每日观点 锰硅2601： 2 1.基本面：供需基本面无较大变动，十月份经济会议召开，宏观政策对市场的影响有待验证，短期硅锰市场仍将维持 "偏弱暂稳" 格局，后市硅锰合金价格需关注钢招定价对市场的指引以及经济会议对市场的影响；中性。 2.基差：现货价5720元/吨，01合约基差-90元/吨，现货贴水期货。偏空。 3.库存：全国63家独立硅锰企业样本库存221800吨；全国50家钢厂库存平均可用天数15.49天。中性。 4.盘面：MA20向下，01合约期价收于MA20下方。偏空。 5.主力持仓：主力持仓净空，空减。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2601：5700-5830震荡运行。 -2000元/吨 0元/吨 2000元/吨 4000元/吨 6000元/吨 8000元/吨 10000元/吨 12000元/吨 14000元/吨 2020-01-01 2020-08-01 2021-03-01 2021-10-01 2022-05-01 2022-12-01 2023-07-01 2024-02-01 2024-09-01 2025-04-01 硅锰：FeMn65Si17：市场价：天津（日） 硅锰： ...

交易咨询业务资格：证监许可【2012】1091号 2025-10-20锰硅早报 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 每日观点 锰硅2601： 2 1.基本面：供需基本面无较大变动，十月份经济会议召开，宏观政策对市场的影响有待验证，短期硅锰市场仍将维持 "偏弱暂稳" 格局，后市硅锰合金价格需关注钢招定价对市场的指引以及经济会议对市场的影响；中性。 2.基差：现货价5680元/吨，01合约基差-38元/吨，现货贴水期货。偏空。 3.库存：全国63家独立硅锰企业样本库存221800吨；全国50家钢厂库存平均可用天数15.49天。中性。 4.盘面：MA20走平，01合约期价收于MA20下方。中性。 5.主力持仓：主力持仓净空，空减。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2601：5700-5850震荡运行。 -2000元/吨 0 ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The current fundamental driving force of the silicon-manganese market is limited, and more attention should be paid to emotional changes. It is expected that the price of silicon-manganese alloy will fluctuate within a narrow range before the National Day [3]. - The basis of the 01 contract is -48 yuan/ton, with the spot at a discount to the futures, which is bearish [3]. - The inventory of 63 independent silicon-manganese enterprises in the country is 221,800 tons, and the average available days of inventory for 50 steel mills in the country is 15.49 days, which is neutral [3]. - The MA20 is flat, and the futures price of the 01 contract closes below the MA20, which is neutral [3]. - The net position of the main force is short, and the short position increases, which is bearish [3]. - It is expected that the price of silicon-manganese will fluctuate this week, and SM2601 will fluctuate between 5,800 and 6,020 [3]. Summary by Relevant Catalogs Manganese-Silicon Supply Capacity - There is a chart showing the monthly production capacity of silicon-manganese enterprises in China [7][8]. Annual Production - There is a chart showing the annual production of silicon-manganese in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and the whole country [9][10]. Weekly, Monthly Production and Operating Rate - There is a chart showing the weekly and monthly production of silicon-manganese in China and the weekly operating rate of silicon-manganese enterprises in China [12][11]. Regional Production - There are charts showing the monthly production of silicon-manganese in Inner Mongolia, Ningxia, and Guizhou, and the daily average production of silicon-manganese in Inner Mongolia, Ningxia, Guizhou, and Guangxi [13][14]. Manganese-Silicon Demand Steel Tendering Purchase Price - There are charts showing the monthly purchase prices of silicon-manganese 6517 by Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron & Steel, Jilin Jianlong, and Nanjing Iron & Steel Co., Ltd. [16][17]. Daily Average Hot Metal and Profitability - There is a chart showing the weekly daily average hot metal production and profitability of 247 steel enterprises in China [18][19]. Manganese-Silicon Import and Export - There is a chart showing the monthly import and export quantities of ferromanganese-silicon in China [20][21]. Manganese-Silicon Inventory - There are charts showing the weekly inventory of 63 sample silicon-manganese enterprises in China, the monthly average available days of silicon-manganese inventory in China, the northern region, and the eastern region [22][23]. Manganese-Silicon Cost Manganese Ore Import Volume - There is a chart showing the monthly import volume of manganese ore by trade method, from Gabon to China, from southern Africa to China, and from Australia to China [24][25]. Manganese Ore Port Inventory and Available Days - There are charts showing the weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, and the weekly average available days of manganese ore inventory in China [26][27]. High-Grade Manganese Ore Port Inventory - There is a chart showing the weekly port inventory of Australian, Gabonese, and Brazilian manganese ore in Qinzhou Port and Tianjin Port [28][29]. Tianjin Port Manganese Ore Price - There is a chart showing the daily prices of South African semi-carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore in Tianjin Port [30]. Regional Cost - There is a chart showing the daily cost of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [31][32]. Manganese-Silicon Profit - There is a chart showing the daily profit of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [33][34].