Group 1: Report Overview - Report title: "Black Metal Research Report" and "Black Metal Daily - Ferroalloy Daily" [1][2] - Date: September 17, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF主力合约: closed at 5766, up 66 for the day and 138 for the week, with a trading volume of 165,669 (down 45,267) and an open interest of 212,449 (down 4,542) [4] - SM主力合约: closed at 5990, up 46 for the day and 136 for the week, with a trading volume of 169,284 (down 50,960) and an open interest of 326,849 (down 8,872) [4] Spot - Silicon - iron: prices in some regions decreased by 30 - 50 yuan/ton on September 17, e.g., 72%FeSi in Inner Mongolia was 5450 yuan/ton (down 50 for the day, up 40 for the week) [4] - Manganese - silicon: prices in some regions decreased by 20 yuan/ton on September 17, e.g., silicon - manganese 6517 in Inner Mongolia was 5730 yuan/ton (unchanged for the day, up 50 for the week) [4] Basis/Spread - Silicon - iron: Inner Mongolia - main contract basis was - 316 (down 116 for the day, down 98 for the week) [4] - Manganese - silicon: Inner Mongolia - main contract basis was - 260 (down 46 for the day, down 86 for the week) [4] - SF - SM spread was - 224 (up 20 for the day, up 2 for the week) [4] Raw Materials - Manganese ore (Tianjin): Australian lump was 40 yuan/ton degree (unchanged for the day, up 0.2 for the week) [4] - Semi - carbonated South African ore was 34.3 yuan/ton degree (unchanged for the day, up 0.3 for the week) [4] - Gabon lump was 40 yuan/ton degree (unchanged for the day, up 0.2 for the week) [4] - Blue charcoal small pieces: in Shaanxi, it was 660 yuan/ton (unchanged for the day, up 10 for the week) [4] Group 3: Market Judgment Trading Strategy - Unilateral: With a warm macro - sentiment, prices are short - term strong, but the pressure of high supply remains, so the target should not be set too high [6] - Arbitrage: Wait and see [6] - Options: Sell a straddle option combination [6] Silicon - iron - On September 17, spot prices were stable to weak, with some regions seeing a 30 - 50 yuan/ton drop. Supply decreased slightly but remained high. Demand data was average, increasing expectations of domestic stimulus policies after the Fed's potential rate cut. Market sentiment was boosted by Sino - US trade talks. It rebounded but faced high - supply pressure [5] Manganese - silicon - On September 17, manganese ore spot prices were stable, and manganese - silicon spot prices were stable to weak, with some regions seeing a 20 yuan/ton drop. Supply increased slightly and remained high. Demand was dragged down by the decline in electric furnace operating rates. Cost was supported by low port inventories of manganese ore. It will fluctuate at the bottom in the short term [5] Group 4: Important Information - On September 17, Tianjin Port manganese ore spot prices: Australian lump (Mn41.5%) was 40.2 yuan/ton degree, South African medium - iron lump (Mn42%Fe17%) was 36.5 yuan/ton degree, Gabon lump (Mn47%) was 40.3 yuan/ton degree, and Australian seed (Mn39.8%Fe7.6%) was 36 yuan/ton degree [7] - From January to August 2025, enterprise income tax revenue was 3.1477 trillion yuan, up 0.3% year - on - year, and individual income tax revenue was 1.0547 trillion yuan, up 8.9% year - on - year [7] Group 5: Cost and Profit Silicon - iron - Inner Mongolia: production cost was 5550 yuan/ton, profit was - 150 yuan/ton [16] - Ningxia: production cost was 5603 yuan/ton, profit was - 203 yuan/ton [16] - Shaanxi: production cost was 5615 yuan/ton, profit was - 235 yuan/ton [16] - Qinghai: production cost was 5568 yuan/ton, profit was - 288 yuan/ton [16] - Gansu: production cost was 5618 yuan/ton, profit was - 318 yuan/ton [16] Manganese - silicon - Inner Mongolia: production cost was 5807 yuan/ton, profit was - 127 yuan/ton [21] - Ningxia: production cost was 5918 yuan/ton, profit was - 318 yuan/ton [21] - Guangxi: production cost was 6381 yuan/ton, profit was - 701 yuan/ton [21] - Guizhou: production cost was 6120 yuan/ton, profit was - 470 yuan/ton [21]

期货研究院 铁合金日度策略 4.中汽协：今年1至4月份，我国汽车产销量分别完成1017.5万辆和 1006万辆，同比分别增长12.9%和10.8%，我国汽车产销量历史上 首次双双突破1000万辆。 黑色建材团队 | 作者： | 段智栈 | | --- | --- | | 从业资格证号： | F03140418 | | 投资咨询证号： | Z0021604 | | 联系方式： | 18810293832 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年05月13日星期二 摘要 【重要资讯】 1.当地时间5月12日上午9:00，双方发布《中美日内瓦经贸会谈联 合声明》：美国对中国商品征收关税降低至30%，中国对美国商品 征收关税降低至10%。 2.日本首相石破茂表示，日本不会与美国达成一项不包括汽车关税 的初步贸易协定。石破茂还表示，增加从美国进口玉米将是与美国 进行贸易谈判的选项之一。 当天，石破茂表示，日本政府已准备好采取额外刺激措施，来缓解 关税对经济的影响。不过，石破茂对削减日本消费税税率表示谨慎 。 3.5月11日，美国总统特朗普在社交媒体平台Truth Social上发文称 ， ...