Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report - The ferroalloy futures prices generally rose on September 25. Driven by the overall commodity market sentiment and cost - side factors, the prices are expected to be strong in the short term, but the upside is limited by high supply [7]. - For silicon ferroalloy, although the short - term negative feedback risk has eased and the overall commodity market sentiment is positive, the problem of high supply still exists [7]. - For manganese silicon, the short - term demand is relatively stable, and the cost - side drives the price to be strong in the short term, but the high supply also restricts the upside [7]. 3. Summary by Directory Market Information - **Futures Data**: The closing price of the SF main contract was 5786, up 44 (0.77%) daily and 30 weekly, with a trading volume of 201,194 (up 11,513 daily) and an open interest of 188,023 (down 10,222 daily). The closing price of the SM main contract was 5938, up 22 (0.37%) daily and down 32 weekly, with a trading volume of 219,803 (up 50,391 daily) and an open interest of 332,429 (down 1344 daily) [4]. - **Spot Data**: The spot price of 72% FeSi in Inner Mongolia was 5480, unchanged daily and up 30 weekly. The spot price of silicon - manganese 6517 in Inner Mongolia was 5700, down 30 daily and 30 weekly. Different regions showed different price changes [4]. - **Basis/Spread Data**: For silicon ferroalloy, the Inner Mongolia - main contract basis was - 306, down 44 daily and unchanged weekly. For manganese silicon, the Inner Mongolia - main contract basis was - 238, down 52 daily and up 2 weekly. The SF - SM spread was - 152, up 22 daily and 62 weekly [4]. - **Raw Material Data**: The price of Australian manganese ore lumps in Tianjin was 39.8, down 0.2 daily and 0.4 weekly. The price of semi - carbonate manganese ore from South Africa was 34.2, unchanged daily and down 0.1 weekly. The price of blue charcoal small materials in Shaanxi was 700, unchanged daily and up 40 weekly [4]. Market Judgement - **Trading Strategy** - **Unilateral**: Driven by the overall commodity sentiment and cost - side, it is strong in the short term, but the upside is limited by high supply. - **Arbitrage**: Hold a wait - and - see attitude. - **Options**: Sell a straddle option combination [8]. - **Important Information**: United Mining (CML) announced its November 2025 offer to China for Australian lumps (Mn>46% Fe<6% Si02<18%) at 4.65 US dollars per ton - degree, up 0.08 US dollars per ton - degree month - on - month. Comilog's November 2025 offer for Gabonese lumps shipped to China was 4.35 US dollars per ton - degree (up 0.08) [9][10]. Related Attachments - Multiple charts are provided, including the price trends of ferroalloy main contracts, basis, inter - month spreads, spot prices, electricity prices, production costs, and production profits of silicon ferroalloy and manganese silicon, showing data changes over different time periods [11][14][15]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The ferroalloy futures prices rebounded slightly on September 23. There is still high supply pressure on both ferrosilicon and silicomanganese, and short - side operations are recommended after rebounds [6]. - For trading strategies, it is suggested to take short - side operations on rallies due to high supply pressure, hold off on arbitrage, and sell straddle option combinations [7]. 3. Summary by Relevant Sections 3.1 Market Information - **Futures Data**: The closing price of the SF main contract was 5698, with a daily increase of 50 and a weekly decrease of 2. The trading volume was 244,716, down 37,133, and the open interest was 200,009, down 12,607. The SM main contract closed at 5882, up 12 daily and down 62 weekly. The trading volume was 246,470, unchanged, and the open interest was 335,174, unchanged [4]. - **Spot Prices**: Ferrosilicon spot prices showed mixed trends, with some regions down 20 - 50 yuan/ton and Jiangsu up 100 yuan/ton. Silicomanganese spot prices were generally stable [4][6]. - **Basis/Spreads**: Ferrosilicon basis and spreads changed, with the SF - SM spread at - 184, up 38 daily and 60 weekly. Silicomanganese basis and spreads also had corresponding changes [4]. - **Raw Materials**: Manganese ore spot prices in Tianjin Port were slightly weaker, and the prices of semi - carbonate and Australian lumps decreased by 0.1 - 0.2 yuan/ton degree. The prices of blue charcoal small materials in some regions increased [4]. 3.2 Market Judgment - **Trading Strategies** - **Ferrosilicon**: After a sharp decline, it rebounded, but there is still high supply pressure. Short - side operations are recommended when approaching the resistance range of 5700 - 5800 [6]. - **Silicomanganese**: Although the cost side provides support, there is high supply pressure. Short - side operations are recommended when approaching the resistance range of 5900 - 6000 after the rebound [6]. - **Overall**: High supply pressure persists, short - side operations on rallies are recommended; hold off on arbitrage; sell straddle option combinations [7]. - **Important Information** - On the 23rd, the quotes of some manganese ores in Tianjin Port were provided [8]. - According to CME "FedWatch", the probability of the Fed keeping interest rates unchanged in October is 7%, and the probability of a 25 - basis - point rate cut is 93% [8]. 3.3 Relevant Attachments - Multiple charts are provided, including the price trends of ferroalloy main contracts, basis, cost - profit, and monthly spreads, showing the historical data and changes of relevant indicators [9][11][13][15][16][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 22, 2025, ferroalloy futures prices rose and then fell. The silicon ferro - alloy (SF) main contract closed at 5648, down 1.53% with a decrease in positions, while the silicon manganese (SM) main contract closed at 5870, down 1.58% with an increase in positions [7]. - For SF, the spot price was stable with a slight increase on the 22nd. Supply was high with a slight decline in the sample enterprise's operating rate. Demand was supported by high iron - water production due to high steel billet exports. After the price decline, the valuation was not high and the cost was supportive, so short positions could be reduced or put options could be sold for protection [7]. - For SM, the manganese ore spot was stable on the 22nd, and the SM spot price was stable with a slight decline. Supply decreased but was still high compared to the same period in previous years. Demand was affected by the decline in rebar production. The manganese ore price was firm due to low port inventories. After the price decline, there was cost support, and short positions could also be reduced or put options could be sold for protection [7]. - The trading strategies were to reduce short positions or sell put options for single - side trading, to wait and see for arbitrage, and to sell put options for options trading [8]. 3. Summary by Relevant Catalogs Market Information - **Futures Data**: The SF main contract had a closing price of 5648, a daily change of - 88, and a weekly change of - 52. The trading volume was 281,849 with a daily increase of 52,126, and the open interest was 211,764 with a daily decrease of 11,755. The SM main contract had a closing price of 5870, a daily change of - 94, and a weekly change of - 36. The trading volume was 335,892 with a daily increase of 169,079, and the open interest was 339,805 with a daily increase of 5304 [4]. - **Spot Data**: SF spot prices were stable with a slight increase in some regions, rising 30 - 250 yuan/ton. SM spot prices were stable with a slight decline in some regions, falling 20 yuan/ton [4][7]. - **Basis/Spread Data**: The basis and spreads of SF and SM showed different daily and weekly changes. The SF - SM spread was - 222, with a daily change of 6 and a weekly change of - 16 [4]. - **Raw Material Data**: Manganese ore prices in Tianjin were stable with small weekly changes. Lanthanum semi - coke prices in some regions increased [4]. Market Judgement - **Trading Strategies**: Unilateral trading: Reduce short positions or sell put options due to low valuation. Arbitrage: Wait and see. Options: Sell put options [8]. - **Important Information**: The Ministry of Industry and Information Technology and other departments issued a plan to set the average annual growth target of the steel industry's added value at about 4% from 2025 - 2026, and required over 80% of steel production capacity to complete ultra - low emission transformation by the end of 2025. In August 2025, China's steel billet exports reached 1.76 million tons, a month - on - month increase of 12% and a year - on - year increase of 230%. From January to August, the cumulative steel billet exports were 9.24 million tons, a year - on - year increase of 292% [9]. Relevant Attachments - Multiple charts showed the trends of ferroalloy main contracts, spreads, basis, spot prices, electricity prices, production costs, and profits [10][15][17][22].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests a wait - and - see approach for both manganese - silicon and silicon - iron due to factors such as supply - demand balance and coal price trends. For manganese - silicon, with overall loose supply - demand but low inventory and stable thermal coal prices, significant price trends are unlikely. For silicon - iron, its price movement depends on energy prices, and the supply - demand contradiction is limited [43]. 3. Summary by Directory Part 1: Market Review - **Steel Inventory**: This week, the total steel inventory was 1519.74 million tons, a month - on - month increase of 5.13 million tons with a significantly narrowed growth rate. Among them, the steel mill inventory was 418.38 million tons, a month - on - month decrease of 1.14 million tons, and the social inventory was 1101.36 million tons, a month - on - month increase of 6.27 million tons [5]. - **Industry Policies and Data**: The National Energy Administration recently issued the "Technical Guidelines for the Preparation of Coal Mining Area Master Plans". In August, China exported 563 million tons of steel plates, a year - on - year decrease of 15.1%; from January to August, the cumulative export was 4808 million tons, a year - on - year decrease of 0.1%. From January to August 2025, China's export of mechanical and electrical products was 10.6 trillion yuan, a year - on - year increase of 9.2%, accounting for 60.2% of the total export value. In August 2025, China exported 760,000 cars, a year - on - year increase of 25.2%; from January to August, the cumulative export was 4.93 million, a year - on - year increase of 20.5%. In August 2025, China exported 2.89 million air conditioners, a year - on - year decrease of 22.4%; from January to August, the cumulative export was 47.78 million, a year - on - year increase of 2.0%. In August, the export of refrigerators was 7.21 million, a year - on - year decrease of 1.4%; from January to August, the cumulative export was 54.86 million, a year - on - year increase of 1.5%. In August, the export of washing machines was 3.28 million, a year - on - year increase of 11.2%; from January to August, the cumulative export was 23.03 million, a year - on - year increase of 6.1%. In August, the export of LCD TVs was 10.73 million, a year - on - year increase of 0.9%; from January to August, the cumulative export was 69 million, a year - on - year decrease of 2.0%. In August 2025, China's excavator output was 27,590, a year - on - year increase of 13.2%. From January to August 2025, China's excavator output was 245,556, a year - on - year increase of 17.6% [5]. - **Manganese - Silicon Futures and Spot Prices**: The report shows the price changes of manganese - silicon futures and spot in different regions, including the basis, year - on - year changes, 30 - day price changes, and weekly price changes. For example, in Inner Mongolia, the basis was 110, with a year - on - year increase of 0.53%, a 30 - day decrease of 0.35%, and a weekly increase of 0.88%, and the price was 5730 [9]. - **Silicon - Iron Futures and Spot Prices**: Although not detailed in the given text, the report also mentions the silicon - iron futures trend and basis situation [13][16]. - **Power Price Changes**: The report presents the power price changes of ferroalloy in different regions such as Ningxia, Qinghai, Yunnan, and Inner Mongolia from June 20, 2023, to August 20, 2025 [19]. Part 2: Manganese - Silicon Industry Chain Overview The report shows the price, import volume, inventory, profit estimation, output, and demand (related to steel output) of manganese ore in the manganese - silicon industry chain from 2019 to 2025 through charts, but no specific numerical data is given in the text [21][24][26][27][30][31]. Part 3: Silicon - Iron Industry Chain Overview The report shows the profit estimation, output, and demand (related to steel output) of silicon - iron in the silicon - iron industry chain from 2019 to 2025 through charts, but no specific numerical data is given in the text [34][38][40]. Part 4: Outlook - **Manganese - Silicon**: Last week, manganese - silicon futures rose, and the spot price increased slightly with a slight decline in the basis. The September bid price of the iconic steel mill was 6000 yuan/ton, slightly higher than expected, but the long - term indecision of downstream bids indicated general demand. The output of manganese - silicon decreased month - on - month, and steel production also decreased. With overall loose supply - demand but low inventory and stable thermal coal spot prices, significant price trends are unlikely, and a wait - and - see approach is recommended [43]. - **Silicon - Iron**: Last week, silicon - iron futures rose, the spot price reached a high and then slightly declined, and the basis changed little. The stable thermal coal spot price and high market expectations for the recovery of thermal coal prices drove the rebound of silicon - iron. In terms of supply - demand, the output last week remained flat, but steel production decreased month - on - month, and the supply - demand contradiction was limited. According to Mysteel statistics, the national capacity utilization rate of 136 independent silicon - iron enterprises was 34.84%, unchanged from last week, and the daily average output was 16,150 tons, unchanged from last week. The trend of silicon - iron depends on energy price changes, and a wait - and - see approach is recommended [43].

大宗商品研究所 黑色金属研发报告 黑色金属日报 2025 年 8 月 20 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： F03134259 投资咨询证号： Z0021009 联系方式： | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5622 | -56 | -172 | 267911 | -104641 | 233070 | -4976 | | SM主力合约 | 5836 | -78 | -238 | 232175 | 39082 | 282128 | 167243 | | 现 货 | | | | | | | | | 硅铁 现货价格 | | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5450 | -50 | -100 | 硅锰6517内蒙 | 5750 | -50 | -50 | | 72%FeSi宁夏 | 54 ...

大宗商品研究所 黑色金属研发报告 F03134259 投资咨询证号： Z0021009 黑色金属日报 2025 年 8 月 13 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： 联系方式： :zhoutao_qh1@chinastock. com.cn | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5970 | 150 | 62 | 223621 | 25074 | 108388 | 86379 | | SM主力合约 | 6074 | -36 | -22 | 258168 | -849 | 187130 | -16808 | | 现 货 | | | | | | | | | 硅铁 | 现货价格 | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5550 | 0 | -50 | 硅锰6517内蒙 | 5800 | 0 | - ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The market sentiment for both ferrosilicon and silicomanganese remains strong, with a tendency for a bullish and volatile market [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For ferrosilicon, the closing prices of contracts SF2508 and SF2509 are 5,652 and 5,668 respectively, up 162 and 160 from the previous trading day, with trading volumes of 6,857 and 307,634, and open interests of 8,912 and 193,447. For silicomanganese, the closing prices of contracts SM2508 and SM2509 are 5,906 and 5,914 respectively, up 110 from the previous trading day, with trading volumes of 1,330 and 390,134, and open interests of 11,185 and 360,025 [1]. - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5,300 yuan/ton, up 50 yuan/ton; the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5,680 yuan/ton, up 50 yuan/ton. The price of manganese ore Mn44 block is 39 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 550 yuan/ton [1]. - **Spread Data**: The spot - futures spread of ferrosilicon (spot - 08 futures) is - 352 yuan/ton, down 112 yuan/ton; the spot - futures spread of silicomanganese (spot - 09 futures) is - 234 yuan/ton, down 60 yuan/ton. The near - far month spread of ferrosilicon 2508 - 2509 is - 16 yuan/ton, up 2 yuan/ton; the near - far month spread of silicomanganese 2508 - 2509 is - 8 yuan/ton, unchanged. The cross - variety spread of silicomanganese 2508 - ferrosilicon 2508 is 254 yuan/ton, down 52 yuan/ton; the cross - variety spread of silicomanganese 2509 - ferrosilicon 2509 is 246 yuan/ton, down 50 yuan/ton [1]. 3.2 Macro and Industry News - **Price Information**: On July 21, the price of 72 ferrosilicon in Shaanxi is 5,150 - 5,250 yuan/ton (+100), in Ningxia is 5,250 - 5,350 yuan/ton (+75), in Qinghai is 5,250 - 5,300 yuan/ton (+50), in Gansu is 5,300 - 5,350 yuan/ton (up 100), and in Inner Mongolia is 5,300 - 5,350 yuan/ton (+100). The price of 75 ferrosilicon in Shaanxi is 5,650 - 5,700 yuan/ton, in Ningxia is 5,600 - 5,650 yuan/ton, in Qinghai is 5,550 - 5,600 yuan/ton, in Gansu is 5,600 - 5,650 yuan/ton, and in Inner Mongolia is 5,600 - 5,650 yuan/ton. The FOB price of 72 ferrosilicon is 1,000 - 1,020 US dollars/ton, and the FOB price of 75 ferrosilicon is 1,080 - 1,110 US dollars/ton. The northern quotation of 6517 silicomanganese is 5,600 - 5,700 yuan/ton, and the southern quotation is 5,650 - 5,750 yuan/ton (+50) [2]. - **Procurement Information**: Zhongtian Iron and Steel in Changzhou has set the procurement price of 75B ferrosilicon at 5,780 yuan/ton in electronic vouchers, up 210 yuan/ton from the previous round, with a quantity of 500 tons. A steel mill in Jiangsu has a silicomanganese procurement price of 5,900 yuan/ton in electronic vouchers, with a procurement quantity of 1,000 tons; a steel mill in Jiangxi has a silicomanganese procurement price of 5,830 yuan/ton in discounted base acceptance and tax - included, with a procurement quantity of 4,000 tons [2]. - **Manganese Ore Import Data**: In June 2025, the national manganese ore import volume was 268.38 million tons, a decrease of 25.95 million tons (↓8.82%) compared with 294.33 million tons in May, and an increase of 54.01 million tons (↑25.19%) compared with 214.37 million tons in June last year. From January to June 2025, the cumulative manganese ore import volume was 1,444.49 million tons, an increase of 45.44 million tons (↑3.25%) compared with 1,399.05 million tons in the same period in 2024. In June 2025, the top five manganese ore importing countries were South Africa (158.31 million tons), Ghana (46.02 million tons), Australia (22.43 million tons), Gabon (19.08 million tons), and Brazil (7.66 million tons), accounting for 94.46% of the total import volume [4]. - **Manganese Ore Production and Sales Data**: South32's 2025 fiscal year fourth - quarter report shows that the cumulative production of Australian manganese ore in the 2025 fiscal year was 1.106 billion tons, completing 111% of the annual plan; the cumulative production of South African manganese ore was 2.151 billion tons, completing 108% of the annual plan. In the fourth quarter of the 2025 fiscal year, the production of Australian manganese ore was 467 million tons, and the sales volume was 253 million tons. The production guidance for Australian manganese ore in the 2026 fiscal year is 3.2 billion tons. The South African manganese ore production was 593 million tons, a 25% increase from the previous quarter and an 11% increase year - on - year; the sales volume was 601 million tons, a 48% increase from the previous quarter and a 9% increase year - on - year. The production guidance for South African manganese ore in the 2026 fiscal year remains unchanged at 2 billion tons [4]. 3.3 Trend Intensity The trend intensity of ferrosilicon is 1, and the trend intensity of silicomanganese is 1, indicating a relatively strong trend for both [3].

1. Report Industry Investment Rating - The investment rating for the black metal sector (silicon manganese and ferrosilicon) is "oscillating with a bearish bias" [1] 2. Core View of the Report - This week, silicon manganese and ferrosilicon mainly rebounded following the black metal market. On the spot market, downstream replenishment increased, leading to a slight increase in the spot prices of silicon manganese and ferrosilicon. The supply - side of silicon manganese continued to recover, and steel - making demand also gradually increased with market sentiment. Manganese ore has strong short - term support, but the elasticity of steel demand is crucial for the continued improvement of silicon manganese and ferrosilicon demand. It is necessary to pay attention to the steel demand and prices in mid - to - late July. Short - term recommendation is to wait and see. The supply and demand of both silicon manganese and ferrosilicon have improved, but the sustainability of demand needs verification. In the short term, pay attention to the resistance level of 5800 for silicon manganese and 5500 for ferrosilicon [1] 3. Summary by Relevant Catalogs 3.1 Market Review - Yesterday, the SM2509 contract closed at 5712, a 0.24% decrease compared to the previous trading day's close. The SF2509 contract closed at 5390, an 0.85% decrease compared to the previous trading day's close [1] 3.2 Important Information - This week, the total inventory of five major steel products was 13.3993 million tons, a week - on - week decrease of 0.1 thousand tons. Among them, the steel mill inventory was 4.238 million tons, a week - on - week decrease of 9.72 thousand tons; the social inventory was 9.1613 million tons, a week - on - week increase of 9.62 thousand tons [1] - On July 3, the domestic coking coal market was stable with a slight upward trend. This week, the average daily output of clean coal from 523 coking coal mine samples surveyed by Mysteel was 739 thousand tons, a week - on - week increase of 0.1 thousand tons, and the clean coal inventory was 4.096 million tons, a week - on - week decrease of 535 thousand tons. The coal mine inventory decreased significantly, some pit - mouth coal mines slightly raised their quotes, and the online bidding was also strong, with most coal prices rising by 10 - 50 yuan/ton [1] - Mysteel's statistics on 187 independent silicon manganese enterprises showed that the national capacity utilization rate was 40.34%, an increase of 1.13% from last week; the average daily output was 25730 tons, an increase of 125 tons; the weekly demand for silicon manganese in five major steel products (70% of the total) was 126789 tons, a week - on - week increase of 0.72%, and the national silicon manganese output (99% of the weekly supply) was 180110 tons, a week - on - week increase of 0.49% [1] 3.3 Market Logic - This week, silicon manganese and ferrosilicon mainly rebounded following the black metal market. On the spot market, downstream replenishment increased, leading to a slight increase in the spot prices of silicon manganese and ferrosilicon. On the supply side, the production of silicon manganese continued to recover, and steel - making demand also gradually increased with market sentiment. Manganese ore has strong short - term support, but the elasticity of steel demand is crucial for the continued improvement of silicon manganese and ferrosilicon demand. It is necessary to pay attention to the steel demand and prices in mid - to - late July [1] 3.4 Trading Strategy - The supply and demand of both silicon manganese and ferrosilicon have improved, but the sustainability of demand needs verification. In the short term, pay attention to the resistance level of 5800 for silicon manganese and 5500 for ferrosilicon [1]

Group 1: Manganese Silicon - Manganese silicon production has slightly increased this week, but supply pressure remains due to the off-season demand [1] - Manganese silicon manufacturers' inventory has rebounded month-on-month, while warehouse receipts continue to decrease [1] - Steelmaking demand has weakened, with pig iron production slightly declining compared to last week and steel mills' profitability also decreasing [1] - Global manganese ore shipments have increased month-on-month, with significant growth in domestic arrivals, particularly from South Africa, Australia, and Ghana [1] - Manganese ore prices are hovering at low levels, which may lead to a marginal decline in future arrivals [1] - Cost pressures persist, with Ningxia entering a trial month for electricity spot settlement and coking coal prices not stabilizing [1] - The outlook for manganese silicon indicates ongoing supply pressure, with short-term price fluctuations expected to remain at the bottom [1] Group 2: Silicon Iron - Silicon iron production has slightly decreased this week due to ongoing weak demand, leading to continued declines in spot prices and increasing manufacturer losses [2] - Manufacturers' inventory has risen again due to previous restarts in Ningxia and Shaanxi [2] - Steelmaking demand has also shown a slight decline, with steel mills' profitability weakening [2] - Non-steel demand for magnesium metal remains weak, with both domestic and overseas demand being subdued [2] - Domestic price declines are providing some space for export profits, although marginal growth potential remains limited [2] - Coal costs are expected to remain weak and stable, with expectations of further reductions in electricity prices in Ningxia [2] - The outlook for silicon iron indicates a rising supply-demand imbalance, with short-term price fluctuations expected to remain at the bottom [2]

Group 1: Cost and Pricing Analysis - The price of 72 silicon iron natural blocks is reported at 5000-5200 CNY/ton, down 50-100 CNY from last week[2] - The cost of silicon iron in Qinghai is 5523 CNY/ton with a loss of 323 CNY, while in Ningxia it is 5754 CNY/ton with a loss of 454 CNY[21] - Manganese silicon prices are reported at 5450-5550 CNY/ton, with a slight decrease in the northern region[8] Group 2: Supply and Demand Dynamics - The weekly supply of silicon iron is 97,300 tons, an increase of 9.45% from last week, indicating a significant supply-demand mismatch[34] - Manganese silicon weekly demand is reported at 125,793 tons, down 0.86% from the previous week, while supply is at 171,885 tons, up 1.15%[64] - The total production of silicon iron in May was 405,200 tons, with an expected increase to 440,000 tons in June due to the resumption of production in Ningxia[22] Group 3: Market Sentiment and Trends - The market is experiencing a low-level wide fluctuation in the bottoming phase, with weak rebounds but slowing declines[4] - The overall sentiment in the industry remains pessimistic due to significant losses and low demand expectations[40] - The recent dialogue between China and the U.S. has alleviated some short-term macro pressures, with a focus on the dual-coke market trends[5]