governor in the "next few days" and announce a new Bureau of Labor Statistics director in three to four days. [2] - The China Federation of Machinery Industry states that the Ministry of Industry and Information Technology will soon issue steady - growth work plans for industries such as machinery, automobiles, and power equipment. [2] - Affected by high temperatures, on August 4, the power consumption load of the State Grid reached a new high for the third time, reaching 1.222 billion kilowatts. [2]

Group 1: Report Industry Investment Rating - No information available Group 2: Report's Core View - The trading atmosphere in the ferrosilicon and silicomanganese markets is strong, with wide - range fluctuations [1] Group 3: Summary by Related Catalogs Fundamental Tracking - **Futures Data**: For ferrosilicon, the closing price of the 2508 contract was 5490 yuan/ton, up 24 yuan from the previous trading day, with a trading volume of 1,838 and an open interest of 11,641; the 2509 contract closed at 5508 yuan/ton, up 26 yuan, with a trading volume of 209,310 and an open interest of 183,514. For silicomanganese, the 2508 contract closed at 5796 yuan/ton, up 4 yuan, with a trading volume of 1,824 and an open interest of 11,293; the 2509 contract closed at 5804 yuan/ton, up 10 yuan, with a trading volume of 273,992 and an open interest of 348,403 [1] - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia was 5250 yuan/ton; the price of silicomanganese FeMn65Si17 in Inner Mongolia was 5630 yuan/ton, up 30 yuan from the previous trading day. The price of manganese ore Mn44 block was 39.0 yuan/ton - degree, and the price of small - sized semi - coke in Shenmu was 550 yuan/ton [1] - **Spread Data**: The ferrosilicon spot - 08 futures spread was - 240 yuan/ton, down 24 yuan; the silicomanganese spot - 09 futures spread was - 174 yuan/ton, up 20 yuan. The ferrosilicon 2508 - 2509 spread was - 18 yuan/ton, down 2 yuan; the silicomanganese 2508 - 2509 spread was - 8 yuan/ton, down 6 yuan. The silicomanganese 2508 - ferrosilicon 2508 spread was 306 yuan/ton, down 20 yuan; the silicomanganese 2509 - ferrosilicon 2509 spread was 296 yuan/ton, down 16 yuan [1] Macro and Industry News - On July 18, the price range of 72 ferrosilicon was 5050 - 5150 yuan/ton in Shaanxi, 5150 - 5250 yuan/ton in Ningxia, 5150 - 5200 yuan/ton in Qinghai, 5200 yuan/ton in Gansu, and 5200 - 5250 yuan/ton in Inner Mongolia; the price range of 75 ferrosilicon was 5650 - 5700 yuan/ton in Shaanxi, 5600 - 5650 yuan/ton in Ningxia, 5550 - 5600 yuan/ton in Qinghai, 5600 - 5650 yuan/ton in Gansu, and 5600 - 5650 yuan/ton in Inner Mongolia. The FOB price of 72 ferrosilicon was 1000 - 1020 dollars/ton, and that of 75 was 1080 - 1110 dollars/ton. The price range of 6517 silicomanganese was 5500 - 5600 yuan/ton in the north and 5600 - 5650 yuan/ton in the south [2] - Yunnan Kunsteel set the purchase price of 75B ferrosilicon at 5730/5740 yuan/ton, up 130 yuan/ton from the previous round, with a quantity of 350 tons each [2] - As of this Friday, the manganese ore inventory at Tianjin Port was 339.5 million tons, down 11.7 million tons from the previous period; at Qinzhou Port, it was 87.18 million tons, up 2.12 million tons; at Caofeidian Port, it was 0 million tons; at Fangchenggang Port, it was 1.3 million tons, down 1.1 million tons. As of July 18, the total manganese ore inventory was 427.986 million tons, down 10.68 million tons [3] Trend Intensity - The trend intensity of ferrosilicon is 0, and that of silicomanganese is 0 [3]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - On June 30, the silicon iron 2509 contract closed at 5344, down 0.89%. The spot price of silicon iron in Ningxia was reported at 5270, up 30 yuan/ton. With low - level operation of production, a decline in the price of semi - coke in Ningxia at the cost end, and overall weak steel demand expectations, attention should be paid to market sentiment disturbances under tariff policy changes. The production profit of ferroalloys is currently negative, with an Inner Mongolia spot profit of - 310 yuan/ton and a Ningxia spot profit of - 290 yuan/ton. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as oscillating [2]. - On June 30, the manganese silicon 2509 contract closed at 5642, down 0.74%. The spot price of manganese silicon in Inner Mongolia was reported at 5500. The manufacturer's operating rate has been rising for 6 consecutive weeks at a low level, and the overall inventory is still high. At the cost end, the port inventory of imported manganese ore increased by 0.9 million tons this period, and the downstream molten iron output is running at a high level. The steel mills' procurement is cautious, and the tender price continues to decline. The Inner Mongolia spot profit is - 130 yuan/ton, and the Ningxia spot profit is - 240 yuan/ton. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as oscillating [2]. 3. Summary According to Related Catalogs 3.1 Futures Market - **Manganese Silicon (SM)**: The closing price of the SM main contract was 5642 yuan/ton, down 28 yuan; the futures contract position was 572,652 hands, down 10,293 hands; the net position of the top 20 was - 35,475 hands, up 3328 hands; the spread between the SM1 - 9 contracts was 32 yuan/ton, down 2 yuan; the number of warehouse receipts was 88,732, down 3267 [2]. - **Silicon Iron (SF)**: The closing price of the SF main contract was 5344 yuan/ton, down 26 yuan; the futures contract position was 397,108 hands, down 4083 hands; the net position of the top 20 was - 54,042 hands, up 4735 hands; the spread between the SF1 - 9 contracts was - 16 yuan/ton, up 12 yuan; the number of warehouse receipts was 8322, up 1346 [2]. 3.2 Spot Market - **Manganese Silicon**: The price of FeMn68Si18 in Inner Mongolia was 5500 yuan/ton, in Guizhou was 5550 yuan/ton, and in Yunnan was 5500 yuan/ton, all unchanged. The weekly average of the manganese silicon index was 5490 yuan/ton, up 25 yuan. The basis of the main contract was - 142 yuan/ton, up 28 yuan [2]. - **Silicon Iron**: The price of FeSi75 - B in Inner Mongolia was 5280 yuan/ton, in Qinghai was 5170 yuan/ton, and in Ningxia was 5270 yuan/ton, all unchanged. The basis of the SF main contract was - 74 yuan/ton, up 26 yuan [2]. 3.3 Upstream Situation - **Manganese Silicon**: The price of South African Mn38 lump ore at Tianjin Port was 35 yuan/ton - degree, unchanged; the price of Inner Mongolia Wuhai secondary metallurgical coke was 850 yuan/ton, unchanged; the port inventory of manganese ore was 422.4 million tons, up 0.9 million tons [2]. - **Silicon Iron**: The price of silica (98%, Northwest) was 210 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 640 yuan/ton, unchanged [2]. 3.4 Industry Situation - **Manganese Silicon**: The operating rate of manganese silicon enterprises was 39.21%, up 2.82%; the supply was 179,235 tons, up 2625 tons; the manufacturer's inventory was 221,800 tons, up 15,900 tons; the national steel mill inventory was 15.15 days, down 0.29 days; the demand of the five major steel types was 125,881 tons, up 2164 tons [2]. - **Silicon Iron**: The operating rate of silicon iron enterprises was 31.70%, down 0.99%; the supply was 97,500 tons, down 400 tons; the manufacturer's inventory was 69,400 tons, up 1400 tons; the national steel mill inventory was 15.20 days, down 0.24 days; the demand of the five major steel types was 20,354.2 tons, up 389.8 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace capacity utilization rate was 90.85%, up 0.04%. The monthly crude steel output was 86.545 million tons, up 526,000 tons [2]. 3.6 Industry News - On June 28, the Zhejiang International Commodity Exchange was officially inaugurated in Zhoushan, marking the integration of domestic commodity spot trading resources by the former Zhejiang International Oil and Gas Exchange and its leap - forward expansion from a single oil and gas variety to more categories of commodities [2]. - Trump suddenly stopped trade talks with Canada, saying that Canada's new tax on US technology companies was a "blatant attack" and would set new tariff rates for Canadian goods within the next week [2]. - The Director - General of the International Atomic Energy Agency said that although several Iranian nuclear facilities were damaged in attacks by the US and Israel, Iran still had the ability to produce enriched uranium within a few months, calling on all parties to return to the negotiation table [2]. - In 2025, local government special bonds of 4.4 trillion yuan are planned to be arranged for stock acquisition, an increase of 500 billion yuan year - on - year, mainly used for investment construction, land acquisition, purchase of existing commercial housing, and settlement of local government arrears to enterprises [2]. - Russian President Putin said that Russia plans to cut military spending from next year, which contrasts sharply with NATO's plan to increase defense spending in the next 10 years [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On April 29, the manganese - silicon 2509 contract closed at 5758, down 0.69%, and the Inner Mongolia silicon - manganese spot price remained stable at 5700. With negative production profits, low production enthusiasm, and increasing manganese ore port inventory, downstream iron - water production may peak and decline. Steel mills' procurement is cautious, and the market should be treated as oscillating [2]. - On April 29, the ferrosilicon 2506 contract closed at 5608, down 0.28%, and the Ningxia ferrosilicon spot price remained stable at 5630. In the context of demand decline and market downturn, steel production cuts are a consensus. Ferrosilicon production profits are negative, and the market should be treated as oscillating [2]. 3. Summary by Directory 3.1 Futures Market - **Manganese Silicon (SM)**: The closing price of the SM main contract was 5758 yuan/ton, down 46 yuan; the position was 613,102 hands, down 3876 hands; the net position of the top 20 was - 25,211 hands, up 4131 hands; the 9 - 5 contract spread was 78 yuan/ton, down 4 yuan; the number of warehouse receipts was 124,216, up 1087 [2]. - **Ferrosilicon (SF)**: The closing price of the SF main contract was 5608 yuan/ton, down 40 yuan; the position was 388,619 hands, down 7733 hands; the net position of the top 20 was - 11,179 hands, up 2746 hands; the 9 - 5 contract spread was 76 yuan/ton, down 6 yuan; the number of warehouse receipts was 17,104, up 2198 [2]. 3.2 Spot Market - **Manganese Silicon**: The prices of FeMn68Si18 in Inner Mongolia, Guizhou, and Yunnan were 5700 yuan/ton, with Guizhou and Yunnan down 50 yuan/ton. The SM index average was 5697 yuan/ton, down 4 yuan/ton. The SM main - contract basis was - 58 yuan/ton, up 46 yuan [2]. - **Ferrosilicon**: The prices of FeSi75 - B in Inner Mongolia, Qinghai, and Ningxia were 5710, 5600, and 5630 yuan/ton respectively, remaining unchanged. The SF main - contract basis was 22 yuan/ton, up 40 yuan [2]. 3.3 Upstream Situation - **Manganese Silicon**: The price of South African Mn38 lump ore at Tianjin Port was 32 yuan/ton - degree, unchanged; the price of Inner Mongolia Wuhai secondary metallurgical coke was 1070 yuan/ton, unchanged; the manganese ore port inventory was 405.50 million tons, up 32.80 million tons [2]. - **Ferrosilicon**: The price of 98% silica in the northwest was 210 yuan/ton, unchanged; the price of semi - coke (medium - sized, Shenmu) was 670 yuan/ton, unchanged [2]. 3.4 Industry Situation - **Manganese Silicon**: The enterprise operating rate was 41.59%, down 2.63%; the supply was 186,060 tons, down 2555 tons; the manufacturer's inventory was 181,800 tons, up 24,200 tons; the national steel - mill inventory was 15.44 days, down 1.17 days; the demand of the five major steel types was 126,749 tons, up 431 tons [2]. - **Ferrosilicon**: The enterprise operating rate was 30.91%, down 1.49%; the supply was 98,900 tons, down 1400 tons; the manufacturer's inventory was 8.36 million tons, down 1.12 million tons; the national steel - mill inventory was 15.44 days, down 0.82 days; the demand of the five major steel types was 20,560.40 tons, up 15.70 tons [2]. 3.5 Downstream Situation - The blast - furnace operating rate of 247 steel mills was 84.35%, up 0.77%; the blast - furnace capacity utilization rate was 91.62%, up 1.49%; the monthly crude - steel output was 92.8414 million tons, up 16.8722 million tons [2]. 3.6 Industry News - In 2024, global military spending reached $2.72 trillion, a year - on - year increase of 9.4%. US military spending was $997 billion, an increase of 5.7%, accounting for over 30% of the world's military spending [2]. - The Ministry of Commerce established support tools such as special credit for large - scale complete equipment exports [2]. - Thirteen mandatory national standards for energy - consumption limits in the refining and chemical industry will be implemented on May 1, expected to save 24.52 million tons of standard coal annually [2]. 3.7 Profit Situation - **Manganese Silicon**: The Inner Mongolia spot profit was - 60 yuan/ton; the Ningxia spot profit was - 330 yuan/ton [2]. - **Ferrosilicon**: The Inner Mongolia spot profit was - 50 yuan/ton; the Ningxia spot profit was - 40 yuan/ton [2]. 3.8 Market Situation - **Manganese Silicon**: Steel - mill procurement was cautious, and the tender quantity decreased month - on - month [2]. - **Ferrosilicon**: In April, HBIS's 75B ferrosilicon tender quantity was 1700 tons, 183 tons less than the previous round [2]. 3.9 Technical Situation - For both manganese silicon and ferrosilicon, the 4 - hour cycle K - line was below the 20 - and 60 - day moving averages, and the market should be treated as oscillating [2].