Report Summary 1) Report Industry Investment Rating - Glass: Neutral [3] - Soda Ash: Slightly Bearish [3] - Silicomanganese: Bearish [5] - Ferrosilicon: Bearish [5] 2) Core Viewpoints - Supply news has caused fluctuations in the black market, with glass and soda ash showing inventory accumulation and double silicon having high production willingness [1][4] - In the long - term, glass supply and demand remain relatively loose, and soda ash may face increasing inventory pressure [1][2] - Silicon manganese and ferrosilicon have high supply and demand levels, but their prices are affected by multiple factors [4] 3) Summary by Related Catalogs Glass - Market Analysis: Yesterday, the glass futures market had narrow - range fluctuations. The opening rate of float glass enterprises was 75.34%, a 0.34% increase from the previous period, and the manufacturer inventory was 61.847 million heavy boxes, a 2.348 million heavy - box increase [1] - Supply and Demand Logic: There is no policy - based contraction in glass supply, and real - estate has dragged down the rigid demand. Speculative demand has increased, and the factory inventory has slightly accumulated, being at a high level. In the long - term, supply and demand are loose [1] - Strategy: Expect a sideways movement [3] Soda Ash - Market Analysis: Yesterday, the soda ash futures market trended weakly. The capacity utilization rate was 85.42%, a 5.15% increase from the previous period, production was 744,700 tons, a 44,900 - ton increase, and inventory was 1.8651 million tons, a 69,300 - ton increase [1] - Supply and Demand Logic: Soda ash production is at a high level. During the summer maintenance period, capacity release is relatively restricted, but it may further increase in the future. The photovoltaic industry has a production - cut expectation, so soda ash consumption may weaken, and inventory pressure will rise [1][2] - Strategy: Expect a weakly sideways movement [3] Silicomanganese - Market Analysis: Yesterday, the silicomanganese futures market trended weakly. The downstream procurement was normal, with limited price - pressing. The northern market price was 5,800 - 5,900 yuan/ton, and the southern market price was around 5,850 - 5,950 yuan/ton [4] - Supply and Demand Logic: Recently, the enthusiasm for silicomanganese production has been high, with both supply and demand at high levels. The manufacturer inventory has decreased significantly compared to the previous period and is at a medium level in recent years. The Australian manganese ore shipment has basically recovered, and after the price increase due to macro - sentiment, enterprises' hedging willingness has increased [4] - Strategy: Bearish [5] Ferrosilicon - Market Analysis: Yesterday, the increase in ferrosilicon futures declined. The market sentiment worsened, but the spot price remained stable. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5,400 - 5,500 yuan/ton, and the price of 75 - grade ferrosilicon was 5,800 - 5,900 yuan/ton [4] - Supply and Demand Logic: Ferrosilicon production is gradually recovering, and the apparent demand is decreasing. Enterprises have made profits, and demand remains resilient. The factory inventory is at a medium - high level. In the long - term, ferrosilicon capacity is relatively loose [4] - Strategy: Bearish [5]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The market sentiment has slowed down, and steel prices are fluctuating with a slight upward trend. The glass and soda ash markets have stable spot sales, but their futures opened high and closed low. The double - silicon market has firm spot prices and is operating steadily [1][3]. Group 3: Market Analysis Glass and Soda Ash - **Glass**: The glass futures opened high and closed low yesterday. Downstream procurement is cautious, mainly for rigid demand. Supply is basically stable. In the off - season, inventory has decreased but remains high, with significant de - stocking pressure. In the long run, supply and demand are still relatively loose [1]. - **Soda Ash**: The soda ash futures also opened high and closed low yesterday. Downstream transactions are stable, with a wait - and - see attitude. Supply has both复产 and maintenance, with output remaining stable month - on - month. In the summer maintenance period, the operating rate is expected to stay low. With the production cut of photovoltaic glass, demand is expected to weaken further, and there is great annual inventory pressure [1]. Double - Silicon - **Silicon Manganese**: The silicon manganese futures slightly corrected yesterday. The market trading atmosphere is active, and the overall price is firm. The 6517 grade in the northern market is priced at 5700 - 5750 yuan/ton, and in the southern market at 5720 - 5770 yuan/ton. Production is stable, and demand has resilience due to the recovery of hot metal production. However, high - level inventories of manufacturers and registered warrants suppress prices. The Australian manganese ore shipments have basically recovered, and prices fluctuate with the sector [3]. - **Silicon Iron**: The silicon iron futures fluctuated with a slight upward trend yesterday. The market sentiment is good, and the rising futures drive up the spot price. The 72 - grade silicon iron in the main production areas is priced at 5400 - 5600 yuan/ton, and the 75 - grade at 5700 - 5800 yuan/ton. Production has increased month - on - month, while demand has slightly decreased. Inventories are at a medium - high level. In the short term, the market sentiment has improved, and the rising coal price boosts the valuation. In the long run, production capacity is relatively loose [3]. Group 4: Strategies Glass and Soda Ash - **Glass**: The recommended strategy is to expect price fluctuations [2]. - **Soda Ash**: The recommended strategy is to expect price fluctuations with a slight downward trend [2]. Double - Silicon - **Silicon Manganese**: The recommended strategy is to expect price fluctuations with a slight upward trend [4]. - **Silicon Iron**: The recommended strategy is to expect price fluctuations with a slight upward trend [4].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The market sentiment has eased, and the black market has shifted from a volatile to a stronger trend. The steel market is facing weak demand during the off - season, which suppresses steel prices. The iron ore market shows a short - term rebound but a long - term supply - demand loosening pattern. The coking coal and coke market has tightened supply, leading to upward price movements. The thermal coal market has short - term price fluctuations and a long - term supply - loose situation [1][3][5][7]. Summary According to Related Catalogs Steel - **Market Analysis**: The futures prices of rebar and hot - rolled coils are 3063 yuan/ton and 3190 yuan/ton respectively. The spot steel market has general transactions, with rebar being weak and prices remaining stable. The national building materials transaction volume is 8.9 tons. The steel production and demand have decreased, and the total inventory has increased. The hot - rolled coil production has slightly increased, consumption has decreased, and inventory has slightly increased. The export of plates remains high, but there are concerns about future consumption. The market sentiment has been boosted by the meeting of the Central Financial and Economic Commission, but the lack of speculative demand and off - season weak demand will continue to suppress steel prices [1]. - **Strategy**: The unilateral strategy is to expect a volatile market, and there are no strategies for inter - period, inter - variety, spot - futures, and options trading [2]. Iron Ore - **Market Analysis**: The futures price of iron ore has a slight increase, with the main 2509 contract closing at 736.5 yuan/ton, a 0.68% increase. The spot price of imported iron ore in Tangshan Port has a slight increase, and the market trading sentiment is not good. The total transaction volume of iron ore in major ports is 94.2 tons, a 5.71% decrease from the previous day, and the forward - spot transaction volume is 156.0 tons. The global iron ore shipment has temporarily declined, and the molten iron production has decreased but is still at a relatively high level. In the short term, the iron ore price has rebounded, and the discount on the futures market has been significantly repaired. In the long term, the supply - demand pattern is loose [3]. - **Strategy**: The unilateral strategy is to expect a volatile market, and there are no strategies for inter - period, inter - variety, spot - futures, and options trading [4]. Coking Coal and Coke - **Market Analysis**: The prices of coking coal and coke in the futures market have increased. The spot price of coking coal in the main production areas is stable, and the terminal procurement is on - demand. The import market is stable and strong. The supply of coking coal has tightened, and the industry inventory is at a low level. The demand for coke has certain support, and the port inventory has been decreasing. Policy expectations also support the market [5][6]. - **Strategy**: The unilateral strategy for coking coal and coke is to expect a volatile market, and there are no strategies for inter - period, inter - variety, spot - futures, and options trading [6]. Thermal Coal - **Market Analysis**: The price of thermal coal in the main production areas is volatile. The procurement of chemical and large - scale terminal users is stable, and the port market is stable. The market sentiment is fluctuating, and the trade volume has decreased. The port inventory is declining, and the high - quality supply has a firm price. The high temperature in the south has increased the power demand, and the price has a certain support. The high - calorie Australian coal has a price inversion, while the low - calorie Indonesian coal has a cost - effective advantage. In July, the coal production capacity is gradually released, and the demand is expected to increase in the short term. In the long term, the supply is loose [7]. - **Strategy**: No strategy is provided [7].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports [1][3][5][8] Core Views - The steel market is facing concerns about the off - season, with the black market shifting towards fundamentals. Overall, the supply - demand contradiction of steel is not significant, and future attention should be paid to the Middle East geopolitical conflicts, inventory, and consumption [1]. - The iron ore market is experiencing weak demand in the off - season and is likely to maintain a weak and volatile trend. In the long term, the supply - demand pattern is relatively loose [3]. - The coking coal and coke market has eased market sentiment and is operating in a volatile manner. The supply - demand situation of coke has improved, while the price of coking coal is expected to fluctuate in the short term [5][6]. - The动力煤 market shows a contraction in supply at the end of the month, and the coal prices in the production areas continue to be strong. In the short term, the price is expected to rise slightly, while the long - term supply pattern remains loose [8]. Summary by Related Categories Steel - **Market Analysis**: The closing price of the rebar futures main contract was 2,976 yuan/ton, and that of the hot - rolled coil main contract was 3,098 yuan/ton. The national building materials turnover was 93,500 tons. The black market is turning to fundamentals, and the supply - demand contradiction of building materials is gradually accumulating. The profit of hot - rolled coils is better than that of building materials, and although exports have slightly declined, they remain high in the short term [1]. - **Strategy**: No specific strategies are proposed for single - side, inter - period, inter - variety, spot - futures, or options trading [2]. Iron Ore - **Market Analysis**: The futures price of iron ore continued to weaken, with the main 2509 contract closing at 702.5 yuan/ton, a decline of 0.43%. The total national main port iron ore trading volume was 1.077 million tons, a 32.47% increase. The forward spot trading volume was 670,000 tons, a 39.09% decrease. The global shipment increased slightly, iron - making water production increased slightly, and the total iron ore inventory increased slightly [3]. - **Strategy**: A single - side strategy of weak and volatile is recommended, and no strategies are proposed for other trading types [4]. Coking Coal and Coke - **Market Analysis**: The coking coal and coke futures are operating in a volatile manner. The fourth - round price cut of coke has been fully implemented, and the market's expectation of price stability has increased. Many coking coal mines have stopped or reduced production, and the replenishment of coking and steel enterprises is insufficient. The price of imported Mongolian coal is relatively stable [5][6]. - **Strategy**: Both coking coal and coke are expected to operate in a volatile manner, and no strategies are proposed for other trading types [7]. 动力煤 - **Market Analysis**: The coal prices in the main production areas continue to be strong. At the end of the month, a few coal mines will complete their production capacity and reduce production. The procurement demand for metallurgy and chemical industry is stable. The port inventory has decreased significantly, and the import coal market is stable [8]. - **Strategy**: No specific strategies are proposed [8].

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is mainly "oscillating", with glass and soda ash having a "weak - oscillating" outlook [6][7][10][11][12][14]. 2. Core View of the Report - Overall, the black - building materials market is in a state of oscillation. Although the previous price decline has accumulated strong momentum, and there was a large - scale rebound after macro - positive and coking coal news, the approaching off - season in the domestic construction and manufacturing industries, combined with factors such as increased iron ore shipments and unimproved fundamentals of coking coal and coke, have led to the price returning to a weak state [6]. 3. Summary by Relevant Catalog Iron Element - Overseas mines are increasing shipments at the end of the fiscal year and quarter, with shipments expected to remain high until early July. Steel enterprises' profitability is stable, and hot metal production has slightly decreased but is expected to remain high in the short term. The supply - demand balance is tight, with limited short - term inventory accumulation pressure. There may be a slight increase in port inventory at the end of the month, but the overall supply - demand contradiction is not prominent. The short - term fundamentals are healthy, and the iron ore price is expected to oscillate [2][7]. Carbon Element - Some coal mines have slightly reduced production due to factors such as changing working faces, inventory pressure, and safety, but most coal mines are operating normally, and coking coal production remains relatively high. Mongolian coal transactions are limited, and port inventory is accumulating. On the demand side, coke production has started to decline, and coke enterprises' inventory pressure is increasing, with shrinking coking profits. During the price - cut period, coke enterprises' enthusiasm for replenishing raw material inventory has decreased, and the upstream inventory pressure of coking coal has increased. The supply contraction of coking coal is limited, and there is no driving force for a trend - like price increase [3]. Alloys - **Silicon Manganese**: The cost side is under pressure as manganese ore prices may decline. The supply in some regions has slightly increased, but due to cost inversion, manufacturers' willingness to sell is low. The demand is weak as the black market enters the off - season, and downstream buyers are pressing for lower prices. The supply - demand relationship is becoming looser, and the short - term disk is expected to oscillate [3][5][14]. - **Silicon Iron**: Supply has slightly increased, and the terminal steel - using industry is about to enter the off - season. Downstream enterprises have a strong willingness to reduce inventory, and the market sentiment is cautious. The cost may still have a negative impact. The short - term disk is expected to be under pressure and oscillate, and future steel procurement and production conditions should be monitored [5][14]. Glass - In the off - season, demand is declining, and the deep - processing demand is still weak compared to the same period last year, leading to a decline in spot prices. On the supply side, there are expectations of both cold - repair and ignition, and there are 6 production lines waiting to produce glass, so supply pressure remains. The upstream inventory has increased significantly, while the mid - stream inventory has decreased. There are rumors in the supply side, but the actual impact is limited. Coal prices are also expected to decline, and market sentiment fluctuates. The disk price is lower than the spot price, but the price cut of Hubei's spot glass has led the disk price to decline. The short - term view is weak - oscillating [5]. Soda Ash - The supply surplus pattern remains unchanged, and the resumption of maintenance has increased supply. In the short term, it is expected to oscillate weakly, and in the long term, the price center will continue to decline [5][12]. Other Products - **Steel**: The domestic policy is in a vacuum period after the Sino - US talks. The demand for the five major steel products has weakened this week, and the supply has not decreased significantly, but hot metal production may have peaked. The inventory is still decreasing, and the main factors suppressing the disk price are the decline in raw material prices and the pessimistic expectation of domestic demand. The short - term steel price is expected to oscillate [7]. - **Scrap Steel**: As the building materials off - season deepens, the apparent demand for rebar has decreased. The market is pessimistic about off - season demand, and the finished product disk price is under pressure. The supply of scrap steel has decreased this week, which supports the price. The demand has slightly increased overall, but the inventory in steel mills has decreased due to a significant drop in arrivals. The scrap steel price is expected to oscillate following the finished product price [7]. - **Coke**: After the third price cut, the terminal steel - using demand is in the off - season, and the market is pessimistic. There is an expectation of further price cuts. The supply has slightly decreased in some regions, but overall production is stable, and the inventory of coke enterprises is accumulating. The demand is weakening as hot metal production declines. The price is under downward pressure due to weak demand support and cost drag [7][9][10]. - **Coking Coal**: The market transaction price has continued to decline. Some coal mines have reduced production, but the overall supply is still abundant. The demand for coking coal is declining as coke production weakens. The upstream inventory pressure has increased during the price - cut period. The short - term price lacks the driving force for a trend - like increase and is expected to be weak [7][11].

Report Industry Investment Rating - Steel: Oscillating [6] - Iron Ore: Oscillating [6] - Scrap Steel: Oscillating [7] - Coke: Oscillating Weakly [7] - Coking Coal: Oscillating Weakly [10] - Glass: Oscillating Weakly [11] - Soda Ash: Oscillating Weakly [11] - Ferrosilicon Manganese: Oscillating [13] - Ferrosilicon: Oscillating [14] Core Viewpoints of the Report - During the Dragon Boat Festival, the macro - sentiment was weak, and the US further imposed tariffs on steel and aluminum, causing the prices of black building materials to decline. However, the actual impact of tariffs was limited, and there were rumors of Mongolia increasing resource taxes, leading to a price rebound at night. The domestic demand is seasonally weak, and the manufacturing's rush for exports is less than expected. Although some electric furnaces and blast furnaces are in the red, the overall profitability provides cost support. Low valuations drive price rebounds, but the upside is limited [1][2]. - In terms of iron elements, the overseas supply increase is lower than expected, and the annual cumulative shipment is down year - on - year. The new projects' progress is slow, and the annual increase is revised down. Steel enterprises' profitability and orders are good, and the molten iron output is expected to remain high. Before September, the inventory accumulation pressure is small, and the supply - demand contradiction is not prominent [2]. - For carbon elements, the coking coal production remains high, and the Mongolian coal port clearance is also at a high level, resulting in a loose supply. The coke production is at a high level, but coke enterprises face inventory reduction pressure, and the coking profit is shrinking. The coking coal inventory pressure upstream is increasing, and it's difficult to find price support [2]. - Regarding alloys, the arrival of South32 Australian ore at the port increases the pressure on oxidized ore spot. The ban on manganese ore exports by Gabon has no obvious impact on the domestic market. With the recovery of manganese ore shipments, the port inventory is rising, and the cost drag persists. The ferrosilicon supply increases slightly, and the downstream is eager to reduce inventory. The glass demand decline in the off - season is not obvious, and the supply - side news can cause market fluctuations. The soda ash supply surplus pattern remains unchanged [3]. Summary by Related Catalogs Iron Ore - Core Logic: The overseas supply increase is lower than expected, and the annual cumulative shipment is down year - on - year. New projects' progress is slow, and the annual increase is revised down. Steel enterprises' profitability and orders are good, and the molten iron output is expected to remain high, so the annual molten iron output is expected to be higher than last year. Before September, the inventory accumulation pressure is small, and the supply - demand contradiction is not prominent. The black sector rebounded last night, and iron ore also rose slightly [2][6]. - Outlook: The US tariff policy has limited actual negative impact on iron ore, but may cause pessimistic sentiment. Considering the uncertain policies, the tight supply - demand balance, and the fact that the price has factored in many negative factors, the room for further significant decline is limited [6]. Steel - Core Logic: The domestic policy is in a vacuum, and there are still tariff risks. The demand for the five major steel products rebounded this week, but the domestic demand outlook is weak. The molten iron output is high, and the steel production has increased. Although the supply - demand fundamentals improved this week and the inventory decreased, the falling raw material prices and pessimistic demand expectations suppress the price [6]. - Outlook: The fundamentals improved this week, but the outlook is still pessimistic, and the raw material prices are weakening. The steel price is expected to oscillate in the short term [6]. Scrap Steel - Core Logic: The post - holiday scrap steel arrival was low, and the loss during off - peak electricity hours increased. The apparent demand for rebar rebounded slightly, and the total inventory decreased slightly. The supply was tight after the holiday, and the demand from electric furnaces and blast furnaces was affected. The inventory increased slightly [7]. - Outlook: The market is pessimistic about the off - season demand, the finished product price is under pressure, and the electric furnace loss is increasing. The price is expected to oscillate weakly [7]. Coke - Core Logic: The second round of coke price cuts was implemented, and the market is pessimistic. The supply is stable, but the demand is weakening as the molten iron output declines and the off - season approaches [7][9]. - Outlook: The falling coking coal price weakens the cost support, and the demand is weakening. The price is expected to remain weak in the short term [9]. Coking Coal - Core Logic: The market trading atmosphere is weak, and coal mines face shipment pressure. The supply is still loose as the production remains high and the Mongolian coal port clearance is high. The coke production is high, but coke enterprises face inventory reduction pressure, and the coking profit is shrinking. The upstream inventory pressure is increasing [10]. - Outlook: The market is pessimistic, the supply - demand is loose, and the high inventory suppresses the price. The price is expected to remain weak [10]. Glass - Core Logic: The off - season demand decline is not obvious, and the deep - processing demand improved month - on - month but is still weak year - on - year. There was cold - repair and复产, and the supply pressure remains. The inventory decreased slightly, and the market is sensitive to supply - side news [3][11]. - Outlook: The real - world demand faces pressure in the off - season. The price is expected to oscillate weakly in the short term, and attention should be paid to the price cuts in Hubei [11]. Soda Ash - Core Logic: The supply surplus pattern remains unchanged. The supply pressure persists as some enterprises' production has recovered. The demand for heavy alkali is for rigid needs, and the increase in float glass daily melting is uncertain. The short - term inventory decreased due to maintenance, but the long - term surplus remains [11]. - Outlook: The supply surplus remains, and the price is expected to oscillate weakly in the short term and decline in the long term [11]. Ferrosilicon Manganese - Core Logic: The ferrosilicon manganese price was weak. The cost pressure is high as the market is bearish on raw materials, and the South32 Australian ore is arriving at the port. The supply is increasing, and the demand is weak as the black market enters the off - season [13]. - Outlook: The supply is expected to increase, and the demand is weakening. The price is expected to continue to decline as the manganese ore inventory rises and the coke price is falling [13]. Ferrosilicon - Core Logic: The ferrosilicon price was weak. The supply increased slightly as some furnaces were restarted. The demand is weak as the steel market enters the off - season and the metal magnesium market is sluggish [14]. - Outlook: The supply and demand are both weak, and the demand may weaken further. The price is expected to oscillate under pressure in the short term, and attention should be paid to steel procurement and production [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market sentiment is cautious, and the black commodity market shows a weak and volatile trend [1]. - For glass and soda ash, the downstream procurement is cautious, with glass opening high and closing low, and soda ash showing a narrow - range oscillation [1]. - For silicon - manganese and silicon - iron, the supply side is frequently disturbed, with silicon - manganese rising strongly and silicon - iron moving in a volatile manner [3]. Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The glass futures opened high and closed low yesterday. The spot market had dull trading, and the downstream procurement sentiment was average. This week, the national weekly average price of float glass was 1,251 yuan/ton, a decrease of 17.35 yuan/ton compared to the previous week. The enterprise operating rate was 75.34%, an increase of 0.34%. The manufacturer's inventory was 67.769 million heavy boxes, a decrease of 0.46% [1]. - Soda Ash: The soda ash futures showed a narrow - range oscillation yesterday. The spot market demand was average, mainly for rigid - demand procurement. This week, the capacity utilization rate of soda ash was 78.63%, a decrease of 1.64%. The output was 663,800 tons, a decrease of 2.04%. The inventory was 1.6768 million tons, a decrease of 2.06% [1]. Supply - Demand and Logic - Glass: Recently, the glass output has slightly increased. Due to the insufficient recovery of real - estate and deep - processing demand, the restocking intensity and sustainability are weak. Although the glass inventory has slightly decreased, the de - stocking pressure is large, and the price lacks upward momentum. In the later high - temperature and rainy season, it is not conducive to glass storage, and enterprises may have a stronger intention to reduce prices for sales and inventory reduction [1]. - Soda Ash: Affected by the increase in alkali plant maintenance, the recent soda ash output has declined but remains in a loose state. Currently, the growth of the photovoltaic industry has slowed down, and the room for increasing soda ash demand is limited. The de - stocking pressure is still large. Attention should be paid to the summer maintenance of alkali plants and the progress of annual new - capacity production [1]. Strategy - Glass: Volatile [2] - Soda Ash: Weakly volatile [2] Silicon - Manganese and Silicon - Iron Market Analysis - Silicon - Manganese: The market oscillated upward yesterday, with an increase of 14,243 open positions and a rapid expansion of trading volume. In the spot market, the mainstream steel tenders started to quote, and the market enthusiasm was average. Factories basically stopped quoting. Affected by industry profits, the silicon - manganese output continued to decline and was at a low level in previous years. The hot - metal output declined from a high level, and the demand for silicon - manganese weakened. The silicon - manganese manufacturer's inventory and registered warrants were at a high level, suppressing the silicon - manganese price. However, considering that the manganese ore port inventory was at a low level, the continuous decline in manganese ore prices had dragged down shipments, which supported the alloy cost. Attention should be paid to the supply side of manganese ore in the later stage [3]. - Silicon - Iron: The silicon - iron futures moved in a volatile manner yesterday, with a decrease of 7,875 open positions. In the spot market, the silicon - iron market was weak, with mostly cautious operations and little change in transaction prices. Against the background of enterprise losses, the silicon - iron output remained at a medium - low level. The hot - metal output reached the peak and then declined, and the demand for silicon - iron began to weaken. The manufacturer's inventory continued to be depleted, and the downstream enterprise inventory remained at a low level. The silicon - iron production capacity was relatively loose, and the short - term price was dragged down by costs. Attention should be paid to the impact of electricity price changes and industrial policies on the black sector in the future [3]. Strategy - Silicon - Manganese: Volatile [4] - Silicon - Iron: Volatile [4]