Report Title - "Coal Strength Boosts, Alloy Center of Gravity Lifted - Ferroalloy Weekly Report 20250811" [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - For ferrosilicon, last week affected by coal over - production verification news, coal and coke strengthened again, driving the black series to stop falling. Ferrosilicon first rose then fell during the week, with its center of gravity continuing to rise. Production increased significantly, demand remained weak in the off - season, and recent macro and coal industry policies dominated the market. It's recommended to take an interval - oscillation approach in the short term, with the lower support around 5500 - 5600 [4]. - For silicomanganese, last week it also showed a firm trend due to coal news. Production continued to rise, demand was weak in the off - season, and recent macro and coal industry policies led the market. It should be treated with an interval - oscillation mindset in the short term, with the lower support around 5750 - 6000 [25]. 3. Summary by Relevant Catalogs 3.1 Ferrosilicon 3.1.1 Supply - 136 independent ferrosilicon enterprises had a weekly output of 10.91 tons (up 4.5% MoM, up 7.3% YoY). In July 2025, the ferrosilicon output was 44.67 tons (up 7.88% MoM, down 11.92% YoY), with an expanding increase and a positive YoY growth [7]. 3.1.2 Demand - The ferrosilicon consumption of five major steel products was 2.02 tons (up 1.7% MoM, up 15.4% YoY), and the weekly output of five major steel products was 869.21 tons (up 0.21% MoM, up 10.94% YoY), showing a weak - stable state [10]. 3.1.3 Inventory - The enterprise inventory was 7.17 tons (up 9.42% MoM, up 26.3% YoY), and the steel mill inventory in July was 14.25 days (down 1.13 days MoM, down 0.98 days YoY), indicating that manufacturers were accumulating inventory [13]. 3.1.4 Cost - The prices of most raw materials remained stable during the week. The cost of ferrosilicon in Qinghai, Ningxia, and Inner Mongolia slightly increased by about 0.4%, while the profit decreased, with the profit in Qinghai down 31.85%, in Ningxia down 91.97%, and in Inner Mongolia down 37.70% [17]. 3.1.5 Futures - Spot Relationship - The ferrosilicon warehouse - receipt quantity was 19646 (down 2396 MoM, up 4999 YoY), and the basis of the 09 contract in Ningxia was - 22 yuan/ton, down 240 yuan/ton MoM, showing a slight premium of the futures price [20]. 3.1.6 Contract Position and Precipitated Funds - Relevant data on contract position and precipitated funds are presented in graphical form, but specific numerical summaries are not provided in the text [22] 3.2 Silicomanganese 3.2.1 Supply - 121 independent silicomanganese enterprises had a weekly output of 19.58 tons (up 2.6% MoM, down 7.2% YoY). In July, the national silicomanganese output was 81.96 tons (up 8.9% MoM, down 17% YoY), with profit driving the increase in production [28]. 3.2.2 Demand - The weekly consumption of silicomanganese was 12.52 tons (up 1.2% MoM, up 5.2% YoY), and the weekly output of five major steel products was 869.21 tons (up 0.21% MoM, up 10.94% YoY), showing a stable - increasing state [31]. 3.2.3 Inventory - The enterprise sample inventory was 16.4 tons (down 20% MoM, down 11.6% YoY), and the steel mill inventory in July was 14.24 days (down 1.25 days MoM, down 1.19 days YoY), with the decline rate of manufacturers' inventory slowing down [34]. 3.2.4 Futures - Spot Relationship - The silicomanganese warehouse - receipt quantity was 76045 (down 1809 MoM, down 61502 YoY), and the 09 basis in Inner Mongolia was 104 yuan/ton, down 4 yuan/ton MoM, with the warehouse - receipt quantity steadily decreasing [38]. 3.2.5 Cost - The prices of most raw materials were stable, while the price of manganese ore slightly decreased. The cost of silicomanganese in Ningxia, Inner Mongolia, Guangxi, and Guizhou decreased by about 0.4%, and the profit increased, with the profit in Ningxia up 56.47%, in Inner Mongolia up 29.00%, in Guangxi up 14.31%, and in Guizhou up 22.62% [41]. 3.2.6 Contract Position and Precipitated Funds - Relevant data on contract position and precipitated funds are presented in graphical form, but specific numerical summaries are not provided in the text [43]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints presented in the given content Summary by Related Catalogs Price - Silicon Ferrosilicon: The latest prices of 72 silicon ferrosilicon in different regions are as follows: 5500 in Ningxia, 5500 in Inner Mongolia, 5450 in Qinghai, 5450 in Shaanxi, 5600 in Jiangsu, 6050 in Tianjin; the price of 75 silicon ferrosilicon in Shaanxi is 5850, and in Tianjin is 1075. The closing price of the main contract is 5908, with a daily change of 192 and a weekly change of -100 [1][3] - Silicon Manganese: The latest prices of 6517 silicon manganese in different regions are: 5850 in Inner Mongolia, 5800 in Ningxia, 5900 in Guangxi, 5850 in Guizhou, 5850 in Yunnan; the closing price of the main contract is 6096, with a daily change of 78 and a weekly change of -20 [3] Supply - Silicon Ferrosilicon: The production capacity utilization rates of 136 silicon ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi show different trends from 2021 - 2025. The weekly production of 136 silicon ferrosilicon enterprises in China (with a capacity share of 95%) also varies over the years [4] - Silicon Manganese: The weekly production of silicon manganese in China from 2021 - 2025 shows different values, and the procurement volume and price of 6517 silicon manganese by HeSteel Group also change monthly [6] Demand - Silicon Ferrosilicon: The demand - related data include the production forecast of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume of FeSi75 - B by HeSteel Group, etc., which all show different trends from 2021 - 2025 [4] - Silicon Manganese: The demand for silicon manganese in China (according to the Steel Union's caliber) shows an upward trend from 2021 - 2025, and the export volume also changes over the years [4][7] Inventory - Silicon Ferrosilicon: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the CZCE's silicon ferrosilicon warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts all show different trends from 2021 - 2025. The average available days of inventory in different regions also vary [5] - Silicon Manganese: The CZCE's silicon manganese warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective inventory, as well as the inventory of 63 sample enterprises in China, all show different trends from 2021 - 2025. The average available days of inventory in China also change over the years [7] Cost and Profit - Silicon Ferrosilicon: The electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of blue carbon in Shaanxi, and the production cost, profit from converting to the main contract, and spot profit in Ningxia and Inner Mongolia all show different trends from 2021 - 2025 [5] - Silicon Manganese: The profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions (according to the Steel Union's caliber), and the profit from converting to the main contract in Guangxi and Ningxia all show different trends from 2021 - 2025 [7]