1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamentals of steel are peaking, with seasonal demand decline and supply - demand pressure. Steel prices are expected to oscillate weakly in the short term, and the price center may shift downwards before the parade. The prices of coking coal and coke may see their price centers gradually rise, and one can wait for corrections to go long on far - month contracts. Iron ore prices will mainly fluctuate in the short term, and ferroalloy futures prices are close to the cost of some production areas, with high - premium risks largely released [5][14][17][19][20] 3. Summary by Related Catalogs Steel - **Related Information**: From January to July, China's new and renovated rural roads totaled 51,000 kilometers, and the fixed - asset investment in rural roads reached 206.24 billion yuan. In July, China's excavator output was 24,732 units, a year - on - year increase of 13.9%. The spot prices of Shanghai and Beijing's rebar remained unchanged, while the spot prices of Shanghai and Tianjin's hot - rolled coils decreased by 20 yuan [3][4] - **Logical Analysis**: The black sector rebounded slightly last night. Currently, steel products are generally accumulating inventory, with the inventory accumulation rate slowing down. Hot - rolled steel demand remains strong, while construction steel demand is accelerating its decline. With the approaching parade, blast furnace production cuts may drive down raw material prices and lower the steel price center. Steel prices will oscillate weakly in the short term [5] - **Trading Strategy**: Steel will maintain a range - bound trend. It is recommended to enter into positive basis spreads on dips and hold them. It is advisable to wait and see on options [8][9][10] Coking Coal and Coke - **Related Information**: On the 20th, the online auction sentiment of coking coal in the Lvliang market was poor, with many auctions resulting in failures or price cuts. The coking coal forward market was stable. The warehouse - receipt prices of coke and coking coal in different regions were provided [11][12] - **Logical Analysis**: The spot price of coking coal fluctuates, and the downstream purchasing enthusiasm has weakened. The coking enterprises proposed a seventh - round price increase for coke, but the downstream steel mills have not given a clear response. In the medium term, coal supply will be disrupted, and the coking coal price center will gradually rise [13][14] - **Trading Strategy**: Wait for corrections to go long on far - month contracts. Adopt a wait - and - see approach for arbitrage, options, and spot - futures trading [15] Iron Ore - **Related Information**: The US Treasury Secretary said there was a "very good dialogue" on economic and trade issues. Six out of nine listed building materials companies achieved profitability in the first half of 2025. On the 20th, the national main port iron ore trading volume increased by 3.5% month - on - month, and the construction steel trading volume of 237 mainstream traders increased by 12.4% month - on - month. The spot prices and standard product prices of different iron ore varieties were provided [16] - **Logical Analysis**: The iron ore price rose 1.04% last night, and the market sentiment is fluctuating. The mainstream ore shipments are stable, and the non - mainstream ore shipments in August are at a high level year - on - year. The demand for terminal steel is under pressure, and the factors driving the price up are weakening. Iron ore prices will mainly fluctuate in the short term [17] - **Trading Strategy**: No specific trading strategy was provided in the text. Ferroalloy - **Related Information**: In July 2025, the national manganese ore imports were 2743500 tons, a month - on - month increase of 2.22% and a year - on - year increase of 19.61%. The spot prices of different manganese ores in Tianjin Port were provided [19] - **Logical Analysis**: On the 20th, the spot price of ferrosilicon was slightly weak, and the production increased last week. The spot price of manganese - silicon and manganese ore decreased, and the production of manganese - silicon accelerated. The high - premium risks of both have been largely released [19][20] - **Trading Strategy**: Partially reduce short positions. Enter into positive spot - futures arbitrage when the basis is low. Sell straddle option combinations at high prices [21]

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The steel tender pricing for ferrosilicon and silicomanganese has been finalized, slightly boosting the market [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: - Ferrosilicon 2508: Closing price of 5,466, up 14 from the previous trading day, with a trading volume of 7,876 and an open interest of 17,292 [1]. - Ferrosilicon 2509: Closing price of 5,484, up 24, trading volume of 166,323, and open interest of 203,424 [1]. - Silicomanganese 2508: Closing price of 5,768, up 42, trading volume of 9,768, and open interest of 16,095 [1]. - Silicomanganese 2509: Closing price of 5,782, up 36, trading volume of 211,846, and open interest of 358,988 [1]. - **Spot Data**: - Ferrosilicon FeSi75 - B in Inner Mongolia: Price of 5,200 yuan/ton [1]. - Silicomanganese FeMn65Si17 in Inner Mongolia: Price of 5,600 yuan/ton [1]. - Manganese ore Mn44 block: Price of 38.5 yuan/ton - degree [1]. - Lanthanum charcoal small - sized in Shenmu: Price of 550 yuan/ton, down 30 from the previous trading day [1]. - **Price Spread Data**: - Spot - futures spread: Ferrosilicon (spot - 08 futures) is - 266 yuan/ton, down 14; (spot - 09 futures) is - 182 yuan/ton, down 36. Silicomanganese (spot - 08 futures) and (spot - 09 futures) data not fully clear from the text [1]. - Near - far month spread: Ferrosilicon 2508 - 2509 is - 18 yuan/ton, down 10; Silicomanganese 2508 - 2509 is - 14 yuan/ton, up 6 [1]. - Cross - variety spread: Silicomanganese 2508 - Ferrosilicon 2508 is 302 yuan/ton, up 28; Silicomanganese 2509 - Ferrosilicon 2509 is 298 yuan/ton, up 12 [1]. Macro and Industry News - **Ferrosilicon Prices**: On July 14, 2025, the price of 72 ferrosilicon in Shaanxi was 5,050 - 5,150 yuan/ton, in Ningxia 5,150 - 5,250 yuan/ton, in Qinghai 5,200 yuan/ton, in Gansu 5,150 - 5,250 yuan/ton, and in Inner Mongolia 5,200 yuan/ton. The price of 75 ferrosilicon in Shaanxi was 5,650 - 5,700 yuan/ton (+50), in Ningxia 5,600 - 5,650 yuan/ton (+50), in Qinghai 5,600 yuan/ton, in Gansu 5,700 - 5,750 yuan/ton, and in Inner Mongolia 5,600 - 5,650 yuan/ton. The FOB price of 72 ferrosilicon was 1,000 - 1,030 US dollars/ton, and 75 was 1,080 - 1,110 US dollars/ton [2]. - **Silicomanganese Prices**: The northern quotation of 6517 silicomanganese was 5,500 - 5,600 yuan/ton (-50), and the southern quotation was 5,600 - 5,650 yuan/ton [2]. - **Steel Tender Information**: A large steel group in Hebei set the July price of silicomanganese at 5,850 yuan/ton, up 200 yuan/ton from June, with a tender volume of 14,600 tons, an increase of 2,900 tons from June. The July purchase price of 75B ferrosilicon was 5,600 yuan/ton, up 100 yuan/ton from June, with a volume of 2,700 tons, an increase of 500 tons from June [2]. - **Manganese Ore Prices**: Jupiter announced the price of South African semi - carbonate blocks with Mn36.5% (Min36%) for China in August 2025 as 3.9 US dollars/ton - degree. NMT announced the shipment price of manganese ore for China in August 2025, with South African blocks with Mn36% (minimum) at 3.9 US dollars/ton - degree, up 0.05 US dollars/ton - degree from the previous month [3]. Trend Intensity - Ferrosilicon trend intensity: 0 - Silicomanganese trend intensity: 0 Note: The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3].

Group 1 - The main contract for silicon iron futures experienced a rapid decline, reaching a low of 5454.00 yuan, closing at 5460.00 yuan with a drop of 1.30% [1] - The market sentiment is influenced by macroeconomic factors and cost support, with both silicon and manganese silicon prices showing an upward trend since mid-June, with silicon iron up 7.8% and manganese silicon up 6.1% [2] - The current market is characterized by "emotion-driven highs with demand support still present," indicating a cautious approach is necessary as prices have reached the hedging range for manufacturers [2] Group 2 - The Central Financial Committee's sixth meeting emphasized the orderly exit of backward production capacity, which is expected to improve commodity sentiment [3] - The production profits for ferroalloys are currently negative, with losses reported at -310 yuan/ton in Inner Mongolia and -250 yuan/ton in Ningxia [3] - Technical analysis indicates that the 4-hour K-line is above the 20 and 60 moving averages, suggesting a bullish outlook, but investors are advised to exercise risk control [3]

Report Industry Investment Rating - Not provided Core Views - Silicon iron: On June 19, the 2509 contract closed at 5310, up 0.53%. The production profit of ferroalloys is currently negative, the cost support is weakened by the reduction of settlement electricity price in Ningxia, and the overall steel demand expectation is still weak. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2]. - Manganese silicon: On June 19, the 2509 contract closed at 5584, up 0.25%. The manufacturers' production cut has led the operating rate to a low level in the same period, but the overall inventory is still high. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2]. Summary by Relevant Catalogs Futures Market - SM: The closing price of the main contract is 5,584 yuan/ton, up 28 yuan; the contract position is 601,284 hands, down 3,642 hands; the net position of the top 20 is - 38,284 hands, up 346 hands; the 1 - 9 month contract spread is 28 yuan/ton, down 4 yuan; the warehouse receipt is 95,545 pieces, up 650 pieces [2]. - SF: The closing price of the main contract is 5,310 yuan/ton, up 20 yuan; the contract position is 430,970 hands, up 9,289 hands; the net position of the top 20 is - 39,191 hands, down 5,326 hands; the 1 - 9 month contract spread is - 50 yuan/ton, down 16 yuan; the warehouse receipt is 13,832 pieces, down 1,269 pieces [2]. Spot Market - SM: The price of FeMn68Si18 in Inner Mongolia, Guizhou, and Yunnan is 5,450 yuan/ton, 5,500 yuan/ton, and 5,450 yuan/ton respectively, with no change. The SM index average is 5,423 yuan/ton, up 12 yuan. The basis of the main contract is - 134 yuan/ton, down 28 yuan [2]. - SF: The price of FeSi75 - B in Inner Mongolia, Qinghai, and Ningxia is 5,260 yuan/ton, 5,130 yuan/ton (up 20 yuan), and 5,230 yuan/ton (up 20 yuan) respectively. The basis of the main contract is - 80 yuan/ton, with no change [2]. Upstream Situation - SM: The price of South African ore (Mn38 block) in Tianjin Port is 31 yuan/ton - degree, with no change. The price of Inner Mongolia Wuhai secondary metallurgical coke is 900 yuan/ton, with no change. The manganese ore port inventory is 440.10 million tons, up 19.80 million tons [2]. - SF: The price of silica (98% in the northwest) is 210 yuan/ton, with no change. The price of semi - coke (medium material in Shenmu) is 640 yuan/ton, with no change [2]. Industry Situation - SM: The operating rate of manganese silicon enterprises is 35.30%, up 0.27%. The supply is 173,390 tons, up 1,505 tons. The manufacturers' inventory is 195,900 tons, up 9,300 tons. The national steel mill inventory is 15.15 days, down 0.29 days. The demand of the five major steel types is 122,153 tons, down 3,640 tons [2]. - SF: The operating rate of silicon iron enterprises is 31.35%, down 1.43%. The supply is 95,100 tons, down 2,200 tons. The manufacturers' inventory is 69,900 tons, up 2,200 tons. The national steel mill inventory is 15.20 days, down 0.24 days. The demand of the five major steel types is 19,607.80 tons, down 716.90 tons [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills is 83.39%, down 0.15%. The blast furnace capacity utilization rate is 90.56%, down 0.07%. The monthly crude steel output is 86.545 million tons, up 0.526 million tons [2]. Industry News - In April, China's holdings of US Treasury bonds decreased from 765 billion US dollars in March to 757 billion US dollars; Japan's holdings increased from 1.131 trillion US dollars in March to 1.135 trillion US dollars [2]. - From January to May, the output of industrial raw coal above designated size was 1.99 billion tons, a year - on - year increase of 6.0%. In May, the output was 400 million tons, a year - on - year increase of 4.2%, with a daily average output of 1.301 million tons. From January to May, the national coal imports were 189 million tons, a year - on - year decrease of 7.9% [2]. - In May 2025, China exported 690,000 cars, a year - on - year increase of 22.2%; from January to May, the cumulative export was 2.85 million cars, a year - on - year increase of 16.8% [2]. - In May, China exported 680,000 tons of coke and semi - coke, a year - on - year increase of 2.2%; from January to May, the cumulative export was 3 million tons, a year - on - year decrease of 25.0% [2]. Profit and Operation Suggestions - SF: The spot profit in Inner Mongolia is - 370 yuan/ton; in Ningxia is - 380 yuan/ton. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2]. - SM: The spot profit in Inner Mongolia is - 120 yuan/ton; in Ningxia is - 260 yuan/ton. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2].

Group 1: Report Investment Rating - No information provided Group 2: Core Views - On June 11, the SiFe2509 contract closed at 5184, up 0.35%. On the spot side, the spot price of SiFe in Ningxia was reported at 5120, down 50 yuan/ton. The current production profit of ferroalloys is negative, the cost support is weakened by the reduction of settlement electricity prices in Ningxia, and the overall demand expectation for steel is still weak. Attention should be paid to the market sentiment disturbance under the change of tariff policies. The spot profit in Inner Mongolia and Ningxia is -330 yuan/ton. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. - On June 11, the MnSi2509 contract closed at 5486, down 1.22%. On the spot side, the spot price of MnSi in Inner Mongolia was reported at 5430, down 20 yuan/ton. The mills' procurement is cautious, and the tender price continues to decline. The current production profit of ferroalloys is negative, and the cost support is weakened. The overall demand expectation for steel is still weak. The spot profit in Inner Mongolia is -170 yuan/ton, and in Ningxia is -360 yuan/ton. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the SM main contract was 5486 yuan/ton, down 56 yuan; the closing price of the SF main contract was 5184 yuan/ton, up 10 yuan. The SM futures contract open interest was 664,316 lots, up 15,557 lots; the SF futures contract open interest was 446,401 lots, down 10,358 lots. The net position of the top 20 in MnSi was -30,055 lots, up 722 lots; the net position of the top 20 in SiFe was -21,474 lots, down 5,526 lots. The SM 1 - 9 month contract spread was 30 yuan/ton, up 2 yuan; the SF 1 - 9 month contract spread was -22 yuan/ton, down 10 yuan. The SM warehouse receipts were 100,336, up 288; the SF warehouse receipts were 15,395, down 20 [2]. Spot Market - The price of MnSi FeMn68Si18 in Inner Mongolia was 5430 yuan/ton, down 20 yuan; in Guizhou was 5500 yuan/ton, unchanged; in Yunnan was 5400 yuan/ton, down 50 yuan. The price of SiFe FeSi75 - B in Inner Mongolia was 5190 yuan/ton, down 70 yuan; in Qinghai was 5060 yuan/ton, down 50 yuan; in Ningxia was 5120 yuan/ton, down 50 yuan. The MnSi index average was 5411 yuan/ton, down 104 yuan; the SF main contract basis was -64 yuan/ton, down 60 yuan; the SM main contract basis was -56 yuan/ton, up 36 yuan [2]. Upstream Situation - The price of South African ore: Mn38 lumps at Tianjin Port was 31 yuan/ton - degree, unchanged; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged. The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 900 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 640 yuan/ton, unchanged. The manganese ore port inventory was 420.30 million tons, up 13.30 million tons [2]. Industry Situation - The MnSi enterprise operating rate was 35.03%, up 0.26%; the SiFe enterprise operating rate was 32.78%, up 2.34%. The MnSi supply was 171,885 tons, up 1960 tons; the SiFe supply was 97,300 tons, up 12,400 tons. The MnSi manufacturer inventory was 186,600 tons, down 14,500 tons; the SiFe manufacturer inventory was 6.77 million tons, down 0.74 million tons. The national steel mill inventory of MnSi in months was 15.15 days, down 0.29 days; the national steel mill inventory of SiFe in months was 15.20 days, down 0.24 days [2]. Downstream Situation - The demand for MnSi from the five major steel types was 125,793 tons, down 1093 tons; the demand for SiFe from the five major steel types was 20,324.70 tons, down 249.80 tons. The blast furnace operating rate of 247 steel mills was 83.54%, down 0.35%; the blast furnace capacity utilization rate of 247 steel mills was 90.63%, down 0.04%. The crude steel output was 86.019 million tons, down 6.8224 million tons [2]. Industry News - Amid the depreciation of the yen, the Japanese government is considering canceling the shopping tax - free system and increasing the tourist tax due to soaring domestic prices and abuse of the tax - free system by tourists [2]. - In May, the housing rental industry continued the off - season atmosphere. The average rent of residential properties in key cities continued to decline slightly. The average rent of 50 - city residential properties was 35.0 yuan/square meter/month, down 0.34% month - on - month and 3.44% year - on - year [2]. - This year, "Double First - Class" universities in China will expand undergraduate enrollment, which is beneficial to high - school graduates. It will promote the improvement and expansion of higher education, support universities to improve their school - running conditions, and tilt new higher education resources towards the central and western provinces with large populations [2]. - On June 10, four major automobile enterprises including FAW, Dongfeng, GAC, and SERES Group announced that they would compress the payment period to suppliers within 60 days [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On May 13, the silicon manganese 2509 contract closed at 5810, down 0.62%. The spot price of Inner Mongolia silicon manganese was reported at 5600, up 50 yuan/ton, and the price of raw material manganese ore increased. The production profit of ferroalloys is currently negative, and the enthusiasm for spot production is not high. It is necessary to guard against greater price fluctuations after the decline in demand. The operation should be treated as a volatile trend [2]. - On May 13, the ferrosilicon 2507 contract closed at 5612, down 0.92%. The spot price of Ningxia ferrosilicon remained stable. The production profit of ferroalloys is negative, and the overall expectation of steel demand is still weak. Attention should be paid to the market sentiment disturbance under the change of tariff policies. The operation should be treated as a volatile trend [2]. Summary by Relevant Catalogs Futures Market - The closing price of the SM main contract was 5810 yuan/ton, down 56 yuan; the closing price of the SF main contract was 5612 yuan/ton, down 24 yuan [2]. - The SM futures contract position was 633,897 hands, up 12,179 hands; the SF futures contract position was 489,000 hands, up 7285 hands [2]. - The net position of the top 20 in manganese silicon was -23,693 hands, up 4143 hands; the net position of the top 20 in ferrosilicon was -24,370 hands, up 1000 hands [2]. - The SM 1 - 9 month contract spread was 58 yuan/ton, up 10 yuan; the SF 1 - 9 month contract spread was 40 yuan/ton, down 8 yuan [2]. - The SM warehouse receipt was 119,280 sheets, up 464 sheets; the SF warehouse receipt was 19,048 sheets, up 172 sheets [2]. Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5600 yuan/ton, up 50 yuan; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5610 yuan/ton, unchanged [2]. - The price of Guizhou manganese silicon FeMn68Si18 was 5550 yuan/ton, up 50 yuan; the price of Qinghai ferrosilicon FeSi75 - B was 5520 yuan/ton, unchanged [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5600 yuan/ton, up 100 yuan; the price of Ningxia ferrosilicon FeSi75 - B was 5510 yuan/ton, unchanged [2]. - The average value of the manganese silicon index was 5497 yuan/ton, down 105.42 yuan; the basis of the SF main contract was -102 yuan/ton, up 24 yuan [2]. - The basis of the SM main contract was -210 yuan/ton, up 106 yuan [2]. Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 32 yuan/ton degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1070 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 670 yuan/ton, unchanged [2]. - The manganese ore port inventory was 394.80 tons, up 23.10 tons [2]. Industry Situation - The manganese silicon enterprise start - up rate was 37.53%, down 3.21%; the ferrosilicon enterprise start - up rate was 32.53%, up 1.78% [2]. - The manganese silicon supply was 172,025 tons, down 10,780 tons; the ferrosilicon supply was 102,900 tons, up 3900 tons [2]. - The manganese silicon manufacturer inventory was 207,100 tons, up 25,300 tons; the ferrosilicon manufacturer inventory was 7.37 tons, down 0.99 tons [2]. - The national steel mill inventory of manganese silicon was 15.44 days, down 1.17 days; the national steel mill inventory of ferrosilicon was 15.44 days, down 0.82 days [2]. - The demand for manganese silicon from the five major steel types was 125,861 tons, down 2350 tons; the demand for ferrosilicon from the five major steel types was 20,336.30 tons, down 224.10 tons [2]. Downstream Situation - The blast furnace start - up rate of 247 steel mills was 84.64%, up 0.29%; the blast furnace capacity utilization rate of 247 steel mills was 92.11%, up 0.08% [2]. - The crude steel output was 9284.14 tons, up 1687.22 tons [2]. Industry News - From the expected maintenance and resumption data, the silicon manganese output may bottom out and rebound slightly in mid - to - late May, mainly due to the resumption of submerged arc furnaces in the Inner Mongolia production area after previous maintenance [2]. - Seasonal gales or sandstorms have a greater impact on new energy power generation enterprises, and the green power ratio in trading policies has been reduced, which may lead to an indirect increase in electricity costs. The on - grid electricity price in May will be higher than that in April, and the power cost of silicon manganese will increase [2]. - Nissan Motor Company has decided to lay off more than 10,000 employees at home and abroad to improve its operating conditions. Combining with the previous plan, Nissan will cut about 15% of its employees, reaching 20,000 [2]. - According to Mysteel statistics, the sample coverage rate of 5 large magnesium alloy production enterprises in the country is 32%. The national magnesium alloy output in March was 33,000 tons, and in April it was 31,900 tons, a month - on - month decrease of 3.33%. The downstream demand of magnesium alloy factories is sluggish, but with the continuous recovery of the price of raw material magnesium ingots, the magnesium alloy market is recovering, and there is no obvious expectation of production reduction [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - On April 28, the manganese - silicon 2509 contract closed at 5804, down 0.58%. The spot price of Inner Mongolia silicon - manganese was stable at 5700. The iron - alloy production profit is negative, and the downstream iron - water production may have peaked. Steel mills' procurement is cautious, and the market is expected to fluctuate. [2] - On April 28, the ferrosilicon 2506 contract closed at 5640, down 0.32%. The spot price of Ningxia ferrosilicon was stable at 5630. In the context of demand decline and market downturn, production cuts are a consensus in the industry. The demand for ferrosilicon is under pressure, and the market is expected to fluctuate. [2] 3. Summary by Directory 3.1 Futures Market - SM (manganese - silicon)主力合约收盘价 was 5804 yuan/ton, up 8 yuan; SF (ferrosilicon)主力合约收盘价 was 5648 yuan/ton, up 8 yuan. [2] - SM期货合约持仓量 was 616,978 hands, down 2565 hands; SF期货合约持仓量 was 396,352 hands, down 7765 hands. [2] - The SM9 - 5月合约价差 was 82 yuan/ton, up 4 yuan; the SF9 - 5月合约价差 was 82 yuan/ton, up 8 yuan. [2] - SM仓单 was 122,403 sheets, down 780 sheets; SF仓单 was 14,287 sheets, up 40 sheets. [2] 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5700 yuan/ton, unchanged; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5710 yuan/ton, unchanged. [2] - The SM主力合约基差 was - 104 yuan/ton, down 8 yuan; the SF主力合约基差 was - 18 yuan/ton, down 8 yuan. [2] 3.3 Upstream Situation - The price of South African manganese ore (Mn38 block, Tianjin Port) was 32 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged. [2] - Manganese ore port inventory was 405.50 million tons, up 32.80 million tons. [2] 3.4 Industry Situation - The manganese - silicon enterprise开工率 was 41.59%, down 2.63 percentage points; the ferrosilicon enterprise开工率 was 30.91%, down 1.49 percentage points. [2] - Manganese - silicon supply was 186,060 tons, down 2555 tons; ferrosilicon supply was 98,900 tons, down 1400 tons. [2] - Manganese - silicon manufacturer inventory was 181,800 tons, up 24,200 tons; ferrosilicon manufacturer inventory was 83,600 tons, down 11,200 tons. [2] 3.5 Downstream Situation - The five - major steel types' demand for manganese - silicon was 126,749 tons, up 431 tons; the five - major steel types' demand for ferrosilicon was 20,560.40 tons, up 15.70 tons. [2] - The 247 - steel - mill高炉开工率 was 84.35%, up 0.77 percentage points; the 247 - steel - mill高炉产能利用率 was 91.62%, up 1.49 percentage points. [2] - The monthly crude steel output was 92.8414 million tons, up 16.8722 million tons. [2] 3.6 Industry News - China Iron and Steel Association official said production cuts are a consensus in the industry and need unified action. [2] - On April 25, mainstream coking enterprises proposed a second - round price increase of 50 - 55 yuan/ton. [2] - On April 24, South Korea imposed a four - month temporary anti - dumping duty on hot - rolled carbon or alloy steel plates from China, with a tax rate of 27.91 - 38.02%. [2] - During the May Day holiday, some Mongolian - Chinese border ports will be closed from May 1 - 3, and resume customs clearance on May 5. [2]