Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The market expectation has increased this week due to multiple factors, including the public consultation on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry" by the Ministry of Industry and Information Technology, the release of the "15th Five - Year Plan" suggestions, the Fed's interest rate cut, and the Sino - US leaders' meeting [6]. - Overseas, the Fed cut interest rates by 25 basis points as expected, and the probability of a December rate cut decreased. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year [6]. - In terms of supply and demand, inventory has rebounded rapidly, production has continued to decline slightly at a high level, and raw material port inventory has increased by 6.3 tons. The profit in Inner Mongolia and Ningxia is in a loss state, and the mainstream steel procurement price in October decreased month - on - month [6]. - Technically, the weekly K - line of the manganese - silicon main contract is below the 60 - day moving average, showing a bearish trend [6]. - It is expected that the supply pressure will increase in November, and the manganese - silicon inventory will continue to rise. The manganese - silicon main contract is expected to oscillate in the range of 5700 - 5900 [6]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Macro**: The Ministry of Industry and Information Technology solicited public opinions on capacity replacement in the iron and steel industry, and the "15th Five - Year Plan" suggestions were released. The Fed cut interest rates, and Sino - US leaders met, enhancing market expectations [6]. - **Overseas**: The Fed cut interest rates by 25 basis points, and the probability of a December rate cut decreased. The US adjusted tariffs on Chinese goods [6]. - **Supply and Demand**: Inventory has rebounded for 4 consecutive weeks, production has declined slightly at a high level, raw material port inventory has increased, and demand for hot metal has decreased. The profit in Inner Mongolia is - 130 yuan/ton, and in Ningxia is - 230 yuan/ton. The mainstream steel procurement price in October was 5820 yuan/ton, a month - on - month decrease of 180 yuan/ton [6]. - **Technical**: The weekly K - line of the manganese - silicon main contract is below the 60 - day moving average, indicating a bearish trend [6]. - **Strategy**: In November, new production capacity in Inner Mongolia is expected to be put into operation, increasing supply pressure. The industry plans to reduce energy consumption by 40%, but supply has not decreased significantly. The national policy of reducing crude steel production will continue, and alloy is likely to remain in a loss state. The manganese - silicon main contract is expected to oscillate in the range of 5700 - 5900 [6]. 3.2 Futures and Spot Market - **Futures Market**: As of October 31, the silicon - manganese futures contract open interest was 524,000 lots, a decrease of 19,000 lots compared to the previous period. The 5 - 1 contract spread was 44, an increase of 2 points compared to the previous period. The manganese - silicon warehouse receipt quantity was 9,784, a decrease of 35,082 compared to the previous period. The spread between the manganese - silicon and silicon - iron January contracts was 272, an increase of 42 points compared to the previous period [12][16]. - **Spot Market**: As of October 31, the Inner Mongolia silicon - manganese spot price was 5,570 yuan/ton, a decrease of 10 yuan/ton compared to the previous period. The basis was - 192 yuan/ton, unchanged compared to the previous period [23]. 3.3 Industrial Chain Situation - **Industry**: The national average daily output of silicon - manganese was 29,675 tons, an increase of 45 tons. The demand for the five major steel types of silicon - manganese was 124,492 tons, a week - on - week increase of 1.47%. The national silicon - manganese production was 207,725 tons, a week - on - week increase of 0.15%. The downstream demand is gradually decreasing, and the supply is at a relatively high level [27]. - **Inventory**: As of October 31, the national silicon - manganese inventory was 314,500 tons, an increase of 21,500 tons compared to the previous period. Inventory has rebounded significantly for 5 consecutive weeks [30]. - **Upstream**: As of October 29, the price of Australian manganese ore and South African manganese ore remained unchanged. As of October 27, the electricity prices in Ningxia and Inner Mongolia remained unchanged. As of October 24, the total manganese ore port inventory was 442.7 million tons, a week - on - week increase of 1.44%. The arrival volume of manganese ore from different regions showed different trends. The silicon - manganese spot profit in Inner Mongolia and Ningxia remained in a loss state, but the loss decreased [37][43][47]. - **Downstream**: The daily average hot metal output of 247 steel mills was 236.36 million tons, a decrease of 3.54 million tons compared to the previous week. The final price of Hebei Iron and Steel Group's silicon - manganese in October was 5,800 yuan/ton, a decrease of 200 yuan/ton compared to the previous month [52].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View The report presents the latest market data and industry news of ferrosilicon and silicomanganese, including futures and spot prices, spreads, and production and consumption information, but does not provide a clear core view. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of SiFe2601, SiFe2605, MnSi2601, and MnSi2605 are 5550, 5648, 5842, and 5890 respectively, with changes of -44, -34, -10, and 0 compared to the previous trading day. The trading volumes are 151,336, 1,358, 178,345, and 9,340, and the open interests are 166,241, 7,078, 339,837, and 34,714 respectively [1]. - **Spot Data**: The spot price of SiFe:FeSi75 - B in Inner Mongolia is 5250 yuan/ton, up 50 yuan/ton; the spot price of SiMn:FeMn65Si17 in Inner Mongolia is 5680 yuan/ton; the price of manganese ore (Mn44 block) is 39.8 yuan/ton - degree; the price of semi - coke (small material) in Shenmu is 760 yuan/ton [1]. - **Price Spreads**: The spot - 01 futures spreads of ferrosilicon and silicomanganese are - 300 and - 162 yuan/ton respectively; the 2601 - 2605 spreads of ferrosilicon and silicomanganese are - 98 and - 48 yuan/ton respectively; the cross - variety spreads of MnSi2601 - SiFe2601 and MnSi2605 - SiFe2605 are 292 and 242 yuan/ton respectively [1]. 3.2 Macro and Industry News - **Price Information**: On October 30, the price range of 72 ferrosilicon in different regions is 5100 - 5300 yuan/ton, and the price range of 75 ferrosilicon is 5700 - 5800 yuan/ton. The FOB price of 72 ferrosilicon is 1030 - 1050 dollars/ton, and that of 75 is 1110 - 1130 dollars/ton. The northern quotation of 6517 silicomanganese is 5600 - 5650 yuan/ton, and the southern quotation is 5600 - 5700 yuan/ton [1][2]. - **Production Information**: In October, the operating rate of ferrosilicon enterprises in Qinghai, Inner Mongolia, and Gansu is 61.39%, 62.39%, and 41.33% respectively, with different changes compared to September. The expected production in these three regions is 7.04, 15.14, and 5.62 million tons respectively, also showing different changes compared to September. In January, Yunnan will enter the dry season, and some silicomanganese factories will reduce or stop production. The silicomanganese production in Yunnan in October is 6.52 million tons, and the production in Hunan is about 0.66 million tons [2]. - **Procurement Information**: A steel mill in Zhejiang set the purchase price of 75B ferrosilicon at 5780 yuan/ton, down 118 yuan/ton from the end of September, with a quantity of 1300 tons. Zhongnan Co., Ltd. set the purchase price of 75B ferrosilicon at 5800 yuan/ton in cash, up 50 yuan/ton from the previous round, with a quantity of 400 tons [3]. 3.3 Trend Intensity The trend intensity of ferrosilicon and silicomanganese is 0, indicating a neutral trend [3].

1. Report Industry Investment Ratings There is no specific industry investment rating provided in the report. 2. Core Views of the Report - Iron ore is expected to fluctuate strongly [2][6]. - Rebar and hot - rolled coil are expected to have wide - range fluctuations due to the repeated macro - sentiment [2][8][9]. - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations due to the repeated market sentiment [2][13]. - Coke is expected to fluctuate strongly [2][18]. - Coking coal is expected to fluctuate strongly due to the resonance of macro and sector themes [2][19]. - Logs are expected to have repeated fluctuations [2][21]. 3. Summary According to Related Catalogs Iron Ore - **Fundamental Data**: The closing price of the futures contract 12601 was 802.5 yuan/ton, down 2.0 yuan/ton (-0.25%); the position increased by 8,698 hands. The prices of imported and domestic ores remained unchanged. The basis of 12601 against Super Special increased by 2.0 yuan/ton, and the basis against Jinbuba also increased by 2.0 yuan/ton [5]. - **Macro and Industry News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and common concerns [5]. - **Trend Intensity**: The trend intensity of iron ore is 0 [5]. Rebar and Hot - Rolled Coil - **Fundamental Data**: For the futures contract RB2601, the closing price was 3,106 yuan/ton, down 12 yuan/ton (-0.38%); for HC2601, it was 3,318 yuan/ton, down 11 yuan/ton (-0.33%). The basis of RB2601 increased by 17 yuan/ton, and the basis of HC2601 decreased by 3 yuan/ton [8][9]. - **Macro and Industry News**: On October 30, weekly data showed that rebar production increased by 5.52 tons, hot - rolled coil production increased by 1.1 tons, and the total inventory of five major varieties decreased by 41.09 tons. The Ministry of Commerce and other 5 departments supported eligible commercial real estate projects to issue REITs. The 15th Five - Year Plan proposed directions for the high - quality development of the steel industry. In September 2025, national steel production data showed different trends in production volume and daily output compared with the same period last year and the previous month. In early October 2025, the steel inventory of key steel enterprises increased compared with the previous period [10][11]. - **Trend Intensity**: The trend intensity of rebar and hot - rolled coil is 0 [11]. Ferrosilicon and Silicomanganese - **Fundamental Data**: The closing price of ferrosilicon 2601 was 5550 yuan/ton, down 44 yuan; for ferrosilicon 2605, it was 5648 yuan/ton, down 34 yuan. The closing price of silicomanganese 2601 was 5842 yuan/ton, down 10 yuan; for silicomanganese 2605, it was 5890 yuan/ton, unchanged. The spot price of ferrosilicon FeSi75 - B in Inner Mongolia increased by 50 yuan/ton [14][15]. - **Macro and Industry News**: According to iron alloy online, on October 30, the prices of different grades of ferrosilicon and silicomanganese in various regions had different changes. The operating rates and production of ferrosilicon enterprises in Qinghai, Inner Mongolia, and Gansu regions in October also changed. In January, the electricity price in Yunnan would rise, and some silicomanganese factories would reduce or stop production. Some steel mills finalized the purchase prices of ferrosilicon [14][16][17]. - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0 [17]. Coke and Coking Coal - **Fundamental Data**: The closing price of coking coal JM2601 was 1288 yuan/ton, down 14 yuan (-1.1%); for coke J2601, it was 1786.5 yuan/ton, down 14.5 yuan (-0.8%). The spot price of some coking coals and cokes changed, and the basis and spread also changed [19]. - **Macro and Industry News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and common concerns [20]. - **Trend Intensity**: The trend intensity of coke and coking coal is 0 [20]. Logs - **Fundamental Data**: The closing price and trading volume of log futures contracts 2511, 2601, and 2603 changed. The prices of different types of logs in the spot market also had different daily and weekly price changes [22]. - **Macro and Industry News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and common concerns [24]. - **Trend Intensity**: The trend intensity of logs is 0 [24].

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Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on October 31, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5220 and 5250 respectively, with daily changes of 50 and 50, and weekly changes of 40 and 50. The latest prices of the main contracts (01 contracts) were 5550, with daily and weekly changes of -44 and -24 [2]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy were 1055 and 1105 US dollars respectively, with no daily or weekly changes [2]. - For silicon manganese, on October 31, 2025, the factory - ex - works prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5680, 5600, 5650, 5600, and 5600 respectively, with different daily and weekly changes [2]. Supply - The report shows the production volume of 136 silicon ferroalloy enterprises in China (monthly and weekly), and the capacity utilization rates of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 - 2025 [4][5]. - It also presents the production volume of silicon manganese in China (weekly) from 2021 - 2025 [7]. Demand - It shows the estimated and actual production volumes of crude steel in China (monthly), the production volume of stainless - steel crude steel in China (monthly), and the demand volume of silicon manganese in China (in ten thousand tons, according to Steel Union's data) from 2021 - 2025 [5][8]. - The procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) from 2021 - 2025 are also provided [5]. Inventory - The inventory of 60 sample silicon ferroalloy enterprises in China (weekly), the inventory of silicon ferroalloy in Ningxia, Inner Mongolia, and Shaanxi (weekly), and the inventory of silicon ferroalloy in CZCE (daily) from 2021 - 2025 are presented [6]. - For silicon manganese, the inventory data such as the total number of warehouse receipts in CZCE (daily), effective forecasts (daily), and the inventory of 63 sample enterprises in China (weekly) from 2021 - 2025 are shown [8]. Cost and Profit - The report includes the electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia (daily), the market price of small - sized blue charcoal in Shaanxi (daily), and the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025 [6]. - For silicon manganese, the profit data in Inner Mongolia, Guangxi, the northern and southern regions (according to Steel Union's data), and the profit of Guangxi silicon manganese converted to the main contract price from 2021 - 2025 are provided [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Iron ore is expected to fluctuate strongly [2][6]. - The prices of rebar and hot-rolled coil are pushed up by macro sentiment and are expected to fluctuate strongly [2][7]. - Ferrosilicon and silicomanganese are driven by anti-involution sentiment and are expected to fluctuate strongly [2][12][13]. - Coke is expected to fluctuate strongly [2][16]. - Coking coal resonates with the macro and sector themes and is expected to fluctuate strongly [2][17]. - Logs are expected to fluctuate repeatedly [2][19]. Summary by Related Catalogs Iron Ore - **Fundamental Data**: The futures price closed at 804.5 yuan/ton, up 12 yuan or 1.51%. The open interest decreased by 6,094 lots. The prices of imported and some domestic ores increased slightly. The basis and some spreads changed [5]. - **Macro and Industry News**: President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino-US relations and common concerns [5]. - **Trend Intensity**: The trend intensity of iron ore is 0 [5]. Rebar and Hot-Rolled Coil - **Fundamental Data**: The futures prices of RB2601 and HC2601 increased, with the latter rising 1.21%. The trading volume and open interest of some contracts changed. The spot prices in various regions increased, and the basis and spreads also changed [7]. - **Macro and Industry News**: Five departments including the Ministry of Commerce support eligible commercial real estate projects to issue REITs. The 15th Five-Year Plan proposes directions for the high-quality development of the steel industry. Steel production and inventory data for October 23 and September 2025 are provided, and the steel inventory of key enterprises in early October increased [8][9]. - **Trend Intensity**: The trend intensity of rebar and hot-rolled coil is 1 [9]. Ferrosilicon and Silicomanganese - **Fundamental Data**: The futures prices of ferrosilicon and silicomanganese contracts increased. The spot prices of some products changed, and the basis, spreads, and cross-variety spreads also changed [13]. - **Macro and Industry News**: The prices of ferrosilicon and silicomanganese in different regions are reported. A large ferrosilicon factory in Gansu reduced production, and a steel mill in Zhejiang set a purchase price for silicomanganese. The production of silicomanganese in northern regions in October decreased [13][15]. - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0 [15]. Coke and Coking Coal - **Fundamental Data**: The futures prices of coking coal and coke contracts increased significantly. The spot prices of some coking coal and coke products changed, and the basis and spreads also changed [17]. - **Macro and Industry News**: President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino-US relations and common concerns [18]. - **Trend Intensity**: The trend intensity of coke and coking coal is 0 [18]. Logs - **Fundamental Data**: The prices, trading volumes, and open interests of log futures contracts changed. The spot prices of different types of logs in various regions remained stable or changed slightly [20]. - **Macro and Industry News**: President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino-US relations and common concerns [22]. - **Trend Intensity**: The trend intensity of logs is 0 [22].

Report Summary 1. Industry Investment Rating There is no information provided regarding the industry investment rating in the given reports. 2. Core Viewpoints - For the steel industry, in the long - term, steel prices' upward logic remains unchanged under the increasingly loose macro - environment. However, in the short - term, the actual demand for steel is still weak and unlikely to improve substantially. Attention should be paid to the impact of Sino - US talks and overseas macro - environment changes on market sentiment [2]. - For the iron ore market, the price is expected to fluctuate. Although the supply is increasing and the demand is weakening with the decline of iron - making water production, the positive signals from Sino - US economic and trade consultations and the expected interest - rate cut by the Federal Reserve have an impact on the market [5]. - For the black metal sector, the outlook is not pessimistic. It is considered more cost - effective to look for rebound opportunities after price corrections rather than short - selling. The downward momentum of the black metal sector has significantly weakened after nearly four years of decline [10]. - For industrial silicon, the supply pressure persists, and the demand support is weakening. The price is expected to fluctuate with market sentiment in the short - term, and the cost provides some support [14]. - For polysilicon, the supply pressure may be marginally relieved, and the supply - demand pattern may improve. The price is affected by policy expectations and industry news, and attention should be paid to the actual implementation [16]. - For glass, the futures price rebounded due to short - position exits, and the market's bearish sentiment eased. Attention should be paid to macro - policy trends and the operation of production lines in the Shahe area [19]. - For soda ash, the price is expected to continue narrow - range fluctuations in the short - term due to the combination of cost support and high inventory [21]. 3. Summary by Category Steel - **Market Quotes** - The closing price of the rebar main contract was 3133 yuan/ton, up 42 yuan/ton (1.358%) from the previous trading day. The registered warehouse receipts decreased by 1221 tons to 124,540 tons, and the main contract's open interest decreased by 36,350 lots to 1.894 million lots. The Tianjin and Shanghai aggregated prices increased by 30 yuan/ton and 20 yuan/ton respectively [1]. - The closing price of the hot - rolled coil main contract was 3345 yuan/ton, up 40 yuan/ton (1.210%) from the previous trading day. The registered warehouse receipts increased by 3402 tons to 104,773 tons, and the main contract's open interest decreased by 12,738 lots to 1.461 million lots. The Lecong and Shanghai aggregated prices increased by 30 yuan/ton and 20 yuan/ton respectively [1]. - **Strategic Views** - Macroscopically, real - estate investment will shift from "scale expansion" to "quality improvement", and the new construction area is unlikely to increase significantly. Fundamentally, rebar's supply and demand both increased, and inventory continued to decline; the output of hot - rolled coils decreased slightly, demand improved marginally, and inventory reduction accelerated [2]. Iron Ore - **Market Quotes** - The main contract of iron ore (I2601) closed at 804.50 yuan/ton, up 1.51% (+12.00). The open interest decreased by 6094 lots to 542,900 lots, and the weighted open interest was 916,500 lots. The spot price of PB powder at Qingdao Port was 805 yuan/wet ton, with a basis of 52.06 yuan/ton and a basis rate of 6.08% [4]. - **Strategic Views** - The supply of iron ore is increasing, with the overseas shipment volume at a high level. The demand is weakening as the daily average iron - making water production has dropped below 240,000 tons. The port inventory is increasing, and the price is under pressure. However, positive macro - signals may affect the market [5]. Ferrosilicon and Manganese Silicon - **Market Quotes** - On October 29, affected by the market atmosphere and other factors, the price of ferrosilicon and manganese silicon rebounded. The main contract of manganese silicon (SM601) closed up 1.07% at 5852 yuan/ton, and the Tianjin spot price was 5720 yuan/ton, with a basis of 58 yuan/ton. The main contract of ferrosilicon (SF601) closed up 0.54% at 5594 yuan/ton, and the Tianjin spot price was 5650 yuan/ton, with a basis of 56 yuan/ton [8]. - **Strategic Views** - The supply of ferrosilicon and manganese silicon may be restricted in the future. Currently, steel mills are facing difficulties due to high supply and low demand, and there is a risk of "negative feedback". The outlook for the black metal sector is not pessimistic, and it is more cost - effective to look for rebound opportunities. Manganese silicon and ferrosilicon are likely to follow the black metal sector's trend [9][10]. Industrial Silicon and Polysilicon - **Market Quotes** - The main contract of industrial silicon (SI2601) closed at 9170 yuan/ton, up 2.40% (+215). The weighted open interest decreased by 693 lots to 432,693 lots. The spot price of 553 non - oxygen - permeable industrial silicon in East China was 9300 yuan/ton, with a basis of 130 yuan/ton for the main contract [12]. - The main contract of polysilicon (PS2601) closed at 54,990 yuan/ton, up 1.17% (+635). The weighted open interest decreased by 5722 lots to 250,114 lots. The average price of N - type granular silicon was 50.5 yuan/kg, and the average price of N - type dense material decreased by 0.5 yuan/kg to 51 yuan/kg [15]. - **Strategic Views** - For industrial silicon, the supply pressure persists, and the demand support is weakening. The price is expected to fluctuate with market sentiment in the short - term, and the cost provides some support [14]. - For polysilicon, the supply pressure may be marginally relieved, and the supply - demand pattern may improve. The price is affected by policy expectations and industry news, and attention should be paid to the actual implementation [16]. Glass and Soda Ash - **Market Quotes** - The glass main contract closed at 1113 yuan/ton on Wednesday, up 1.64% (+18). The inventory of float glass sample enterprises increased by 233.74 million cases (3.64%) to 66.613 million cases. The top 20 long - position holders reduced 4570 long positions, and the top 20 short - position holders reduced 19,408 short positions [18]. - The soda ash main contract closed at 1239 yuan/ton on Wednesday, down 0.56% (-7). The inventory of soda ash sample enterprises increased by 0.16 million tons (3.64%) to 1.7021 million tons, with the heavy - soda inventory decreasing by 0.62 million tons and the light - soda inventory increasing by 0.78 million tons. The top 20 long - position holders reduced 6034 long positions, and the top 20 short - position holders reduced 36,087 short positions [20]. - **Strategic Views** - The glass futures price rebounded due to short - position exits, and the market's bearish sentiment eased. Attention should be paid to macro - policy trends and the operation of production lines in the Shahe area [19]. - The soda ash price is expected to continue narrow - range fluctuations in the short - term due to the combination of cost support and high inventory [21].

Report Summary 1. Report Industry Investment Rating No information provided about the report industry investment rating. 2. Report's Core View - Silicon ferroalloy and manganese ferroalloy are expected to have a stronger - than - average shock due to anti - involution sentiment [1] 3. Summary according to relevant contents 3.1 Fundamental Tracking - **Futures data**: The closing prices of silicon ferroalloy 2601, silicon ferroalloy 2605, manganese ferroalloy 2601, and manganese ferroalloy 2605 are 5594, 5682, 5852, and 5890 respectively. Their trading volumes are 134,717, 1,809, 205,751, and 10,968 respectively, and their open interests are 162,689, 7,127, 341,929, and 34,735 respectively [1] - **Spot data**: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5200 yuan/ton, down 20 yuan/ton from the previous trading day; the price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5680 yuan/ton; the price of manganese ore Mn44 block is 39.8 yuan/ton degree; the price of semi - coke small materials in Shenmu is 760 yuan/ton [1] - **Spread data**: The spot - 01 futures price difference of silicon ferroalloy is - 394 yuan/ton, down 50 yuan/ton from the previous trading day; for manganese ferroalloy, it is - 172 yuan/ton, down 62 yuan/ton. The near - far month spread of silicon ferroalloy 2601 - 2605 is - 88 yuan/ton, down 10 yuan/ton; for manganese ferroalloy 2601 - 2605, it is - 38 yuan/ton. The cross - variety spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 is 258 yuan/ton, up 32 yuan/ton; for manganese ferroalloy 2605 - silicon ferroalloy 2605, it is 208 yuan/ton, up 22 yuan/ton [1] 3.2 Macro and Industry News - **Silicon ferroalloy price information**: On October 29th, the price of 72 silicon ferroalloy in Shaanxi is 5100 - 5200 yuan/ton, in Ningxia is 5200 - 5250 yuan/ton, in Qinghai is 5150 - 5250 yuan/ton, in Gansu is 5200 - 5250 yuan/ton, and in Inner Mongolia is 5200 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi is 5750 - 5800 yuan/ton, in Ningxia is 5700 - 5800 yuan/ton, in Qinghai is 5700 - 5750 yuan/ton, in Gansu is 5750 - 5800 yuan/ton, and in Inner Mongolia is 5750 - 5800 yuan/ton. The FOB price of 72 silicon ferroalloy is 1030 - 1050 dollars/ton (down 10 dollars/ton), and for 75 it is 1110 - 1140 dollars/ton (down 10 dollars/ton) [1] - **Silicon - manganese price information**: The northern quotation of 6517 silicon - manganese is 5550 - 5600 yuan/ton, and the southern quotation is 5600 - 5700 yuan/ton [1] - **Production reduction news**: A large silicon ferroalloy plant in Gansu stopped 1 33000kva, 2 25000kva, and 2 12500kva silicon ferroalloy furnaces on October 29th, with a daily production reduction of about 300 - 310 tons [1] - **Silicon - manganese procurement and production news**: A steel plant in Zhejiang set the standard price of silicon - manganese at 5780 yuan/ton (converted to the base, accepted, and tax - included for delivery to the factory), with a procurement volume of 1200 tons. In October, the number of silicon - manganese plants in other northern regions decreased by 2 to 13, and the number of open furnaces decreased by 3 to 21. The total output of silicon - manganese in other northern regions in October was about 8.2 million tons, a decrease of 0.57 million tons compared with September [3] 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 0, and that of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3]

铁合金早报 | | | | | | | | | | 2025/10/30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5170 | 0 | -10 | 5470 | 主力合约 | 5594 | 30 | 56 | | | 内蒙#72 | 5200 | -20 | 0 | 5550 | 01合约 | 5594 | 30 | 56 | | 硅铁自然块 产区汇总价 | 青海#72 | 5200 | 0 | 30 | 5530 | 05合约 | 5682 | 40 | 84 | | | 陕西#72 | 5150 | 0 | -50 | 5450 | 09合约 | 5740 | 32 | 64 | | | 陕西#75 | 5750 | 0 | -50 | | 主力月基差 | -124 | -30 | -66 | | 硅铁合格块 | 江苏#7 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Steel prices are expected to rebound slightly. Although there is no substantial improvement in downstream consumption, there is an expectation of crude steel production cuts, and steel prices will fluctuate subsequently [3]. - The current iron ore market has a loose supply - demand balance, and prices are supported by macro - expectations. After the impact of macro events subsides, iron ore prices are expected to continue to be under pressure [23]. - Recently, due to downstream replenishment and reduced mine production in some areas, coking coal inventory has improved, and the spot market is tight. Coke prices may be strong in the short term, but potential negative feedback risks from the steel industry will limit the rebound height of coking coal and coke prices [35]. - Ferroalloys face a contradiction between high inventory and weak demand. There is a large de - stocking pressure, and the black negative feedback risk is increasing [52]. - Soda ash is mainly priced by cost. With high - level supply expectations and high inventories, the upside potential is limited, but there is cost support at the bottom [62]. - After the price cut of glass, sales have improved, but the high inventory of the middle - stream is being depleted slowly. If there is no real production cut, the price of the 01 contract may decline towards the delivery date, while there is cost support and policy expectations in the long - term [90]. 3. Summary by Relevant Catalogs Steel - **Futures prices and spreads**: On October 29, 2025, compared with the previous day, most steel futures contract prices increased, and some spreads changed. For example, the closing price of the rebar 01 contract was 3133 yuan/ton, up from 3091 yuan/ton on October 28 [4]. - **Spot prices and basis**: Rebar and hot - rolled coil spot prices in different regions showed slight changes. The basis of some contracts decreased, such as the 01 rebar basis in Shanghai, which decreased from 129 yuan/ton on October 28 to 107 yuan/ton on October 29 [9]. - **Other ratios**: Ratios such as the volume - rebar difference, rebar - iron ore ratio, and rebar - coke ratio remained relatively stable [16][20]. Iron Ore - **Price data**: On October 29, 2025, iron ore futures contract prices increased compared with the previous day, while the basis of some contracts decreased. For example, the 01 contract closing price was 804.5 yuan/ton, up 12 yuan/ton from the previous day, and the 01 basis decreased by 3 yuan/ton [24]. - **Fundamental data**: The average daily hot - metal production decreased slightly, the 45 - port inventory continued to accumulate, reaching 14423.59 tons, and the global shipping volume increased slightly [29]. Coking Coal and Coke - **Disk prices and spreads**: Coking coal and coke contract prices, basis, and spreads changed. For example, the coking coal 09 - 01 spread increased by 9.5 yuan/ton on October 29 compared with the previous day [40]. - **Spot prices and profits**: Coking coal and coke spot prices in different regions increased, and some import and production profits changed. The immediate coking profit increased from - 55 yuan/ton on October 28 to - 10 yuan/ton on October 29 [41]. Ferroalloys - **Silicon - iron data**: Silicon - iron basis, spreads, and spot prices changed. The silicon - iron basis in Ningxia decreased by 30 yuan/ton on October 29 compared with the previous day [53]. - **Silicon - manganese data**: Silicon - manganese basis, spreads, and spot prices also changed. The silicon - manganese basis in Inner Mongolia decreased by 62 yuan/ton on October 29 compared with the previous day [55]. Soda Ash - **Disk prices and spreads**: Soda ash contract prices increased on October 29, 2025, and some spreads changed. The soda ash 01 contract increased by 20 yuan/ton compared with the previous day, with a daily increase rate of 1.61% [63]. - **Spot prices**: Soda ash spot prices in different regions remained stable on October 29, and the difference between heavy and light soda ash varied by region [66]. Glass - **Disk prices and spreads**: Glass contract prices increased on October 29, 2025, and some spreads and basis changed. The glass 01 contract increased by 14 yuan/ton compared with the previous day, with a daily increase rate of 1.26% [91]. - **Sales data**: The sales in different regions showed fluctuations. For example, the sales in Shahe on October 28 were 159 [92].