铁合金早报 | | | | | | | | | | 2025/10/13 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | | 宁夏#72 内蒙#72 | 5180 5200 | 0 0 | -50 -50 | 5480 5550 | 主力合约 01合约 | 5436 5396 | -36 -44 | -58 -72 | | 硅铁自然块 | | | | | | | | | | | 产区汇总价 | 青海#72 | 5200 | 0 | -50 | 5530 | 05合约 | 5508 | -64 | -82 | | | 陕西#72 | 5150 | 0 | -50 | 5450 | 09合约 | 5620 | -68 | -86 | | | 陕西#75 | 6100 | 0 | 0 | | 主力月基差 | 44 | 36 | 8 | | 硅铁合格块 | 江苏 ...

中泰期货研究所 黑色分析师:董雪珊 从业资格号:F3075616 交易咨询从业证书号 Z0018025 黑色供应周报-铁合金 2025年10月10日 全国硅铁周度产量:万吨 14 20 18 13 16 12 14 11 IS 10 10 8 9 6 4 2 下载 8 下午餐早餐加盟 早餐早餐店加盟 早餐早餐加盟 早餐早餐加盟 早餐早餐加盟 早餐 累计同比(右轴) 2023 -2021 2022 2024 ·2025 累计同比(右轴) 2022 2024 -2021 - 2023 2025 内蒙古-硅锰日均产量:万吨 内蒙古-硅铁日均产量:万吨 1.60 0.65 1.50 0.60 1.40 0.55 1.30 0.50 1.20 0.45 1.10 0.40 1.00 0.35 0.90 0.80 0.30 一个目标。 2017年 12月 12月 12月 12日 12時 12時 10時 10時 10時 10時 10時 10時 10時 10時 10時 10時 10時 1000 下されるなど、そこではなくなるとなると、そのことではない。 ここではなかったときになるとことできる。 このことではない。 2022 ...

硅铁&锰硅产业链周度报告 国泰君安期货研究所 黑色金属 李亚飞 投资咨询从业资格号： Z0021184 金园园 （联系人）从业资格号：F03134630 日期： 2025年10月12日 ◼ 本周锰矿价格坚挺，锰硅波动幅度有限，硅铁价格受基本面压力影响走势震荡偏弱，合金市场当前仍以观望为主。 | 基本面 | 条 | 锰硅（内蒙古） | 硅铁(宁夏） | 目 | 当期值 | 当期值 | 比 | 同 | 比 | 比 | 同 | 比 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 环 | 环 | 周产量（周） | | | | | | | | | | | | | | | | | | | | | | | 11 | 58 | 0 | 00% | 3 | 49% | 20 | 42 | -1 | 07% | 15 | 82% | 供 ...

大宗商品研究所 黑色金属研发报告 黑色金属早报 2025 年 10 月 10 日 公众号二维码 银河投研黑色与有色 研究员：周涛 期货从业证号：F03134259 投资咨询证号：Z0021009 研究员：丁祖超 期货从业证号：F03105917 投资咨询证号：Z0018259 研究员：戚纯怡 期货从业证号：F03113636 投资咨询证号：Z0018817 黑色金属每日早盘观察 钢材 【相关资讯】 1.本周，五大钢材品种供应 863.31 万吨，周环比降 3.76 万吨，降幅为 0.4%；总库存 1600.72 万吨，周环比增 127.86 万吨，增幅 8.7%；周消费量为 751.43 万吨，其中建材 消费环比降 32.8%，板材消费环比降 7.8%。 2.工信部最新数据显示，2025 年前八个月，我国规模以上工业中小企业增加值同比增 长 7.6%，增速比大型企业高 3.3 个百分点。8 月份，中小企业出口指数为 51.9%，连续 17 个月处于扩张区间。 现货价格：网价上海地区螺纹 3240 元（+10），北京地区 3170（+10），上海地区热卷 3350 元（+20），天津地区热卷 3290 元（+1 ...

大宗商品研究所 黑色金属研发报告 黑色金属日报 2025 年 10 月 10 日 铁合金日报 第一部分 市场信息 | | | | 期 货 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5436 | -36 | -350 | 102959 | -28210 | 124065 | -5872 | | SM主力合约 | 5760 | -8 | -178 | 125982 | -27369 | 376591 | 12742 | | | | | | 现 货 | | | | | 硅铁 | 现货价格 | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5300 | 0 | -180 | 硅锰6517内蒙 | 5680 | 0 | -20 | | 72%FeSi宁夏 | 5280 | 0 | -150 | 硅锰6517宁夏 | 5620 | 0 | -40 | | 72%FeSi ...

Report Date - The report is dated October 10, 2025 [1] Steel Industry Core View - Yesterday's upward movement in the steel futures market was a rebound driven by events and macro - optimistic sentiment, lacking fundamental support. With the core supply - demand contradiction unresolved, upward resistance is significant, and the market is expected to remain under pressure, but the impact of favorable macro - policies should be watched [3] Price Data - **Futures Prices**: On October 10, 2025, the closing price of the rebar 01 contract was 3103 yuan/ton, up from 3096 yuan/ton on October 9; the hot - rolled coil 01 contract closed at 3285 yuan/ton, down slightly from 3286 yuan/ton on October 9 [4] - **Spot Prices**: The aggregated rebar price in China on October 10 was 3262 yuan/ton, up from 3257 yuan/ton on October 9; the hot - rolled coil price in Shanghai remained at 3350 yuan/ton [7][9] - **Spread Data**: The rebar 01 - 05 month spread on October 10 was - 56 yuan/ton, up from - 63 yuan/ton on October 9; the hot - rolled coil 01 - 05 month spread remained at - 7 yuan/ton [4] Iron Ore Industry Core View - With the seasonal recovery of terminal demand, marginal improvement in fundamentals, and continuous supply - side disturbances, iron ore prices are expected to show an "easily rising and hard - falling" trend in the short term [19] Price Data - **Futures Prices**: On October 10, 2025, the closing price of the iron ore 01 contract was 795 yuan/ton, up 4.5 yuan from the previous day [20] - **Spot Prices**: The price of Rizhao PB powder on October 10 was 789 yuan/ton, up 5 yuan from the previous day [20] Fundamental Data - The daily average pig iron output on October 10 was 241.54 tons, down 0.27 tons from the previous week; the 45 - port ore handling volume was 327 tons, down 9.4 tons from the previous week [23] Coking Coal and Coke Industry Core View - In the fourth quarter, domestic coking coal mine production is restricted by policies. The winter storage this year is expected to be better than last year, providing phased support for coking coal and coke prices. However, the rebound height and sustainability of prices depend on the supply - demand balance of downstream steel [29] Price Data - **Futures Prices**: The coking coal 01 - 05 month spread on October 10 was - 98 yuan/ton, up 1 yuan from the previous day; the coke 01 - 05 month spread was - 152.5 yuan/ton, up 2.5 yuan from the previous day [33] - **Spot Prices**: The ex - factory price of Anze low - sulfur coking coal on October 10 was 1530 yuan/ton, unchanged from the previous day [34] Ferroalloy Industry Core View - The supply of ferroalloys is at a high level in the past five - year historical period, while demand has not improved significantly during the peak season. There is a prominent contradiction between high supply and weak demand. Cost factors and capital outflows also affect prices [43] Price Data - **Silicon Iron**: On October 10, 2025, the silicon iron basis in Ningxia was 94 yuan/ton, up 36 yuan from the previous day [44] - **Silicon Manganese**: The silicon manganese basis in Inner Mongolia on October 10 was 270 yuan/ton, up 8 yuan from the previous day [48] Soda Ash Industry Core View - Market sentiment fluctuations increase soda ash price volatility. With the second - phase ignition of Yuanxing, future supply pressure persists. The supply - demand pattern remains one of strong supply and weak demand, although exports have alleviated some domestic pressure [57] Price Data - **Futures Prices**: On October 10, 2025, the soda ash 05 contract closed at 1332 yuan/ton, down 12 yuan from the previous day [58] - **Spot Prices**: The heavy - soda market price in North China on October 10 was 1300 yuan/ton, unchanged from the previous day [61] Glass Industry Core View - High inventory in the upstream and mid - stream and weak real - world demand limit glass prices. The supply - demand pattern in the near - term is one of strong supply and weak demand. Attention should be paid to supply, cost, and inventory factors [85] Price Data - **Futures Prices**: On October 10, 2025, the glass 05 contract closed at 1334 yuan/ton, down 4 yuan from the previous day [86] - **Spot Prices**: The basis of the glass 05 contract in Shahe on October 10 was - 99 yuan/ton, up 10.8 yuan from the previous day [86]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The steel market shows a weak reality in the short - term, but the market's expectation for the recovery of steel demand is rising with the macro - environment turning loose. Steel prices still have a downward risk from the fundamental perspective, and policy signals and the Fourth Plenary Session trends need to be focused on [2]. - For iron ore, short - term iron ore prices may adjust if the finished steel situation weakens after the holiday. Attention should be paid to the "Silver October" performance after restocking [5]. - The black - building materials sector may first decline and then rise, similar to the situation in 2023. The market is expected to be driven by policies, and the black - building materials sector may gradually have the cost - effectiveness of long - position allocation in the long - term [10]. - Industrial silicon is expected to be mainly volatile in the short - term, and attention should be paid to the improvement of the supply - demand structure after the holiday [15]. - For polysilicon, the price may be supported if leading enterprises carry out maintenance in November, and attention should be paid to policy changes [17]. - Glass is recommended to be viewed more positively in the short - term, and attention should be paid to policy trends. Soda ash is expected to continue the volatile consolidation pattern in the short - term [20][22]. 3. Summary by Related Catalogs Steel Market Quotes - The closing price of the rebar main contract was 3096 yuan/ton, up 24 yuan/ton (0.781%) from the previous trading day. The registered warehouse receipts decreased by 10110 tons, and the main contract positions increased by 34297 lots. The spot prices in Tianjin and Shanghai increased by 10 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3286 yuan/ton, up 33 yuan/ton (1.014%) from the previous trading day. The registered warehouse receipts remained unchanged, and the main contract positions increased by 24718 lots. The spot prices in Lecong and Shanghai increased by 10 - 20 yuan/ton [1]. Strategy Views - The steel showed a volatile and stronger trend. The real demand during the holiday was weak, but the market's expectation for demand recovery is rising. The steel price has a downward risk, and policy signals and the Fourth Plenary Session trends need attention [2]. Iron Ore Market Quotes - The main contract (I2601) of iron ore closed at 790.50 yuan/ton, up 1.28% (+10.00). The positions increased by 12200 lots to 45.96 lots. The weighted positions were 75.65 lots. The spot price of PB powder at Qingdao Port was 784 yuan/wet ton, with a basis of 42.94 yuan/ton and a basis rate of 5.15% [4]. Strategy Views - During the holiday, steel mill production was stable, and overseas ore shipments were stable. The short - term iron ore price may adjust if the finished steel situation weakens. Attention should be paid to the "Silver October" performance after restocking [5]. Manganese Silicon and Ferrosilicon Market Quotes - Manganese silicon (SM601 contract) closed up 0.17% at 5768 yuan/ton. The spot price in Tianjin was 5670 yuan/ton, with a basis of 92 yuan/ton. Ferrosilicon (SF511 contract) closed down 0.40% at 5472 yuan/ton. The spot price in Tianjin was 5700 yuan/ton, with a basis of 228 yuan/ton [9]. Strategy Views - The black - building materials sector may first decline and then rise. Manganese silicon may be driven by manganese ore disturbances if the black - building materials sector strengthens. Ferrosilicon is likely to follow the black - building materials sector with low operation cost - effectiveness [10][11]. Industrial Silicon Market Quotes - The main contract (SI2511) of industrial silicon closed at 8640 yuan/ton, with no change. The weighted positions increased by 8057 lots to 407790 lots. The spot prices of different grades remained unchanged, with bases of 660 yuan/ton and 260 yuan/ton respectively [13]. Strategy Views - Industrial silicon is expected to be mainly volatile in the short - term. If production cuts occur in the southwest during the dry season and demand remains stable, the far - month contract valuation may increase. Attention should be paid to the improvement of the supply - demand structure after the holiday [14][15]. Polysilicon Market Quotes - The main contract (PS2511) of polysilicon closed at 50765 yuan/ton, down 1.16% (-595). The weighted positions increased by 7663 lots to 234012 lots. The spot prices of different grades remained unchanged, with a basis of 1785 yuan/ton [16]. Strategy Views - The current polysilicon price lacks upward drive. If leading enterprises carry out maintenance in November, the fundamentals may improve, and attention should be paid to policy changes [17]. Glass and Soda Ash Market Quotes - Glass: The main contract closed at 1218 yuan/ton, up 0.66% (+8). The inventory increased by 346.9 million boxes (+5.84%). The long positions of the top 20 increased by 91284 lots, and the short positions increased by 131962 lots [19]. - Soda ash: The main contract closed at 1250 yuan/ton, down 0.40% (-5). The inventory decreased by 10.41 million tons. The long positions of the top 20 increased by 41693 lots, and the short positions increased by 27467 lots [21]. Strategy Views - Glass: The terminal demand is weak. It is recommended to view it more positively in the short - term and pay attention to policy trends [20]. - Soda ash: The domestic soda ash market is generally stable. It is expected to continue the volatile consolidation pattern in the short - term [22].

2025 年 10 月 10 日 硅铁：市场观望气氛浓厚，宽幅震荡 锰硅：市场观望气氛浓厚，宽幅震荡 | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | 【基本面跟踪】 资料来源：钢联、同花顺、国泰君安期货研究 【宏观及行业新闻】 1.铁合金在线：10 月 9 日硅铁 72#：陕西 5150-5250（-50），宁夏 5200-5300（-100），青海 5200- 5300（-50），甘肃 5250-5300（-50），内蒙 5250-5350（-50）；75#硅铁：陕西 6150-6200，宁 夏 5900-6000（-100），青海 6000-6050（-50），甘肃 6000-6050，内蒙 6100-6150（现金含税自 然块出厂，元/吨）；硅铁 FOB：72#1050-1070，75#1120-1150（美元/吨，含税）。硅锰 6517#北方 报价 5650-5750 元/吨；南方报价 5750-58 ...

铁合金早报 | | | | | | | | | | 2025/10/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5180 | -50 | -50 | 5480 | 主力合约 | 5472 | -22 | -22 | | | 内蒙#72 | 5200 | -50 | -50 | 5550 | 01合约 | 5440 | -28 | -28 | | 产区汇总价 | 青海#72 | 5200 | -50 | -50 | 5530 | 05合约 | 5572 | -18 | -18 | | | 陕西#72 | 5150 | -50 | -50 | 5450 | 09合约 | 5688 | -18 | -18 | | | 陕西#75 | 6100 | 0 | 0 | | 主力月基差 | 8 | -28 | -28 | | ...

节假日期间，五大材表需表现疲软，库存累积速度明显快于往年同期，库销比已升至近年同期最高水平。尤其热卷库存累积幅度显著，表明此前基本面相对偏强的 品种也呈现出压力。整体来看，钢材市场仍面临较大的去库压力。当前长流程钢厂尚有一定利润空间，自主减产动力不足，而需求端暂未出现明显超预期的好转。 在此背景下，高供应与需求不足之间的矛盾持续显现，负反馈减产压力逐步积累，节前原料端呈现明显补库支撑，但在钢材需求不足状态下预计节后原料补库动力 较弱。综合来看，基本面偏弱，盘面或承压运行。 | 螺纹、热卷盘面价格. | | | 螺纹、热卷月差. | | | | --- | --- | --- | --- | --- | --- | | | 2025-10-09 | 2025-09-30 | | 2025-10-09 | 2025-09-30 | | 螺纹钢01合约收盘价 | 3096 | 3072 | 螺纹01-05月差 | -63 | -56 | | 螺纹钢05合约收盘价 | 3159 | 3128 | 螺纹05-10月差 | 139 | 139 | | 螺纹钢10合约收盘价 | 3020 | 2989 | 螺纹10-01月 ...