1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On March 31, ferroalloy futures prices dropped significantly. The silicon - iron (SF) main contract closed at 5874, down 3.17% with a decrease of 12,660 in open interest; the manganese - silicon (SM) main contract closed at 6444, down 2.19% with a decrease of 13,279 in open interest [5]. - For silicon - iron, the spot price on March 31 was stable to weak, with prices in some regions dropping by 30 - 100 yuan/ton. Supply is currently at a low level, but production is expected to increase due to profit recovery. Demand from the steel industry is rising as steel inventories decline seasonally and steel apparent demand and hot metal production increase. The cost of electricity in major production areas is stable. The fundamentals of silicon - iron show both supply and demand increasing, and it is highly affected by crude oil price fluctuations, currently in high - level volatile operation [5]. - For manganese - silicon, manganese ore spot prices were stable to strong on March 31, with the semi - carbonate ore at Tianjin Port rising by 0.2 yuan/ton - degree, while manganese - silicon spot prices generally dropped by 50 - 100 yuan/ton. Supply may remain low in the short term due to new maintenance in some enterprises. Demand from the steel industry is still increasing. The cost is affected by high - level crude oil prices, which increase transportation costs and may affect mining and transportation. The bottom support for manganese ore remains until the energy crisis is resolved [5]. - Trading strategies: Unilateral trading should expect high - level volatility affected by sharp oil price fluctuations; for arbitrage, it is recommended to wait and see; for options, sell out - of - the - money put options [6]. 3. Summary by Directory 3.1 Market Information - **Futures Market** - SF main contract: closed at 5874, down 192 for the day and 226 for the week, with a trading volume of 166,212 (up 30,141) and an open interest of 171,561 (down 12,660) [3]. - SM main contract: closed at 6444, down 144 for the day and 36 for the week, with a trading volume of 359,939 (up 48,953) and an open interest of 353,594 (down 13,279) [3]. - **Spot Market** - Silicon - iron: 72% FeSi prices in Inner Mongolia, Ningxia, and Qinghai dropped by 30 - 50 yuan/ton, while prices in Jiangsu remained unchanged and in Tianjin dropped by 100 yuan/ton [3]. - Manganese - silicon: 6517 manganese - silicon prices in Inner Mongolia rose by 30 yuan/ton, in Ningxia dropped by 50 yuan/ton, in Guangxi remained unchanged, in Jiangsu dropped by 100 yuan/ton, and in Tianjin dropped by 50 yuan/ton [3]. - **Basis/Spread** - Silicon - iron: Inner Mongolia - main contract basis was - 174 (up 162 for the day and 176 for the week); SF - SM spread was - 570 (down 48 for the day and 190 for the week) [3]. - Manganese - silicon: Inner Mongolia - main contract basis was - 114 (up 174 for the day and 166 for the week) [3]. - **Raw Materials** - Manganese ore: Australian lump remained at 47 yuan/ton - degree (down 0.5 for the week), South African semi - carbonate rose by 0.2 yuan/ton - degree, and Gabonese lump remained at 47.5 yuan/ton - degree (down 0.5 for the week) [3]. - Blue charcoal small materials: prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged for the day, with increases of 65, 10, and 65 yuan/ton respectively for the week [3]. 3.2 Market Judgement - **Trading Strategies** - Unilateral: High - level volatility affected by sharp oil price fluctuations [6]. - Arbitrage: Wait and see [6]. - Options: Sell out - of - the - money put options [6]. - **Important Information** - A steel mill in Jiangsu set the price of manganese - silicon at 6580 yuan/ton, with a tender quantity of 2000 tons, delivered to the factory including acceptance and tax [7]. - Inner Mongolia Baite Metallurgical Building Materials Co., Ltd. reduced production of one 42000KVA manganese - silicon alloy submerged arc furnace from the night of March 31, actually affecting the daily output of manganese - silicon by 300 tons [7]. 3.3 Related Attachments - **Price Difference Diagrams** - Silicon - iron monthly spread: The current 1 - 2 spread is 40, 2 - 3 spread is - 126, etc. [11]. - Manganese - silicon monthly spread: The current 1 - 2 spread is - 32, 2 - 3 spread is - 64, etc. [13]. - **Basis Diagrams** - Silicon - iron basis (main contract - Inner Mongolia) and other related basis diagrams [16]. - Manganese - silicon basis (main contract - Inner Mongolia) and other related basis diagrams [16]. - **Spot Price Diagrams** - 72% silicon - iron spot prices in Inner Mongolia, Ningxia, and Qinghai [16]. - 6517 manganese - silicon spot prices in Inner Mongolia, Ningxia, and Guangxi [16]. - **Electricity Price Diagram** - Ferroalloy electricity prices in Gansu, Guangxi, and other regions, with little change recently [17]. - **Cost and Profit Diagrams** - Silicon - iron production cost and profit in Inner Mongolia, Ningxia, etc. [18]. - Manganese - silicon production cost and profit in Inner Mongolia, Ningxia, etc. [21].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The manganese - silicon market experiences wide - amplitude fluctuations due to energy information disturbances [2] 3. Summary According to Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of silicon - iron 2605, silicon - iron 2607, manganese - silicon 2605, and manganese - silicon 2607 are 6066, 6190, 6588, and 6632 respectively. Their trading volumes are 136,071, 73,455, 310,986, and 115,142 respectively, and their open interests are 171,561, 138,591, 366,873, and 153,258 respectively [2] - **Spot Data**: The price of silicon - iron FeSi75 - B in Inner Mongolia is 5660 yuan/ton, up 30 yuan/ton; the price of silicon - manganese FeMn65Si17 in Inner Mongolia is 6300 yuan/ton, up 70 yuan/ton; the price of manganese ore Mn44 block is 47.5 yuan/ton - degree; the price of semi - coke small material in Shenmu is 765 yuan/ton [2] - **Price Difference Data**: The spot - futures price difference of silicon - iron (spot - 05 futures) is - 406 yuan/ton, down 24 yuan/ton; the spot - futures price difference of manganese - silicon (spot - 05 futures) is - 288 yuan/ton, up 62 yuan/ton; the near - far month price difference of silicon - iron 2605 - 2607 is - 124 yuan/ton, up 10 yuan/ton; the near - far month price difference of manganese - silicon 2605 - 2607 is - 44 yuan/ton, down 4 yuan/ton; the cross - variety price difference of manganese - silicon 2605 - silicon - iron 2605 is 522 yuan/ton, down 46 yuan/ton; the cross - variety price difference of manganese - silicon 2607 - silicon - iron 2607 is 442 yuan/ton, down 32 yuan/ton [2] 3.2 Macro and Industry News - **Product Price Information**: On March 30, the price range of 72 silicon - iron in different regions is 5600 - 5700 yuan/ton, with some regions having price changes; the price range of 75 silicon - iron is 6000 - 6200 yuan/ton, with some regions having price increases. The FOB price of 72 silicon - iron is 1150 - 1170 dollars/ton, up 10 dollars/ton; the FOB price of 75 silicon - iron is 1180 - 1200 dollars/ton, up 10 dollars/ton. The northern quote of 6517 silicon - manganese is 6200 - 6250 yuan/ton, down 25 yuan/ton; the southern quote is 6300 - 6400 yuan/ton [2] - **Manganese Ore Inventory Information**: As of March 27, the inventory of Tianjin Port is 371.35 million tons, a month - on - month increase of 32.71 million tons; the inventory of Qinzhou Port is 125.32 million tons, a month - on - month decrease of 6.86 million tons; the inventory of Caofeidian Port is 0 million tons; the inventory of Fangcheng Port is 4.6 million tons, a month - on - month decrease of 0.4 million tons. The total manganese ore inventory is 501.27 million tons, a month - on - month increase of 25.45 million tons [4] - **Enterprise Production Information**: A silicon - iron plant in Shenmu, Shaanxi is overhauling 1 40500kva silicon - iron furnace, and the overhaul duration is uncertain. Ningxia Shengyuan Metal Materials Co., Ltd. has powered on 1 33000kva silicon - iron furnace and produced iron. Gansu Xinyutong has resumed production of 2 33000kva silicon - iron furnaces and produced iron [4] - **Regional Production Statistics**: In March, there are 13 silicon - iron enterprises in production in Qinghai, with 41 ore - heating furnaces in production. The March start - up rate is 41%, the same as in February, and the expected output is 5.17 million tons, an increase of 0.35 million tons compared with February, with a capacity release of 36.54%. In March, there are 15 silicon - iron enterprises in production in Shaanxi, with 25 ore - heating furnaces in production. The March start - up rate is 41.67%, a decrease of 11.66% compared with February, and the expected output is 6.16 million tons, a decrease of 0.61 million tons compared with February, with a capacity release of 41.12% [4] - **Manganese Ore Pricing Information**: United Mining (CML) announced the price offer to China in May 2026. The price of Australian lumps with Mn>46%, Fe < 4%, and SiO2 < 18% is 6 dollars/ton - degree, a month - on - month increase of 0.4 dollars/ton - degree [4] - **Steel Mill Procurement Information**: A steel mill in East China set the standard for silicon - manganese at 6670 yuan/ton, with a procurement volume of 1000 tons. A large steel group in Hebei issued a new round of silicon - manganese procurement tender in March, with a procurement volume of 5100 tons and a first - round inquiry price of 6300 yuan/ton. A steel mill in Shandong set the new standard for silicon - manganese at 6470 yuan/ton, with a procurement volume of 500 tons. The Rizhao company of a steel mill in Shandong finalized the silicon - iron procurement price at 6080 yuan/ton, an increase of up to 380 yuan/ton compared with the previous round, with a volume of 300 tons [4] 3.3 Trend Intensity - The trend intensity of silicon - iron is 0, and the trend intensity of manganese - silicon is 0 [4]

Group 1: Report Information - Report date: March 24, 2026 [1] - Researcher: Zhou Tao [2] - Futures practice certificate number: F03134259 [2] - Investment consulting certificate number: Z0021009 [2] - Contact information: zhoutao_qh1@chinastock.com.cn [2] Group 2: Market Information Futures - SF main contract: closing price 6100, daily change -20, weekly change 172, trading volume 284,622, daily change -39,161, open interest 181,930, daily change -3,897 [3] - SM main contract: closing price 6480, daily change -76, weekly change 240, trading volume 897,615, daily change 229,414, open interest 406,591, daily change 1,558 [3] Spot - Silicon iron: 72%FeSi in Inner Mongolia, Ningxia, and Qinghai had a spot price of 5750, with daily changes of 80, 100, and 100 respectively, and weekly changes of 100, 150, and 170 respectively. In Jiangsu and Tianjin, the spot prices were 6200 and 6100, with weekly changes of 150 and 50 respectively [3] - Manganese silicon: The spot price of silicon manganese 6517 in Inner Mongolia, Ningxia, and Guangxi was 6200, 6150, and 6350 respectively, with daily changes of 50 and weekly changes of 270, 240, and 300 respectively. In Jiangsu and Tianjin, the spot prices were 6400 and 6300, with weekly changes of 300 [3] Basis/Spread - Silicon iron: The basis of Inner Mongolia, Ningxia, and Qinghai relative to the main contract was -350, with daily changes of 100, 120, and 120 respectively, and weekly changes of -72, -22, and -2 respectively. The spread between Jiangsu and Inner Mongolia was 450, with a daily change of -80 and a weekly change of 50. The SF - SM spread was -380, with a daily change of 56 and a weekly change of -68 [3] - Manganese silicon: The basis of Inner Mongolia, Ningxia, and Guangxi relative to the main contract was -280, -330, and -130 respectively, with daily changes of 126 and weekly changes of 30, 0, and 60 respectively. The spread between Guangxi and Inner Mongolia was 150, with a weekly change of 30 [3] Raw Materials - Manganese ore (Tianjin): The prices of Australian lumps, South African semi - carbonates, and Gabonese lumps were 47.5, 44, and 48 respectively, with daily changes of 2.5, 1.5, and 1.5 respectively, and weekly changes of 3.7, 4, and 3.5 respectively [3] - Blue charcoal small materials: The prices in Shaanxi, Ningxia, and Inner Mongolia were 705, 805, and 695 respectively, with no daily or weekly changes [3] Group 3: Market Judgment Trading Strategy - On March 24, ferroalloy futures prices declined overall. The silicon iron main contract closed at 6100, down 0.33%, with open interest decreasing by 3,897 lots. The manganese silicon main contract closed at 6480, down 1.16%, with open interest increasing by 1,558 lots [5] - Silicon iron: On the 24th, the spot price was stable with a slight upward trend, with some regional spot prices rising by 80 - 100 yuan/ton. On the supply side, the recent price recovery has led to the restoration of manufacturers' profits, and the output of sample enterprises has continued to increase, with the resumption speed exceeding the seasonal average. On the demand side, Steel Union data shows that the steel inventory has reached an inflection point, and the apparent demand and output of steel continue to rise, which still drives the demand for raw materials. On the cost side, the electricity price is stable with a slight upward trend. Silicon iron is still in a positive feedback loop of demand and cost in the short term, but as an energy - intensive variety, it is greatly affected by large fluctuations in energy prices such as crude oil and coal. Long positions need to pay attention to position control [5] - Manganese silicon: On the 24th, the manganese ore spot prices rose overall, with each spot in Tianjin Port rising by 1.5 - 2.5 yuan/ton - degree. The manganese silicon spot price was stable with a slight upward trend, with some regional prices rising by 50 yuan/ton. On the supply side, the output within the sample has decreased slightly recently, and some industry associations have called for self - discipline in production cuts, but the actual implementation needs to be monitored under the background of profit restoration. On the demand side, the steel inventory has reached an inflection point, and the apparent demand and output of steel continue to rise, which still drives the demand for raw materials. On the cost side, the sharp rise in crude oil has led to an increase in freight rates. Currently, Hurricane Narelle has not caused serious damage to South32's shipping infrastructure, and the actual impact on the subsequent shipments of Australian manganese ore needs to be monitored [6] - Unilateral: Driven by energy costs, it is still in a positive feedback loop of demand and cost, and the price fluctuates with an upward trend; Arbitrage: Wait and see; Options: Sell out - of - the - money put options [7] Important Information - On the 24th, the semi - carbonate Mn36.5% at Tianjin Port was traded at 44.2 yuan/ton - degree, the Gabonese lump Mn46% was quoted at 48 yuan/ton - degree, and the semi - carbonate powder Mn34.48% was quoted at 39 yuan/ton - degree [8] - According to research by Ferroalloy Online, Tropical Cyclone "Narelle" has weakened to a tropical depression and has passed through Groote Eylandt. It has not caused large - scale damage to the mining infrastructure. Currently, some employees of South32 are preparing to return to work [8] Group 4: Relevant Attachments - The report includes multiple figures, such as the trend of ferroalloy main contracts, the spread between the main contracts of SF and SM, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, the spot price of silicon manganese, the electricity price of ferroalloy, and the cost and profit of silicon iron and manganese silicon [17][19]

Group 1: Report Overview - Report Date: March 23, 2026 [1] - Report Type: Black Metal Daily Report (Ferroalloy Report) [1] - Researcher: Zhou Tao [2] - Futures Practitioner Certificate Number: F03134259 [2] - Investment Consulting Certificate Number: Z0021009 [2] - Contact Information: zhoutao_qh1@chinastock.com.cn [2] Group 2: Market Information Futures - SF Main Contract: Closing price of 6120, daily change of 188, weekly change of 248, trading volume of 323,783 (down 85,765), open interest of 180,829 (up 1,101) [3] - SM Main Contract: Closing price of 6556, daily change of 156, weekly change of 394, trading volume of 668,201 (down 723,548), open interest of 405,033 (down 23,648) [3] Spot - Silicon Iron: Spot prices in different regions showed varying degrees of increase, with some areas rising by 50 - 150 yuan/ton [3][5] - Manganese Silicon: Spot prices in different regions increased by 40 - 150 yuan/ton, and manganese ore prices in Tianjin Port rose by 0.5 - 1.5 yuan/ton degree [3][6] Basis/Spread - Silicon Iron: Basis differences between different regions and the main contract showed changes, and the SF - SM spread was -436, with a daily change of 32 and a weekly change of -146 [3] - Manganese Silicon: Basis differences between different regions and the main contract also changed [3] Raw Materials - Manganese Ore (Tianjin): Prices of different types of manganese ore increased, with daily changes of 0.5 - 1.5 yuan/ton degree and weekly changes of 1.5 - 2.7 yuan/ton degree [3] - Semi - coke: Prices in different regions remained stable [3] Group 3: Market Analysis and Trading Strategies Market Analysis - Silicon Iron: On March 23, the spot price increased. The supply side saw an increase in production after the price recovery, and the demand side was driven by the increase in steel production and demand. The cost side had a stable and slightly strong electricity price. In the short term, it was in a positive feedback of demand and cost, and was affected by the rise in energy prices, showing a short - term upward trend [5] - Manganese Silicon: On March 23, the manganese ore and manganese silicon spot prices increased. The supply side had a slight decline in production, but there was an expectation of an increase in the future. The demand side was also driven by the increase in steel production and demand. The cost side was affected by the increase in sea freight and the short - term disruption of manganese ore shipments due to the hurricane [6] Trading Strategies - Unilateral: Driven by energy costs, in the positive feedback of demand and cost, the price showed a volatile upward trend [7] - Arbitrage: Wait and see [7] - Options: Sell out - of - the - money put options [7] Group 4: Important Information - On March 23, the price of semi - carbonate Mn35.8% in Tianjin Port was 44 yuan/ton degree, the price of Gabon block was 47 - 48 yuan/ton degree, and the price of Australian block Mn42% was 46 - 47 yuan/ton degree [8] - The intensity of Hurricane "Narelle" has significantly weakened, and the actual impact on mining facilities is limited. The mining area is conducting a复产 assessment [8] Group 5: Related Attachments - Figures include the price trends of ferroalloy main contracts, the spread between SF and SM main contracts, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, the spot price of silicon manganese, the electricity price for ferroalloys, the cost and profit of silicon iron and manganese silicon, etc. [16][18][21][23][26]

Group 1: Report Overview - The report is a daily report on ferrous alloys dated March 19, 2026[1] Group 2: Market Information Futures - SF main contract closed at 5824, up 28 from the previous day and down 98 for the week. Trading volume was 107,934, down 61,847 from the previous day, and open interest was 169,839, down 4,644[3] - SM main contract closed at 6188, up 50 from the previous day and up 26 for the week. Trading volume was 173,565, down 74,656 from the previous day, and open interest was 344,535, down 10,825[3] Spot - For ferrosilicon, 72%FeSi in Inner Mongolia was priced at 5620, unchanged from the previous day and down 30 for the week. In other regions, prices also showed different changes[3] - For silicomanganese, 6517 silicomanganese in Inner Mongolia was priced at 5920, down 30 from the previous day and up 20 for the week. Other regions also had price fluctuations[3] Basis/Spread - For ferrosilicon, the Inner Mongolia - main contract basis was -204, down 28 from the previous day and up 68 for the week. Other regional bases also changed[3] - For silicomanganese, the Inner Mongolia - main contract basis was -268, down 80 from the previous day and down 6 for the week. Other regional bases also changed[3] - The SF - SM spread was -364, down 22 from the previous day and down 124 for the week[3] Raw Materials - For manganese ore in Tianjin, Australian lump was priced at 43.8, unchanged from the previous day and up 0.3 for the week. Other types of manganese ore also had price changes[3] - For semi - coke small materials, prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged[3] Group 3: Market Judgment Trading Strategy - Unilateral: In the short term, the market is in a positive feedback of demand and cost, and prices are expected to be volatile and bullish[6][7] - Arbitrage: Hold off for now[7] - Options: Sell out - of - the - money put options[7] Key Information - From January to February, the national cumulative production of crude steel was 160.34 million tons, a year - on - year decrease of 3.6%. The cumulative daily output was 2.7176 million tons. The production of pig iron was 137.7 million tons, a year - on - year decrease of 2.7%, and the cumulative daily output was 2.3339 million tons. The production of steel was 221.19 million tons, a year - on - year decrease of 1.1%, and the cumulative daily output was 3.749 million tons[8] - In January - February 2026, China's air - conditioner production was 40.118 million units, a year - on - year increase of 0.7%. Refrigerator production was 16.643 million units, a year - on - year increase of 6.5%. Washing machine production was 18.579 million units, a year - on - year decrease of 0.8%[8] Group 4: Related Attachments Ferrosilicon - The monthly spread of ferrosilicon showed different values on different days, such as the 1 - 2 spread being 48 today, 40 yesterday, 48 last week, and 18 last month[12] - The basis of ferrosilicon (main contract - Inner Mongolia) and other regional bases are presented in the figure[17] - The cost and profit of ferrosilicon in different regions are as follows: Inner Mongolia had a production cost of 5500 yuan/ton and a profit of 80 yuan/ton; Ningxia had a production cost of 5401 yuan/ton and a profit of 99 yuan/ton; Shaanxi had a production cost of 5505 yuan/ton and a loss of 25 yuan/ton; Qinghai had a production cost of 5849 yuan/ton and a loss of 349 yuan/ton; Gansu had a production cost of 5687 yuan/ton and a loss of 187 yuan/ton[19] Silicomanganese - The monthly spread of silicomanganese also showed different values on different days, such as the 1 - 2 spread being -22 today, -92 yesterday, -24 last week, and -22 last month[14] - The basis of silicomanganese (main contract - Inner Mongolia) and other regional bases are presented in the figure[17] - The cost and profit of silicomanganese in different regions are as follows: Inner Mongolia had a production cost of 6075 yuan/ton and a loss of 225 yuan/ton; Ningxia had a production cost of 6066 yuan/ton and a loss of 286 yuan/ton; Guangxi had a production cost of 6290 yuan/ton and a loss of 340 yuan/ton; Guizhou had a production cost of 6176 yuan/ton and a loss of 276 yuan/ton[22] - The electricity prices for ferrous alloys in different regions are presented in the figure, with today's prices in Gansu being 0.405 yuan/kWh, Guangxi 0.55 yuan/kWh, etc.[17]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - On March 17, ferrous alloy futures prices fluctuated strongly. The silicon iron (SF) main contract closed at 5928, up 0.95%, with an increase of 8393 in positions; the manganese silicon (SM) main contract closed at 6240, up 1.27%, with a decrease of 646 in positions [5]. - For silicon iron, on the 17th, the spot price was stable with a slight increase, and the spot price in some regions rose by 200 yuan/ton. The supply is expected to increase in the future as the recent sharp price increase has led to profit recovery. The demand for raw materials is expected to be driven as steel production and apparent demand are steadily recovering, and northern steel mills are accelerating production resumption after the Two Sessions. The electricity price is strong, and the increase in energy costs is being transmitted to downstream industries. Silicon iron is still in a positive feedback loop of demand and cost, and the remaining long positions should be held [5]. - For manganese silicon, on the 17th, the manganese ore spot price was stable with a slight increase, and the spot price of manganese silicon was also stable with a slight increase, with the spot price in some regions rising by 10 - 100 yuan/ton. The supply is expected to continue to increase as the price increase has led to profit recovery. The demand for raw materials still has room for growth as steel production and apparent demand are steadily recovering, and the inflection point of steel inventory is expected to appear soon. The sharp increase in crude oil has led to an increase in shipping costs, and there are expected disturbances in manganese ore mining and transportation due to the reduction in energy supply. The short - term market is still in a positive feedback loop, and the remaining long positions should be held [5]. - For trading strategies, due to the transmission of rising energy costs, the market is still in a positive feedback loop in the short term, and the remaining long positions should be held; for arbitrage, it is advisable to wait and see; for options, sell out - of - the - money put options [6]. Group 3: Summary According to Relevant Catalogs Market Information - **Futures Market**: The closing price of the SF main contract was 5928, with a daily change of 56 and a weekly change of 52. The trading volume was 121,759, with a daily change of 2874, and the open interest was 172,137, with a daily change of 8393. The closing price of the SM main contract was 6240, with a daily change of 78 and a weekly change of 152. The trading volume was 239,710, with a daily change of 88,137, and the open interest was 364,105, with a daily change of - 646 [3]. - **Spot Market**: For silicon iron, the spot price of 72%FeSi in Inner Mongolia was 5650, with no daily change and a weekly change of 50; in Ningxia, it was 5600, with no daily change and a weekly change of - 30; in Qinghai, it was 5580, with no daily change and a weekly change of - 70; in Jiangsu, it was 6050, with a daily change of 200 and a weekly change of 200; in Tianjin, it was 6050, with no daily change and a weekly change of - 200. For manganese silicon, the spot price of 6517 manganese silicon in Inner Mongolia was 5930, with no daily change and a weekly change of 80; in Ningxia, it was 5910, with a daily change of 10 and a weekly change of 110; in Guangxi, it was 6050, with no daily change and a weekly change of 50; in Jiangsu, it was 6100, with a daily change of 100 and a weekly change of 100; in Tianjin, it was 6000, with a daily change of 50 and a weekly change of 50 [3]. - **Basis/Spread**: For silicon iron, the basis of Inner Mongolia - main contract was - 278, with a daily change of - 56 and a weekly change of - 2; the basis of Ningxia - main contract was - 328, with a daily change of - 56 and a weekly change of - 82; the basis of Qinghai - main contract was - 348, with a daily change of - 56 and a weekly change of - 122; the spread between Jiangsu and Inner Mongolia was 400, with a daily change of 200 and a weekly change of 150; the SF - SM spread was - 312, with a daily change of - 22 and a weekly change of - 100. For manganese silicon, the basis of Inner Mongolia - main contract was - 310, with a daily change of - 78 and a weekly change of - 72; the basis of Ningxia - main contract was - 330, with a daily change of - 68 and a weekly change of - 42; the basis of Guangxi - main contract was - 190, with a daily change of - 78 and a weekly change of - 102; the spread between Guangxi and Inner Mongolia was 120, with no daily change and a weekly change of - 30 [3]. - **Raw Materials**: For manganese ore in Tianjin, the price of Australian lump ore was 43.8, with a daily change of 0.3 and a weekly change of 0.6; the price of South African semi - carbonate ore was 39.8, with a daily change of 0.3 and a weekly change of 0.3; the price of Gabon lump ore was 44.5, with no daily change and a weekly change of 0.3. For blue charcoal small materials, the price in Shaanxi was 705, with no daily change and no weekly change; in Ningxia, it was 805, with no daily change and no weekly change; in Inner Mongolia, it was 695, with no daily change and no weekly change [3]. Market Judgement - **Trading Strategies**: Hold the remaining long positions due to the positive feedback of rising energy costs; wait and see for arbitrage; sell out - of - the - money put options [6]. - **Important Information**: Iran attacked a large - scale natural gas field in the UAE, causing a fire, which increased the intensity of attacks on key energy facilities. In February 2026, South Korea's imports of ferrosilicon with a silicon content greater than 55% were 13,638.7 tons, a month - on - month decrease of 29.09% and a year - on - year decrease of 31.98% [7]. Relevant Attachments - **Silicon Iron and Manganese Silicon Main Contract Trends**: There are figures showing the trends of silicon iron and manganese silicon main contracts and the spread between SF and SM [8][9]. - **Silicon Iron and Manganese Silicon Inter - monthly Spreads**: There are figures showing the inter - monthly spreads of silicon iron and manganese silicon, including data for today, yesterday, last week, and last month [10][11]. - **Silicon Iron and Manganese Silicon Basis**: There are figures showing the basis of silicon iron and manganese silicon (main contract - Inner Mongolia) [14]. - **Silicon Manganese Spot Price**: There are figures showing the spot price of silicon manganese and the spot price of Inner Mongolia silicon manganese [14]. - **Ferrous Alloy Electricity Price**: There are figures showing the electricity price of ferrous alloys in different regions, including data for today, yesterday, last week, last month, and last year [13][15]. - **Silicon Iron and Manganese Silicon Cost and Profit**: There are figures and tables showing the production cost and profit of silicon iron and manganese silicon in different regions [16][19].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On March 16, ferroalloy futures prices rose and then fell. The silicon iron (SF) main contract closed at 5872, down 0.27%, with a decrease of 1006 in positions; the manganese silicon (SM) main contract closed at 6162, down 0.23%, with a decrease of 968 in positions [5]. - For silicon iron, on the 16th, spot prices were stable to weak, with spot prices in some regions falling by 20 - 50 yuan/ton. Supply is expected to increase in the future. Demand from the steel industry is expected to drive raw material demand. The cost side is strong, but the valuation has risen significantly, and crude oil fluctuations affect market sentiment, so long - position holders need to control positions [5]. - For manganese silicon, on the 16th, manganese ore spot prices were generally stable, and manganese silicon spot prices were stable to strong, with spot prices in some regions rising by 30 - 50 yuan/ton. Supply is expected to continue to increase. Demand from the steel industry is expected to drive raw material demand. The cost side is strong due to rising sea - freight, but crude oil fluctuations affect market sentiment. In the short - term, the market is in positive feedback, with high - level volatile operation. For trading strategies, it is recommended to hold a wait - and - see attitude for arbitrage and sell out - of - the - money put options [6]. Group 3: Summary by Directory First Part: Market Information - **Futures Market**: The SF main contract closed at 5872, down 16 from the previous day and up 4 from the previous week, with a trading volume of 118,885 (down 10,211) and an open interest of 173,143 (down 1006). The SM main contract closed at 6162, down 14 from the previous day and up 30 from the previous week, with a trading volume of 151,573 (down 54,491) and an open interest of 364,751 (down 968) [3]. - **Spot Market**: For silicon iron, 72% FeSi prices in different regions had different changes, with some regions seeing price drops. For manganese silicon, 6517 manganese silicon prices in some regions rose. For example, 72% FeSi in Inner Mongolia was 5650 yuan/ton, unchanged from the previous day and down 120 from the previous week; 6517 manganese silicon in Inner Mongolia was 5930 yuan/ton, up 30 from the previous day and up 30 from the previous week [3]. - **Basis/Spread**: The basis and spread of silicon iron and manganese silicon in different regions had different changes. For example, the Inner Mongolia - main contract basis of silicon iron was - 222, up 16 from the previous day and down 124 from the previous week [3]. - **Raw Materials**: Manganese ore (Tianjin) prices were generally stable, with slight changes in some varieties. Lanthanum charcoal small materials prices in different regions were unchanged [3]. Second Part: Market Judgement - **Trading Strategies**: For silicon iron and manganese silicon, the short - term market is in positive feedback, but crude oil fluctuations affect market sentiment, with high - level volatile operation. For arbitrage, it is recommended to hold a wait - and - see attitude; for options, it is recommended to sell out - of - the - money put options [5][6]. - **Important Information**: From January to February 2026, China's pig iron production was 137.7 million tons, a year - on - year decrease of 2.7%; crude steel production was 160.34 million tons, a year - on - year decrease of 3.6%; steel production was 221.19 million tons, a year - on - year decrease of 1.1%. From January to February, fixed - asset investment increased by 1.8% year - on - year, real estate development investment decreased by 11.1% year - on - year [7]. Third Part: Related Attachments - The report provides multiple figures, including the trend of ferroalloy main contracts, the spread between SF and SM, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, spot prices, electricity prices, production costs, and production profits [8][10][15]

1. Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On March 10, ferroalloy futures prices showed mixed performance. The silicon ferro - alloy (SF) main contract closed at 5876, up 0.14% with a decrease of 1411 in open interest; the manganese silicide (SM) main contract closed at 6088, down 0.72% with a decrease of 28956 in open interest. Both SF and SM are expected to fluctuate at high levels in the short term due to the positive feedback between cost and demand, but the sharp rise and fall of crude oil prices have a significant impact on market sentiment [5][6] - The trading strategies are: for unilateral trading, the profit - to - loss ratio is not high after the price increase, so it is recommended to partially close out long positions established earlier; for arbitrage, stay on the sidelines; for options, sell out - of - the - money put options [7] 3. Summary by Directory First Part: Market Information - **Futures Market**: The closing price of the SF main contract was 5876, with a daily change of 8 and a weekly change of 90, and the trading volume decreased by 231,692. The SM main contract closed at 6088, with a daily change of - 44 and a weekly change of - 30, and the trading volume decreased by 378,125 [3] - **Spot Market**: The spot prices of silicon ferro - alloy were stable to weak, with some regions seeing a decline of 120 - 170 yuan/ton. The spot prices of manganese silicide were also stable to weak, with some regions dropping by 50 - 100 yuan/ton. The manganese ore spot in Tianjin Port was stable to strong, with each spot rising by 0.2 - 0.5 yuan/ton degree [3][5][6] - **Basis/Spread**: The basis and spread of silicon ferro - alloy and manganese silicide showed different daily and weekly changes. For example, the SF - SM spread was - 212, with a daily change of 52 and a weekly change of 120 [3] Second Part: Market Judgement - **Trading Strategies**: Unilateral trading: Partially close out long positions due to low profit - to - loss ratio after price increases; Arbitrage: Stay on the sidelines; Options: Sell out - of - the - money put options [7] - **Important Information**: China's steel exports in February were 7.837 million tons, and exports denominated in US dollars increased by 39.6% year - on - year [8][9] Third Part: Relevant Attachments - **Price and Spread Charts**: Include the trend chart of ferroalloy main contracts, the spread chart of SF - SM on the disk, the monthly spread charts of SF and SM, etc [11][13][15] - **Basis and Cost - Profit Charts**: Include the basis charts of SF and SM main contracts, the spot price charts of silicon manganese, the electricity price chart for ferroalloy production, and the cost - profit charts of silicon ferro - alloy and manganese silicide in different regions [18][20][23]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On March 9th, ferroalloy futures prices rose and then fell. The silicon - iron (SF) main contract closed at 5868, with a 0.00% increase and a decrease of 24,798 in positions. The manganese - silicon (SM) main contract closed at 6132, with a 0.03% increase and a decrease of 37,804 in positions [5]. - For silicon - iron, on the 9th, the spot price was stable with a slight upward trend, rising by 150 - 320 yuan/ton in some regions. Supply - side sample enterprise operating rates and output decreased slightly, but recent price increases have led to profit recovery, and some supply has started to resume production. Steel output is increasing steadily, and it is expected to continue to climb slowly in March. The electricity price is firm, and the market is in a positive feedback loop between the cost side and the demand side. Due to the sharp rise in crude oil prices, the price opened higher, but the transmission to domestic ferroalloy energy costs is long - term, and the short - term impact is limited. As the price reaches a high level, the risk - return ratio decreases, so it is recommended to partially take profits on previous long positions [5]. - For manganese - silicon, on the 9th, the manganese ore spot price was stable with a slight upward trend, with the semi - carbonate at Tianjin Port rising by 0.5 yuan/ton degree, and the manganese - silicon spot price also showed a similar trend, rising by 50 - 150 yuan/ton in some regions. The sample output decreased slightly, and after the commissioning of some new production capacities, the overall supply is expected to be stable. Steel output is increasing steadily and is expected to continue to climb slowly in March. The manganese ore spot price is strong, and overseas mines' April quotes continue to rise. The short - term market is in a positive feedback loop. Similar to silicon - iron, the impact of crude oil on manganese - silicon costs is indirect, and at the current valuation level, the risk - return ratio is not high, so it is recommended to partially reduce positions and take profits [6]. - Trading strategies: For unilateral trading, the risk - return ratio is not high after the price has risen significantly, so it is recommended to partially take profits on previous long positions; for arbitrage, it is advisable to wait and see; for options, sell out - of - the - money put options [7]. 3. Summary According to the Directory 3.1 Market Information - **Futures**: The SF main contract closed at 5868, with no daily change and a weekly increase of 104. The trading volume was 404,791, with a daily increase of 246,840, and the open interest was 223,284, with a daily decrease of 24,798. The SM main contract closed at 6132, with a daily increase of 2 and a weekly increase of 50. The trading volume was 629,224, with a daily increase of 411,545, and the open interest was 396,316, with a daily decrease of 37,804 [3]. - **Spot**: For silicon - iron, the 72%FeSi in Inner Mongolia was priced at 5770 yuan/ton, with a daily increase of 270 and a weekly increase of 370; in Ningxia, it was 5750 yuan/ton, with a daily increase of 270 and a weekly increase of 350; in Qinghai, it was 5800 yuan/ton, with a daily increase of 320 and a weekly increase of 450; in Jiangsu, it was 6050 yuan/ton, with a daily increase of 150 and a weekly increase of 300; in Tianjin, it was 6200 yuan/ton, with no daily change and a weekly increase of 350. For manganese - silicon, the 6517 manganese - silicon in Inner Mongolia was priced at 5900 yuan/ton, with a daily increase of 50 and a weekly increase of 150; in Ningxia, it was 5900 yuan/ton, with a daily increase of 150 and a weekly increase of 200; in Guangxi, it was 6050 yuan/ton, with a daily increase of 150 and a weekly increase of 230; in Jiangsu, it was 6000 yuan/ton, with a daily increase of 50 and a weekly increase of 150; in Tianjin, it was 5950 yuan/ton, with a daily increase of 50 and a weekly increase of 150 [3]. - **Basis/Spread**: The basis between Inner Mongolia and the main contract for silicon - iron was - 98, with a daily increase of 270 and a weekly increase of 266; for manganese - silicon, it was - 232, with a daily increase of 48 and a weekly increase of 100. The SF - SM spread was - 264, with a daily decrease of 2 and a weekly increase of 54 [3]. - **Raw Materials**: For manganese ore in Tianjin, the Australian lump was priced at 43 yuan/ton degree, with no daily change and a weekly increase of 0.7; the South African semi - carbonate was 39 yuan/ton degree, with a daily increase of 0.5 and a weekly increase of 1; the Gabonese lump was 43.8 yuan/ton degree, with no daily change and a weekly increase of 0.6. For semi - coke small materials, in Shaanxi, it was 705 yuan/ton, with no daily or weekly change; in Ningxia, it was 805 yuan/ton, with no daily or weekly change; in Inner Mongolia, it was 695 yuan/ton, with no daily or weekly change [3]. 3.2 Market Judgement - **Trading Strategies**: Unilateral trading: Partially take profits on previous long positions; Arbitrage: Wait and see; Options: Sell out - of - the - money put options [7]. - **Important Information**: On the 9th, the semi - carbonate at Tianjin Port was quoted at 40 yuan/ton degree, the Gabonese lump at 45 yuan/ton degree, the CML Australian lump at 46 yuan/ton degree, and the South32 Australian lump at 44 yuan/ton degree. Starting from March 10, 2026, Shagang raised the scrap steel price by 50 yuan/ton [8][9]. 3.3 Related Attachments - The report provides multiple charts, including the trend of ferroalloy main contracts, the spread between SF and SM on the disk, the monthly spread of silicon - iron and manganese - silicon, the basis of silicon - iron and manganese - silicon, the spot price of silicon - manganese, the electricity price of ferroalloys, the production cost and profit of silicon - iron and manganese - silicon [11][13][15][18][20][23].

Group 1: Market Information - SF main contract closed at 5828, up 10 (0.17%) daily and 290 weekly, with a trading volume of 159,825 (down 67,616) and an open interest of 207,380 (up 742). SM main contract closed at 6092, down 28 (0.46%) daily and up 174 weekly, with a trading volume of 242,409 (down 143,602) and an open interest of 435,845 (down 8,150) [3] - 72% FeSi spot prices in Inner Mongolia, Ningxia, Qinghai, and Tianjin increased by 50, 20, 50, and 50 yuan/ton respectively, while the prices in Jiangsu remained unchanged. For 6517 SiMn, the prices in Inner Mongolia, Guangxi, Jiangsu, and Tianjin remained unchanged, and the price in Ningxia decreased by 20 yuan/ton [3] - The price of manganese ore in Tianjin Port increased slightly, with Australian lump ore up 0.3 yuan/ton degree, South African semi - carbonate up 0.2 yuan/ton degree, and Gabon lump ore up 0.1 yuan/ton degree. The prices of semi - coke small materials in Shaanxi, Ningxia, and Inner Mongolia remained unchanged [3] Group 2: Market Analysis and Trading Strategies - **Core View**: After the significant increase in ferroalloy prices, the risk - return ratio has decreased. It is recommended to partially take profits on the previously suggested long positions [5][6] - **Silicon Iron**: On March 5, the spot price was stable with a slight upward trend. The supply has slightly increased recently. Steel production has started a seasonal recovery, but the recovery speed is slow due to the increasing steel inventory. The cost - demand positive feedback is in place, but there are signs of production resumption in other regions. It is advisable to partially take profits on long positions [5] - **Silicon Manganese**: On March 5, manganese ore spot prices were stable with a slight upward trend, while SiMn spot prices were stable with a slight downward trend. The supply has slightly increased due to new capacity and price increases. The demand recovery of steel is slow. The manganese ore spot is strong, and overseas mines' April quotes continue to rise. It is recommended to partially reduce positions and take profits [5] - **Trading Strategies**: For unilateral trading, partially take profits on previous long positions; for arbitrage, stay on the sidelines; for options, sell out - of - the - money put options [6] Group 3: Important News - Comilog announced its April 2026 offer price for Gabon lump ore to China at $5.25/ton degree, a month - on - month increase of $0.27/ton degree [7] - The Government Work Report proposed that the main expected target for economic growth this year is 4.5% - 5%, and efforts will be made to achieve better results in actual work [7] Group 4: Related Attachments - **Graphs Included**: Ferroalloy main contract price trends, SF - SM price spreads, monthly spreads of silicon iron and silicon manganese, basis of silicon iron and silicon manganese, spot prices of silicon manganese, ferroalloy electricity prices, production costs and profits of silicon iron and silicon manganese [10][11][12]