热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：国投期货 South32 South32在2025年四季度锰矿产量为136.3万吨，同比增加21.26%，环比下降2.99%。澳洲矿山2026财年 产量计划仍然为320万吨。南非矿山生产目标维持200万吨。 Eramet-Comilog Comilog四季度产量为168万吨，同比抬升35.81%，环比下降10.35%。由于铁路运输仍存问题，锰矿运 输量较难抬升高水平。 整体来看，Comilog较难上调发运目标，我国锰矿累库水平相对一般，锰矿价格较难大幅下行。 表1：两大矿山产销数据（万吨） 澳大利亚产区在2026财年上半年可销售产量增至166万吨，得益于热带气旋"梅根"影响后复产计划的顺 利执行，该运营单元实现了规划产量。2026财年产量指引维持在320万吨不变，具体取决于雨季可能带 来的影响。随着新码头基础设施投入使用，2026财年上半年销量增至181万吨，发运能力已达满负荷状 态，从而实现了计划中的库存消耗。 南非产区在2026财年上半年可销售产量同比减少2%（2.5万吨）至106万吨，主要反映了Wessels矿山的 计划性维护及深部 ...

Market Overview - The spot prices for manganese silicon in major production areas have decreased, with Inner Mongolia at 5550 CNY/ton (-100), Guangxi at 5550 CNY/ton (-100), Ningxia at 5450 CNY/ton (-100), and Guizhou at 5500 CNY/ton (-100) [1] - On May 7, the manganese silicon futures contract closed at 5598 CNY/ton, up 0.68% (+38) from the previous day, with a decrease in main contract positions by 10,238 lots [1] Cost Analysis - The production cost in Inner Mongolia is 5750 CNY/ton (-11.1), while Guangxi's production cost is 6368 CNY/ton, with Inner Mongolia reporting a production profit of -200 CNY/ton (-89) [2] Manganese Ore Supply - NMT announced the shipping price for manganese ore to China for May 2025, with Mn35.5% South African semi-carbonate at 3.75 USD/ton, and Mn36.5% at 4.3 USD/ton [3] - The total global shipment of South African manganese ore is 458,600 tons, down 31.47% week-on-week, while Australian shipments increased by 13,689.65% to 105,200 tons [3] - The inventory of manganese ore at major Chinese ports is 4.055 million tons, up 328,000 tons week-on-week, with Tianjin port holding 3.199 million tons [4] Demand Insights - The weekly demand for manganese silicon from five major steel types is 128,211 tons, up 1.15% week-on-week, with daily pig iron production at 2.4542 million tons [5] - The steel mills' profit rate is reported at 56.28%, down 1.3 percentage points week-on-week [5] Industry Outlook - The manganese silicon main contract is experiencing fluctuations, with steel mills increasing procurement frequency but maintaining a strong price negotiation stance [6] - The production of manganese silicon is expected to continue to decrease, with some manufacturers in Ningxia facing deeper losses and reduced production enthusiasm [6] - The overall supply-demand balance for manganese silicon remains limited, with potential price weakness anticipated in the near term due to insufficient cost support [6]