1. Report's Industry Investment Rating - Not provided in the document 2. Core Viewpoints - For manganese - silicon, in a loss situation, production is gradually decreasing, but producer inventories remain high, with limited fundamental support. It is expected to fluctuate in the short - term, and market sentiment and new round of steel tender pricing should be monitored [6][7]. - For silicon - iron, there is a situation of weak supply and demand, and the fundamental driving force is limited. Although cost support is strong, the upward driving force is insufficient, and it is expected to fluctuate in the short - term. Attention should be paid to market sentiment, start - up conditions, and electricity price settlement [9][10]. 3. Summary by Relevant Catalogs 3.1 Futures Price - The prices of both manganese - silicon and silicon - iron have decreased in resonance, and are at the lowest levels in recent years. From November 5th to November 28th, 2025, the manganese - silicon futures price dropped from 5,776 yuan/ton to 5,612 yuan/ton, a decrease of 2.84%; the silicon - iron futures price dropped from 5,560 yuan/ton to 5,390 yuan/ton, a decrease of 3.06% [11][13]. 3.2 Spot Price - The spot prices of both manganese - silicon and silicon - iron have declined. For example, in manganese - silicon, the prices in Inner Mongolia, Guangxi and other regions decreased by 160 - 70 yuan/ton from October 31st to November 28th, 2025; in silicon - iron, the prices in Gansu, Inner Mongolia and other regions decreased by 100 - 70 yuan/ton [15]. 3.3 Basis - The basis of both manganese - silicon and silicon - iron has weakened. For example, on November 28th, 2025, compared with November 21st, the SM01 basis of manganese - silicon decreased by 26 yuan/ton, and the SF01 basis of silicon - iron decreased by 14 yuan/ton [18][20]. 3.4 Near - far Spread - The 1 - 5 spreads of both manganese - silicon and silicon - iron have strengthened slightly. On November 28th, 2025, compared with November 21st, the 1 - 5 spread of manganese - silicon increased by 14 yuan/ton, and that of silicon - iron increased by 4 yuan/ton [23][26]. 3.5 Double - silicon Spread - The spread between silicon - iron and manganese - silicon (silicon - iron - silicon - manganese) decreased by 10 yuan/ton from November 6th to November 28th, 2025 [27]. 3.6 Production Cost - The production cost of silicon - iron has changed significantly, and the production costs in most regions (except Inner Mongolia) have strengthened. For example, from October 30th to November 27th, 2025, the production cost of silicon - iron in Gansu increased by 146 yuan/ton, and that in Qinghai increased by 386 yuan/ton [29][30]. 3.7 Production Profit - The immediate production profit of manganese - silicon has weakened, the production profit of silicon - iron in Inner Mongolia has strengthened month - on - month, but the loss in most production areas has intensified. For example, from October 30th to November 27th, 2025, the production profit of manganese - silicon in the northern region decreased by 175.02 yuan/ton [31][35]. 3.8 Manganese - silicon Supply - The weekly output of manganese - silicon has declined and returned to the median level in recent years. The operating rates of manganese - silicon producers in Ningxia and Yunnan have dropped significantly. For example, from October 31st to November 28th, 2025, the weekly output of manganese - silicon decreased from 207,725 tons to 194,775 tons [36][39]. 3.9 Manganese - silicon Demand - The weekly demand for manganese - silicon is still at a low level in recent years, and the decline in crude steel production is obvious. For example, in October 2025, the crude steel output was 7199.70 tons, a month - on - month decrease of 2.03% [44][46]. 3.10 Manganese - silicon Cost - The price of manganese ore has increased slightly. From October 30th to November 28th, 2025, the price of Gabon manganese ore increased by 2.2 yuan/dry - ton degree, a month - on - month increase of 5.5% [51][52]. 3.11 Manganese Ore - The inventory of port manganese ore has remained stable. The inventory of Australian ore has decreased after reaching a phased high, and the inventory of Gabon manganese ore has decreased fluctuantly [54][57]. 3.12 Manganese - silicon Inventory - The inventory of 63 sample enterprises has increased month - on - month, continuously hitting a new high in recent years. The available days of manganese - silicon inventory have increased slightly year - on - year. For example, from November 14th to November 28th, 2025, the inventory of 63 sample enterprises increased by 15,500 tons [61][68]. 3.13 Manganese - silicon Option - The historical volatility of manganese - silicon options is at a low level. The put - call ratio of the open interest/volume of manganese - silicon options fluctuates greatly, and the current ratio is at the median [69][72]. 3.14 Silicon - iron Supply - The weekly output of silicon - iron has continued to decline. In October 2025, the national silicon - iron output was 505,300 tons, a month - on - month increase of 17,000 tons and a year - on - year increase of 1,600 tons [75][83]. 3.15 Silicon - iron Demand - The demand for silicon - iron from steel mills is still at a low level. The output of magnesium ingots in October 2025 increased month - on - month, reaching a new high in recent years. The import volume of silicon - iron increased by 4.86% month - on - month in October 2025, and the export volume decreased by 36.14% [86][96]. 3.16 Silicon - iron Cost - The price of small - sized semi - coke has increased month - on - month. From October 30th to November 28th, 2025, the price of small - sized semi - coke in Shaanxi increased by 70 yuan/ton, a month - on - month increase of 9.33% [97][99]. 3.17 Silicon - iron Inventory - The inventory of 60 sample enterprises of silicon - iron has decreased slightly month - on - month, but the absolute value is still high. The available days of silicon - iron inventory have increased both month - on - month and year - on - year. For example, from November 14th to November 28th, 2025, the inventory of 60 sample enterprises decreased by 9,530 tons [101][108]. 3.18 Silicon - iron Option - The put - call ratio of the open interest of silicon - iron options has decreased fluctuantly [111].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Silicon Manganese - This week, the silicon manganese market was generally weak, with the futures price fluctuating with the black series. In the fourth quarter, affected by seasonal factors, terminal demand weakened, steel prices were poor, and steel mills' pressure on silicon manganese prices was obvious. The spot price continued to decline, and the factory's shipment difficulty increased. The supply - demand was in a weak state, and the alloy factory's production pressure increased. The new production furnace this year may fall short of expectations. The manganese ore market in Tianjin Port was oscillating strongly, while that in Qinzhou Port was stable. [5][7] - The core contradiction lies in the game between supply contraction expectations and weak demand, cost support and inventory pressure, and technical oscillations and fundamental changes. The recommended strategy for next week is mainly range operation, with futures testing short at 5850 - 5880 yuan/ton and testing long below 5700 yuan/ton. Pay attention to the arbitrage of the north - south spot price difference. [10] Silicon Iron - This week, the spot price of the main production area of silicon iron declined slightly, and the new round of steel mill tender prices showed mixed changes with a small adjustment range. The futures price of the main contract oscillated flat, and the futures - spot was basically at par. The supply pressure increased moderately, the cost support was strengthened, but the enterprise was still in a loss state and the inventory was high. The demand for steel was stable but without increment, and the non - steel and export sectors could not make up for the gap, and the winter storage had not started. [16] - The core logic is the game between cost support and loose supply - demand. The key lies in the price increase of semi - coke, the impact of cooling, winter storage, and production restrictions. The short - term strategy is to operate in the range of 5500 - 5600 yuan/ton. [16] 3. Summary by Directory 01 Silicon Manganese Core Views and Strategy Recommendations Market Review - Supply: The operating rate in the southern main production area decreased, especially in Yunnan. In Inner Mongolia, there is room for the operating rate to decline. The factory's recent quotations are few, and the transactions are mainly based on the futures price. [7] - Demand: The output of the five major steel products decreased this week. Steel mills entered the maintenance stage, and the demand is expected to decline. The factory's inventory pressure is large, and the willingness of northern factories to reduce production is low. [7] Influence Factor Analysis - Macro: Neutral. [8] - Demand: Downward. The weekly demand for silicon manganese in the five major steel types decreased by 2.71% week - on - week, and the national silicon manganese output decreased by 2.81% week - on - week. [8] - Supply: Upward. The operating rate of 187 independent silicon manganese enterprises decreased by 2.75% week - on - week, and the daily output decreased by 835 tons. [8] - Inventory: Downward. The inventory of 63 independent silicon manganese enterprises increased by 5000 tons. [8] - Basis: Neutral. The main basis was - 60 yuan/ton, with a decline rate of 13.88% compared with the previous week. [8] - Cost and Profit: Upward. The cost support was strengthened, but the enterprise's loss increased. [8] Strategy Recommendation - Next week's strategy is mainly range operation. Futures test short at 5850 - 5880 yuan/ton and test long below 5700 yuan/ton. Pay attention to the north - south spot price difference arbitrage. Spot traders reduce inventory at high prices in the north and replenish inventory at low prices in the south. Production enterprises should do a good job in hedging or slow down production. [10] 02 Silicon Iron Core Views and Strategy Recommendations Market Review - Spot: The spot price in the main production area declined slightly. The new round of steel mill tender prices showed mixed changes with a small adjustment range, and the procurement volume maintained the rigid demand level. [16] - Futures: The main contract of silicon iron oscillated flat this week, with a trading range of 5518 - 5586 yuan/ton. [16] Influence Factor Analysis - Macro: Neutral. [19] - Demand: Upward. The inventory of 60 independent silicon iron enterprises increased by 9.31% week - on - week. [19] - Supply: Downward. The operating rate of 136 independent silicon iron enterprises increased by 0.18% week - on - week, and the daily output increased by 0.80%. [19] - Inventory: Downward. The inventory of 60 independent silicon iron enterprises increased by 9.31% week - on - week. [19] - Basis: Neutral. The basis was 274 yuan/ton, with a decline rate of 45.99% compared with the previous week. [19] - Cost and Profit: Upward. The cost support was significantly strengthened, and the enterprise's loss amplitude narrowed but still did not get out of the loss state. [19] Strategy Recommendation - Short - term strategy is to operate in the range of 5500 - 5600 yuan/ton. In the long - term, pay attention to the change of contradictions. The industrial side can use futures to hedge risks. [17] 03 Silicon Manganese Data Tracking and Analysis Price Data - Futures: The closing price of the main contract decreased by 0.21% week - on - week, the trading volume decreased by 40.51%, and the open interest increased by 1.33%. [23] - Spot: The southern and northern spot prices decreased by 0.89% and 0.71% respectively week - on - week. The basis decreased by 13.33%. [23] Market Conditions - The warehouse receipts decreased slightly this week, and the effective forecasts increased slightly. The production and operating rates were still at a high level, and attention should be paid to the intensified production reduction during the dry season. The steel mill's operating rate decreased slightly, and the demand for silicon manganese was reduced. The overall inventory was at a high level, and the pressure to reduce inventory still existed. The manganese ore inventory in ports increased slightly, and the import volume decreased significantly. The manganese element price was weakly stable in the short term, and the mainstream cost of raw materials was stable with general short - term support. [32][37][43][50] 04 Silicon Iron Data Tracking and Analysis Price Data - Futures: The closing price of the main contract increased by 0.47% week - on - week, the trading volume decreased by 34.57%, and the open interest increased by 12.14%. [82] - Spot: The market price in Ningxia decreased by 1.72% week - on - week, and the trade price in Hebei increased by 0.90%. The basis decreased by 45.99%. [82] Market Conditions - The basis converged slightly. The trading volume on the disk was relatively active this week, and the open interest increased slightly. The supply decreased slightly, the demand decreased, and attention was paid to the new round of steel tenders. The inventory decreased slightly but was still under pressure. The cost decreased continuously this week, and the profit decline increased. [85][89][92][99][110][117]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The alloy market is experiencing weak supply and demand, and price fluctuations are narrowing before the holiday. Since September, there have been few changes in the supply - demand fundamentals of the alloy market. The market lacks expectations and capital attention. In the short term, a wide - range oscillation is expected. Before the holiday, it is recommended to operate with light positions, and the industrial hedging strategy remains unchanged [4][23] 3. Summary by Sections 3.1 Silicon Iron 3.1.1 Supply - The production of 136 independent silicon - iron enterprises reached 114,500 tons per week (a 1.2% increase from the previous week and a 4.5% increase year - on - year). In August 2025, the monthly production of silicon iron was 493,300 tons (a 10.43% increase from the previous month and a 7.42% increase year - on - year). The production rate stopped falling and production increased [6] 3.1.2 Demand - The consumption of silicon iron in five major steel products was 19,800 tons (a 1.4% increase from the previous week and a 2.8% increase year - on - year). The weekly output of the five major steel products was 8.649 million tons (a 1.1% increase from the previous week and a 5.1% increase year - on - year), indicating that the demand from the steel industry has rebounded [9] 3.1.3 Inventory - The enterprise inventory was 61,400 tons (a 3% decrease from the previous week and a 17.4% decrease year - on - year). The inventory days of steel mills in September were 15.52 days (an increase of 0.85 days from the previous month and an increase of 0.99 days year - on - year). The inventory of manufacturers decreased, but the decline rate slowed down [12] 3.1.4 Cost - The price of semi - coke small materials in Shenmu increased from 660 to 700 yuan, a 6.06% increase; the price of oxidized iron scale in Hebei increased from 830 to 970 yuan, a 16.87% increase. The cost of silicon iron in Qinghai, Ningxia, and Inner Mongolia all increased by about 1.5% [16] 3.1.5 Futures - Spot Relationship - The number of silicon - iron warehouse receipts was 17,628 (an increase of 1,163 from the previous week and an increase of 4,847 year - on - year). The basis of the 11 - contract of silicon iron in Ningxia was 20 yuan/ton, a 56 - yuan increase from the previous week. The futures market showed a slight premium [19] 3.1.6 Contract Position and Precipitated Funds - Relevant data charts are provided, but no specific numerical summaries are given in the text 3.2 Manganese Silicon 3.2.1 Supply - The production of 121 independent silicon - manganese enterprises was 206,000 tons per week (a 1.1% decrease from the previous week and a 17.4% increase year - on - year). In August, the national silicon - manganese production was 909,300 tons (a 10.9% increase from the previous month and a 7.4% increase year - on - year). The production decline widened, and the production rate decreased in the north and increased in the south [26] 3.2.2 Demand - The weekly consumption of silicon manganese was 122,000 tons (a 0.8% increase from the previous week and a 6.9% increase year - on - year). The weekly output of the five major steel products was 8.649 million tons (a 1.1% increase from the previous week and a 5.1% increase year - on - year). However, the rigid demand and speculative sentiment were weak, and the steel - related consumption continued to decline [28] 3.2.3 Inventory - The sample inventory of enterprises was 234,000 tons (a 17.5% increase from the previous week and a 55.3% increase year - on - year). The inventory days of steel mills in September were 15.93 days (an increase of 0.95 days from the previous month and an increase of 1.11 days year - on - year). The inventory of manufacturers continued to accumulate, and the pressure continued to rise [31] 3.2.4 Cost - Before the holiday, manganese ore prices fluctuated within a narrow range. Some raw materials such as semi - coke and manganese ore had small price changes, and the cost of silicon manganese in different regions also had corresponding minor adjustments [39] 3.2.5 Futures - Spot Relationship - The number of manganese - silicon warehouse receipts was 60,676 (a decrease of 764 from the previous week and a decrease of 65,302 year - on - year). The 01 - contract basis of manganese silicon in Inner Mongolia was 202 yuan/ton, an 86 - yuan increase from the previous week. The futures market maintained a discount [35] 3.2.6 Contract Position and Precipitated Funds - Relevant data charts are provided, but no specific numerical summaries are given in the text

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The iron alloy market is experiencing a bottom - oscillating trend due to the game between high supply and cost support [1] 3. Summary by Relevant Catalogs 2. Fundamental Situation - **Price Trends**: The report presents various price trend graphs, including the iron alloy main contract trends, spot market prices of 72%FeSi silicon iron in different regions (Inner Mongolia, Ningxia, Qinghai, Shaanxi), silicon manganese spot prices in different regions (Inner Mongolia, Ningxia, Guangxi), and the basis trends of silicon iron and silicon manganese main - contract warehouse receipts in Inner Mongolia [8][10][14][17] - **Production and Supply**: Graphs show the production enterprise start - up rates of silicon iron and manganese silicon, monthly production volumes of silicon iron and manganese silicon in China, daily production volumes of crude steel and hot metal, and blast furnace capacity utilization rates [26][28][29][30] - **Inventory Status**: There are graphs depicting the silicon iron and silicon manganese inventories of alloy plants, the average available days of silicon iron and manganese silicon inventories in steel mills, and the warehouse receipt situations of silicon iron and manganese silicon [41][51][43] - **Cost Factors**: The report includes price trends of raw materials such as blue charcoal small materials, Yinchuan chemical coke, electricity prices, global manganese ore shipments, manganese ore prices at Tianjin Port, and national manganese ore inventories. It also shows the production costs and profits of silicon iron and manganese silicon [54][58][63][64][68] 3. Future Outlook and Strategy Recommendations - Not provided in the given content

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - Market sentiment is gradually cooling down, and the fundamental driving force of ferromanganese and ferrosilicon is limited. The price centers of both have moved down month-on-month. In the short term, they are expected to fluctuate with the overall black market, and future attention should be paid to market sentiment changes [5][6][9]. 3. Summary by Relevant Catalogs 3.1 Manganese Silicon 3.1.1 Supply - In August, manganese silicon production continued to increase, with weekly production rising for more than ten consecutive weeks. By the end of August, weekly production was 213,000 tons, a 1% week-on-week increase and a 17% year-on-year increase. The operating rates of major production areas all increased to varying degrees, with the overall operating rate in the north still relatively high, approaching 70% [5]. 3.1.2 Demand - Crude steel production decreased significantly, while hot metal production remained stable. The weekly demand for manganese silicon from sample steel mills was basically flat week-on-week. Steel mills' willingness to stock up was limited. In August, the number of days of available manganese silicon inventory in steel mills was 14.98 days, a low level in the same period in recent years [5]. 3.1.3 Inventory - The inventory of sample enterprises decreased month-on-month and was basically the same year-on-year. By the end of August, the inventory of 63 sample enterprises was 149,000 tons, a decrease of 0.7 tons in the latest week and a total decrease of 15,000 tons in August [5]. 3.1.4 Cost - The prices of major raw materials remained stable, and the overall production cost increased slightly month-on-month. The port manganese ore inventory was stable at around 4.4 million tons, and the port manganese ore price did not change much. The price of rich manganese slag increased month-on-month, and the spot production cost of manganese silicon increased by 0 - 100 yuan/ton month-on-month [5]. 3.1.5 Summary - Market sentiment is gradually cooling down, and the fundamental driving force of manganese silicon is limited. The price center has moved down month-on-month. In the short term, it is expected to fluctuate with the overall black market, and there is an expectation of a certain improvement in downstream demand in September [6]. 3.2 Silicon Iron 3.2.1 Supply - Silicon iron supply continued to increase. In August, there were 77 silicon iron enterprises in production nationwide, with 261 ore furnaces in operation. The average operating rate in August was 52.74%, a 1.15% increase from July. The estimated production was 479,300 tons, a 18,900 - ton increase from July, a 4.11% month-on-month increase, and a 24,500 - ton increase from the same period last year, a 5.39% year-on-year increase [8]. 3.2.2 Demand - Steel demand did not show a significant increase, and steel mills' willingness to stock up was limited. In July, the production of metal magnesium decreased month-on-month, but the absolute value was still at a high level in the same period in recent years [8][82]. 3.2.3 Inventory - The inventory of sample silicon iron enterprises decreased month-on-month, and the inventory pressure was gradually weakening. By the end of August, the inventory of 60 sample enterprises was 62,910 tons, a decrease of 2,270 tons from mid - August [8][94]. 3.2.4 Cost - The spot production cost increased this month, but the support for prices was limited. The price of semi - coke small materials increased significantly, with a month - on - month increase of about 10% to 650 yuan/ton [9]. 3.2.5 Summary - The overall fundamental driving force is limited, market sentiment is gradually cooling down, and the center of the ferrosilicon futures price has moved down. In the short term, it is expected to fluctuate with the overall black market, and future attention should be paid to market sentiment changes and electricity price performance [9]. 3.3 Price and Related Indicators 3.3.1 Futures Price - In August, the price centers of both ferromanganese and ferrosilicon futures contracts moved down month - on - month. The closing price of the ferromanganese main contract on August 28 was 5,842 yuan/ton, a 3.09% month - on - month decrease; the closing price of the ferrosilicon main contract was 5,624 yuan/ton, a 3.70% month - on - month decrease [10][12]. 3.3.2 Spot Price - Spot prices in various regions also decreased to varying degrees, with the average decline of ferrosilicon spot prices greater than that of ferromanganese [13]. 3.3.3 Basis - The basis of ferrosilicon fluctuated and strengthened [18]. 3.3.4 Spread - The 9 - 1 spread of ferromanganese decreased by 26 yuan/ton week - on - week, while that of ferrosilicon increased by 6 yuan/ton week - on - week. The spread between ferrosilicon and ferromanganese decreased by 30 yuan/ton month - on - month [24][25]. 3.3.5 Production Cost - The production cost of ferrosilicon increased significantly this month, greater than the average increase in the cost of ferromanganese [27]. 3.3.6 Production Profit - The spot production costs of both ferromanganese and ferrosilicon decreased month - on - month, and the production profits also decreased [29].

1. Report Industry Investment Rating - The report suggests a "wait-and-see" approach [5] 2. Core Viewpoints of the Report - In the short term, the price trend of ferroalloys mainly follows the price fluctuations of coking coal. The current good profit situation of steel mills and high hot metal production support ferroalloy demand. However, in the long - term fundamental aspect, the real estate market is continuously sluggish, and the support from the home appliance and automobile industries for steel depends on policy stimulus and cannot be sustained for a long time. The supply of manganese ore is relatively sufficient, and the support from the ore end for ferromanganese is insufficient. The market is in a game between strong expectations and weak reality, and there is still pressure on ferroalloys [4][5] 3. Summary by Relevant Catalogs 3.1 Spot Market - For ferrosilicon, the price in Inner Mongolia's main production area is 5,550 yuan/ton (unchanged), and in Ningxia it is 5,600 yuan/ton (+100 yuan/ton). In trading areas, the price in Hebei and Tianjin is 5,900 yuan/ton (unchanged). For ferromanganese, in the northern production area of Inner Mongolia, the market price is 5,800 yuan/ton (unchanged), in the southern production area of Guangxi it is 5,900 yuan/ton (+30 yuan/ton), and in the trading area of Jiangsu it is 5,900 yuan/ton (-50 yuan/ton) [2] 3.2 Cost and Profit - The price of small - sized semi - coke in Shaanxi is 630 yuan/ton (+35 yuan/ton). The production cost of ferrosilicon in Ningxia is 5,352 yuan/ton, and that of ferromanganese in Ningxia is 5,942.08 yuan/ton (+23.24 yuan/ton). The profit of ferrosilicon in Inner Mongolia's production area is - 49 yuan/ton (unchanged), and in Ningxia it is 98 yuan/ton (+50 yuan/ton). The profit of ferromanganese in the northern region is - 58.5 yuan/ton (+39.64 yuan/ton), and in the southern region is - 417.15 yuan/ton (+8.71 yuan/ton) [2] 3.3 Supply - The weekly operating rate of ferrosilicon production enterprises is 36.18%, a week - on - week increase of 1.86%, and the weekly output is 112,800 tons, a week - on - week increase of 3.39%. The weekly operating rate of ferromanganese production enterprises is 45.75%, a week - on - week increase of 2.32%, and the weekly output is 207,100 tons, a week - on - week increase of 5.77%. Driven by profits, the supply of ferroalloys is gradually increasing, reaching a high level in the same period of the past five years, with relatively large supply pressure [3] 3.4 Demand - Steel mills have good profits, and high hot metal production supports the demand for ferrosilicon and ferromanganese. However, the inventory accumulation of five major steel products restricts the further production space of steel mills, and the growth space for ferrosilicon and ferromanganese is limited. The steel billet inventory of rebar is at the highest level in the same period of the past five years, with relatively large billet pressure. In July, the production of magnesium metal was 81,700 tons, a month - on - month decrease of 4.5%. In the long term, the real estate market is sluggish, and the market has doubts about the growth of terminal steel demand. The demand for ferromanganese is relatively weak. This week, the demand for five major steel products of ferrosilicon is 20,300 tons, unchanged from the previous week, and that of ferromanganese is 125,400 tons, a week - on - week increase of 0.16% [3] 3.5 Inventory - This week, the inventory of ferrosilicon enterprises is 65,200 tons, a week - on - week decrease of 9.19%, the warehouse receipt inventory of ferrosilicon is 104,600 tons, a week - on - week increase of 6.52%, and the total inventory of ferrosilicon is 169,800 tons, a week - on - week decrease of 0.12%. The inventory of ferromanganese enterprises is 158,800 tons, a week - on - week decrease of 1.67%, the warehouse receipt inventory of ferromanganese is 374,000 tons, a week - on - week decrease of 1.63%, and the total inventory of ferromanganese is 532,800 tons, a week - on - week decrease of 1.64% [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - For silicon manganese, the fundamentals are becoming looser, but short - term demand resilience remains due to a new round of concentrated demand release. The total inventory shows a downward trend but remains at a high level. With the market sentiment cooling but still lingering, short - selling or waiting and seeing is advisable, with the main contract reference range at [5954, 6274] [4][5] - For silicon iron, the fundamentals are also becoming looser. The enterprise inventory has decreased slightly but is still high, and the overall supply pressure is obvious. Short - selling or waiting and seeing is recommended, with the main contract reference range at [5754, 6112] [52][53] Group 3: Summary by Relevant Catalogs Silicon Manganese Supply - The national silicon manganese production has been rising for thirteen consecutive weeks. As of August 15, the total national production was 207,060 tons, a week - on - week increase of 11,235 tons, and the operating rate was 45.75%, a week - on - week increase of 2.32%. Northern production areas have stable operations, while southern areas like Guangxi and Guizhou have minor restarts, and Yunnan's operating rate has reached 88.21% [4][12] Demand - As of August 15, the weekly demand for silicon manganese was 125,382 tons, a week - on - week increase of 182 tons. The daily average hot metal output of 247 steel enterprises was 2.4066 million tons, a week - on - week increase of 0.34 million tons, and the weekly output of rebar was 220,450 tons, a week - on - week decrease of 0.73 million tons. The 8 - month silicon manganese tender price of a landmark steel mill was 6,200 yuan/ton, a 350 - yuan/ton increase from July, and the procurement volume was 16,100 tons, a 1,500 - ton increase from July [4][17][20] Inventory - The enterprise inventory was 158,800 tons, a week - on - week decrease of 2,700 tons; the number of warehouse receipts was 74,797, a decrease of 1,248 from last Friday; the delivery inventory (including forecasts) continued to decline to 382,200 tons, with a slower decline rate [4] Cost and Profit - Manganese ore prices at ports were relatively stable this week. The shipment volume continued to decline, while the arrival and port clearance volumes increased significantly compared to the previous period. Coke's sixth price increase has been implemented, but the chemical coke price in the production area has not followed up this week. The production costs in Inner Mongolia and Guangxi were 5,853 and 6,430 yuan/ton respectively, with production profits of - 53 and - 530 yuan/ton respectively [4][26] Silicon Iron Supply - As of August 15, the weekly production of silicon iron was 112,800 tons, a week - on - week increase of 3,700 tons, and the operating rate was 36.18%, a week - on - week increase of 1.86%. Inner Mongolia and Ningxia had relatively stable operations, and Shaanxi had a minor restart [52][59] Demand - As of August 8, the weekly demand for silicon iron was 20,313.9 tons, a week - on - week increase of 47.6 tons. In August, a new round of demand was being released, and most steel mills' procurement volume and price increased. The 8 - month silicon iron tender price of a landmark steel mill was 6,030 yuan/ton, a 430 - yuan/ton increase from the previous month, and the procurement quantity was 2,835 tons, a 135 - ton increase from the previous month. The domestic magnesium market was stable and slightly stronger this week [52][63][65] Inventory - The enterprise inventory was 65,200 tons, a week - on - week decrease of 6,600 tons; the number of warehouse receipts was 20,916, an increase of 1,270 from last Friday; the delivery inventory (including forecasts) was 108,600 tons, an increase of 1,400 tons from last Friday [52] Cost and Profit - The semi - coke market has been stable recently, and the semi - coke price in some areas has increased slightly. The electricity price in Gansu has dropped to 0.4 yuan/kWh, and in Qinghai, it has increased to 0.375 yuan/kWh. The production costs in Inner Mongolia and Ningxia were 5,499 and 5,352 yuan/ton respectively, with production profits of - 49 and 148 yuan/ton respectively [52][71]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - For silicon - manganese, the short - term market is dominated by sentiment, with prices oscillating strongly. However, the supply - demand situation will gradually return to a loose state, and the medium - term price may face downward pressure. The reference range for the main contract is [5500, 6000] [3][4]. - For silicon - iron, the short - term market is also sentiment - driven, and the overall supply - demand contradiction is relatively limited. The market is expected to operate within a range, with the reference range for the main contract being [5300, 5750] [49][50]. 3. Summary by Relevant Catalogs Silicon - Manganese - **Supply - Demand Analysis** - Supply: National production and operating rates continued to rise, with more restarts in Yunnan. The overall supply is at a high level for the same period [3][10]. - Demand: The daily average hot - metal output of 247 steel enterprises decreased to 239.81 tons, but the absolute level is still high, providing rigid support for silicon - manganese demand. The procurement volume of the iconic steel mill in July increased, but the price - pressing sentiment remains [3][16]. - Inventory: The alloy factory inventory decreased slightly, while the delivery inventory continued to decline but remains at an absolute high level [3]. - Cost - Profit: Manganese ore prices showed a split, with oxide ore prices falling and semi - carbonate ore prices rising slightly. The actual transaction of manganese ore was average. Power costs in multiple production areas decreased, reducing the loss degree but the whole production area is still in a loss state [3]. - **Market Review** - Spot market: Spot prices in the main production areas rose by 30 - 80 yuan/ton [7][9]. - Supply: Production continued to rise, with stable operations in Inner Mongolia and Ningxia and more restarts in Yunnan [10][11]. - Demand: Hot - metal output and rebar production decreased [12][16]. - Hebei Steel's tender: The inquiry price decreased by 50 yuan/ton compared with the previous round, and the procurement volume increased by 2900 tons [19]. - Inventory: The alloy factory inventory decreased by 0.15 tons week - on - week [20]. - Cost - Profit: The loss degree in the production area was reduced compared with last week [22]. - Manganese ore price: Port manganese ore prices decreased slightly [26][27]. - Manganese ore shipment data: The shipment and arrival volume continued to rise, and the port clearance volume declined from a high level [32]. - Manganese ore port inventory: Port inventory remained at a low level, with the national port inventory increasing by 2.6 tons and Tianjin Port inventory increasing by 3.5 tons [34][36]. - Manganese ore manufacturer inventory: The average available days of manganese ore inventory increased in most areas [38]. - Other costs: Electricity prices decreased in multiple production areas [39][40]. Silicon - Iron - **Supply - Demand Analysis** - Supply: National production and operating rates decreased slightly, with restarts and shutdowns in different areas. The overall operation in Ningxia was relatively stable [49]. - Demand: Steel mills' new round of tenders has started, and the procurement volume of the iconic steel mill increased. Non - steel demand for magnesium ingot production decreased in June, and the export volume from January to May decreased by 14.17% compared with the same period last year [49]. - Inventory: Enterprise inventory increased by 0.32 tons week - on - week, and the delivery inventory (including forecasts) is 9.9 tons [49]. - Cost - Profit: The semi - coke market was weakly stable, and electricity prices decreased in multiple production areas, reducing the loss degree in some areas [49]. - **Market Review** - Spot price: Spot prices in the main production areas rose by different degrees [53][55]. - Supply: National production and operating rates decreased slightly [56][57]. - Steel demand: The weekly demand for silicon - iron decreased [60]. - Hebei Steel's tender: The procurement volume increased by 500 tons compared with June [63]. - Non - steel demand: Magnesium ingot production decreased in June, and the silicon - iron export volume decreased month - on - month and year - on - year [64][66]. - Inventory: Enterprise inventory increased by 0.32 tons week - on - week [67]. - Cost - Profit: The loss degree in some production areas was reduced compared with last week [69]. - Other costs: Electricity prices decreased in multiple production areas [71].

Report Information - Report Title: Ferroalloy Semi - annual Report - Report Date: June 27, 2025 - Report Institution: Galaxy Futures Core Viewpoint - The cost is loose, which drags down the ferroalloy market, and the alloy continues to bottom out [2] Summary by Directory 1. Fundamental Situation Price and Spread - The report presents the trends of ferroalloy main contracts, including silicon iron and silicon manganese main contracts, and their price ranges from 4500 to 8000 yuan/ton [7][8] - It shows the spot market prices of 72% FeSi silicon iron in different regions such as Inner Mongolia, Ningxia, Qinghai, and Shaanxi, with prices ranging from 4500 - 7000 yuan/ton [9][10] - The disk main contract sf - sm spread is also presented, with a range from - 2000 to 3000 yuan/ton [14] Market Demand - related Indicators - Real estate new construction area remains sluggish, and land transaction area is also monitored [25][26] - Local government special bond issuance progress is fast this year, but the proportion invested in infrastructure is too low [31][36] - Industrial enterprise profits lead manufacturing investment, and manufacturing investment is relatively synchronized with exports [33] - Steel direct exports remain at a high level, and indirect exports also show resilience. The indirect steel consumption of some commodities from January - April 2025 compared with 2024 shows different growth rates, with the total indirect steel consumption increasing by 9.03% [35][40] Production and Inventory - The production enterprise start - up rates of silicon iron and silicon manganese are presented, with the silicon iron start - up rate ranging from 20 - 80% and the silicon manganese start - up rate ranging from 10 - 70% [45][51] - The inventories of alloy plants (silicon iron and silicon manganese), the average available days of steel mill inventories (silicon iron and silicon manganese), and the warehouse receipt situations (silicon iron and silicon manganese) are also shown [49][53][54] Cost - related Factors - The growth rates and proportions of different energy - structure power generation are presented, including hydropower, nuclear power, wind power, solar power, and thermal power [61][66] - Electricity prices in different regions such as Gansu, Inner Mongolia, Ningxia, Qinghai, and Shaanxi are shown, ranging from 0.35 - 0.6 yuan/degree [63] - The prices of chemical coke in Yinchuan, lanthanum small materials in various places, global manganese ore shipments, manganese ore prices in Tianjin Port, and national manganese ore inventories are also included [68][70][74] - The production costs and profits of silicon iron and silicon manganese in different regions are presented [76][79] 2. Future Outlook and Strategy Recommendation - No specific future outlook and strategy recommendation content is presented in the provided text

Report Title - The report is titled "Commodity Atmosphere Warms Up, Alloy Center of Gravity Lifts - Ferroalloy Weekly Report 20250623" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Views Silicon Ferrosilicon - Last week, both supply and demand of silicon ferrosilicon increased, and the futures price center of gravity slightly lifted. With overseas situation disturbances, the overall commodity trend repaired, and the black series including alloys showed short - term stabilization signs. The previous large discount of the silicon ferrosilicon futures has ended, and it followed the overall commodity to lift its low - level center of gravity. The price has initially entered the rebound target range. Industrial hedging can wait for the futures to reach par to premium opportunities [4] Manganese Ferrosilicon - Last week, the manganese ferrosilicon futures price repeatedly rose and then fell. Fundamentally, both supply and demand increased, and enterprises continued to accumulate inventory. Manganese ore quotes rose following the futures. Although the short - term driving force is not obvious, the overall manganese ore inventory is low. With the high operating rate of silicon - manganese plants, the ore price has been firm recently, and the cost - side support has strengthened [23] Summary by Section Silicon Ferrosilicon Supply - The weekly output of 136 independent silicon ferrosilicon enterprises was 9.79 tons (a 2.9% increase from the previous week and a 14.4% decrease year - on - year). The output in May 2025 was 41.48 tons (a 5.76% decrease from the previous month and a 7.45% decrease year - on - year) [6] Demand - The consumption of silicon ferrosilicon in five major steel products was 1.99 tons (a 1.8% increase from the previous week and a 5.2% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [9] Inventory - Enterprise inventory (bi - weekly data) was 6.8 tons (a 2.7% decrease from the previous period and a 31.6% increase year - on - year). The steel mill inventory days in June were 15.38 days (an increase of 0.18 days from the previous month and an increase of 0.83 days year - on - year) [11] Cost - The prices of main and auxiliary materials remained stable during the week. For example, the electricity price in Qinghai, Ningxia, and Inner Mongolia remained unchanged, and the price of semi - coke small materials in Shenmu also remained stable. The cost of silicon ferrosilicon in Qinghai, Ningxia, and Inner Mongolia decreased slightly, while the profit increased [15] Basis - The futures price rebounded, and the basis narrowed. The number of silicon ferrosilicon warehouse receipts was 12,535 (a decrease of 2,693 from the previous week and a decrease of 83 year - on - year). The basis of the 09 contract was 150 yuan/ton, a decrease of 8 yuan/ton from the previous week [18] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [20] Manganese Ferrosilicon Supply - The weekly output of 121 independent silicon - manganese enterprises was 17.6 tons (a 1.8% increase from the previous week and an 18.1% decrease year - on - year). The national silicon - manganese output in May was 74.3 tons (a 7.8% decrease from the previous month and a 7.8% decrease year - on - year) [25] Demand - The weekly consumption of silicon - manganese was 12.3 tons (a 1.2% increase from the previous week and a 4.3% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [28] Inventory - Enterprise sample inventory (bi - weekly data) was 20.59 tons (a 5.1% increase from the previous period and a 208% increase year - on - year). The steel mill inventory days in June were 15.49 days (an increase of 0.34 days from the previous month and an increase of 0.42 days year - on - year). The manganese ore inventory decreased slightly last week [31] Cost - The futures price stop - falling drove an increase in manganese ore inquiries, but downstream still mostly waited and watched. The prices of some raw materials such as electricity and semi - coke remained stable, while the prices of some manganese ores changed slightly. The cost of silicon - manganese in different regions decreased slightly, and the profit increased [38] Basis - The futures price was still at a discount. The number of manganese - silicon warehouse receipts was 94,951 (a decrease of 3,000 from the previous week and a decrease of 17,547 year - on - year). The 09 basis was 234 yuan/ton, a decrease of 60 from the previous week [33] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [40]