Group 1 - The core viewpoint of the news is the successful financing of the integrated source-grid-load-storage project by Inner Mongolia Xinmeng New Energy Technology Co., Ltd., which received a loan of 10 million yuan from China Everbright Bank, marking a significant step in supporting green energy projects and local economic development [1][2] - The integrated source-grid-load-storage model is highlighted as a key form of the new power system, addressing challenges in renewable energy consumption and high energy consumption in traditional industries [1] - The project aims to enhance the use of green electricity in the ferroalloy production process, significantly reducing energy consumption and carbon emissions, thus setting a benchmark for industry transformation [1] Group 2 - China Everbright Bank's Hohhot branch focuses on supporting green financial needs under the "dual carbon" goals, emphasizing energy transition and industrial upgrading [2] - The bank quickly formed a professional service team to tailor financial solutions for the project, demonstrating its commitment to green finance and confidence in the development potential of the integrated model [2] - The project is expected to improve local employment and upgrade the industrial chain, contributing to Inner Mongolia's goal of becoming a national green energy industry base [2]

Rebar Steel - The rebar futures contract closed at 3127 CNY/ton, down 9 CNY/ton or 0.29%, with a reduction in open interest by 15,600 contracts [3][12] - The national rebar production increased by 27,100 tons week-on-week to 1,843,900 tons, but decreased by 319,100 tons year-on-year [3][12] - The current supply-demand dynamics are neutral, with strong real demand but expectations of weakening demand as the off-season approaches [3][12] Iron Ore - The iron ore futures contract closed at 778.5 CNY/ton, down 1 CNY/ton or 0.13%, with trading volume of 150,000 contracts and an increase in open interest by 13,000 contracts [4][13] - The total iron ore inventory at 47 ports increased by 3,944,300 tons to 166,199,600 tons, while steel mill inventories rose by 1,360,000 tons to 8,860,000 tons [4][13] - The market is expected to experience volatility due to mixed supply and demand factors, including high furnace maintenance and restarts [4][13] Coking Coal - The coking coal futures contract closed at 1124 CNY/ton, down 8 CNY/ton or 0.71%, with an increase in open interest by 3,115 contracts [6][14] - A coal mine accident in Yunnan has led to temporary shutdowns, exacerbating supply tightness [6][14] - Demand remains weak as steel mills continue to face profit pressures, leading to cautious purchasing behavior [6][14] Coking Coke - The coking coke futures contract closed at 1739 CNY/ton, down 7 CNY/ton or 0.4%, with an increase in open interest by 330 contracts [7][14] - The market for coking coke remains stable, with no significant price changes reported at major ports [7][14] - Demand is under pressure due to weak consumption in the market, leading to cautious purchasing strategies from steel mills [7][14] Manganese Silicon - The manganese silicon futures contract closed at 5846 CNY/ton, up 0.48%, with a decrease in open interest by 3,752 contracts [8][15] - Weekly manganese silicon production has decreased to a median level compared to previous years, with some factories reducing output [8][15] - Inventory levels among 63 sample enterprises increased by 2,500 tons to 384,500 tons, indicating limited demand support [8][15] Silicon Iron - The silicon iron futures contract closed at 5692 CNY/ton, up 0.85%, with an increase in open interest by 6,584 contracts [9][16] - Recent production data shows a 6.1% decrease in weekly silicon iron output, with both reductions and restarts occurring [9][16] - Inventory levels among 60 sample enterprises decreased by 1,550 tons to 63,610 tons, suggesting a tightening supply situation [9][16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall sentiment in the commodity market was positive yesterday, and the prices of finished steel products continued to fluctuate within the bottom range. The terminal demand remains weak, and steel prices are expected to maintain a bottom - range oscillation. The prices of finished products are under short - term pressure due to export license management policies but are expected to gradually digest policy disturbances. The willingness for winter storage is weak, and the macro level is in a policy observation period [3]. - For iron ore, the recent market environment is relatively mild. The decline in hot metal production has reduced marginal pressure. The late Spring Festival in 2026 has postponed the restocking time, and the low inventory of steel mills provides restocking demand expectations. Iron ore prices are expected to mainly operate within the oscillation range [5]. - For manganese silicon and ferrosilicon, the market macro - sentiment fluctuations have temporarily ended, and the black chain index has rebounded. The future market contradictions lie in the direction of the black sector, the cost - push from manganese ore for manganese silicon, and the supply contraction of ferrosilicon due to losses. Attention should be paid to the "dual - carbon" policy and possible emergencies in the manganese ore market [8][9]. - For industrial silicon, the short - term price rebounds to fill the gap and fluctuates strongly. The supply decline depends on the production rhythm in the northwest. The demand from polysilicon weakens, and the demand from silicone is relatively stable in the short term. The price is expected to follow the market fluctuations, and attention should be paid to new supply - side disturbances in the northwest [12]. - For polysilicon, the production is expected to decline in December, but the decline may be limited. The downstream demand is weak, and the inventory pressure before the Spring Festival is difficult to relieve. Although the upper - middle reaches are raising prices, the futures price is still unstable, and attention should be paid to spot transactions and warehouse receipt registration [16]. - For glass, the demand recovery is weak, and the market is in a supply - demand relaxation pattern. In the short term, the market is expected to continue the narrow - range oscillation [19]. - For soda ash, the downstream demand is weak, the inventory is accumulating, and the cost support is weakening. The price decline space is limited due to corporate losses. The market rebound is expected to be limited, and short positions can be considered [21]. 3. Summary by Relevant Catalogs Steel Products a. Market Information - The closing price of the rebar main contract was 3127 yuan/ton, down 9 yuan/ton (- 0.28%) from the previous trading day. The registered warehouse receipts decreased by 2057 tons to 58627 tons, and the main - contract open interest decreased by 15590 lots to 1.581839 million lots. In the spot market, the rebar price in Tianjin was 3170 yuan/ton (unchanged), and in Shanghai it was 3310 yuan/ton, down 10 yuan/ton [2]. - The closing price of the hot - rolled coil main contract was 3280 yuan/ton, down 5 yuan/ton (- 0.15%) from the previous trading day. The registered warehouse receipts increased by 295 tons to 104588 tons, and the main - contract open interest increased by 9350 lots to 1.238912 million lots. In the spot market, the hot - rolled coil price in Lecong was 3260 yuan/ton (unchanged), and in Shanghai it was 3280 yuan/ton, up 10 yuan/ton [2]. b. Strategy Viewpoints - Rebar production increased slightly this week, apparent demand declined, and the inventory level was at a five - year low. For hot - rolled coils, production continued to decline, apparent demand strengthened slightly, inventory continued to decrease, and inventory contradictions were marginally alleviated. Beijing's relaxation of housing purchase policies may have a demonstration effect on other first - tier cities and help digest real - estate inventory. Overall, terminal demand is weak, and steel prices are expected to oscillate at the bottom [3]. Iron Ore a. Market Information - The closing price of the iron ore main contract (I2605) was 778.50 yuan/ton, with a change of - 0.13% (- 1.00). The open interest increased by 13387 lots to 567100 lots, and the weighted open interest was 932500 lots. The price of PB fines at Qingdao Port was 793 yuan/wet ton, with a basis of 63.96 yuan/ton and a basis ratio of 7.59% [4]. b. Strategy Viewpoints - In terms of supply, the overseas iron ore shipments decreased in the latest period. Shipments from Australia and Brazil both declined, while those from non - mainstream countries rebounded slightly. The near - end arrivals decreased. In terms of demand, the daily average hot - metal production was stable at 226.58 tons. The profitability of steel mills improved. Port inventories continued to accumulate, and steel mills' imported ore inventories increased but were still at a five - year low. Iron ore prices are expected to mainly operate within the oscillation range [5]. Manganese Silicon and Ferrosilicon a. Market Information - On December 25, the manganese silicon main contract (SM603) fluctuated, closing up 0.24% at 5846 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5720 yuan/ton, with a converted basis of 5910 yuan/ton, unchanged from the previous day, and a premium of 64 yuan/ton over the futures. The ferrosilicon main contract (SF603) closed up 0.64% at 5692 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5700 yuan/ton, unchanged from the previous day, and a premium of 8 yuan/ton over the futures [7]. b. Strategy Viewpoints - The macro - sentiment fluctuations have ended, and the black chain index has rebounded. The supply - demand pattern of manganese silicon is not ideal, but most factors have been priced in. The supply - demand of ferrosilicon is basically balanced, and supply has declined due to losses. Future market contradictions lie in the black sector's direction, manganese ore cost - push for manganese silicon, and ferrosilicon supply contraction due to losses [8][9]. Industrial Silicon and Polysilicon a. Market Information - Industrial silicon: The closing price of the main contract (SI2605) was 8835 yuan/ton, down 0.28% (- 25). The weighted open interest decreased by 1468 lots to 396686 lots. The spot price of 553 non - oxygenated industrial silicon in East China was 9200 yuan/ton (unchanged), with a basis of 365 yuan/ton; the price of 421 was 9650 yuan/ton (unchanged), with a basis of 15 yuan/ton [11]. - Polysilicon: The closing price of the main contract (PS2605) was 60760 yuan/ton, up 4.22% (+ 2460). The weighted open interest increased by 2097 lots to 212843 lots. The average spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material were unchanged. The basis was - 8410 yuan/ton. The Guangzhou Futures Exchange adjusted trading rules for polysilicon futures contracts from December 29, 2025 [13][14][15]. b. Strategy Viewpoints - Industrial silicon: The short - term price rebounds to fill the gap and fluctuates strongly. Supply decline depends on the northwest production rhythm, and polysilicon demand support weakens. The price is expected to follow market fluctuations, and attention should be paid to new supply - side disturbances in the northwest [12]. - Polysilicon: Production is expected to decline in December, but the decline may be limited. Downstream demand is weak, and inventory pressure is difficult to relieve. Although the upper - middle reaches are raising prices, the futures price is unstable, and attention should be paid to spot transactions and warehouse receipt registration [16]. Glass and Soda Ash a. Market Information - Glass: The glass main contract closed at 1048 yuan/ton on Thursday afternoon, up 1.95% (+ 20). The price of large - size glass in North China was 1020 yuan (unchanged), and in Central China it was 1060 yuan, down 20 yuan. The weekly inventory of float - glass sample enterprises was 58.558 million cases, up 0.57% (331000 cases). The top 20 long - position holders reduced 13175 long positions, and the top 20 short - position holders reduced 13150 short positions [18]. - Soda ash: The soda ash main contract closed at 1184 yuan/ton on Thursday afternoon, up 0.77% (+ 9). The price of heavy soda ash in Shahe was 1137 yuan (unchanged). The weekly inventory of soda - ash sample enterprises was 1.4993 million tons, up 0.57% (5000 tons), with heavy - soda inventory down 18800 tons and light - soda inventory up 23800 tons. The top 20 long - position holders reduced 11632 long positions, and the top 20 short - position holders reduced 13318 short positions [20]. b. Strategy Viewpoints - Glass: Demand recovery is weak, and the market is in a supply - demand relaxation pattern. In the short term, the market is expected to continue the narrow - range oscillation [19]. - Soda ash: Downstream demand is weak, inventory is accumulating, and cost support is weakening. The price decline space is limited due to corporate losses. The market rebound is expected to be limited, and short positions can be considered [21].

黑色供应周报-铁合金 2025年12月26日 中泰期货研究所 -30 -40 -50 r would been been been been been been been teen mont teen wond teen wond trent would more work and the m 11 IS 10 10 18 8 9 IE 6 14 4 12 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) 2024 -2021 2022 - 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 = 2 下载 8 ° * 2022 2023 2024 2025 2021 2022 2023 2024 ·2025 宁夏-硅铁日均产量:万吨 宁夏-硅锰日均产量:万吨 1.00 0.50 0.45 ...

2025/12/26 | 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 | 5250 | 20 | 50 | 5550 | 主力合约 | 5692 | 36 | 100 | | | 内蒙#72 | 5270 | 0 | 20 | 5620 | 01合约 | 5556 | 30 | 78 | | 产区汇总价 | 青海#72 | 5250 | 50 | 80 | 5580 | 05合约 | 5632 | 26 | 86 | | | 陕西#72 | 5220 | 20 | 40 | 5520 | 09合约 | 5680 | 14 | 64 | | | 陕西#75 | 5650 | 0 | 50 | | 主力月基差 | -142 | -16 | -50 | | 硅铁合格块 | 江苏#72 | 5700 | 0 | 50 | | 1-5月差 ...

硅铁 供应方面，2025年1—11月硅铁产量为510万吨，较2024年同期增加1.75万吨。其中，甘肃产量增长最为 显著，青海产量降幅最大，内蒙古及宁夏产量维持稳定增长。新增产能方面，近些年，硅铁新增产能以 置换为主，总产能稳步增长。据钢联调研，2026年硅铁产能将达到1041.3万吨，新增产能预计在103.8万 吨。其中，投产确定性较大的产能约为25.2万吨，项目投产多集中在下半年或年底。此外，新疆近两年 审批通过了多个兰炭—硅铁—金属镁项目，也需关注后续项目进度。 2025年铁合金价格震荡下行，核心驱动是供应增速过快和成本支撑下移。 需求端，2025年锰硅需求超预期增长。钢厂盈利情况显著好转，炼钢需求强劲为锰硅增产提供动力。但 受制于锰硅较高的供应水平，厂家持续累库对锰硅价格形成拖累。展望2026年，在钢材终端需求中，出 口及制造业决定边际增量，预计在今年高增长情况下，边际增速将有所放缓，但韧性仍存。因此，对锰 硅而言，在需求端难有大幅增长的情况下，供应仍是决定价格走势的关键因素。 锰矿方面，2025年锰矿供需两旺。开年受加蓬矿减发、下游合金厂补库影响，锰矿港口库存大幅去化。 后续国内粗钢产量居高不下，致 ...

机构观点 瑞达期货（002961）：宏观面，央行：要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度。供应端开工率降至年内低位，产量减 少，库存大幅下降；需求端虽环比略增，但仍处年度低位区间。利润方面，内蒙古现货利润-270元/吨;宁夏现货利润-391元/吨。技术方面，日K线 位于20与60均线上方，短期基本面稍有好转，但终端需求依旧疲软，预计维持震荡运行，请投资者注意风险控制。 新湖期货：基本面来看，硅铁供需结构阶段性优于锰硅，产量下降较大，供需错配问题有所修复，基于预期内的需求减量较难对于盘面有大幅影 响；显性库存减少亦对基本面有所提振；成本端，电价及兰炭两项重要成本价格坚挺，并且季节性抬升，硅铁价格下方支撑稳定。总体来看，硅 铁现阶段基本面优于锰硅，产量减少幅度较大，对于市场信心有所修复，短期依旧维持区间内逢低做多，中长期价格仍有继续下跌空间。 陕西双翼停产1*40500硅铁矿热炉，影响日产100-120吨，复产时间待定。 数据显示，12月24日硅铁现货价格报5250元/吨，较上一日下跌4.29元/吨，当日跌幅为0.08%。最近一周，硅铁价格累计上涨82.86元/吨，上涨幅度 为1.60%；最近一 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The overall sentiment in the commodity market was positive yesterday, and the prices of finished steel products continued to fluctuate within the bottom range. The steel prices are expected to maintain a bottom - range oscillation. Affected by the export license management policy, the prices of finished products still face some short - term pressure, and the policy impact is expected to be gradually digested later. The willingness for winter storage is weak, and it is difficult to form a concentrated replenishment market. The macro - level is still in the policy observation period, and attention should be paid to the "dual - carbon" policy [2]. - The price of iron ore is expected to mainly operate within an oscillatory range. The support at the lower level is relatively solid in the short term. After the rebound of the futures price, the basis has shrunk [5]. - The market sentiment of the black commodity chain has clearly warmed up. The future trends of ferrosilicon and manganese - silicon are mainly led by the black commodity sector, and attention should be paid to the cost - push from manganese ore for manganese - silicon and the supply contraction of ferrosilicon due to losses. Also, the impact of "dual - carbon" policies on the supply of ferrous alloys needs attention [8][9]. - The price of industrial silicon is expected to fluctuate in the short term, and attention should be paid to new supply - side disturbances in the northwest region [12]. - The futures price of polysilicon is expected to be unstable, and attention should be paid to spot transactions and warehouse receipt registration [15]. - The glass market is expected to continue a narrow - range oscillation in the short term due to weak demand and limited capacity contraction [18]. - The soda ash market's rebound is expected to be limited, and short positions can be considered [20]. 3. Summary by Related Categories Steel Products (Rebar and Hot - Rolled Coil) Rebar - **Market Quotes**: The closing price of the rebar main contract in the afternoon was 3136 yuan/ton, up 8 yuan/ton (0.255%) from the previous trading day. The registered warehouse receipts on the day were 60684 tons, with no change from the previous day. The position of the main contract was 1.597429 million lots, an increase of 17388 lots. The aggregated rebar price in Tianjin was 3170 yuan/ton, and in Shanghai was 3320 yuan/ton, both with no change [1]. - **Strategy Viewpoint**: This week, the supply and demand of rebar both increased, and the inventory continued to decline, showing off - season characteristics. The overall terminal demand is still weak, and the steel price is expected to maintain a bottom - range oscillation [2]. Hot - Rolled Coil - **Market Quotes**: The closing price of the hot - rolled coil main contract was 3285 yuan/ton, up 4 yuan/ton (0.121%) from the previous trading day. The registered warehouse receipts on the day were 104293 tons, with no change from the previous day. The position of the main contract was 1.229562 million lots, an increase of 31165 lots. The aggregated hot - rolled coil price in Lecong was 3260 yuan/ton, and in Shanghai was 3270 yuan/ton, both with no change [1]. - **Strategy Viewpoint**: The production of hot - rolled coils has significantly declined, the apparent demand has weakened slightly, the inventory has continued to fall, but the inventory pressure is still relatively prominent. The steel price is expected to maintain a bottom - range oscillation [2]. Iron Ore - **Market Quotes**: The main iron ore contract (I2605) closed at 779.50 yuan/ton, with a change of +0.13% (+1.00). The position changed by - 317 lots to 553,700 lots. The weighted position of iron ore was 920,100 lots. The price of PB fines at Qingdao Port was 791 yuan/wet ton, with a basis of 60.78 yuan/ton and a basis ratio of 7.23% [4]. - **Strategy Viewpoint**: The overseas iron ore shipments in the latest period decreased month - on - month. The daily average pig iron production continued to decline. The port inventory continued to increase, while the steel mills' imported ore inventory dropped to the lowest level in the same period in the past five years. The iron ore price is expected to mainly operate within an oscillatory range [5]. Ferrous Alloys (Manganese - Silicon and Ferrosilicon) Manganese - Silicon - **Market Quotes**: On December 24, the main manganese - silicon contract (SM603) maintained an oscillation, closing up 0.17% at 5832 yuan/ton. The spot price in Tianjin was 5720 yuan/ton, equivalent to 5910 yuan/ton on the futures basis, with a premium of 78 yuan/ton over the futures price [7]. - **Strategy Viewpoint**: The supply - demand pattern of manganese - silicon is still not ideal, but most of these factors have been reflected in the price. Future trends are led by the black commodity sector, and attention should be paid to cost - push from manganese ore and the impact of "dual - carbon" policies [9]. Ferrosilicon - **Market Quotes**: The main ferrosilicon contract (SF603) closed up 0.14% at 5656 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5700 yuan/ton, with a premium of 44 yuan/ton over the futures price [7]. - **Strategy Viewpoint**: The supply - demand structure of ferrosilicon is basically balanced. Due to increasing production losses, some enterprises have shut down or switched production, leading to a supply decline and a certain rebound in the futures price. Future trends are led by the black commodity sector, and attention should be paid to supply contraction due to losses and the impact of "dual - carbon" policies [9]. Industrial Silicon and Polysilicon Industrial Silicon - **Market Quotes**: The closing price of the main industrial silicon contract (SI2605) was 8860 yuan/ton, with a change of +0.91% (+80). The weighted contract position changed by - 2859 lots to 398,154 lots. The spot price of non - oxygenated 553 in East China was 9200 yuan/ton, and the 421 was 9650 yuan/ton, both with no change. The basis of the main contract was 340 yuan/ton for 553 and - 10 yuan/ton for 421 [11]. - **Strategy Viewpoint**: The industrial silicon futures price rebounded in the short term. The weekly production decreased slightly, and the demand from polysilicon weakened. The price is expected to fluctuate in the short term, and attention should be paid to new supply - side disturbances in the northwest [12]. Polysilicon - **Market Quotes**: The closing price of the main polysilicon contract (PS2605) was 58300 yuan/ton, with a change of - 1.56% (- 925). The weighted contract position changed by - 12830 lots to 210,746 lots. The average spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material were stable, with a basis of - 5950 yuan/ton for the main contract. The Guangzhou Futures Exchange has introduced position limits and added delivery warehouses [13][14]. - **Strategy Viewpoint**: The polysilicon production in December is expected to continue to decline, but the decline may be limited. The downstream demand is weak, and the inventory accumulation pressure is difficult to relieve before the Spring Festival. The futures price is expected to be unstable, and attention should be paid to spot transactions and warehouse receipt registration [15]. Glass and Soda Ash Glass - **Market Quotes**: On Wednesday afternoon at 15:00, the main glass contract closed at 1048 yuan/ton, up 1.95% (+20). The large - plate price in North China was 1020 yuan, with no change; the price in Central China was 1060 yuan, down 20 yuan. The weekly inventory of float glass sample enterprises was 58.558 million cases, up 0.57%. The top 20 long - position holders reduced their positions by 28192 lots, and the top 20 short - position holders reduced their positions by 31578 lots [17]. - **Strategy Viewpoint**: The demand recovery is still weak, and the market is in a supply - demand loosening pattern. The market is expected to continue a narrow - range oscillation in the short term [18]. Soda Ash - **Market Quotes**: On Wednesday afternoon at 15:00, the main soda ash contract closed at 1184 yuan/ton, up 0.77% (+9). The price of heavy soda ash in Shahe was 1137 yuan, with no change. The weekly inventory of soda ash sample enterprises was 1.4993 million tons, up 0.57%. The top 20 long - position holders reduced their positions by 13051 lots, and the top 20 short - position holders reduced their positions by 14971 lots [19]. - **Strategy Viewpoint**: The downstream demand is weak, the factory inventory is accumulating, and the cost support is weakening. The market rebound is expected to be limited, and short positions can be considered [20].

Rebar Steel - The rebar futures contract closed at 3136 CNY/ton, up 8 CNY/ton, a 0.26% increase, with an increase in open interest by 17,400 contracts [3][12] - The national construction material output rose by 44,100 tons to 3,557,800 tons, while social inventory decreased by 340,100 tons to 4,748,900 tons [3][12] - The current supply-demand situation for rebar is strong, with price support due to specification shortages in multiple regions, although market sentiment remains cautious as steel mills are expected to increase production in January [3][12] Iron Ore - The iron ore futures contract closed at 779.5 CNY/ton, up 1 CNY/ton, a 0.13% increase, with a trading volume of 220,000 contracts [4][13] - Supply from Australia and Brazil has decreased, while other countries have seen slight increases in shipments [4][13] - The demand side is weakening as steel mills undergo annual inspections, leading to a larger decline in pig iron production and continuous accumulation of port inventories [4][13] Coking Coal - The coking coal futures contract closed at 1132 CNY/ton, up 6.5 CNY/ton, a 0.58% increase, with a decrease in open interest by 8,652 contracts [5][14] - In the Shanxi region, the main coking coal price increased to 1097 CNY/ton, while other coal prices remained stable [5][14] - Supply is tightening as some mines have completed their annual production targets, leading to limited production and cautious trading attitudes [5][14] Coke - The coke futures contract closed at 1746 CNY/ton, up 5 CNY/ton, a 0.29% increase, with a decrease in open interest by 552 contracts [6][15] - The spot market for coke has seen a price drop, with the price at the Rizhao port down by 20 CNY/ton [6][15] - Steel mills are entering maintenance periods, which is suppressing their daily consumption and leading to cautious procurement of raw materials [6][15] Manganese Silicon - The manganese silicon futures contract closed at 5832 CNY/ton, down 0.03%, with an increase in open interest by 4,634 contracts to 275,700 contracts [7][17] - Production in December has decreased in several regions, but some high-silicon production has increased, leading to a mixed supply situation [7][17] - Inventory levels have increased, with a notable rise in stock among 63 sample enterprises [7][17] Silicon Iron - The silicon iron futures contract closed at 5656 CNY/ton, down 0.07%, with a decrease in open interest by 1,568 contracts to 248,900 contracts [8][18] - Recent production has decreased, with a 6.1% drop in weekly output [8][18] - Inventory levels have significantly decreased among 60 sample enterprises, indicating a tightening supply situation [8][18]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint No relevant information provided. 3. Summary by Related Catalogs Price - The price of silicon - iron and silicon - manganese in different regions and varieties is presented, including spot prices, factory - to - futures prices, and futures prices of different contracts [2]. - The price trends of silicon - iron and silicon - manganese in different regions from 2021 to 2025 are shown through multiple price charts, such as market prices, export and import prices, basis differences, and inter - month spreads [3][6]. Supply - The supply data of silicon - iron includes the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates of enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly), and the production volume of Chinese stainless - steel crude steel (monthly) [4]. - The supply data of silicon - manganese includes the weekly production volume of Chinese silicon - manganese, procurement prices and quantities of Hebei Iron and Steel Group (monthly), and the market prices of related products like high - carbon ferromanganese and electrolytic manganese [6]. Demand - The demand - related data of silicon - iron includes the estimated and actual production volume of Chinese crude steel (monthly), the price and production volume of metal magnesium, the export volume of silicon - iron (monthly), and the procurement volume of Hebei Iron and Steel Group (monthly) [4]. - The demand - related data of silicon - manganese includes the demand volume of Chinese silicon - manganese (in ten thousand tons, Steel Union's caliber), the export volume of silicon - manganese (monthly), and the estimated production volume of Chinese crude steel (monthly) [4][7]. Inventory - The inventory data of silicon - iron includes the inventory of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in different regions (monthly) [5]. - The inventory data of silicon - manganese includes the inventory of 63 sample enterprises in China (weekly, in tons), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in China (monthly) [7]. Cost and Profit - For silicon - iron, the cost - related factors include electricity prices in different regions, the market price of semi - coke, the production cost in Ningxia and Inner Mongolia, and the profit includes the profit of 75 - grade silicon - iron exports, the profit of Ningxia silicon - iron in the spot and futures markets [5]. - For silicon - manganese, the cost - related factors include the prices of chemical coke and various manganese ores, and the profit includes the profit in Inner Mongolia, Guangxi, and different regions, and the profit of Guangxi and Ningxia silicon - manganese in the futures market [6][7].