5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：内蒙古（日） 2021 2022 2023 2024 2025 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：青海 2021 2022 2023 2024 2025 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：宁夏 2021 2022 2023 2024 2025 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel price is mainly driven by raw materials, and although it is boosted by the short - term rebound of coking coal, there is limited room for a substantial increase in coking coal due to the overall supply - demand imbalance in the raw material market and the approaching traditional off - season [3]. - The iron ore price is expected to rebound along with industrial products, but the rebound amplitude is smaller than that of coking coal, and the trend may not be strong, with decreasing volatility [21]. - Coking coal has a short - term rebound demand, but the supply - demand pattern remains loose. Coke has limited short - term supply - demand contradictions, but lacks the conditions for bottom - fishing [3][36]. - The negative impact of high inventory on ferroalloys is weakening, but the cost side is bearish. It is not recommended to bottom - fish before coal prices stabilize [54]. - The soda ash market is in a long - term oversupply expectation, and the inventory is at a historical high. The further decline of the disc price requires price cuts by alkali plants or rapid inventory accumulation [69][70]. - The glass market has weak short - term fundamentals and cost support. Although the valuation is relatively low, it is necessary to wait for the realization of spot price cut expectations [94]. Summary by Related Catalogs Steel - **Price Influencing Factors**: The price of steel is mainly affected by raw materials. The short - term rebound of coking coal boosts steel prices, but in the traditional off - season with a tendency of decreasing hot metal and an overall oversupply of raw materials, coking coal lacks a substantial upward driving force [3]. - **Price Data**: On June 5, 2025, the closing prices of rebar 01, 05, and 10 contracts were 2951, 2952, and 2959 respectively, showing different changes compared with the previous day. The closing prices of hot - rolled coil 01, 05, and 10 contracts were 3075, 3072, and 3077 respectively [4]. Iron Ore - **Market Situation**: Market sentiment has slightly recovered. The fundamentals of iron ore have weakened month - on - month, with increased shipments and a possible shift from de - stocking to slight inventory accumulation. The iron ore price is expected to rebound with industrial products, but the amplitude is smaller than that of coking coal [21]. - **Price and Fundamental Data**: On June 5, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 665, 646.5, and 701 respectively. The daily average hot metal output in the week of May 30, 2025, was 241.91, showing a week - on - week decrease [22][30]. Coking Coal and Coke - **Coking Coal**: Some mines have reduced production, but large - scale production cuts have not occurred. The downstream coking profit is damaged, and the raw material replenishment willingness is poor. The import window is expected to be difficult to open, and the price of Mongolian 5 raw coal has been frequently declining [36]. - **Coke**: Steel mills in Tangshan have initiated a third - round price cut. The short - term supply - demand contradiction of coke is not significant, but the cost support is loose, and it is not suitable for bottom - fishing [36]. - **Price Data**: On June 5, 2025, the coking coal warehouse receipt cost (Tangshan Mongolian 5) was 813, and the coking coal main contract basis (Tangshan Mongolian 5) was 56. The coke warehouse receipt cost (Rizhao Port) was 1315, and the coke main contract basis (Rizhao Port) was - 27 [37]. Ferroalloys - **Market Situation**: The negative impact of high inventory on ferroalloys is gradually weakening, and the supply pressure on the supply side is small. However, the cost side is bearish, and it is not recommended to bottom - fish before coal prices stabilize [54]. - **Price Data**: On June 5, 2025, the silicon - iron basis in Ningxia was 284, and the silicon - manganese basis in Inner Mongolia was 268 [58][59]. Soda Ash - **Market Situation**: The soda ash production has recovered, and the overall maintenance volume from May to June is lower than expected. The market is in a long - term oversupply expectation, and the inventory is at a historical high. The demand is stable, and the photovoltaic sector tends to return to an oversupply pattern [69][70]. - **Price Data**: On June 5, 2025, the prices of soda ash 05, 09, and 01 contracts were 1236, 1203, and 1196 respectively, showing different degrees of decline compared with the previous day [71]. Glass - **Market Situation**: The spot market of glass remains weak, and there is still an expectation of price cuts. The daily melting volume fluctuates slightly. The cumulative apparent demand has declined by nearly 10%. The disc price is approaching the level of full - industry chain losses, and it is necessary to wait for the realization of spot price cut expectations [94]. - **Price Data**: On June 5, 2025, the prices of glass 05, 09, and 01 contracts were 1075, 963, and 1018 respectively, showing different degrees of decline compared with the previous day [95].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On June 5, the silicon ferroalloy 2509 contract closed at 5196, down 0.65%. The current production profit of ferroalloys is negative, and the cost support is weakened by the reduction of the settlement electricity price in Ningxia in April. The demand expectation for steel is generally weak. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On June 5, the manganese silicon 2509 contract closed at 5482, up 0.48%. Fundamentally, the manufacturers' production cut has led the operating rate to a low level in the same period, but the overall inventory is still high. The raw material cost side has seen some changes, and the market sentiment has improved. The steel mills' procurement is cautious, and the tender price continues to decline. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价为5,482.00元/吨，环比下降20.00元；SF主力合约收盘价为5,196.00元/吨，环比下降62.00元 [2]. - SM期货合约持仓量为662,411.00手，环比增加6350.00手；SF期货合约持仓量为467,642.00手，环比增加24317.00手 [2]. - 锰硅前20名净持仓为 - 27,364.00手，环比增加264.00手；硅铁前20名净持仓为 - 12,793.00手，环比增加6345.00手 [2]. - SM1 - 9月合约价差为32.00元/吨，环比下降8.00元；SF1 - 9月合约价差为8.00元/吨，环比下降4.00元 [2]. - SM仓单为102,183.00张，环比下降1064.00张；SF仓单为15,836.00张，环比下降375.00张 [2]. 3.2 Spot Market - 内蒙古锰硅FeMn68Si18价格为5,450.00元/吨，环比无变化；内蒙古硅铁FeSi75 - B价格为5,260.00元/吨，环比下降40.00元 [2]. - 贵州锰硅FeMn68Si18价格为5500.00元/吨，环比无变化；青海硅铁FeSi75 - B价格为5,230.00元/吨，环比无变化 [2]. - 云南锰硅FeMn68Si18价格为5,500.00元/吨，环比无变化；宁夏硅铁FeSi75 - B价格为5,170.00元/吨，环比下降80.00元 [2]. - 锰硅指数均值为5515.00元/吨，环比下降101.68元；SF主力合约基差为 - 26.00元/吨，环比下降18.00元 [2]. - SM主力合约基差为 - 32.00元/吨，环比增加20.00元 [2]. 3.3 Upstream Situation - 南非矿:Mn38块:天津港价格为31.00元/吨度，环比无变化；硅石（98%西北）价格为210.00元/吨，环比无变化 [2]. - 内蒙古乌海二级冶金焦价格为970.00元/吨，环比无变化；兰炭（中料神木）价格为640.00元/吨，环比无变化 [2]. - 锰矿港口库存为407.00万吨，环比下降13.50万吨 [2]. 3.4 Industry Situation - 锰硅企业开工率为34.77%，环比增加0.59%；锰硅供应为169,925.00吨，环比增加4725.00吨 [2]. - 硅铁企业开工率为30.44%，环比增加0.02%；硅铁供应为84,900.00吨，环比下降4000.00吨 [2]. - 锰硅厂家库存为201,100.00吨，环比下降6000.00吨；硅铁厂家库存为7.51万吨，环比增加0.14万吨 [2]. - 锰硅全国钢厂库存为15.15天，环比下降0.29天；硅铁全国钢厂库存为15.20天，环比下降0.24天 [2]. - 五大钢种锰硅需求为126886.00吨，环比增加296.00吨；五大钢种硅铁需求为20574.50吨，环比下降125.50吨 [2]. 3.5 Downstream Situation - 247家钢厂高炉开工率为83.89%，环比增加0.22%；247家钢厂高炉产能利用率为90.67%，环比下降0.63% [2]. - 粗钢产量为8601.90万吨，环比下降682.24万吨 [2]. 3.6 Industry News - 山东省工业和信息化厅对石横特钢集团有限公司从菏泽富海能源有限公司转入7万吨焦化合规产能指标进行公示 [2]. - 2025年全国计划新开工改造城镇老旧小区2.5万个，1 - 4月份新开工改造5679个 [2]. - 5月深圳全市二手房录得5727套，环比下降13.2%，同比增长17.6% [2]. - 印尼考虑购买中国歼 - 10战斗机和美国F - 15EX战斗机 [2]. - 欧洲央行正式批准保加利亚使用欧元的申请，使其成为欧元区第21个成员国 [2]. - 商务部等五部门计划开展2025年新能源汽车下乡活动 [2].

| 投资咨询业务资格:证监许可 [2011] 1292号 | 钢材产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 2025年6月5日 | | | | | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3110 | 3090 | 20 | 140 | | | 螺纹钢现货(华北) | 3170 | 3150 | 20 | 200 | | | 螺纹钢现货(华南) | 3240 | 3200 | 40 | 270 | | | 螺纹钢05合约 | 2966 | 2910 | ટેર | 144 | | | 螺纹钢10合约 | 2974 | 2928 | 46 | 136 | | | 螺纹钢01合约 | 2970 | 2905 | ર્શ્ટ | 140 | 元/吨 | | 热卷现货 (华东) | 3200 | 3170 | 30 | 110 | | | 热卷现货(华北) | 3130 | 3100 | 30 | 40 | | | 热卷现货(华南) | 3240 ...

仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5130 -50 -120 5390 主力合约 5258 62 -194 内蒙#72 5200 -50 -120 5500 01合约 5158 62 -236 青海#72 5200 0 -100 5530 05合约 5174 46 -248 陕西#72 5150 0 -100 5450 09合约 5146 66 -198 陕西#75 5800 0 -100 主力月基差 132 -112 74 江苏#72 5480 0 0 1-5月差 -16 16 12 天津#72 5500 100 -50 5-9月差 28 -20 -50 天津#72 1055 0 0 9-1月差 -12 4 38 现货 盘面 最新 硅铁自然块 产区汇总价 硅铁合格块 贸易商价 品种 项目 铁合金早报 价格 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：内蒙古（日） 2021 2022 202 ...

请务必阅读正文之后的免责条款部分 1 | 期货价格 | 最新 | 涨跌 | 期货价格 | 最新 | 涨跌 | | --- | --- | --- | --- | --- | --- | | 螺纹01 | 2905 | -62 | 热卷01 | 3045 | -37 | | 螺纹05 | 2910 | -63 | 热卷05 | 3046 | -57 | | 螺纹10 | 2928 | -33 | 热卷10 | 3052 | -24 | | 现货价格 | 最新 | 涨跌 | 现货价格 | 最新 | 涨跌 | | 唐山普方坯 | 2860 | -30 | 张家港废钢 | 2080 | 0 | | 螺纹:唐山 | 3130 | -10 | 热卷:天津 | 3100 | -40 | | 螺纹:上海 | 3090 | -30 | 热卷:上海 | 3170 | 0 | | 螺纹:杭州 | 3090 | -20 | 热卷:杭州 | 3160 | -20 | | 螺纹:广州 | 3200 | -40 | 热卷： 广州 | 3200 | -30 | | 螺纹:成都 | 3190 | -20 | 热卷:成都 | 3390 | -2 ...

| 钢材产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 問敏波 | Z0010559 | 2025年6月3日 | | | | | | | | | | | 钢材价格及价差 | 品种 | 某美 | 现值 | 涨跌 | 单位 | 即值 | | | | | | | 螺纹钢现货(华东) | 3120 | 3120 | O | 153 | 螺纹钢现货(华北) | 3160 | 3160 | O | 193 | | | | 螺纹钢现货(华南) | 3230 | 3250 | -20 | 263 | 螺纹钢05合约 | 2973 | 3003 | 147 | -30 | | | | 螺纹钢10合约 | 2961 | 2978 | -17 | ।ਟੋਰੇ | 螺纹钢01合约 | 153 | 2967 | 2982 | -18 | | | | 元/吨 | 热卷现货(华东) | 3170 | 3200 | 88 | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On June 3, the closing price of the silicon - iron 2509 contract was 5196, down 1.74%. On the spot side, the spot price of silicon - iron in Ningxia was reported at 5250, down 50 yuan/ton. The new round of trade negotiations between the EU and the US will be held during the OECD Ministerial Meeting in Paris from June 3 - 4. The current production profit of ferroalloys is negative, the cost support is weakened due to the reduction of the settlement electricity price in Ningxia in April, and the overall expectation of steel demand is still weak. The market sentiment disturbance under the change of tariff policies should be concerned. The spot profit in Inner Mongolia is - 180 yuan/ton, and - 230 yuan/ton in Ningxia. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and the market should be treated as a volatile one [2] - On June 3, the closing price of the manganese - silicon 2509 contract was 5422, down 1.09%. On the spot side, the spot price of manganese - silicon in Inner Mongolia was reported at 5450, down 50 yuan/ton. In May, China's Manufacturing Purchasing Managers' Index was 49.5%, up 0.5 percentage points from the previous month. Fundamentally, manufacturers have cut production and the operating rate has reached a low level in the same period, but the overall inventory is still high. The port inventory of imported manganese ore has decreased by 135,000 tons, and the downstream hot - metal output has peaked and declined. Attention should be paid to the price fluctuations after the demand decline. The spot profit in Inner Mongolia is - 210 yuan/ton, and - 430 yuan/ton in Ningxia. Steel mills' procurement is cautious, and the tender price continues to decline. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and the market should be treated as a volatile one [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价 was 5422 yuan/ton, down 56 yuan; SF主力合约收盘价 was 5196 yuan/ton, down 102 yuan [2] - SM期货合约持仓量 was 647,052 hands, up 21,510 hands; SF期货合约持仓量 was 441,536 hands, up 15,592 hands [2] - The net position of the top 20 in manganese - silicon was - 18,730 hands, up 5850 hands; the net position of the top 20 in silicon - iron was - 19,059 hands, up 377 hands [2] - The SM1 - 9 month contract spread was 32 yuan/ton, down 8 yuan; the SF1 - 9 month contract spread was 16 yuan/ton, down 14 yuan [2] - SM仓单 was 106,973 sheets, down 4181 sheets; SF仓单 was 16,753 sheets, down 200 sheets [2] 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5450 yuan/ton, down 50 yuan; the price of Inner Mongolia silicon - iron FeSi75 - B was 5300 yuan/ton, down 50 yuan [2] - The price of Guizhou manganese - silicon FeMn68Si18 was 5500 yuan/ton, unchanged; the price of Qinghai silicon - iron FeSi75 - B was 5230 yuan/ton, down 50 yuan [2] - The price of Yunnan manganese - silicon FeMn68Si18 was 5500 yuan/ton, unchanged; the price of Ningxia silicon - iron FeSi75 - B was 5250 yuan/ton, down 50 yuan [2] - The manganese - silicon index average was 5515 yuan/ton, down 101.68 yuan; the SF主力合约基差 was 54 yuan/ton, up 52 yuan [2] - The SM主力合约基差 was 28 yuan/ton, up 6 yuan [2] 3.3 Upstream Situation - The price of South African ore: Mn38 block in Tianjin Port was 31 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 970 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 640 yuan/ton, unchanged [2] - The manganese ore port inventory was 4.07 million tons, down 135,000 tons [2] 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 34.77%, up 0.59 percentage points; the silicon - iron enterprise operating rate was 30.44%, up 0.02 percentage points [2] - The manganese - silicon supply was 169,925 tons, up 4725 tons; the silicon - iron supply was 84,900 tons, down 4000 tons [2] - The manganese - silicon manufacturers' inventory was 201,100 tons, down 6000 tons; the silicon - iron manufacturers' inventory was 75,100 tons, up 1400 tons [2] - The national steel mill inventory of manganese - silicon was 15.15 days, down 0.29 days; the national steel mill inventory of silicon - iron was 15.20 days, down 0.24 days [2] 3.5 Downstream Situation - The demand for manganese - silicon from the five major steel types was 126,886 tons, up 296 tons; the demand for silicon - iron from the five major steel types was 20,574.5 tons, down 125.5 tons [2] - The blast furnace operating rate of 247 steel mills was 83.89%, up 0.22 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 90.67%, down 0.63 percentage points [2] - The crude steel output was 86.019 million tons, down 6.8224 million tons [2] 3.6 Industry News - The US Trade Representative's Office announced the extension of the exemption period for the 301 investigation into China's behavior, policies and practices in technology transfer, intellectual property and innovation, from May 31, 2025 to August 31, 2025 [2] - Since this month, the Yilkesitan Port in Xinjiang has piloted full - time freight clearance, which will further smooth the trade and logistics channel between China and Central Asia [2] - Elon Musk said that the government efficiency department he was previously in charge of became a "scapegoat", and he was in a dilemma as he didn't want to be responsible for what the Trump administration had done and didn't want to directly criticize the government [2] - Data released by the China Index Academy on June 1 showed that in May, major Chinese cities still continued the trend of structural increase in new - home prices and decline in second - hand home prices [2] - The new round of trade negotiations between the EU and the US will be held during the OECD Ministerial Meeting in Paris from June 3 - 4 [2]

光期研究 见微知著 铁合金策略月报 2025 年 0 6 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 锰 硅 供应：5月锰硅产量环比下降，但近两周产量止跌回升，宁夏地区产量仍维持低位。据铁合金在线，5月锰硅总产量约为77.89万吨，较 4月减少6.33万吨。其中硅锰6517产量约为69万吨，较4月减少4万吨左右。据钢联数据，截止5月30日当周，锰硅周产量为16.99万吨，周环比 增加2.86%，连续两周环比增加。内蒙古、广西、云南地区锰硅企业开工率环比增加，宁夏地区开工率仍环比下降。 需求：钢招持续进行，价格继续走弱，样本钢厂锰硅需求量当周值与钢厂锰硅库存均处历史同期偏低水平。近期钢招价格已经跌破 5700元/吨，6月主流钢招尚未启动，持续关注。终端需求表现相对偏弱，预计钢厂锰硅需求量当周值及钢厂锰硅库存偏低现状将维持较长 时间。 库存：样本企业库存环比下降，但绝对值依旧偏高。截止5月23日当周，63家样本企业库存20.11万吨，环比下降6000吨，但仍处于近 年来同期偏高水平，同比增加4.16万吨。 成本：港口锰矿库存逐 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - The report provides price data for various silicon and manganese alloys, including different grades and regions. For example, the latest price of Ningxia 72 silicon iron is 5200, with a daily change of -50 and a weekly change of -150 [1]. - It also shows price differences between different contracts (e.g., 1 - 5, 5 - 9, 9 - 1) and basis differences for silicon iron and silicon manganese [1][3]. Supply - Data on the production of silicon iron and silicon manganese is presented, such as the monthly and weekly production of 136 silicon iron enterprises in China and the production of silicon manganese in China [4][6]. - The capacity utilization rates of silicon iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also included [4]. Demand - Information about the demand for silicon iron and silicon manganese is provided, including the estimated demand for silicon manganese in China and the procurement volume and price of silicon iron and silicon manganese by Hebei Iron and Steel Group [4][6][7]. - The production of related downstream products like crude steel, stainless - steel crude steel, and metal magnesium is also shown, which can reflect the demand for these alloys [4]. Inventory - Inventory data for silicon iron and silicon manganese are given, including the inventory of 60 sample enterprises of silicon iron in different regions and the inventory - related data of silicon manganese (e.g., warehouse receipts, effective forecasts) [5][7]. Cost and Profit - The report includes cost - related data such as electricity prices for iron alloys in different regions and the market price of raw materials like blue charcoal and manganese ore [5][6]. - Profit data for silicon iron and silicon manganese are also presented, such as the production profit of blue charcoal, the profit of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon manganese in different regions [5][7].