Report Investment Rating No information provided. Core Viewpoints - The cost support for ferroalloys has gradually increased in the short term, but the upward space may be limited due to weak downstream steel terminal demand and high plate inventory pressure [2]. - The supply - side pressure of ferroalloys is relatively small currently. Although the production may gradually increase later, the demand support is limited, and the inventory pressure of silicomanganese is relatively large [2]. Summary by Directory Chapter 1: Core Contradiction and Strategy Recommendations 1.1 Core Contradiction - Supply side: The production of ferrosilicon and silicomanganese is at the lowest level in the same period of the past five years. The production may gradually increase later with improved profits and rising hot metal, but the current supply pressure is not large. Ferrosilicon production increased by 0.93% month - on - month, and silicomanganese production decreased by 0.92% month - on - month [2]. - Demand side: Hot metal declined during the Two Sessions and will recover next week. With the steel mill profitability rate at about 40%, the possibility of significant production increase is low. The demand for ferroalloys has certain support but may be limited, and steel tenders need to be further observed [2]. - Inventory side: Ferrosilicon inventory is neutral, with an inventory of 61,100 tons, a month - on - month decrease of 7.71%. Silicomanganese inventory is 375,800 tons, a month - on - month decrease of 2.97%, but it is still at the highest level in the same period of the past five years, with relatively large de - stocking pressure [2]. 1.2 Trading - Type Strategy Recommendations - Trend judgment: Range - bound and slightly bullish. - Price range: The price of the ferrosilicon 05 contract is between 5,600 - 6,400, and that of the silicomanganese 05 contract is between 5,900 - 6,500 [7]. - Basis, spread, and hedging arbitrage strategies: All are recommended to wait and see [7][8]. 1.3 Industrial Customer Operation Recommendations - Price range prediction: The monthly price range of ferrosilicon is 5,300 - 6,000, and that of silicomanganese is 5,300 - 6,000 [8]. - Hedging strategies: For inventory management, when the finished product inventory is high, short - sell ferroalloy futures to lock in profits. For procurement management, when the procurement inventory is low, buy ferroalloy futures to lock in procurement costs [10]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - Bullish information: Rising crude oil prices drive up coking coal, increasing the cost support for ferroalloys. Hot metal supports the demand for ferroalloys [10][11]. - Bearish information: Ferroalloy production is in a loss, maintaining a low - production strategy. Silicomanganese has a high inventory base and large de - stocking pressure. Downstream steel consumption is average [16]. 2.2 Next Week's Important Events to Watch - On Monday, China will announce the year - on - year growth rates of social consumer goods retail sales and industrial added value from January to February. - On Wednesday, the US will announce the PPI for February. - On Thursday, the US Federal Reserve will announce the upper limit of the interest rate decision, and the US will announce the number of initial jobless claims for the week [17]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation The report provides price - volume and capital trend charts for ferrosilicon and silicomanganese, including closing prices, positions, basis, and spread structures [18][19][20]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industry Chain The report analyzes the production profits of ferrosilicon and silicomanganese, market prices, production costs, electricity prices, coking coal inventory, and manganese ore prices [36][37][38]. 4.2 Import and Export Profit Tracking The relationship between ferrosilicon export profit and export volume is analyzed [62]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Demand Balance Sheet Deduction - Supply side: Ferroalloy production profits have marginally improved but are still in a loss. Production is expected to fluctuate slightly at the current level and gradually increase. - Demand side: Steel mills have the motivation to resume production, and the rising hot metal output supports the demand for ferroalloys. - Inventory side: Ferroalloy inventory is at a high level, especially silicomanganese, and de - stocking may require production cuts [63]. 5.2 Supply Side and Deduction The production of ferrosilicon and silicomanganese is related to production profits and hot metal output, and the future production trends are predicted [67][68][69]. 5.3 Demand Side and Deduction The demand for ferrosilicon and silicomanganese is related to hot metal output, steel mill profitability, and downstream product production profits. The future demand trends are predicted [76][77][78]. 5.4 Inventory Side and Deduction The report predicts the future trends of ferrosilicon and silicomanganese enterprise inventories, warehouse receipt quantities, and total inventories [92][93][94].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - This week, ferroalloys continued to be volatile and strong. The geopolitical conflict in Iran triggered a sharp rise in the crude oil and energy - chemical sectors, increasing the global energy supply chain risk. The sentiment spilled over to the coal sector, strengthening the energy attribute of coal. The oil - coal prices moved in the same long - term direction, and the oil price drove up the coking coal price, raising the cost support for ferroalloys and potentially lifting the price center of ferroalloys [2]. - From the perspective of the ferroalloy fundamentals, on the supply side, the production of ferrosilicon and silicomanganese is at the lowest level in the same period of the past five years. Although the improvement in ferroalloy prices has marginally increased ferroalloy profits, the profits are still in the red, so the drive for复产 is relatively weak, and the supply - side pressure is relatively small. The production of ferrosilicon decreased by 2.12% month - on - month, and that of silicomanganese decreased by 0.79% month - on - month, with the supply side continuing to shrink. On the demand side, production restrictions during the Two Sessions led to a short - term decline in hot metal, but it will return to normal levels later. Currently, the profitability rate of steel mills is about 40%, and the possibility of a significant increase in production is low. Although the blast furnace profits have declined due to inventory accumulation and the rise in raw material prices, hot metal production is not likely to be cut immediately, providing some support for ferroalloy demand, but the support may be limited, and future steel tenders need to be monitored [3]. - In terms of inventory, the ferrosilicon inventory is at a neutral level, with the enterprise inventory at 66,200 tons, a 5.85% month - on - month decrease; the silicomanganese inventory is 387,300 tons, a 2.76% month - on - month decrease. Although there is destocking on a month - on - month basis, the inventory is still at the highest level in the same period of the past five years, and the destocking pressure is large. If the silicomanganese price continues to rise, there will be a driving force for the industrial end to enter the market for hedging. The price of manganese ore is supported by miners, and the price is firm. In the short term, the cost support for ferroalloys is gradually strengthening, but the weak terminal demand for downstream steel and the high inventory pressure of steel plates limit the upward movement of ferroalloy prices [3]. Summary According to Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - **Near - term trading logic**: Ferroalloy cost support limits the downside space. Manganese ore news causes price fluctuations, and manganese ore miners support prices. The geopolitical conflict in Iran triggers a sharp rise in the crude oil and energy - chemical sectors, increasing the global energy supply chain risk. The sentiment spills over to the coal sector, strengthening the energy attribute of coal. The oil - coal prices move in the same long - term direction, and the oil price drives up the coking coal price [7]. - **Long - term trading expectations**: Anti - involution expectations, accelerating the comprehensive green and low - carbon transformation, and effectively controlling high - energy - consuming and high - emission projects from next year, as well as the 14th Five - Year Plan [7]. 1.2 Trading - type Strategy Recommendations - **Trend judgment**: Range - bound and bullish. - **Price range**: The price range of the ferrosilicon 05 contract is between 5,600 - 6,400, and that of the silicomanganese 05 contract is between 5,900 - 6,500 [7]. - **Basis, calendar spread, and hedging arbitrage strategy recommendations**: Adopt a wait - and - see approach for basis, calendar spread, and hedging arbitrage strategies [7][10]. 1.3 Industrial Customer Operation Recommendations - **Ferroalloy price range forecast**: The monthly price range forecast for ferrosilicon is 5,300 - 6,000, with a current 20 - day rolling volatility of 15.72% and a 3 - year historical percentile of 35.0%. For silicomanganese, the monthly price range forecast is 5,300 - 6,000, with a current 20 - day rolling volatility of 14.54% and a 3 - year historical percentile of 25.8% [8]. - **Ferroalloy hedging**: For inventory management, when the finished - product inventory is high and there are concerns about ferroalloy price drops, short ferroalloy futures to lock in profits and cover production costs, with a hedging ratio of 15% and a recommended entry range of 5,800 - 6,000 for ferrosilicon and 6,000 - 6,200 for silicomanganese. For procurement management, when the regular procurement inventory is low and there is a need to purchase according to orders, buy ferroalloy futures at present to lock in procurement costs in advance, with a hedging ratio of 25% and a recommended entry range of 5,200 - 5,300 for ferrosilicon and 5,300 - 5,400 for silicomanganese [11]. Chapter 2: This Week's Important Information and Next Week's Focus Events 2.1 This Week's Important Information - **Positive information**: The rise in crude oil prices drives up coking coal, increasing the cost support for ferroalloys. Hot metal supports ferroalloy demand. Ferroalloy production profits are in the red, so a low - production strategy is maintained. Manganese ore quotes are firm, with the price rising month - on - month. Silicomanganese destocked on a month - on - month basis this week [11][12][16]. - **Negative information**: The silicomanganese inventory is at a high level, the highest in the past five years, with large destocking pressure. The increasing number of warehouse receipts exerts some pressure on the market. The downstream terminal steel consumption is average, and the terminal consumption has not officially started. The hot - rolled coil inventory is at a historical high in the same period [16]. 2.2 Next Week's Important Events to Watch - Next Monday, China will announce the CPI for February. - Next Tuesday, China will announce the M2 supply for February. - Next Wednesday, the United States will announce the unadjusted CPI at the end of February. - Next Thursday, the United States will announce the initial jobless claims for the week [17]. Chapter 3: Market Interpretation 3.1 Price - Volume and Capital Interpretation - **Unilateral trend and capital movement**: Analyzed the closing prices and positions of ferrosilicon and silicomanganese, but no specific conclusions are given [18][19]. - **Basis and calendar spread structure**: Analyzed the term - structure spreads of ferrosilicon, silicomanganese, and coking coal, as well as the seasonal patterns of the basis and calendar spreads of ferrosilicon and silicomanganese, but no specific conclusions are given [20][21][24]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industry Chain - Analyzed the production profits and output of ferrosilicon and silicomanganese, the market prices and production costs of ferrosilicon and silicomanganese in Inner Mongolia, the seasonal electricity prices of ferroalloys in Ningxia and Inner Mongolia, the inventory structure and price of coking coal, the import profits of coking coal, the seasonal patterns of coal shipping volume, sea - floating volume, manganese ore price, port inventory, shipping volume, etc., but no specific conclusions are given [39][41][44]. 4.2 Import and Export Profit Tracking - Analyzed the relationship between the export profit and export volume of ferrosilicon, but no specific conclusions are given [63]. Chapter 5: Supply - Demand and Inventory Projections 5.1 Supply - Demand Balance Sheet Projections - On the supply side, the production profits of ferroalloys have marginally improved but are still in the red. The possibility of large - scale production cuts is low, and the ferroalloy output will fluctuate slightly at the current level, with the decline trend gradually flattening and starting to pick up. On the demand side, steel mills have a good profit situation and a drive to resume production, and the hot - metal output is rising, supporting ferroalloy demand. The ferroalloy inventory is at a high level, and the silicomanganese enterprise inventory is at the highest level in the past five years, with large inventory pressure. Destocking may still need to be achieved through production cuts [64]. 5.2 Supply - Side and Projections - Analyzed the predicted seasonal patterns of the weekly output of ferrosilicon and silicomanganese, the relationship between production profits and output, and the relationship between hot - metal output and ferroalloy output, but no specific conclusions are given [67][69][72]. 5.3 Demand - Side and Projections - Analyzed the predicted seasonal patterns of the weekly demand for ferrosilicon and silicomanganese in five major steel products, the relationship between hot - metal output, steel enterprise profitability, and ferroalloy demand, as well as the relationship between silicomanganese demand and steel production profits, but no specific conclusions are given [76][81][83]. 5.4 Inventory - Side and Projections - Analyzed the predicted seasonal patterns of the weekly enterprise inventory, warehouse receipt quantity, and total inventory (warehouse receipt + factory inventory) of ferrosilicon and silicomanganese, but no specific conclusions are given [94][96][100].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - This week, ferroalloys showed relatively bright gains in the black sector, with the main silicon - iron contract rising by +4.26% and the main silicon - manganese contract rising by 4.44%. The price increase was mainly driven by news. In the first half of the week, market rumors about South Africa's potential manganese ore ecological tax led to a firming of manganese ore prices, and in the second half, news of differential electricity prices in Yulin affected the prices. Ferroalloys are supported by cost, and with positive market expectations near the Two Sessions, price increases are likely. However, the high inventory of silicon - manganese restricts its upward space, while the fundamentals of silicon - iron are better [2]. - The production of silicon - iron and silicon - manganese is at the lowest level in the past five years, and the production profit is in the red, so there is little incentive for复产. On the demand side, the recovery of molten iron production and the improvement of steel mill profitability support the demand for ferroalloys. The main contradiction lies in the high inventory of silicon - manganese, which is at the highest level in the past five - year history, with a year - on - year increase of +241.89%, and the de - stocking pressure is large [2]. - In the short term, the price of silicon - manganese is supported by news about manganese ore, but in the future, as the sentiment fades and high inventory exerts pressure, industrial players may enter the market for hedging. Silicon - iron has better fundamentals and cost support, but its upward space may be limited due to the weak downstream fundamentals of the black sector [2][3]. - The trend of ferroalloys is expected to be range - bound. The price range of the silicon - iron 05 contract is between 5400 - 5900, and that of the silicon - manganese 05 contract is between 5700 - 6100. For basis, monthly spread, and hedging arbitrage strategies, it is recommended to wait and see [12]. 3. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - This week, ferroalloys had significant price increases in the black sector. The price increase was driven by news, including rumors of South Africa's manganese ore ecological tax and differential electricity prices in Yulin. Ferroalloys are supported by cost, and market expectations near the Two Sessions also contribute to the price increase. The supply of silicon - iron and silicon - manganese is at a low level, and the production profit is negative, so there is little incentive for复产. The demand is supported by the recovery of molten iron production and the improvement of steel mill profitability. The main contradiction is the high inventory of silicon - manganese, which restricts its upward space, while the fundamentals of silicon - iron are better [2]. 1.2 Trading - Type Strategy Recommendations - **Market Positioning**: No specific content provided. - **Basis, Monthly Spread, and Hedging Arbitrage Strategy Recommendations**: It is recommended to wait and see for basis, monthly spread, and hedging arbitrage strategies [12]. 1.3 Industry Customer Operation Recommendations - **Price Range Forecast**: The monthly price range forecast for silicon - iron is 5300 - 6000, with a current 20 - day rolling volatility of 16.80% and a historical percentile of 42.1% in three years. For silicon - manganese, the price range is 5300 - 6000, with a current 20 - day rolling volatility of 15.25% and a historical percentile of 29.9% in three years [10]. - **Hedging Strategies**: For enterprises with high finished - product inventory, it is recommended to short ferroalloy futures (SF2603, SM2603) with a hedging ratio of 15% at an entry range of SF: 5800 - 6000, SM: 6000 - 6200 to prevent inventory price decline. For enterprises with low procurement inventory, it is recommended to buy ferroalloy futures (SF2603, SM2603) with a hedging ratio of 25% at an entry range of SF: 5200 - 5300, SM: 5300 - 5400 to lock in procurement costs [13]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: Ferroalloys are supported by cost, with limited downward space. Manganese ore prices are firm due to news, and steel mills' profitability is improving, which drives production and supports the demand for ferroalloys. There are also market rumors about differential electricity prices in Yulin and positive expectations near the Two Sessions [11][18]. - **Negative Information**: The high inventory of silicon - manganese is at a five - year high, with large de - stocking pressure. The downstream steel consumption is average, and the hot - rolled coil inventory is at a historical high [18]. 2.2 Next Week's Important Events to Watch - Next Monday, the US will release the February manufacturing PMI. - Next Tuesday, FOMC permanent voter and New York Fed President Williams will give a speech, and China will release the February manufacturing PMI [19]. Chapter 3: Market Interpretation 3.1 Price - Volume and Capital Interpretation - **Unilateral Trend and Capital Movement**: No specific analysis content provided. - **Basis and Monthly Spread Structure**: No specific analysis content provided. Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industry Chain - The production profit of silicon - iron and silicon - manganese is tracked, and the relationship between production profit and output is analyzed. The electricity price seasonality of ferroalloys in Ningxia and Inner Mongolia is also presented. In addition, the inventory structure, price, and import profit of coking coal, as well as the price, inventory, and shipping volume of manganese ore, are analyzed [41][47][49]. 4.2 Import - Export Profit Tracking - The relationship between the export profit and export volume of silicon - iron is analyzed [65]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Demand Balance Sheet Deduction - The production profit of ferroalloys has marginally improved but is still in the red. The production is expected to remain at the current level with small fluctuations, and the production decline trend is flattening and turning upward. On the demand side, the profitability of steel mills drives production recovery, and the increase in molten iron production supports the demand for ferroalloys. However, the high inventory of ferroalloys, especially silicon - manganese, requires production cuts for de - stocking [66]. 5.2 Supply - Side and Deduction - The production of silicon - iron and silicon - manganese is at a low level, and the relationship between production profit and output is analyzed. The production is expected to remain stable with small fluctuations [66][70]. 5.3 Demand - Side and Deduction - The demand for silicon - iron and silicon - manganese is supported by the recovery of molten iron production and the improvement of steel mill profitability. The relationship between demand and factors such as iron - water production, steel - mill profitability, and export profit is analyzed [74][76][79]. 5.4 Inventory - Side and Deduction - The inventory of silicon - iron and silicon - manganese is at a high level, especially the inventory of silicon - manganese is at a five - year high. The inventory trend is analyzed, and the de - stocking pressure is large [66][90].

1. Report's Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The current contradiction in ferroalloys is the game between cost support and inventory accumulation at the downstream terminals. Silicomanganese is also facing the pressure of high self - inventory, while the manganese ore quotation is firm, resulting in an oscillating pattern with cost support at the bottom and pressure at the top [1]. - On the supply side, ferroalloy profits have recovered but are still in the loss range. The possibility of a significant further reduction in ferroalloy production is low, and it is expected to fluctuate slightly around the current level. Silicoferrite production is at the lowest level in the same period in recent years, and silicomanganese production is at a medium - low level in the same period in recent years. Silicoferrite production increased by 0.71% week - on - week, and silicomanganese production decreased by 0.72% week - on - week [1]. - On the demand side, steel mill profits are currently good, and the futures profit has strengthened, giving steel mills the opportunity to hedge. Subsequently, steel mills may have the motivation to resume and increase production, and hot metal production may rise steadily. However, downstream terminal steel has entered the consumption off - season, the consumption demand has seasonally weakened, the inventory accumulation of the five major steel products has accelerated, and the incremental demand for ferroalloys is limited [1]. - In terms of inventory, silicoferrite inventory decreased by 1.53% week - on - week, and silicoferrite warehouse receipt inventory decreased by 3.38% week - on - week; silicomanganese inventory increased by 0.93% week - on - week, and silicomanganese warehouse receipt inventory increased by 3.32% week - on - week. The silicomanganese inventory base is still large, at the highest level in the past 5 years, with great pressure to reduce inventory, which still requires production cuts. The increase in the number of warehouse receipts also exerts a certain pressure on the futures market [1]. - In the short term, the decline in the prices of black metal products affects the price of ferroalloys. Ferroalloys are supported by the cost side, silicomanganese is suppressed by high inventory, and the fundamentals of silicoferrite are slightly better than those of silicomanganese. In the short term, ferroalloys show an oscillating pattern between the cost line and the previous pressure level. The price range of the silicoferrite 05 contract is between 5400 - 5900, and the price range of the silicomanganese 05 contract is between 5700 - 6100 [1][2][7]. 3. Summary According to Relevant Catalogs 3.1 Chapter One: Core Contradiction and Strategy Suggestion 3.1.1 Core Contradiction - The core contradiction of ferroalloys is the game between cost support and downstream terminal inventory accumulation. Silicomanganese also has the pressure of high self - inventory, forming an oscillating pattern with cost support at the bottom and pressure at the top [1]. 3.1.2 Trading - type Strategy Suggestions - Trend judgment: Range oscillation. - Price range: The price range of the silicoferrite 05 contract is between 5400 - 5900, and the price range of the silicomanganese 05 contract is between 5700 - 6100 [7]. 3.1.3 Industry Customer Operation Suggestions - **Price range forecast**: The monthly price range forecast for silicoferrite is 5300 - 6000, with a current volatility (20 - day rolling) of 12.09% and a historical percentile (3 - year) of 15.7%. The monthly price range forecast for silicomanganese is 5300 - 6000, with a current volatility (20 - day rolling) of 9.93% and a historical percentile (3 - year) of 5.6% [9]. - **Inventory management**: For enterprises with high finished - product inventory worried about ferroalloy price drops, they can short ferroalloy futures (SF2603, SM2603) to lock in profits and make up for production costs according to their inventory situation, with a selling ratio of 15% and a suggested entry range of SF: 5800 - 6000, SM: 6000 - 6200 [11]. - **Procurement management**: For enterprises with low regular procurement inventory that hope to purchase according to orders, they can buy ferroalloy futures (SF2603, SM2603) at the current stage to lock in procurement costs in advance, with a buying ratio of 25% and a suggested entry range of SF: 5200 - 5300, SM: 5300 - 5400 [11]. 3.2 Chapter Two: This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Likely positive factors**: No information provided. - **Likely negative factors**: No information provided. 3.2.2 Next Week's Important Events to Watch - Next Wednesday, China will announce the CPI annual rate. - Next Wednesday, the United States will announce the January unemployment rate and non - farm payrolls. - Next Friday, the United States will announce the January seasonally adjusted CPI [18]. 3.3 Chapter Three: Futures Market Interpretation 3.3.1 Price - Volume and Capital Interpretation - **Unilateral trend and capital movement**: No specific analysis content provided, only relevant charts are shown [20]. - **Basis and calendar spread structure**: No specific analysis content provided, only relevant charts are shown [22][23]. 3.3.2 Factors Affecting the Market - Positive factors: Ferroalloys are supported by cost, so the downward space is limited; steel mill profits are good, and the futures profit has recovered, so steel mills have the motivation to increase and resume production, supporting the demand for ferroalloys; ferroalloys maintain a low - production strategy; silicoferrite warehouse receipt inventory is at a relatively low level in the same period in recent years; manganese ore quotations are firm, and the price is relatively stable with a month - on - month increase [17]. - Negative factors: The silicomanganese inventory base is high, at the highest level in the past 5 years, with great pressure to reduce inventory, and the increasing number of warehouse receipts exerts pressure on the futures market; downstream terminal steel is in the consumption off - season, and the inventory accumulation has accelerated year - on - year, so the support for the demand for ferroalloys may weaken; silicomanganese inventory continued to increase week - on - week [17]. 3.4 Chapter Four: Valuation and Profit Analysis 3.4.1 Industry Chain Upstream - Downstream Profit Tracking - Analyzed the relationship between silicoferrite and silicomanganese production profits and production, market prices and production costs, and also included the seasonal changes in ferroalloy electricity prices, the relationship between coking coal inventory structure and price, and the relationship between manganese ore price and port inventory through charts [37][38][41]. 3.4.2 Import - Export Profit Tracking - Analyzed the relationship between silicoferrite export profit and export volume through a chart [63]. 3.5 Chapter Five: Supply - Demand and Inventory Projection 3.5.1 Supply - Demand Balance Sheet Projection - On the supply side, the production profit of ferroalloys has improved marginally but is still in the loss range. The possibility of large - scale production cuts is low, and the production volume will fluctuate slightly around the current level, with the production decline trend gradually flattening and starting to pick up slowly. - On the demand side, steel mills are making profits and have the motivation to resume production, but the downstream consumption demand is difficult to recover sustainably in the off - season, and the possibility of a significant increase in steel production is low, so the demand for ferroalloys can only increase limitedly. The high inventory of ferroalloys further restrains the demand. The inventory of silicomanganese enterprises is at the highest level in the past 5 years, with great inventory pressure, and inventory reduction may still need to be achieved through production cuts [64]. 3.5.2 Supply - side and Projection - Analyzed the historical and predicted seasonal production of silicoferrite and silicomanganese, as well as the relationship between their production and production profit, and the relationship between their production and hot metal production through charts [67][69]. 3.5.3 Demand - side and Projection - Analyzed the historical and predicted seasonal demand for silicoferrite and silicomanganese in the five major steel products, and the relationship between their demand, hot metal production, steel enterprise profit rate, and steel product production profit through charts [75][77]. 3.5.4 Inventory - side and Projection - Analyzed the historical and predicted seasonal enterprise inventory, warehouse receipt quantity, and total inventory (warehouse receipt + factory inventory) of silicoferrite and silicomanganese through charts [91][93][97].