交易咨询业务资格：证监许可【2012】1091号 2025-07-21锰硅早报 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 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。 每日观点 锰硅2509： 1.基本面：上周硅锰合金厂报价坚挺，成交价小幅上涨。由于锰矿成本支撑强，硅锰现货成本线抬升，硅锰厂不愿低价出 2 货，硅锰合金厂宏观情绪向好。短期来看，硅锰市场氛围偏暖，需持续关注市场成交情况；中性。 2.基差：现货价5720元/吨，09合约基差-84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向上，09合约期价收于MA20上方。偏多。 5.主力持仓：主力持仓净空，空增。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2509：5700-5900震荡运行。 3 锰硅行情-主力基差 ...

交易咨询业务资格：证监许可【2012】1091号 2025-07-01锰硅早报 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 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。 每日观点 锰硅2509： 2 1.基本面：原料端，周内南非锰矿发运减少消息扰动影响，矿商挺价情绪强烈，部分品种锰矿价格小幅上涨。供应端，受 成本支撑增强影响，硅锰现货价格小幅上涨，硅锰厂低价出货心理偏弱。需求端，下游钢厂对硅锰采购谨慎，对市场多持 观望心态；中性。 2.基差：现货价5600元/吨，09合约基差-42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186100吨；全国50家钢厂库存平均可用天数15.15天。偏多。 4.盘面：MA20向下，09合约期价收于MA20上方。中性。 5.主力持仓：主力持仓净多，空翻多。偏多。 6.预期：预计本周锰硅价格震荡运行；SM2509：5550-57 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The manganese-silicon market is influenced by multiple factors. The raw material manganese ore and manganese alloy spot market prices are on an upward trend due to the strong performance of the futures market and enhanced cost support. However, the first-round inquiry of mainstream steel tenders is below expectations, and market participants are waiting for the pricing of mainstream steel tenders. It is expected that the manganese-silicon price will fluctuate this week, with the SM2509 contract oscillating between 5,750 - 5,900 yuan/ton [3]. Summary by Related Catalogs Manganese-Silicon Supply - **Capacity**: The chart shows the monthly capacity of Chinese manganese-silicon enterprises over a long - term period [7]. - **Annual Output**: The annual output of manganese-silicon in different regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas, is presented [9]. - **Weekly, Monthly Output and开工率**: The weekly and monthly output of Chinese manganese-silicon and the weekly开工率 of Chinese manganese-silicon enterprises are shown in the chart [12]. - **Regional Output**: Monthly output in Inner Mongolia, Ningxia, and Guizhou, as well as the daily average output in Inner Mongolia, Ningxia, Guizhou, and Guangxi are presented [13][14]. Manganese-Silicon Demand - **Steel Tender Purchase Price**: The monthly purchase prices of manganese-silicon 6517 by multiple steel companies, such as Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, etc., are shown [17]. - **Daily Average Hot Metal and Profitability**: The weekly daily average hot metal output and profitability of 247 Chinese steel enterprises are presented [19]. Manganese-Silicon Import and Export - The monthly import and export volume of ferromanganese-silicon in China is shown in the chart [21]. Manganese-Silicon Inventory - The weekly inventory of 63 sample manganese-silicon enterprises in China, as well as the monthly average available days of inventory in China, the northern region, and the eastern region, are presented [23]. Manganese-Silicon Cost - **Manganese Ore Import Volume**: The monthly import volume of manganese ore from different sources, including Gabon, Australia, and Africa, is shown [25]. - **Manganese Ore Port Inventory and Available Days**: The weekly port inventory of manganese ore in China, including Qinzhou Port and Tianjin Port, and the weekly average available days of inventory in China are presented [27]. - **High - Grade Manganese Ore Port Inventory**: The weekly port inventory of high - grade manganese ore from different origins, such as Australia, Gabon, and Brazil, in Qinzhou Port and Tianjin Port is shown [29]. - **Tianjin Port Manganese Ore Price**: The daily price of different types of manganese ore in Tianjin Port is presented [30]. - **Regional Cost**: The daily cost of manganese-silicon in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, is shown [33]. Manganese-Silicon Profit - The daily profit of manganese-silicon in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, is presented [35].

交易咨询业务资格：证监许可【2012】1091号 2025-05-12锰硅早报 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 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。 每日观点 锰硅2509： 1.基本面：原料端，锰矿市场成交冷清，现货价格持续偏弱运行。供应端，目前硅锰厂减停产计划仍存，盘面偏强震荡， 硅锰现货价格止跌企稳。需求端，下游钢厂多等待主流钢招进场，市场散单成交冷清，市场多持观望态度；中性。 2.基差：现货价5520元/吨，09合约基差-238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116500吨；全国50家钢厂库存平均可用天数16.27天。偏多。 4.盘面：MA20向下，09合约期价收于MA20下方。偏空。 5.主力持仓：主力持仓净空，空增。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2509：5700-5850震荡运行。 2 -200 ...