Report Summary 1. Report Title - "Supply and Demand Lack Drive, Market Fluctuates Widely - Ferroalloy Weekly Report 20250818" [1] 2. Analyst Information - Research and Consulting Department: Peng Bohan - Contact: 0371 - 58630083 - Email: pengbh_qh@ccnew.com - Professional Certificate Number: F3076814 - Investment Consulting Number: Z0016415 [2] 3. Industry Investment Rating - Not provided in the report 4. Core Views - **Silicon Ferroalloy**: The market had wide - range fluctuations last week, with the focus shifting down in the second half of the week. Fundamentally, production increased, demand was in a weak off - season pattern, and the market was mainly driven by macro and coal industry policies, showing a short - term range - bound and center - rising trend [4]. - **Manganese Ferroalloy**: The market had wide - range fluctuations last week, with continuous decline from Tuesday. Fundamentally, production increased, demand was weak in the off - season, and the market was dominated by macro and coal industry policies, also showing a short - term range - bound and center - rising trend [23] 5. Summary by Variety Silicon Ferroalloy - **Supply**: 136 independent silicon ferroalloy enterprises had a weekly output of 11.28 tons (up 3.4% week - on - week and 10.6% year - on - year), and the production increase continued to expand, with the operating rate reaching a 4 - month high [4][6]. - **Demand**: Weak and stable. The consumption of silicon ferroalloy in five major steel products was 2.03 tons (up 0.2% week - on - week and 16.5% year - on - year), and the weekly output of five major steel products was 871.63 tons (up 0.28% week - on - week and 12.04% year - on - year) [7][9]. - **Inventory**: Manufacturers' inventory decreased. Enterprise inventory was 6.52 tons (down 9.18% week - on - week and up 5.44% year - on - year), and the steel mill inventory days in July were 14.25 days (down 1.13 days month - on - month and 0.98 days year - on - year) [10][12]. - **Cost**: Prices remained stable during the week. Although some raw material prices changed slightly, the overall cost and profit situation varied in different regions [13][15]. - **Futures and Spot**: The futures market had a slight premium. The number of silicon ferroalloy warehouse receipts was 20,916 (up 1,270 week - on - week and 7,182 year - on - year), and the basis of the 09 contract in Ningxia was - 132 yuan/ton, down 110 yuan/ton week - on - week [16][18]. - **Contract Position and Precipitated Funds**: Data on position and precipitated funds were presented in the form of charts, but specific numerical summaries were not provided in the text [19][20] Manganese Ferroalloy - **Supply**: 121 independent manganese ferroalloy enterprises had a weekly output of 20.7 tons (up 5.7% week - on - week and 3.5% year - on - year), and the production increase continued to expand, with the operating rate in Inner Mongolia rising to the highest level since March [23][25]. - **Demand**: Stable with a slight increase. The weekly consumption of manganese ferroalloy was 12.53 tons (up 0.1% week - on - week and 15.3% year - on - year), and the weekly output of five major steel products was 871.63 tons (up 0.28% week - on - week and 12.04% year - on - year) [26][28]. - **Inventory**: The decline in factory inventory slowed down. Enterprise sample inventory was 15.88 tons (down 1.67% week - on - week and 28.8% year - on - year), and the steel mill inventory days in July were 14.24 days (down 1.25 days month - on - month and 1.19 days year - on - year) [29][31]. - **Cost**: Manganese ore prices fluctuated. The inventory of manganese ore in ports increased slowly, and the cost and profit of manganese ferroalloy production in different regions changed slightly [36][39]. - **Futures and Spot**: The number of warehouse receipts decreased steadily. The number of manganese ferroalloy warehouse receipts was 74,797 (down 1,248 week - on - week and 60,999 year - on - year), and the basis of the 09 contract in Inner Mongolia was 124 yuan/ton, up 20 week - on - week [32][35]. - **Contract Position and Precipitated Funds**: Data on position and precipitated funds were presented in the form of charts, but specific numerical summaries were not provided in the text [40][41]

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年5月16日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 机信 | 前值 | 张跃 | 某差 | 单位 | | 螺纹钢现货(华东) | 3240 | 3250 | -10 | 90 | | | 螺纹钢现货(华北) | 3230 | 3220 | 10 | 80 | | | 螺纹钢现货(华南) | 3370 | 3360 | 10 | 220 | | | 螺纹钢05合约 | 3075 | 3060 | 15 | 165 | | | 螺纹钢10合约 | 3118 | 3127 | -d | 122 | | | 螺纹钢01合约 | 3150 | 3155 | -5 | 90 | | | 热卷现货(华东) | 3300 | 3320 | -20 | 28 | 元/吨 | | 热卷现货(华北) | 3230 | 3230 | O | -42 | | | 热卷现货(华南) ...