免责声明 本报告中的信息均来源于公开可获得资料 ，瑞达期货股份有限公司力求准确可靠 ，但对这些信息的准确性及完整性不做任何保证 ，据此投资，责 任自负。本报告不构成个人投资建议 ，客户应考虑本报告中的任何意见或建议是否符合其特定状况 。本报告版权仅为我公司所有 ，未经书面许 可，任何机构和个人不得以任何形式翻版 、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院 ，且不得对本报告 进行有悖原意的引用 、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,556.00 | +20.00↑ | SF主力合约收盘价（日，元/吨） | 5,290.00 | +26.00↑ | | | SM期货合约持仓量（日，手） | 604,926.00 | -3809.00↓ | SF期货合约持仓量（日，手） | 421,681.00 | -5365.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -3 ...

| | | | | | | | | | 2025/6/18 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5050 | 50 | 50 | 5310 | 主力合约 | 5264 | -28 | 90 | | | 内蒙#72 | 5050 | 0 | -100 | 5350 | 01合约 | 5230 | -18 | 68 | | 产区汇总价 | 青海#72 | 5100 | 50 | 50 | 5430 | 05合约 | 5254 | -22 | 80 | | | 陕西#72 | 5050 | 50 | 50 | 5350 | 09合约 | 5264 | -28 | 90 | | | 陕西#75 | 5600 | 0 | 0 | | 主力月基差 | 46 | 78 | -40 | | 硅铁合格块 | 江苏#72 | 54 ...

在6月10日举行的2025中国产业转移发展对接活动（内蒙古）新材料专题对接会上，内蒙古自治区乌兰 察布市副市长于海成表示，乌兰察布市要将铁合金产业打造成为"千亿级"产业。 于海成表示，铁合金既是乌兰察布市的传统产业、优势产业，也是未来的核心支柱产业。乌兰察布市将 发挥新能源资源丰富的优势，加强与科研院所合作，积极推进绿能替代，探索无碳冶炼等新技术、新工 艺，逐步把铁合金产业打造为低碳、零碳产业，让绿色低碳成为乌兰察布铁合金产业高质量发展的鲜明 底色。 资讯编辑：祝蓉 021-66896654 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 乌兰察布市是一座合金之城，经过20多年发展和产业升级，全市铁合金产业规模不断壮大，年产能达 1142万吨，占全国总产能的22%，其中高碳铬铁、锰硅合金产能分别以62%、38%的全国占比稳居龙 头。凭借连续3年全国产业规模第一的领先地位，乌兰察布市成为内蒙古最大的铁合金产业集聚地、全 国最大的铁合金生产地级市。 近年来，乌兰察布市全面推动铁合金产业向绿色低碳生产转型，152万吨落后产能全部退出，腾出能耗 200万吨标煤，企业数量由202 ...

2025 年 6 月 17 日 硅铁：板块情绪共振，宽幅震荡 锰硅：板块情绪共振，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】 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2507 | 5394 | 8 4 | 27,123 | 51,513 | | 期 货 | 硅铁2509 | 5292 | 100 | 177,993 | 221,404 | | | 锰硅2507 | 5574 | 112 | 4,614 | 21,515 | | | 锰硅2509 | 5584 | 108 | 255,787 | 427,041 | | | 项 目 | | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | --- | | 货 | 硅铁:FeSi75-B:汇 ...

所长 早读 国泰君安期货 2025-06-17 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-06-17 所长 早读 今 日 发 现 5 月宏观数据公布，社零数据表现亮眼 观点分享： 昨日公布了最新的国内宏观经济数据，5 月社会消费品零售同比增 6.4%，创 2023 年 12 月来最高；5 月规模以上工业增加值同比增长 5.8%，新能源汽车、工业机器人产量较快增长； 1-5 月份城镇固定资产投资增长 3.7%。分领域看，基础设施投资同比增长 5.6%，制造业投 资增长 8.5%，房地产开发投资下降 10.7%；1-5 月房地产开发投资同比下降 10.7%，5 月 70 城房价：各线城市二手房价环比降幅扩大，一线、二线新房房价环比转降。其中最亮眼的当 属社会消费品零售总额同比增长 6.4%，远超市场预期的 5%。消费品以旧换新政策持续显效， 限额以上单位家用电器和音像器材类、通讯器材类、文化办公用品类、家具类商品零售额分 别增长 53.0%、33.0%、30.5%、25.6%。汽车类零售同比增长 1.1%，石油及制品类零售下 滑7%。可以看到消费市场正在逐步恢复活力，尤其是在节假日和 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - **Steel**: The conflict between Iran and Israel has led to a significant increase in coking coal prices due to the impact of rising crude oil prices, driving a slightly stronger trend in ferrous metals including steel. However, it does not change the pattern of loose supply and demand of Chinese steel. In the short term, it will boost market sentiment, but the downward trend remains. It is recommended to take a short - position approach on rallies or sell out - of - the - money call options [1]. - **Iron Ore**: The global iron ore shipment volume decreased slightly this week, with the reduction mainly in Australia, but Australian shipments remained at a high level overall, and Brazilian shipments increased steadily. The arrival volume decreased slightly, mainly due to the reduction of Brazilian ore arrivals. In the future, the average arrival volume will still remain at a relatively high level. The terminal demand for finished products is at risk of weakening in the off - season, but there is still some resilience in the short term. The 09 contract of iron ore should be considered from a bearish perspective in the medium - to - long term [4]. - **Coke**: The coke futures oscillated and rose, while the spot was weakly stable, showing a divergence between futures and spot. There are still expectations of 1 - 2 rounds of price cuts in the future. The supply has decreased due to environmental protection inspections, and the demand has seen a peak - to - decline trend. It is recommended to short the 2509 contract of coke at a high level around 1380 - 1430 and consider a strategy of going long on coking coal and short on coke [5]. - **Coking Coal**: The coking coal futures oscillated and rose, while the spot was weakly stable. The supply from domestic mines decreased slightly due to environmental protection inspections but remained at a relatively high level, and the import situation was complex. The demand from downstream industries showed a peak - to - decline trend but still had some resilience. It is recommended to short the 2509 contract of coking coal at a high level around 800 - 850 and consider a strategy of going long on coking coal and short on coke [5]. - **Silicon Iron**: The supply - demand contradiction of silicon iron has begun to rise recently. The cost side is expected to decline overall. In the short term, the price is expected to fluctuate mainly in a narrow range, and the coal price change should be focused on [6]. - **Silicon Manganese**: The supply pressure of silicon manganese still exists. The manganese ore supply is expected to decline marginally in the short term, and the support for silicon manganese is limited. The cost adjustment is difficult to stabilize. In the short term, the price is expected to fluctuate mainly in a narrow range, and the manganese ore price change should be focused on [6]. 3. Summary by Related Catalogs Steel - **Prices and Spreads**: The prices of most steel products showed small fluctuations. For example, the spot price of rebar in East China increased by 10 yuan/ton to 3090 yuan/ton, and the spot price of hot - rolled coil in East China increased by 20 yuan/ton to 3200 yuan/ton [1]. - **Cost and Profit**: The cost of some steel products decreased, and the profit also showed a downward trend. For example, the cost of Jiangsu converter rebar decreased by 8 yuan/ton to 2974 yuan/ton, and the profit of East China rebar decreased by 12 yuan/ton to 43 yuan/ton [1]. - **Production and Inventory**: The production of five major steel products decreased by 21.5 tons to 858.9 tons, a decrease of 2.4%. The inventory of five major steel products decreased by 9.2 tons to 1354.6 tons, a decrease of 0.7% [1]. - **Trading and Demand**: The trading volume of building materials increased by 0.8 tons to 11.0 tons, an increase of 8.3%. The apparent demand for five major steel products decreased by 14.1 tons to 868.1 tons, a decrease of 1.6% [1]. Iron Ore - **Prices and Spreads**: The prices of iron ore warehouse receipts and spot prices increased slightly, and the basis of some varieties decreased significantly. For example, the warehouse receipt cost of PB powder increased by 1.1 yuan/ton to 761.2 yuan/ton, and the 09 contract basis of PB powder decreased by 49.9 yuan/ton to 56.7 yuan/ton [4]. - **Supply and Demand**: The global shipment volume increased by 79.4 tons to 3510.4 tons, an increase of 2.3%. The 247 - steel - mill average daily hot - metal output decreased by 0.2 tons to 241.6 tons, a decrease of 0.1% [4]. - **Inventory**: The 45 - port inventory increased by 86.2 tons to 13933.14 tons, an increase of 0.6% [4]. Coke - **Prices and Spreads**: The futures prices of coke increased, while the spot prices were weakly stable. The third - round price cut of coke was implemented on June 6, with a decrease of 70/75 yuan/ton, and there were still expectations of 1 - 2 rounds of price cuts in the future [5]. - **Supply and Demand**: The supply decreased due to environmental protection inspections, and the demand showed a peak - to - decline trend. The iron - water output decreased slightly last week [5]. - **Inventory**: The inventory of coke decreased in various links, and the downstream procurement was generally cautious [5]. Coking Coal - **Prices and Spreads**: The futures prices of coking coal increased, while the spot prices were weakly stable. The domestic coking coal price decline slowed down, and the import situation was complex [5]. - **Supply and Demand**: The supply from domestic mines decreased slightly due to environmental protection inspections but remained at a relatively high level. The demand from downstream industries showed a peak - to - decline trend but still had some resilience [5]. - **Inventory**: The coal - mine inventory continued to accumulate at a high level, and the port inventory also increased [5]. Silicon Iron - **Prices and Spreads**: The spot prices of silicon iron were generally stable, and the export price remained unchanged. The SF - SM main - contract spread decreased by 8.0 to - 292.0 [6]. - **Cost and Profit**: The cost of silicon iron showed a downward trend, and the production profit in Inner Mongolia decreased by 5.9% [6]. - **Production and Inventory**: The production of silicon iron decreased slightly, and the inventory increased slightly [6]. - **Demand**: The demand for silicon iron was weak in both the steel - making and non - steel - making sectors, but the export still had some resilience [6]. Silicon Manganese - **Prices and Spreads**: The spot prices of silicon manganese decreased slightly, and the cost adjustment was difficult to stabilize [6]. - **Cost and Profit**: The cost of silicon manganese was difficult to stabilize, and the production profit situation was not optimistic [6]. - **Production and Inventory**: The production of silicon manganese increased slightly, and the inventory increased [6]. - **Demand**: The demand for silicon manganese was affected by the weakening of iron - water output and the off - season of finished - product demand [6].

供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：75%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 -2500 -1500 -500 500 1500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁-硅锰主力合约价差（元/吨） 2021 2022 2023 2024 2025 0 2000 4000 6000 8000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/0 ...

铁合金早报 | | | | | | | | | | 2025/6/16 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5000 | 0 | -100 | 5260 | 主力合约 | 5192 | 26 | 88 | | | 内蒙#72 | 5050 | 0 | -100 | 5350 | 01合约 | 5162 | 22 | 56 | | 产区汇总价 | 青海#72 | 5050 | 0 | -100 | 5380 | 05合约 | 5186 | 10 | 64 | | | 陕西#72 | 5000 | 0 | -100 | 5300 | 09合约 | 5192 | 26 | 88 | | | 陕西#75 | 5600 | 0 | -150 | | 主力月基差 | 68 | -26 | -188 | | 硅铁合格块 | ...

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6月15日 Guotai Junan Futures all rights reserved, please do not reprint 硅铁&锰硅观点：宏观驱动与基本面博弈，合金走势震荡 ◼ 总体来看，双硅供需格局近期边际扩张，或影响盘面走势。注意宏观情绪对商品价格的影响，微观层面继续关注原料端的价格变化与钢厂生 产节奏的变动，天气或影响全球锰矿后续的发运及到港，关注本周南非港口锰矿的后续发运情况。 | 基本面 | 条 目 | | | 硅 铁 | | | 锰 | 硅 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 当期值 | 环 | 比 | 比 同 | 当期值 | 环 | 比 | 同 | 比 | | | 供 应 | 周产量（周） | 9 51 . | -2 . | 26% | -15 62% . | 17 34 ...

仓单 现货 盘面 品种 项目 铁合金早报 | | | 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 | 5000 | 0 | -130 | 5260 | 主力合约 | 5166 | -18 | -30 | | | 内蒙#72 | 5050 | -50 | -150 | 5350 | 01合约 | 5140 | -22 | 30 | | 产区汇总价 | 青海#72 | 5050 | 0 | -150 | 5380 | 05合约 | 5176 | -4 | 36 | | | 陕西#72 | 5000 | 0 | -150 | 5300 | 09合约 | 5166 | -18 | 64 | | | 陕西#75 | 5600 | 0 | -200 | | 主力月基差 | 94 | 18 | -100 | | 硅铁合格块 | 江苏#72 | 5280 | 0 | 0 | | 1-5月差 | -36 | -18 | -6 | ...