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 - 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. 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]

Group 1: Report Information - Report Name: Black Metal Daily Report - Ferroalloy Daily, March 2, 2026 [1] - Researcher: Zhou Tao [2] - Contact: zhoutao_qh1@chinastock.com.cn [2] Group 2: Market Information Futures - SF主力合约: Closing price 5764, up 38 (0.66%) from the previous day, weekly increase of 272, trading volume 275339 (down 71618), open interest 221874 (down 14296) [3] - SM主力合约: Closing price 6082, up 56 (0.93%) from the previous day, weekly increase of 312, trading volume 440382 (down 135210), open interest 454840 (up 8585) [3] Spot - Silicon Iron: Prices in Inner Mongolia, Ningxia, Qinghai, and Tianjin increased by 50 - 150 yuan/ton, while the price in Jiangsu remained unchanged [3] - Manganese Silicon: Prices in Inner Mongolia, Ningxia, Guangxi, and Jiangsu increased by 20 - 150 yuan/ton [3] Basis/Spread - Silicon Iron: Inner Mongolia - main contract basis -364 (up 12), weekly change -142; Ningxia - main contract basis -364 (up 62), weekly change -152; Qinghai - main contract basis -414 (up 12), weekly change -172; Jiangsu - Inner Mongolia spread 350 (down 50), weekly change -130; SF - SM spread -318 (down 18), weekly change -40 [3] - Manganese Silicon: Inner Mongolia - main contract basis -332 (down 6), weekly change -182; Ningxia - main contract basis -382 (down 6), weekly change -162; Guangxi - main contract basis -262 (down 36), weekly change -242; Guangxi - Inner Mongolia spread 70 (down 30), weekly change -60 [3] Raw Materials - Manganese Ore (Tianjin): Australian lump unchanged at 42.3 yuan/ton degree, weekly increase of 0.3; South African semi - carbonate up 0.2 to 37.7 yuan/ton degree, weekly increase of 0.7; Gabon lump up 0.2 to 43.2 yuan/ton degree, weekly increase of 0.4 [3] - Lanthanum Coke Small Material: Prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged [3] Group 3: Market Judgment Trading Strategy - Unilateral: After the sharp price increase, the risk - return ratio has decreased. Partially take profit on the previously recommended long positions [5][6][7] - Arbitrage: Wait and see [7] - Options: Sell out - of - the - money put options [7] Key Information - A silicon iron enterprise in Ningxia plans to resume production of 3 * 33000 silicon iron electric furnaces on March 1, affecting daily production of 300 tons, and the 4th furnace is expected to resume production at the beginning of the month [8] - On the 2nd, the price of South African semi - carbonate Mn35.4%Fe4% at Tianjin Port was 37.5 yuan/ton degree, Australian lump Mn42.1% was 42.5 yuan/ton degree, and Gabon lump Mn47% was 43.5 yuan/ton degree [8] Group 4: Cost and Profit Silicon Iron | Region | Production Cost (yuan/ton) | Profit (yuan/ton) | | ---- | ---- | ---- | | Inner Mongolia | 5500 | -250 | | Ningxia | 5321 | -121 | | Shaanxi | 5505 | -325 | | Qinghai | 5839 | -589 | | Gansu | 5687 | -437 | [19] Manganese Silicon | Region | Production Cost (yuan/ton) | Profit (yuan/ton) | | ---- | ---- | ---- | | Inner Mongolia | 5977 | -377 | | Ningxia | 5949 | -399 | | Guangxi | 6280 | -580 | | Guizhou | 6164 | -514 | [25]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - On February 5, ferroalloy futures prices generally rose. The silicon iron (SF) main contract closed at 5668, up 0.25% with a decrease of 16,573 lots in positions; the manganese silicon (SM) main contract closed at 5884, up 0.27% with a decrease of 3,315 lots in positions [6]. - For silicon iron, on the 5th, the spot price was stable with a slight upward trend, and the spot price in Inner Mongolia increased by 20 yuan/ton. On the supply side, the output of sample enterprises remained at a low level, and there was a demand for technological transformation due to differential electricity prices in Shaanxi, so there was an expected decline in the supply side in the future. On the demand side, steel inventories continued to accumulate, and steel mills were expected to have seasonal production cuts before the Spring Festival. On the cost side, the electricity price in January was gradually settled, and the electricity price in Qinghai continued to rise slightly. The leading commodity varieties declined again, and the overall market sentiment was still fragile, but the cost support for silicon iron was strong, and the previously recommended long positions could be held [6]. - For manganese silicon, on the 5th, the manganese ore spot was stable with a slight upward trend, and the prices of semi - carbonate and Gabon lumps at Tianjin Port increased by 0.1 yuan/ton degree. The manganese silicon spot was generally stable. On the supply side, the operating rate of sample enterprises decreased slightly, but some new production capacities were put into operation recently, and the supply side was mainly stable. On the demand side, as mentioned in the silicon iron part, steel inventories began to accumulate, and steel mills were expected to have seasonal production cuts before the Spring Festival. On the cost side, the manganese ore port inventory was generally at a low level, the port spot was stable with a slight upward trend, and the overseas mines' quotes for March continued to rise slightly. The overall sentiment in the commodity market was still fragile, but the manganese ore cost support was relatively strong, and the previously recommended long positions could be held [6]. - Unilateral strategy: The cost support for alloys is strong, and the previously recommended long positions can be held; Arbitrage strategy: Wait and see; Option strategy: Sell out - of - the - money put options [7]. Group 3: Summary by Directory First Part: Market Information - **Futures Information** - SF main contract: The closing price was 5650, with a daily change of - 4, a weekly change of - 86, a trading volume of 130,009, a daily change in trading volume of 36,892, an open interest of 89,527, and a daily change in open interest of 52,894 [3]. - SM main contract: The closing price was 5884, with a daily change of 16, a weekly change of - 42, a trading volume of 161,205, a daily change in trading volume of 42,354, an open interest of 350,906, and a daily change in open interest of - 3,315 [3]. - **Spot Information** - Silicon iron: The spot price of 72%FeSi in Inner Mongolia was 5440 yuan/ton, with a daily change of 20 and a weekly change of 40; in Ningxia, it was 5400 yuan/ton, with a daily change of 0 and a weekly change of - 50; in Qinghai, it was 5350 yuan/ton, with a daily change of 0 and a weekly change of 0; in Jiangsu and Tianjin, it was 5750 yuan/ton, with a daily change of 0 and a weekly change of 0 [3]. - Manganese silicon: The spot price of 6517 manganese silicon in Inner Mongolia was 5650 yuan/ton, with a daily change of 0 and a weekly change of - 20; in Ningxia, it was 5610 yuan/ton, with a daily change of 0 and a weekly change of - 10; in Guangxi, it was 5750 yuan/ton, with a daily change of 0 and a weekly change of - 50; in Jiangsu, it was 5800 yuan/ton, with a daily change of 0 and a weekly change of - 50; in Tianjin, it was 5750 yuan/ton, with a daily change of 0 and a weekly change of - 30 [3]. - **Basis/Spread Information** - Silicon iron: The basis of Inner Mongolia - main contract was - 210, with a daily change of 24 and a weekly change of 126; Ningxia - main contract was - 250, with a daily change of 4 and a weekly change of 36; Qinghai - main contract was - 300, with a daily change of 4 and a weekly change of 86; Jiangsu - Inner Mongolia was 310, with a daily change of - 20 and a weekly change of - 40; SF - SM spread was - 234, with a daily change of - 20 and a weekly change of - 44 [3]. - Manganese silicon: The basis of Inner Mongolia - main contract was - 234, with a daily change of - 16 and a weekly change of 22; Ningxia - main contract was - 274, with a daily change of - 16 and a weekly change of 32; Guangxi - main contract was - 134, with a daily change of - 16 and a weekly change of - 8; Guangxi - Inner Mongolia was 100, with a daily change of 0 and a weekly change of - 30 [3]. - **Raw Material Information** - Manganese ore (Tianjin): The price of Australian lumps was 41.5 yuan/ton degree, with a daily change of 0 and a weekly change of 0; South African semi - carbonate was 36.3 yuan/ton degree, with a daily change of 0.1 and a weekly change of 0.1; Gabon lumps was 42.8 yuan/ton degree, with a daily change of 0.1 and a weekly change of 0.1 [3]. - Blue charcoal small pieces: In Shaanxi, it was 755 yuan/ton, with a daily change of 0 and a weekly change of 0; in Ningxia, it was 805 yuan/ton, with a daily change of 0 and a weekly change of 0; in Inner Mongolia, it was 745 yuan/ton, with a daily change of 0 and a weekly change of 0 [3]. Second Part: Market Judgement - **Trading Strategy** - Unilateral: Hold the previously recommended long positions as the alloy cost support is strong; Arbitrage: Wait and see; Option: Sell out - of - the - money put options [7]. - **Important Information** - On the 5th, the quote of Tianjin Port's semi - carbonate Mn36.48%Fe5.47% was 37 yuan/ton degree, Australian lumps Mn42% was 42 yuan/ton degree, and Gabon lumps Mn44% was 43 yuan/ton degree [8]. - UMK announced the manganese ore quote for China in March 2026: Mn36% South African lumps were 4.45 US dollars/ton degree, a month - on - month increase of 0.13 US dollars/ton degree [8]. Third Part: Relevant Attachments - The report provides multiple charts, including the trend 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 of ferroalloys, the cost and profit of silicon iron and manganese silicon, etc. [9][11][14][19]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - On January 29, ferroalloy futures prices rose overall. The silicon iron (SF) main contract closed at 5736, up 1.85% with a decrease of 33,983 in positions; the manganese silicon (SM) main contract closed at 5926, up 1.61% with a decrease of 12,587 in positions. The previous recommended long positions can be held. For arbitrage, it is recommended to wait and see, and for options, it is recommended to sell out - of - the - money put options [5][6] 3. Summary by Directory 3.1 Market Information - **Futures Market**: The SF main contract closed at 5736, with a daily change of 104 and a weekly change of 126. The trading volume was 228,839, with a daily change of 106,016, and the open interest was 172,651, with a daily change of - 33,983. The SM main contract closed at 5926, with a daily change of 94 and a weekly change of 112. The trading volume was 256,191, with a daily change of 116,337, and the open interest was 362,400, with a daily change of - 12,587 [3] - **Spot Market**: Silicon iron spot prices were stable to strong, with prices in various regions rising by 50 - 100 yuan/ton. Manganese silicon spot prices were also stable to strong, with some regions rising by 50 - 60 yuan/ton [5] - **Basis/Spread**: The basis and spread of silicon iron and manganese silicon showed different changes. For example, the SF - SM spread was - 190, with a daily change of 10 and a weekly change of 14 [3] - **Raw Materials**: Manganese ore prices in Tianjin were stable, with slight weekly decreases. Lanthanum charcoal small materials prices in some regions decreased [3] 3.2 Market Judgment - **Trading Strategy** - **Unilateral**: Due to the good overall sentiment in the commodity market, ferroalloys followed the upward trend, and the previously recommended long positions could be held [5][6] - **Arbitrage**: It is recommended to wait and see [6] - **Options**: Sell out - of - the - money put options [6] - **Important Information** - On January 29, the prices of manganese ore in Tianjin were reported. For example, the price of Australian lump ore (Mn42.2%Fe3.6%) was 41.5 yuan/ton - degree [7] - Hebei Iron and Steel Group launched the February silicon iron tender. The tender quantity of FeSi75 - B silicon iron was 2,150 tons, a decrease of 1,163 tons compared with 3,313 tons in January [7] 3.3 Related Attachments - The report provides multiple charts, 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][11][12]

Group 1: Report Summary - The report is a black metal daily report dated December 16, 2025, focusing on ferroalloys [1] Group 2: Market Information Futures Market - SF主力合约收盘价5482, down 36 from the previous day and up 20 for the week, with a trading volume of 282348 (down 125888) and an open interest of 257168 (up 716) [2] - SM主力合约收盘价5736, down 22 from the previous day and up 4 for the week, with a trading volume of 160310 (down 64885) and an open interest of 278789 (up 5134) [2] Spot Market - For ferrosilicon, spot prices in some regions decreased by 20 - 50 yuan/ton on December 16. For example, 72%FeSi in Inner Mongolia was 5280 yuan/ton, down 20 from the previous day and up 80 for the week [2] - For silicomanganese, spot prices were stable to weak, with some regions seeing a 20 - yuan/ton decrease. For example, silicomanganese 6517 in Inner Mongolia was 5540 yuan/ton, unchanged from the previous day and up 30 for the week [2] Basis/Spread - For ferrosilicon, the Inner Mongolia - main contract basis was -202, up 16 from the previous day and up 60 for the week [2] - For silicomanganese, the Inner Mongolia - main contract basis was -196, up 22 from the previous day and up 26 for the week [2] - The SF - SM spread was -254, down 14 from the previous day and up 16 for the week [2] Raw Materials - Manganese ore prices in Tianjin were mostly stable, with the Gabon lump price down 0.5 for the week [2] - Lanthanum semi - coke prices in some regions decreased by 20 yuan/ton for the week [2] Group 3: Market Judgment Ferrosilicon - On December 16, the spot price was stable to weak. The supply side may decline slightly this week due to poor enterprise profits and new maintenance in some Qinghai manufacturers [5] - The demand side is under pressure as November macro data weakened and both steel production and apparent consumption decreased [5] - The overall fundamentals remain in a pattern of weak supply and demand, with prices continuing to oscillate at the bottom [5] Silicomanganese - On December 16, manganese ore spot prices were stable, and silicomanganese spot prices were stable to weak [5] - The supply side is expected to decline due to poor manufacturer profit levels [5] - The demand side is dragged down by the deterioration of November real - estate data and the decline of rebar apparent consumption and production [5] - The cost side is supported as manganese ore port inventories are at a low level and overseas mines' January quotes have increased slightly, but the upside is restricted by demand expectations [5] Group 4: Trading Strategies - Unilateral: Due to weak supply - demand fundamentals and cost support, prices will oscillate at the bottom [6] - Arbitrage: Hold a wait - and - see attitude [6] - Options: Sell out - of - the - money straddle option combinations [6] Group 5: Important Information - UMK announced its January 2026 manganese ore quote to China, with the South African semi - carbonate lump price at $4.15/ton - degree (up $0.05) [7] - NMT announced its January 2026 manganese ore shipping quote to China, with the Mn36% (minimum) South African semi - carbonate lump at $4.15/ton - degree (up $0.05) [7] Group 6: Related Attachments - Include graphs such as the trend of ferroalloy main contracts, the spread between SF and SM main contracts, monthly spreads of ferrosilicon and silicomanganese, basis, spot prices, electricity prices, production costs, and production profits [13][15][18][20][23]