Report Title - The report is titled "Huaxian Futures Iron Ore Weekly Report: Demand Resilience Remains, and Ore Prices Are Strongly Supported" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoint - The iron ore market still has expectations of increasing supply and decreasing demand, but currently, the demand side shows strong resilience, supporting the ore price. In the short term, the iron ore price will maintain a volatile trend. It is recommended to adopt a short - selling strategy on rallies for the Iron Ore 2509 contract, with a reference resistance level of 730 yuan/ton [5] Summary by Directory 1. Weekly Viewpoint and Strategy Supply - From June 9th to June 15th, 2025, the global iron ore shipment volume decreased by 1577,000 tons week - on - week to 33.527 million tons. Australian 19 - port shipments were 19.936 million tons, down 1 million tons week - on - week; Brazilian 19 - port shipments were 7.726 million tons, up 268,000 tons week - on - week; non - mainstream region shipments decreased by 845,000 tons week - on - week to 5.865 million tons. China's 45 - port arrivals decreased by 224,800 tons week - on - week to 23.845 million tons, and the arrivals at the six northern ports were 12.19 million tons, down 1.646 million tons week - on - week. Although the current shipments and arrivals have decreased, they are still at a high level in the same period of history, and there is an expectation of increased shipments by mines at the end of the quarter, so the supply pressure of iron ore remains high [5] Demand - As of June 20th, 2025, the profitability rate of 247 steel mills surveyed by MYSTEEL was 59.31%, up 0.87% from the previous week; the blast furnace operating rate was 83.82%, up 0.41% from the previous week; the daily average hot metal output increased by 5700 tons to 2.4218 million tons, ending a five - week decline. Last week, the demand for steel products rebounded, the profitability rate of steel mills significantly rebounded due to raw material price concessions, the operating rate also increased, and the demand for hot metal showed strong resilience, providing support for ore prices. However, attention should still be paid to the pressure on ore prices caused by the seasonal weakening of terminal demand [5] Inventory - As of June 20th, 2025, the inventory of imported iron ore at 45 ports across the country was 138.9416 million tons, down 389,800 tons week - on - week. In terms of countries of origin, the inventory of Australian ore was 60.1744 million tons, up 114,800 tons week - on - week; the inventory of Brazilian ore was 49.5779 million tons, down 1.1035 million tons week - on - week. The inventory of imported iron ore in steel mills was 89.3624 million tons, up 1.3756 million tons week - on - week. The average available days of imported ore inventory for a small sample of steel mills was 19 days, 2 days less than the previous week. Although the port inventory of iron ore has decreased, considering the subsequent loose shipments from mines, there is a risk of inventory accumulation at ports [5] 2. Industrial Chain Structure - This section mainly presents various charts related to the iron ore futures market, including the prices of DCE iron ore 09 and 01 contracts, contract spreads, variety spreads, and basis differences of different iron ore varieties, but no specific text analysis is provided [10][12][14][16] 3. Inventory Side Port Inventory (by Country) - As of June 20th, 2025, the inventory of Australian ore at 45 ports was 60.1744 million tons, up 114,800 tons week - on - week; the inventory of Brazilian ore was 49.5779 million tons, down 1.1035 million tons week - on - week [26] Port Inventory - As of June 20th, 2025, the inventory of imported iron ore at 45 ports across the country was 138.9416 million tons, down 389,800 tons week - on - week [30] Mine - Type Inventory - This section presents charts of the inventory of iron concentrate powder, pellets, coarse powder, and lump ore at 45 ports, but no specific text analysis is provided [31][33] Port Congestion - This section presents charts of the number of congested ships and congestion days at 45 ports, but no specific text analysis is provided [39] Steel Mill Inventory - As of June 20th, 2025, the inventory of imported iron ore in steel mills was 89.3624 million tons, up 1.3756 million tons week - on - week. The average available days of imported ore inventory for a small sample of steel mills was 19 days, 2 days less than the previous week [42] 4. Supply Side Australia and Brazil Shipments - From June 9th to June 15th, 2025, Australian 19 - port shipments were 19.936 million tons, down 1 million tons week - on - week; Brazilian 19 - port shipments were 7.726 million tons, up 268,000 tons week - on - week [46] Global Shipments - From June 9th to June 15th, 2025, the global iron ore shipment volume decreased by 1577,000 tons week - on - week to 33.527 million tons. Non - mainstream region shipments decreased by 845,000 tons week - on - week to 5.865 million tons [49] Four Major Mines - This section presents charts of the shipments of four major mines (FMG, VALE, BHP, RIO TINTO) to China, but no specific text analysis is provided [52][53] Arrivals at 45 Ports - From June 9th to June 15th, 2025, the arrivals at 45 ports in China decreased by 224,800 tons week - on - week to 23.845 million tons; the total arrivals at the six northern ports were 12.19 million tons, down 1.646 million tons week - on - week [59] Monthly Imports by Country - This section presents charts of China's iron ore import volume, imports from Australia, Brazil, and India, and imports of different mine types, but no specific text analysis is provided [63][64][66] Domestic Mine Supply - As of June 20th, 2025, the capacity utilization rate of 126 mine enterprises was 63.45%, up 2.13% week - on - week; the daily average output of iron concentrate powder was 40030 tons, an increase of 1340 tons from the previous week [78] 5. Demand Side Hot Metal and Operating Rate - As of June 20th, 2025, the blast furnace operating rate of 247 steel mills surveyed by MYSTEEL was 83.82%, up 0.41% from the previous week; the daily average hot metal output increased by 5700 tons to 2.4218 million tons, ending a five - week decline, indicating strong resilience in hot metal demand and providing support for ore prices [81] Transaction Situation - This section presents charts of the daily average trading volume of iron ore forward spot and the total trading volume of iron ore at major Chinese ports, but no specific text analysis is provided [83] Port Clearance - As of June 20th, 2025, the daily average clearance volume at 45 ports was 3.1356 million tons, up 123,100 tons week - on - week [87] Rebar and Hot - Rolled Coil - This section presents charts of the production and consumption of rebar and hot - rolled coil, but no specific text analysis is provided [88][90] Long - Process and Short - Process - This section presents charts of the production of long - process and short - process rebar, but no specific text analysis is provided [97] Steel Mill Profitability and Coke Profit per Ton - As of June 20th, 2025, the profitability rate of 247 steel mills was 59.31%, up 0.87% from the previous week. The average profit per ton of coke was - 23 yuan/ton, up 23 yuan/ton from the previous week [101]

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View The iron ore market is experiencing a new round of game between reality and expectation, with prices in a range - bound oscillation. The market is trading the strong reality brought by hot metal and inventory data, while future expectations are in a tug - of - war with the strong reality. It is difficult for iron ore prices to have a smooth unilateral trend, and the timing of price correction may need to wait for signs of marginal weakening in the actual fundamentals [3][5]. 3. Summary by Directory 3.1 Iron Ore Contract Performance - The price of the main 09 contract continued to fluctuate narrowly, closing at 703.0 yuan/ton. The position was 677,000 lots, a decrease of 18,900 lots. The average daily trading volume was 420,000 lots, a week - on - week increase of 75,000 lots [6]. 3.2 Spot Price Performance - Spot prices continued the trend of supplementary decline. For example, the price of 64.5% Carajás fines at Qingdao Port dropped from 816 yuan/ton last week to 805 yuan/ton this week [8]. 3.3 Iron Ore Supply - **Mainstream Mines**: Mainstream shipments have recovered to relatively high levels. With the end - of - fiscal - year volume - pushing drives of BHP and Fortescue, the expectation of loose supply is gradually strengthening. Recently, shipments have returned to year - on - year highs, and freight rates have risen [5][12][16]. - **Non - mainstream Mines**: Indian shipments increased month - on - month, while Peruvian shipments have not recovered [18]. - **Domestic Mines**: Production activities in the southwest region were restricted by anti - corruption inspections, and recently, operations in North China also decreased due to supervision and inspections [26]. 3.4 Iron Ore Demand - **Downstream Demand**: The production of hot metal and five major steel products fluctuated again, providing some support for spot demand [30]. - **Scrap Steel Substitution Effect**: Scrap steel arrivals were relatively neutral, and the price difference between scrap and iron widened again. The substitution effect of raw materials was relatively weak [34]. 3.5 Iron Ore Inventory The inflection point of port inventory has not arrived [37][38]. 3.6 Downstream Profits The performance of finished product prices was relatively strong, and profits were revised upwards [40]. 3.7 Spot Category Price Difference - The price of low - grade ores was firm, and the price difference between medium - and low - grade ores (PB - Super Special) narrowed to a relatively low level. The industrial - end driver mainly comes from the fact that under the background of low coke prices, steel mills tend to use more coke and low - grade ores to optimize the overall cost structure [45]. 3.8 Futures Spread - The 9 - 1 spread narrowed and then widened again, mainly driven by the strong fundamentals of the current situation [47]. 3.9 Basis Performance The futures price was firm, the spot price continued to decline, and the basis repair market continued [54].

铁水产量高位，矿价底部存支撑 研究员：丁祖超 期货从业证号：F 0 3 1 0 5 9 1 7 投资咨询证号：Z0018259 目 录 第一部分：综合分析与交易策略 第二部分：铁矿核心逻辑分析 * [16] A. A. K. K. GALAXY FUTURES 1 投资逻辑与交易策略 GALAXY FUTURES 2 逻辑分析：本周铁矿价格底部窄幅震荡，价格阶段性低位市场涨跌驱动因素较弱。基本面方面，供应端主流矿山发运平稳，环比进入季 节性发运高峰，上半年全球发运同比持平；5月初至今，非主流矿发运持续处于高位，但从月度级别来看，非澳巴发运量同比减量难以 看到较快扭转。需求端，本周铁水产量环比小幅增加，终端需求韧性延续，制造业用钢需求维持高增长。海外需求方面，上半年海外铁 元素消费量同比小幅增加。 整体来看，当前市场主要关注点在于淡季弱现实能否持续得到市场交易。去年5月底开始，黑色系价格开启下跌走势，且去年5月底黑 色系品种估值非常高，同时淡季宏观和基本面持续偏弱得到市场交易。但今年有两点不太一样的地方，一是当前是黑色估值较低；二是 近期的下跌黑色系呈现出小幅正套走势，去年同期呈现持续反套结构。这两点可能会是阶 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market is expected to remain in a low - level consolidation, with low real - time demand in the off - season, but low production and continued inventory decline [1]. - The iron ore market is expected to show a volatile trend, with a decrease in global shipments and an increase in demand and inventory changes [1]. - The coking coal market is expected to fluctuate in the short term, with some coal mines suspending production, cautious procurement by downstream enterprises, and a decline in market sentiment [1]. - The coke market is expected to fluctuate in the short term, with low production enthusiasm of coke enterprises and weak downstream demand [1]. - The ferromanganese - silicon market is expected to remain in low - level fluctuations, with no strong fundamental drivers and weak cost support [1][3]. - The ferrosilicon market is expected to fluctuate in the short term, with limited supply - demand drivers and stable raw material prices [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2510 contract was 2986 yuan/ton, with stable spot prices and low transactions. This week, the national rebar production increased by 4.61 tons week - on - week to 212.18 tons, and inventories continued to decline. It is expected to remain in low - level consolidation [1]. - **Iron Ore**: The price of the iron ore futures main contract i2509 rose to 698 yuan/ton, with an increase in port spot prices. Global shipments decreased, while demand and some inventories increased. It is expected to fluctuate [1]. - **Coking Coal**: The closing price of the coking coal 2509 contract was 790.5 yuan/ton. Some coal mines suspended production, downstream procurement was cautious, and it is expected to fluctuate [1]. - **Coke**: The closing price of the coke 2509 contract was 1374 yuan/ton, with a decline in spot prices. Coke enterprises had low production enthusiasm and weak downstream demand, and it is expected to fluctuate [1]. - **Ferromanganese - Silicon**: The ferromanganese - silicon futures price trended stronger, with the main contract at 5584 yuan/ton. The steel tender price was 5650 yuan/ton, with some new production and production cuts. It is expected to remain in low - level fluctuations [1][3]. - **Ferrosilicon**: The ferrosilicon futures price trended stronger, with the main contract at 5310 yuan/ton. Production increased week - on - week, demand was weak, and raw material prices were stable. It is expected to fluctuate [3]. 3.2 Daily Data Monitoring - Contract spreads, basis, and spot prices of various varieties such as rebar, hot - rolled coil, iron ore, coke, coking coal, ferromanganese - silicon, and ferrosilicon were provided, along with their week - on - week changes [4]. - Profit data such as rebar's disk profit, long - process profit, and short - process profit, as well as cross - variety spreads like coil - rebar spread, rebar - iron ore ratio, etc., were presented, along with their week - on - week changes [4]. 3.3 Chart Analysis - **3.3.1 Main Contract Prices**: Included price trend charts of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, ferromanganese - silicon, and ferrosilicon from 2020 to 2025 [7][9][13][16]. - **3.3.2 Main Contract Basis**: Included basis trend charts of rebar, hot - rolled coil, iron ore, coke, coking coal, ferromanganese - silicon, and ferrosilicon [19][20][23][25]. - **3.3.3 Inter - period Contract Spreads**: Included spread trend charts of different contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, ferromanganese - silicon, and ferrosilicon [27][29][31][33][35][36][39]. - **3.3.4 Cross - variety Contract Spreads**: Included spread trend charts of main contracts such as coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, etc. [41][43][45]. - **3.3.5 Rebar Profit**: Included profit trend charts of rebar's main contract disk profit, long - process profit, and short - process profit [46][50]. 3.4 Black Research Team Members Introduction - Introduced members of the black research team including Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, along with their positions, work experience, and professional qualifications [52][53].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not provided in the given content 3. Summary by Relevant Catalogs Iron Ore Spot Market - **Australian Mainstream Ore**: Newman powder price is 698, unchanged daily and down 13 weekly; PB powder is 708, up 1 daily and down 14 weekly; Macarthur powder is 691, up 1 daily and down 11 weekly; Jinbuba powder is 660, up 7 daily and down 7 weekly; Mixed powder is 650, up 2 daily and down 3 weekly; Super Special powder is 605, up 1 daily and down 11 weekly; Carajás powder is 804, unchanged daily and down 13 weekly [1] - **Brazilian Mainstream Ore**: Brazilian blend is 739, up 1 daily and down 1 weekly; Brazilian coarse IOC6 is 681, up 1 daily and down 14 weekly; Brazilian coarse SSFG is 686, up 1 daily and down 14 weekly [1] - **Other Ores**: Ukrainian concentrate powder is 780, unchanged daily and down 14 weekly; 61% Indian powder is 640, up 7 daily and down 7 weekly; Karara concentrate powder is 785, unchanged daily and down 14 weekly; Roy Hill powder is 678, up 1 daily and down 14 weekly; South African powder is 768, up 1 daily and down 14 weekly; 57% Indian powder is 551, up 1 daily and down 11 weekly; Robe River powder is 681, unchanged daily and down 24 weekly; Atlas powder is 645, up 2 daily and down 3 weekly; Tangshan iron concentrate powder is 888, down 3 daily and down 19 weekly [1] Iron Ore Futures Market - **DCE Contracts**: i2601 is 672.0, up 1.5 daily and up 1.0 weekly; i2605 is 654.0, up 1.5 daily and up 3.5 weekly; i2509 is 698.0, up 2.5 daily and down 6.0 weekly [1] - **SGX Contracts**: FE01 is 90.44, down 0.21 daily and down 1.94 weekly; FE05 is 89.11, down 0.20 daily and down 1.67 weekly; FE09 is 91.70, down 0.35 daily and down 2.38 weekly [1]

报告导读： 投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2025年06月20日08时17分 投资咨询系列报告 消息面上，以伊冲突继续，目前尚未看到缓和的迹象，油价大幅反弹后回落。目前钢厂盈利率尚可，上周 247 家钢厂铁水产量超过 241.6 万吨，环 比下降 0.2 万吨，铁水明显高于去年同期水平。随着下游消费高峰期结束以及钢厂的限产 ，预计近期铁水产量将进一步回落。供应端，全球发运处 于相对高位且在沿着季节性回升趋势不断上升 。当前港口库存降速趋缓，且贸易矿库存比例偏高，对期价有明显的压力。技术面上，期价目前仍处 于大区间震荡格局 操作建议： 维持观望，回调后做多，不可以追涨杀跌 以伊冲突在继续，原油价格大幅拉升后回落。本周国家统计局公布的数据显示，各线房价环比均回落，显示目前的房地产市场仍处于筑底的过程中 。供需方面，我的钢铁公布的数据显示，本周螺纹产量有所上市，厂库下降，社库继续回落，总库存下降，表观需求环比继续回落，数据显示目前 处于供需双弱的状态。从需求的季节性规律看，随着雨季和高温天气的到来，需求将进一步走弱，且库存将会小幅回升。整体来看，目前市场交易 的是弱现实和弱预期， ...

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，请务必阅读文末免责条款。 本周值 环比变化 上月末值 本月变化 同期值 同期变化 45港铁矿石库存 13,894.16 -38.98 13,866.58 27.58 14,883.27 -989.11 247家钢厂进口矿库存 8,936.24 137.56 8,754.33 181.91 9,214.13 -277.89 45港铁矿石到货量 2,384.50 -224.80 2,151.30 233.20 2,207.40 177.10 全球19港铁矿石发货量 3,352.70 -157.70 3,188.70 164.00 3,455.00 -102.30 247家钢厂日均铁水产量 242.18 0.57 241.91 0.27 239.94 2.24 45港日均疏港量 313.56 12.31 326.68 -13.12 311.52 2.04 247家钢厂进口矿日耗 301.00 0.57 299.68 1.32 294.01 6.99 主港铁矿成交周均值 100.45 15.63 96.94 3.51 ...

Report Information - Report Title: Iron Ore Morning Report - Research Team: Black Team of the Research Center - Date: June 19, 2025 [1] Key Points 1. Spot Price and Change - Newman powder: latest price 698, daily change -5, weekly change -15, import profit -25.73 [2] - PB powder: latest price 707, daily change -6, weekly change -17, import profit -5.68 [2] - Macfarlane powder: latest price 690, daily change -3, weekly change -12, import profit 0.80 [2] - Kimburra powder: latest price 653, daily change -6, weekly change -22, import profit -13.53 [2] - Super Special powder: latest price 604, daily change -7, weekly change -15, import profit -0.07 [2] - Carajás powder: latest price 804, daily change -10, weekly change -15, import profit 10.99 [2] - Brazilian Blend: latest price 738, daily change -6, weekly change -4, import profit 7.91 [2] - Tangshan iron concentrate powder: latest price 891, daily change 0, weekly change -22 [2] 2. Futures Contract Price and Change - i2601: latest price 670.5, daily change 0.5, weekly change -3.5, monthly spread 25.0 [2] - i2605: latest price 652.5, daily change 1.5, weekly change -0.5, monthly spread 18.0 [2] - i2509: latest price 695.5, daily change -3.5, weekly change -11.5, monthly spread -43.0 [2] - FE01: latest price 90.65, daily change -1.06, weekly change -0.74, monthly spread -65.5 [2] - FE05: latest price 89.31, daily change -0.95, weekly change -0.44, monthly spread 1.34 [2] - FE09: latest price 92.05, daily change -1.20, weekly change -1.25 [2] 3. Other Information - Data source: MYSTEEL [5]

宝城期货铁矿石早报（2025 年 6 月 19 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA20 一线压力 | 供需格局走弱，矿价偏弱震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 投资咨询业务资格：证监许可【2011】1778 号 观点参考 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石供需格局偏弱运行，钢厂生产趋弱，矿石终端消耗弱势下行，且淡季仍有减量空间，需求 弱势格局未变。相反，矿石供应维持高位，尽管港口到货和矿商发运均有所下降，但财年末矿商有所 冲量，近期发运均位于年内高位，按船期推算后续到货仍将回升。总之，供强需弱格局未变，铁矿石 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints Steel - The steel market follows the fluctuations of coking coal and coke. Rebound short - selling operations or selling out - of - the - money call options are recommended. Pay attention to the pressure levels of 3150 yuan for hot - rolled coils and 3050 yuan for rebar [1]. Iron Ore - In the short term, there is obvious suppression on the iron ore price due to the expected decline in hot - metal production, supply increase, and administrative reduction. In the medium - to - long - term, a bearish view on the 09 contract remains unchanged. The price range may shift down to 720 - 670 [4]. Coke - There are still expectations of 1 - 2 rounds of price cuts in the future. For the 2509 contract, short - selling at high levels around 1380 - 1430 is recommended. A strategy of going long on coking coal and short on coke can be considered [6]. Coking Coal - Spot fundamentals have improved slightly. Short - selling at high levels around 800 - 850 for the 2509 contract is recommended. A strategy of going long on coking coal and short on coke can be considered [6]. Ferrosilicon - The supply - demand contradiction is rising. In the short term, the price is expected to be weak. Attention should be paid to the change in coal prices [7]. Silicomanganese - Supply pressure still exists. In the short term, the price is expected to decline. Attention should be paid to the change in coke prices [7]. Summary by Directory Steel Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in some regions increased slightly, and futures prices also rose. The basis of steel showed a weak trend [1]. Cost and Profit - Steel billet and slab prices remained unchanged. Some steel production costs changed, and the profits of some regions increased [1]. Production and Inventory - The daily average hot - metal output remained unchanged, and the output of five major steel products decreased by 2.4%. Steel inventories decreased slightly [1]. Viewpoint - The steel market is affected by the raw material market and seasonal factors. Production is expected to remain high, and exports rebounded from a low level [1]. Iron Ore Prices and Spreads - The warehouse - receipt costs and spot prices of various iron ore varieties decreased, and the basis of the 09 contract declined significantly [4]. Supply and Demand - Global shipments decreased slightly, mainly from Australia. The arrival volume decreased slightly, and demand is expected to remain stable in the short term [4]. Inventory - Port inventories increased, and steel mills' equity ore inventories also rose [4]. Viewpoint - There are risks of weakening demand in the off - season, and supply pressure will increase. The price is expected to decline [4]. Coke Prices and Spreads - Futures prices rose slightly, while spot prices were weakly stable. There are still expectations of price cuts in the future [6]. Supply and Demand - Supply decreased due to environmental protection, and demand showed a downward trend [6]. Inventory - Inventories at coking plants, ports, and steel mills all decreased [6]. Viewpoint - There are expectations of further price cuts. Short - selling at high levels is recommended [6]. Coking Coal Prices and Spreads - Futures prices rose slightly, and spot prices were weakly stable. The basis was repaired [6]. Supply and Demand - Domestic production decreased slightly, and imported coal prices continued to decline. Demand showed a downward trend [6]. Inventory - Coal mine inventories and port inventories increased, and downstream inventories were at a medium level [6]. Viewpoint - Spot fundamentals improved slightly. Short - selling at high levels is recommended [6]. Ferrosilicon Prices and Spreads - Futures prices rose slightly, and some spot prices increased. The basis changed [7]. Cost and Profit - Production costs decreased slightly, and losses decreased [7]. Supply and Demand - Production and demand both decreased [7]. Inventory - Inventories increased slightly [7]. Viewpoint - The supply - demand contradiction is rising, and the price is expected to be weak [7]. Silicomanganese Prices and Spreads - Futures prices rose slightly, and spot prices increased. The basis changed [7]. Cost and Profit - Production costs changed slightly, and profits improved [7]. Supply and Demand - Supply increased slightly, and demand decreased [7]. Inventory - Manganese ore inventories increased, and silicomanganese inventories increased [7]. Viewpoint - Supply pressure still exists, and the price is expected to decline [7].