Group 1: TMT Sector - TMT theme funds experienced significant net value decline, while passive funds increased their positions in TMT theme products. The overall stock market saw fluctuations, with consumer and new energy theme funds performing well, while other theme funds struggled. A total of 24.3 billion yuan flowed out of mid and large-cap theme ETFs, while Hong Kong stock ETFs saw inflows exceeding 10 billion yuan [5]. Group 2: Metals Sector - The prices of non-ferrous metals fell across the board, but gold, tungsten, molybdenum, and vanadium prices increased month-on-month. The financing environment index for small and medium enterprises rose by 6.62% to 50.27 in January. Weekly inventory levels for hot-rolled coils were at a five-year low, while the price of oriented silicon steel hit a new low since 2018 [5][6]. Group 3: Renewable Energy and Environmental Protection - The market remains optimistic about space photovoltaic developments, with a focus on auxiliary materials and equipment. The hydrogen and ammonia sector performed well, with expectations for future carbon policies to enhance green electricity consumption. The dual control of carbon and non-electric applications is anticipated to drive supply optimization [7]. Group 4: Public Utilities - The utilization rates for wind and solar power in 2025 were 94.3% and 94.8%, respectively, both showing year-on-year declines. There is a positive outlook for non-electric applications of renewable energy and direct connections for green electricity, with recommendations to focus on companies like Electric Investment Green Energy and Jinkai New Energy [8]. Group 5: Pharmaceutical Industry - The Ministry of Industry and Information Technology and other departments issued a plan for the high-quality development of traditional Chinese medicine, aiming for a collaborative system by 2030. This policy is expected to raise compliance thresholds and enhance industry concentration, benefiting leading companies with strong integration, quality control, and research capabilities [8]. Group 6: Company Analysis - Yujian Xiaomian - Yujian Xiaomian, a leading chain of Sichuan-Chongqing flavor noodle restaurants, is expanding its national presence through a combination of direct and franchise operations. The company has shown continuous revenue growth and profitability improvements, despite challenges such as high debt and rental costs. The management team is experienced, and operational optimization is expected to further enhance profitability [9].

Liquidity - The BCI small and medium enterprise financing environment index increased by 6.62% month-on-month to 50.27 in January 2026 [4] - The M1 and M2 growth rate difference was -4.7 percentage points in December 2025, a month-on-month decrease of 1.6 percentage points [4] - The current price of London gold is $4,967 per ounce [4] Infrastructure and Real Estate Chain - Weekly inventory of hot-rolled steel is at a low level compared to the same period over the past five years [5] - Price changes this week include rebar at -0.93%, cement price index at -0.28%, rubber at -2.45%, coke at 0.00%, coking coal at -1.28%, and iron ore at -3.99% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates changed by +0.00 percentage points, -3.40 percentage points, and -1.3 percentage points respectively [5] Real Estate Completion Chain - Prices of titanium dioxide and glass are at low levels, with titanium dioxide price unchanged and glass price up by 0.28% [6] - The gross profit for titanium dioxide is -1,880 yuan per ton, while the flat glass operating rate is 73.89% this week [6] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high [7] - Major commodity price changes this week include cold-rolled steel at -0.53%, copper at -4.34%, and aluminum at -6.21%, with corresponding gross profit changes of turning losses into profits and a loss increase of 10.37% and 17.83% respectively [7] - The national semi-steel tire operating rate is 72.76%, a decrease of 2.08 percentage points [7] Subcategories - The price of oriented silicon steel has reached a new low since 2018 [8] - The price of graphite electrodes is 19,000 yuan per ton, unchanged, with a gross profit of 1,944.04 yuan per ton, up by 1.17% [8] - The price of electrolytic aluminum is 23,110 yuan per ton, down by 6.21%, with a calculated profit of 6,072 yuan per ton (excluding tax), down by 17.83% [8] - The price of electrolytic copper is 100,100 yuan per ton, down by 4.34% [8] - The price of tungsten concentrate is 674,500 yuan per ton, up by 11.49% from last week [8] Price Comparison Relationships - The price ratio of rebar to iron ore is 4.09 this week [10] - The price difference between hot-rolled and rebar steel is 60 yuan per ton this week [10] - The price difference between Shanghai cold-rolled steel and hot-rolled steel reached 370 yuan per ton, an increase of 10 yuan per ton [10] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.10 [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 180 yuan per ton this week, a decrease of 10.00% from last week [10] - The price difference between medium-thick plates and rebar steel is 110 yuan per ton this week [10] Export Chain - The new export orders PMI for China in January is 47.80%, a decrease of 1.2 percentage points month-on-month [11] - The China Containerized Freight Index (CCFI) composite index is 1,122.15 points this week, down by 4.55% [11] - The capacity utilization rate for crude steel in the U.S. is 76.00%, a decrease of 0.90 percentage points [11] - Starting January 1, 2026, the Ministry of Commerce and the General Administration of Customs will implement export licensing management for certain steel products, which is expected to further regulate China's steel product exports [11] Valuation Percentiles - The CSI 300 index decreased by 1.33% this week, with the best-performing cyclical sector being engineering machinery at +4.35% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB ratio of the Shanghai and Shenzhen markets is currently 60.06% and 84.30% respectively [12] - The PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is currently 0.50, with the highest value since 2013 being 0.82, reached in August 2017 [12]

电气运维团队将目标锁定在"让风机该转才转、该停就停"这个关键点上。通过深度挖掘历史运行数据， 他们建立主变油温与电能消耗的关联模型，最终敲定"自动控制+精准阈值"的改造方案——将所有风机 从手动模式全面升级为自动模式，并反复调试参数，设定"65摄氏度启动"的智能阈值。从此，风机运行 完全依主变实时温度动态调整，彻底告别"盲目运转"。 不出所料，此改造落地后，效果立竿见影。单台风机日均无效运行时间从10小时以上压缩至低位，主变 因风机长期高负荷运行产生的损耗同步降低；自动控制的精准性更减少了人工操作误判风险，设备运行 稳定性进一步提升。经核算，300余套风机全年可节省电费约6.1万元，同步实现设备寿命延长与操作风 险降低，实现了安全效益双提升，曾经的"电老虎"如今成了"省电标兵"。 "从'保运行'到'优运行'，这次改造不仅降了能耗，更验证了智能化技术在传统设备节能中的潜力。"黄 利表示，团队将持续跟踪优化参数，让"节能王"模式在公司更多电气设备中复制推广，为绿色低碳发展 注入新动能。 在山钢日照有限公司的电气系统中，主变冷却风机是保障变电站主变压器稳定运行的关键设备，但300 余套的庞大基数与近乎不间断运行的模 ...

Group 1 - The core point of the news is the implementation of a 100 million yuan employee bonus sharing plan by Shandong Steel Group, aimed at enhancing value creation and sharing among employees, effective from 2026 [1] - The bonus sharing plan includes a total pool of 100 million yuan, with specific rewards based on performance: 600 yuan per employee for achieving quarterly goals and 1200 yuan for meeting challenge targets [1] - The plan emphasizes a principle of "more creation, more rewards" and mandates that units must establish internal incentive policies, particularly favoring frontline personnel [1] Group 2 - In January 2025, despite meeting traditional KPI targets, Shandong Steel Group's Rizhao company faced backlash as core profit metrics were not met, resulting in a mere 24 yuan monthly performance payout for employees [2] - The company set a fundamental goal of "increasing wages while turning losses into profits," achieving a turnaround with an 18.2 billion yuan improvement in profitability year-on-year [2] - The 2026 work meeting highlighted the need for deeper salary system reforms, emphasizing differentiated assessment and distribution mechanisms, and ensuring compliance and transparency in performance reporting [2]

Core Viewpoint - Company provides a guarantee for its subsidiary, Henan Angang Zhoukou Steel Co., Ltd., for a financing lease amounting to no more than RMB 150 million, with a financing term of up to 3 years [1][2][3] Group 1: Guarantee Details - The total amount of the guarantee provided by the company to Henan Angang Zhoukou Steel Co., Ltd. is RMB 150 million, which is part of a larger approved guarantee limit of RMB 3.9 billion for the year 2026 [2][3] - As of the announcement date, the company has already provided a cumulative guarantee of RMB 3,979.35 million to Henan Angang Zhoukou Steel Co., Ltd., excluding the current guarantee [1][2] - The company has authorized its chairman to sign necessary contracts and related documents for the transaction [1][3] Group 2: Financial and Operational Context - Henan Angang Zhoukou Steel Co., Ltd. has a registered capital of RMB 5.398 billion and operates in various sectors including steel production and processing [4] - The company has a good credit status and no significant issues affecting its debt repayment ability [5][6] - The total amount of guarantees provided by the company and its subsidiaries is RMB 57,763.47 million, which exceeds 218.19% of the company's most recent audited net assets [6][8]

Core Insights - Shanghai's newly released three-year action plan aims to reshape the city's industrial landscape and extend its reach into near-Earth orbit, targeting an industrial output value exceeding 4 trillion yuan by 2025 and setting ambitious goals for 2028 [1] Group 1: Strong Investment Momentum - Industrial investment in Shanghai is projected to grow by 20.0% year-on-year in 2025, with manufacturing investment showing a remarkable increase of 22.8%, providing a solid foundation for the action plan's three-year goals [2] Group 2: Multi-Path Industrial Structure Optimization - The action plan outlines a comprehensive approach with four major actions and 17 measures, focusing on differentiated strategies for various industry levels, emphasizing optimization for traditional industries and strategic guidance for leading sectors like integrated circuits, biomedicine, and artificial intelligence [3] Group 3: Deep Integration of "AI + Manufacturing" - The action plan highlights the importance of smart and digital transformation, aiming for full coverage of smart factories in large enterprises by 2028, increasing robot density to 600 units per 10,000 people, and achieving over 70% digitalization in smart manufacturing equipment [4] Group 4: Targeting New Trillion-Yuan Markets - In addition to consolidating existing advantages, Shanghai aims to guide investments into emerging fields such as low-altitude economy, commercial aerospace, embodied intelligence, biomanufacturing, and smart terminals [5] Group 5: Financial Incentives for R&D Innovation - The action plan includes attractive financial incentives for R&D, offering tiered subsidies based on research investment levels, with significant support for companies investing over 100 million yuan annually [6] Group 6: Comprehensive Resource Support - To ensure the achievement of goals, the action plan proposes extensive support measures, including financial products with lower interest rates and longer terms, as well as addressing industrial land renewal and talent cultivation [7] Group 7: Transition from "Cost Lowland" to "Ecological High Ground" - Shanghai has been optimizing its business environment, with core cost factors for industrial enterprises decreasing annually, leading to a profit margin of 6.3%, which is 1 percentage point higher than the national average [8][9] Group 8: Modern Industrial System Visualization - Shanghai is set to anchor its new industrialization efforts by high-quality mapping of a "2+3+6+6" modern industrial system by 2026 [10]

Core Viewpoint - The futures market is becoming a crucial support for real enterprises to manage risks and stabilize operations amid a complex macroeconomic environment and domestic economic adjustments [1][2]. Group 1: Challenges Faced by Real Enterprises - Real enterprises are currently facing significant challenges, including severe price fluctuations, restructuring of supply chains, and differentiated macro policies [2]. - The steel industry is particularly affected, with a projected 18% year-on-year decline in average rebar prices for 2024, and over 60% of small and medium-sized steel enterprises having a hedging ratio of less than 20% [2][3]. Group 2: Role of Futures Tools - Futures tools are increasingly seen as a "stabilizer" for enterprises, helping them manage risks through price discovery and hedging operations [3]. - A case study involving the collaboration between Everbright Futures and Liuzhou Steel demonstrates the effectiveness of a comprehensive service model that has helped avoid potential losses and mitigate risks associated with price declines [3]. Group 3: Service Model Innovations - Everbright Futures has been innovating its service models to meet the diverse risk management needs of enterprises, particularly small and medium-sized ones [4]. - The company has established a service brand called "Yongdong Qihang," which covers the entire lifecycle of enterprises, providing tailored solutions for different stages of business development [4]. Group 4: Technological Advancements - The "Yongyiqi" one-stop intelligent service platform has transformed traditional service models by enabling online management of warehouse receipts and delivery processes, significantly reducing processing times [5][6]. - This platform has served over 1,000 enterprises, enhancing efficiency and shifting the focus from offline manual operations to online intelligent solutions [6]. Group 5: Investor Education and Market Perception - Despite the positive impact of the futures market on the real economy, there remains a lack of understanding and recognition of its benefits, which hinders broader adoption [7]. - Everbright Futures is actively working on investor education initiatives to improve market perception and promote the effective use of futures tools for risk management [7][8].

Group 1 - The village of Changjiang was named after Changjiang Steel, which was established in 2001, providing employment for many villagers [2] - The average monthly salary for villagers employed at Changjiang Steel has increased from 3,000 yuan to approximately 7,000 yuan [3] - The company has faced challenges regarding environmental pollution, with villagers recalling poor air quality and unpleasant odors in the past [3][4] Group 2 - Since 2016, the Chinese government has emphasized ecological protection along the Yangtze River, presenting a new challenge for steel companies like Changjiang Steel [3] - In 2019, Changjiang Steel was acquired by Baowu Group, which initiated an environmental protection plan focusing on energy conservation, water resource management, and low emissions [3] - The company has invested over 2 billion yuan in environmental protection efforts, significantly reducing water consumption in steel production by approximately 20% [4][7] Group 3 - Improvements in environmental management have allowed villagers to open their windows again, indicating a positive change in air quality [6] - The implementation of dust suppression measures at the raw material yard has led to a cleaner environment, benefiting local agriculture [6] - The overall quality of life for villagers has improved due to stable incomes and a better living environment, as highlighted by local leaders [7]

Core Viewpoint - The Ministry of Ecology and Environment has issued a notification regarding the carbon emission trading market, outlining the timeline and responsibilities for the allocation of carbon emission quotas for key industries by 2026 [1]. Group 1: Timeline for Carbon Quota Allocation - By April 10, 2026, provincial ecological environment authorities are required to pre-allocate carbon emission quotas for the year 2025 to key emission units in the steel, cement, and aluminum smelting industries [1]. - By June 30, 2026, the same authorities must pre-allocate carbon emission quotas for the year 2025 to key emission units in the power generation industry [1]. - By September 20, 2026, based on the verification results for the year 2025, provincial authorities will determine the quota amounts for key emission units in the power generation, steel, cement, and aluminum smelting industries and report the data to the national carbon emission registration agency [1]. Group 2: Quota Distribution and Compliance - By September 30, 2026, provincial ecological environment authorities will distribute the carbon emission quotas for the year 2025 to key emission units in the power generation, steel, cement, and aluminum smelting industries [1]. - By December 31, 2026, these authorities will ensure that key emission units in the power generation, steel, cement, and aluminum smelting industries complete the compliance for the carbon emission quotas for the year 2025 [1].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - The overall black market is expected to operate in a low - level consolidation. Steel products show a seasonal situation of weak supply and demand, and there may still be capital outflows before the Spring Festival, leading to a decrease in market trading volume. The macro - level is calm and has little impact on prices [12]. - For iron ore, it is recommended to mainly short - allocate. The macro - level driving force has weakened, the supply - demand contradiction has continued to accumulate in the short term, and the price is restricted by the industrial chain profit. The strategy is to conduct range operations and sell out - of - the - money call options [13]. - For coal and coke, the current supply - demand contradiction in the market is general, and the inventory pressure is not large, providing some support for prices. However, due to the off - season effect, there is no continuous upward driving force, and prices fluctuate with market sentiment. Prudent operation is required [14]. - For ferroalloys, before the Spring Festival, the market trading is cold. The alloy fundamentals remain in a situation of weak supply and demand, and there is still inventory pressure. It is expected that the prices will follow the black market and fluctuate within a narrow range before the Spring Festival [16] 3. Summary According to the Directory 3.1 Week - to - Week Market Review - The closing prices of most futures and spot products in the black industry chain decreased from January 30 to February 6, 2026, except for the scrap steel whose price index increased by 0.61%. For example, the futures price of rebar RB2605 decreased by 1.63%, and the spot price of HRB400E: Φ20 in Shanghai decreased by 0.92% [8] 3.2 This Week's Black Market Forecast Overall Market - Logic: The blast furnace operating rate of 247 steel mills increased, and the average daily hot - metal output also increased. The average capacity utilization rate of 94 independent electric - arc furnace steel mills decreased. As the Spring Festival approaches, the spot market enters the holiday mode, showing a seasonal situation of weak supply and demand. There may be capital outflows before the festival, and the macro - level has little impact on prices [12]. - View: Low - level consolidation [12] Iron Ore - Logic: Macroscopically, the short - term inflation expectation has declined, and the employment has weakened marginally. The domestic economic recovery shows a pulsed characteristic. In terms of supply, although the external ore shipment is in the off - season, it is higher than the same period in previous years. The domestic ore supply is also in the off - season. In terms of demand, the domestic demand has slightly recovered, but the steel mill's profitability is weak, and the terminal demand is in the seasonal off - season. The steel mill's restocking is coming to an end, and the port inventory is at a high level [13]. - View: Short - allocate mainly, conduct range operations and sell out - of - the - money call options [13] Coal and Coke - Logic: The coal and coke futures prices first rose and then fell due to the false rumor of production quota cuts in Indonesia. Recently, the overall trend of steel and ore has been weak, and the off - season restricts the rebound height. The domestic coal mines are starting to shut down for the holiday, and the output is expected to decline significantly. However, the downstream has stocked up in advance, and there is no continuous upward driving force [14]. - View: The supply - demand contradiction is general, and the inventory pressure is not large, providing support for prices. But due to the off - season, there is no continuous upward driving force, and prices fluctuate with market sentiment. Prudent operation is required [14] Ferroalloys - Logic: Overseas, the US manufacturing PMI has entered the expansion range, but the geopolitical situation in the Middle East is tense. Domestically, the three major PMI indices have declined. The prices of ferromanganese and ferrosilicon futures have slightly declined. In terms of supply, the output and operating rate of ferromanganese have slightly shrunk, and those of ferrosilicon have slightly increased. In terms of demand, the demand from steel mills has weakened, and the restocking is coming to an end. In terms of inventory, the inventory of ferromanganese has increased, and that of ferrosilicon has decreased slightly. In terms of cost, the manganese ore price is expected to remain firm, and the cost of ferrosilicon is well - supported [17]. - View: Before the Spring Festival, the market trading is cold. The alloy fundamentals remain in a situation of weak supply and demand, and there is still inventory pressure. It is expected that the prices will follow the black market and fluctuate within a narrow range before the Spring Festival [17] 3.3 Variety Data 3.3.1 Finished Products - **Rebar** - Production: The weekly output last week was 191.68 million tons, with a week - on - week decrease of 8.15 and a year - on - year increase of 7.88. The long - process output was 162.81 million tons, a week - on - week decrease of 4.81 and a year - on - year decrease of 18.79. The short - process output was 28.87 million tons, a week - on - week decrease of 3.34 and a year - on - year increase of 26.67 [20][23]. - Apparent demand: Last week, it was 147.64 million tons, a week - on - week decrease of 28.76 and a year - on - year increase of 16.09 [20]. - Inventory: The social inventory was 365.92 million tons, a week - on - week increase of 39.52 and a year - on - year decrease of 119.45. The steel mill inventory was 153.65 million tons, a week - on - week increase of 4.52 and a year - on - year decrease of 66.36. The total inventory was 519.57 million tons, a week - on - week increase of 44.04 and a year - on - year decrease of 185.81 [27]. - Basis: In Shanghai, the basis for January was 62 yuan/ton, a week - on - week increase of 23 and a year - on - year increase of 72; for May, it was 143 yuan/ton, a week - on - week increase of 21 and a year - on - year increase of 88; for October, it was 96 yuan/ton, a week - on - week increase of 23 and a year - on - year increase of 96 [38]. - **Hot - rolled Coil** - Production: The weekly output last week was 309.16 million tons, a week - on - week decrease of 0.05 and a year - on - year decrease of 14.97 [31]. - Apparent demand: Last week, it was 305.54 million tons, a week - on - week decrease of 5.87 and a year - on - year increase of 7.11 [31]. - Inventory: The social inventory was 280.45 million tons, a week - on - week increase of 2.12 and a year - on - year decrease of 36.92. The steel mill inventory was 78.75 million tons, a week - on - week increase of 1.50 and a year - on - year decrease of 18.20. The total inventory was 359.20 million tons, a week - on - week increase of 3.62 and a year - on - year decrease of 55.12 [35]. - Basis: In Shanghai, the basis for January was - 44 yuan/ton, a week - on - week increase of 22 and a year - on - year increase of 34; for May, it was - 1 yuan/ton, a week - on - week increase of 17 and a year - on - year decrease of 4; for October, it was - 19 yuan/ton, a week - on - week increase of 22 and a year - on - year increase of 18 [45] 3.3.2 Iron Ore - Imported ore port inventory (45 ports): The total inventory this week was 17140.71 million tons, a week - on - week increase of 118.45 and a year - on - year increase of 1748.18. The Australian ore inventory was 7903.27 million tons, a week - on - week increase of 104.08 and a year - on - year increase of 1155.26. The Brazilian ore inventory was 5536.43 million tons, a week - on - week decrease of 47.54 and a year - on - year decrease of 427.29 [49]. - 247 steel mills' imported ore inventory/consumption: The inventory was 10316.64 million tons, a week - on - week increase of 348.05 and a year - on - year increase of 821.90. The inventory - to - sales ratio was 36.55, a week - on - week increase of 1.07 and a year - on - year increase of 3.36. The daily consumption was 282.24 million tons/day, a week - on - week increase of 1.28 and a year - on - year decrease of 2.93 [60]. - 247 steel mills' operating rate/profitability: The blast furnace operating rate was 79.53%, a week - on - week increase of 0.53 percentage points and a year - on - year increase of 1.55 percentage points. The iron - making utilization rate was 85.69%, a week - on - week increase of 0.22 percentage points and a year - on - year decrease of 0.07 percentage points. The profitability rate was 39.39%, unchanged from the previous week and a year - on - year decrease of 12.13 percentage points [64]. - Global shipments (19 ports): The total global shipment this week was 2535.3 million tons, a week - on - week decrease of 559.3 and a year - on - year increase of 200.4. The shipment from Australia and Brazil to the world was 1881.1 million tons, a week - on - week decrease of 585.4 and a year - on - year decrease of 17.0 [68] 3.3.3 Coal and Coke - Coke inventory: The total inventory (coke enterprises + steel mills + ports) last week was 976.2 million tons, a week - on - week increase of 15.53 and a year - on - year decrease of 48.7. The independent coke enterprises' inventory was 82.7 million tons, a week - on - week decrease of 1.7 and a year - on - year decrease of 74.0 [93]. - Coking coal inventory: The total inventory (coke enterprises + steel mills + coal mines + ports + coal washing plants) last week was 2998.56 million tons, a week - on - week increase of 84.18 and a year - on - year increase of 80.0 [100]. - Independent coke enterprises' average profit per ton of coke: Last week, it was - 10 yuan, a week - on - week increase of 45 and a year - on - year increase of 17 [105]. - Independent coke enterprises' capacity utilization rate and daily coke output: The capacity utilization rate last week was 72.2%, a week - on - week increase of 0.3 and a year - on - year decrease of 0.8. The daily coke output was 63.1 million tons, a week - on - week increase of 0.3 and a year - on - year decrease of 1.93 [109] 3.3.4 Ferroalloys - Spot prices: On February 6, the price of semi - carbonate manganese ore in Tianjin Port was 36 yuan/dry ton degree, unchanged from the previous week and a year - on - year decrease of 5. The spot price of ferromanganese in Inner Mongolia was 6520 yuan/ton, a week - on - week increase of 820 and a year - on - year increase of 120. The spot price of ferrosilicon in Inner Mongolia was 5370 yuan/ton, a week - on - week increase of 40 and a year - on - year decrease of 680 [132]. - Manganese ore inventory: In the week of January 30, the total port inventory was 435.7 million tons, a week - on - week increase of 10.9 and a year - on - year increase of 42.3. The inventory in Tianjin Port was 332.5 million tons, a week - on - week increase of 9.5 and a year - on - year decrease of 4.8 [136]. - Output: The weekly output of ferromanganese was 190995 tons, a week - on - week decrease of 1400 and a year - on - year decrease of 2345. The weekly output of ferrosilicon was 9.92 million tons, a week - on - week increase of 0.07 and a year - on - year decrease of 1.11 [139][141]. - Demand: The weekly demand for ferromanganese from five major steel products was 116059 tons, a week - on - week decrease of 1161 and a year - on - year increase of 2251. The weekly demand for ferrosilicon was 18497.7 tons, a week - on - week decrease of 261 and a year - on - year increase of 621 [143]. - Inventory: On February 6, the inventory of ferromanganese was 377800 tons, a week - on - week increase of 3500 and a year - on - year increase of 227300. The inventory of ferrosilicon was 66860 tons, a week - on - week decrease of 1040 and a year - on - year decrease of 9380 [147]