Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Cost support for silicon manganese remains strong recently. Manganese ore prices are generally stable with minor fluctuations due to inventory pressure, and transportation costs in northern main production areas have increased slightly, raising the overall production cost of alloys [2]. - The silicon manganese futures market has been fluctuating weakly this week, and market sentiment is cautious. Production in Inner Mongolia and Ningxia factories has not changed much. With few market incentives, the market is in a wait - and - see mode with low willingness to quote prices, and the difference in spot trading prices between the north and the south is not significant [2]. - This week, steel mills in the north and south are increasingly inclined to lower prices in their tenders for silicon manganese, with prices concentrated at 5850 - 5950 yuan/ton (including tax and delivered to the factory), indicating weak demand for alloys [2]. - Currently, the fundamental driving force of the silicon manganese market is limited. More attention should be paid to changes in market sentiment. It is expected that the price of silicon manganese alloy will fluctuate within a narrow range before the National Day, and the market will continue to fluctuate in the short term [2]. 3. Summary by Related Catalogs Manganese Silicon Supply - **Capacity**: There is a graph showing the monthly production capacity of Chinese silicon manganese enterprises, but no specific analysis is provided [6][7]. - **Annual Output**: The annual output of silicon manganese in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and the whole of China is presented in a graph, without specific analysis [8][9]. - **Weekly, Monthly Output and开工率**: Graphs show the weekly and monthly output of Chinese silicon manganese and the weekly operating rate of Chinese silicon manganese enterprises, without specific analysis [10][11]. - **Regional Output**: Graphs display the monthly output of Inner Mongolia, Ningxia, and Guizhou, and the daily average output of Inner Mongolia, Ningxia, Guizhou, and Guangxi, without specific analysis [12][13]. Manganese Silicon Demand - **Steel Tender Purchase Price**: Graphs show the monthly purchase prices of silicon manganese by various steel enterprises such as Baoshan Iron & Steel Co., Ltd., Baowu Egang, etc., without specific analysis [15][16]. - **Daily Average Hot Metal and Profit**: Graphs show the weekly daily average hot metal output and profitability of 247 Chinese steel enterprises, without specific analysis [17][18]. Manganese Silicon Import and Export - Graphs show the monthly import and export volumes of Chinese silicon manganese ferroalloy, without specific analysis [19][20]. Manganese Silicon Inventory - Graphs show 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, without specific analysis [21][22]. Manganese Silicon Cost - **Manganese Ore Import Volume**: Graphs show the monthly import volume of manganese ore by trade method, from Gabon, southern Africa, and Australia to China, without specific analysis [23][24]. - **Manganese Ore Port Inventory and Available Days**: Graphs show 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, without specific analysis [25][26]. - **High - Grade Manganese Ore Port Inventory**: Graphs show the weekly port inventory of Australian, Gabonese, and Brazilian high - grade manganese ore in Qinzhou Port and Tianjin Port, without specific analysis [27][28]. - **Tianjin Port Manganese Ore Price**: Graphs show the daily prices of various manganese ores in Tianjin Port, without specific analysis [29]. - **Regional Cost**: Graphs show the daily production costs of silicon manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, without specific analysis [30][31]. Manganese Silicon Profit - **Regional Profit**: Graphs show the daily profits of silicon manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, without specific analysis [32][33].