Core Viewpoint - The article highlights the significance of direct current smelting technology in promoting industry technological advancement under the national "dual carbon" goals, with a focus on the upcoming "2025 Mineral Thermal Furnace Energy-saving Power Supply (Direct Current) Technology Seminar" scheduled for December 4-6, 2025, in Hohhot, Inner Mongolia [1]. Group 1: Event Details - The "2025 Mineral Thermal Furnace Energy-saving Power Supply (Direct Current) Technology Seminar" is organized under the guidance of the China Nonferrous Metals Industry Association Silicon Industry Branch and hosted by Beijing Antai Technology Information Co., Ltd. [1] - The seminar aims to enhance industry communication and collaborative development [1]. Group 2: Supporting Organizations - The event receives strong support from various organizations, including the People's Government of Urat Front Banner, Inner Mongolia Nashun Equipment Engineering Group Co., Ltd., Hebei Shuntian Electrode Co., Ltd., Xiye Technology Group Co., Ltd., and Inner Mongolia Tongwei Green Base Materials Co., Ltd. [1]. Group 3: Participants - A diverse range of participants from various organizations and institutions will attend the seminar, including members from the China Nonferrous Metals Industry Association Silicon Industry Branch, research institutions, and industry experts [2][3][6].

2025 年 12 月 2 日 硅铁：板块情绪共振，震荡偏强 锰硅：板块情绪共振，震荡偏强 | | 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2603 | 5466 | 7 6 | 354,243 | 251,393 | | 期 货 | 硅 铁2605 | 5428 | 8 2 | 19,855 | 50,061 | | | 锰 硅2601 | 5724 | 112 | 256,244 | 253,444 | | | 锰 硅2605 | 5770 | 104 | 100,199 | 142,463 | | | 项 目 | | | 价 格 | 较前一交易日 | 单 位 | ...

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 December 2, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5100 and 5170 respectively, with daily changes of 0 and 50, and weekly changes of -30 and 20. The latest prices of the main contract and 01 contract were 5466 and 5420, with daily changes of 76 and 44, and weekly changes of 10 and -4 [2]. - For silicon manganese, on December 2, 2025, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5530, 5510, 5550, 5520, and 5520 respectively, with daily changes of 30, 30, 20, 20, and 20, and weekly changes of 10, 30, 20, 20, and 20. The latest price of the main contract was 5738, with a daily change of 122 and a weekly change of 108 [2]. Supply - The content shows the historical data of the production of 136 silicon ferroalloy enterprises in China (monthly and weekly, with a production capacity accounting for 95%), the production capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly), and the production of silicon manganese in China (weekly) [4][6]. Demand - The content presents the historical data of the estimated and actual production of crude steel in China (monthly, in ten thousand tons), the production of stainless - steel crude steel in China (monthly, in ten thousand tons), the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly), and the demand for silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber) [4][6][7]. Inventory - For silicon ferroalloy, the content includes the historical data of the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts on CZCE (daily), effective forecasts (daily), and the average available days of inventory in East China, South China, the North region, and China (monthly or daily) [5]. - For silicon manganese, the content shows the historical data of the total number of warehouse receipts on CZCE (daily), effective forecasts (daily), warehouse receipts + effective forecasts (daily), the single - sided trading position on CZCE (daily, in lots), the inventory of 63 sample enterprises in China (weekly, in tons), and the average available days of inventory in China (monthly) [7]. Cost and Profit - For silicon ferroalloy, the content provides the historical data of electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market mainstream price of small - sized blue charcoal in Shaanxi, the start - up rate of blue charcoal in China (weekly), the production profit of blue charcoal in China (daily), the market price of 98% silica in Northwest China, the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia, and the export profit of 75 silicon ferroalloy [5]. - For silicon manganese, the content presents the historical data of the profit of silicon manganese in Inner Mongolia, Guangxi, the North region, and the South region (according to the Steel Union's caliber), the profit of Guangxi silicon manganese converted to the main contract, and the profit of Ningxia silicon manganese converted to the contract [7].

Group 1: Report Overview - Report Name: Black Metal Daily - Ferroalloy Daily, December 1, 2025 [1] - Researcher: Zhou Tao [2] Group 2: Market Information Futures - SF Main Contract: Closing price 5466, daily change 76, weekly change 10, trading volume 354,243, daily change 121,697, open interest 254,583, daily change -3,190 [3] - SM Main Contract: Closing price 5738, daily change 122, weekly change 108, trading volume 256,244, daily change 143,035, open interest 253,444, daily change -61,711 [3] Spot - Silicon Iron: 72%FeSi in Inner Mongolia priced at 5250, daily change 50, weekly change 20; in Ningxia 5200, daily change 0, weekly change -30; in Qinghai 5250, daily change 0, weekly change -20; in Jiangsu 5500, daily change 0, weekly change -20; in Tianjin 5400, daily change 0, weekly change 0 [3] - Manganese Silicon: Si - Mn 6517 in Inner Mongolia priced at 5530, daily change 30, weekly change 10; in Ningxia 5510, daily change 30, weekly change 30; in Guangxi 5550, daily change 20, weekly change 20; in Jiangsu 5700, daily change 50, weekly change 30; in Tianjin 5680, daily change 50, weekly change 30 [3] Basis/Spread - Silicon Iron: Inner Mongolia - Main contract basis -216, daily change -26, weekly change 10; Ningxia - Main contract -266, daily change -76, weekly change -40; Qinghai - Main contract -216, daily change -76, weekly change -30; Jiangsu - Inner Mongolia spread 250, daily change -50, weekly change -40; SF - SM spread -272, daily change -46, weekly change -98 [3] - Manganese Silicon: Inner Mongolia - Main contract basis -208, daily change -92, weekly change -98; Ningxia - Main contract -228, daily change -92, weekly change -78; Guangxi - Main contract -188, daily change -102, weekly change -88; Guangxi - Inner Mongolia spread 20, daily change -10, weekly change 10 [3] Raw Materials - Manganese Ore (Tianjin): Australian lump ore priced at 40, daily change 0, weekly change 0.2; South African semi - carbonate 34.2, daily change 0, weekly change -0.1; Gabon lump ore 42, daily change 0, weekly change 1.3 [3] - Lanthanum Coke Small Materials: In Shaanxi priced at 820, daily change 0, weekly change 0; in Ningxia 920, daily change 0, weekly change 0; in Inner Mongolia 810, daily change 0, weekly change 0 [3] Group 3: Market Analysis Trading Strategy - On December 1, ferroalloy futures prices rose overall. The silicon iron main contract closed at 5466, up 1.41%, with open interest decreasing by 3190 lots; the manganese silicon main contract closed at 5738, up 2.17%, with open interest decreasing by 61,711 lots [5] - Silicon Iron: Spot prices were stable with a slight upward trend on the 1st. Supply continued to decline slightly as alloy plants continued maintenance. Demand may see a short - term increase in steel production due to improved steel profits, but overall steel apparent demand will decline seasonally in December, and the resumption of production is expected to be short - lived. Costs were generally stable. Overall, short - term costs provide support, the fundamentals have slightly improved, and it rebounds in the short term following the overall commodity sentiment, but the rebound height should not be over - expected [5] - Manganese Silicon: Manganese ore spot prices were generally stable on the 1st, and manganese silicon spot prices were stable with a slight upward trend, rising 20 - 50 yuan/ton in various regions. Supply also continued to decline. Demand may see a short - term increase in steel production due to improved steel profits, but steel apparent demand will seasonally weaken in the future, and the resumption of production is expected to be short - lived. Manganese ore port inventory increased slightly but remained at a low level compared to the same period, and the spot price was firm, which pushed up the cost. It rebounds in the short term due to cost factors, but future demand pressure remains, suppressing the rebound height [5] Specific Strategies - Unilateral: Short - term rebound driven by costs, but future demand pressure still exists, suppressing the rebound height [6] - Arbitrage: Wait and see [6] - Options: Sell out - of - the - money straddle option combinations [6] Group 4: Important Information - Xinyu Iron and Steel set the silicon iron purchase price at 5700 yuan/ton, a decrease of 70 yuan/ton from the previous round, with a quantity of 600 tons [7] - The third round and fifth batch of the Central Ecological and Environmental Protection Inspection Team reported typical environmental problems in Tianjin and Hebei. Tianjin had serious problems in volatile organic compound control and vehicle inspections, with sub - standard air quality and many enterprises found to be illegally discharging pollutants. Tangshan, Hebei, was named for illegally launching steel projects and adding new production capacity, and there were obvious shortcomings in air pollution prevention and control. Many enterprises were found to be illegally discharging pollutants and failing to meet ultra - low emission transformation standards. The inspection team will continue the investigation and carry out subsequent work as required [7] Group 5: Cost and Profit Silicon Iron - Inner Mongolia: Production cost 5444 yuan/ton, profit - 324 yuan/ton [16] - Ningxia: Production cost 5625 yuan/ton, profit - 525 yuan/ton [16] - Shaanxi: Production cost 5729 yuan/ton, profit - 649 yuan/ton [16] - Qinghai: Production cost 5783 yuan/ton, profit - 633 yuan/ton [16] - Gansu: Production cost 5831 yuan/ton, profit - 681 yuan/ton [16] Manganese Silicon - Inner Mongolia: Production cost 5800 yuan/ton, profit - 300 yuan/ton [17] - Ningxia: Production cost 5892 yuan/ton, profit - 412 yuan/ton [17] - Guangxi: Production cost 6288 yuan/ton, profit - 758 yuan/ton [17] - Guizhou: Production cost 6183 yuan/ton, profit - 683 yuan/ton [17]

1. Report's Industry Investment Rating - Not provided in the document 2. Core Viewpoints - For manganese - silicon, in a loss situation, production is gradually decreasing, but producer inventories remain high, with limited fundamental support. It is expected to fluctuate in the short - term, and market sentiment and new round of steel tender pricing should be monitored [6][7]. - For silicon - iron, there is a situation of weak supply and demand, and the fundamental driving force is limited. Although cost support is strong, the upward driving force is insufficient, and it is expected to fluctuate in the short - term. Attention should be paid to market sentiment, start - up conditions, and electricity price settlement [9][10]. 3. Summary by Relevant Catalogs 3.1 Futures Price - The prices of both manganese - silicon and silicon - iron have decreased in resonance, and are at the lowest levels in recent years. From November 5th to November 28th, 2025, the manganese - silicon futures price dropped from 5,776 yuan/ton to 5,612 yuan/ton, a decrease of 2.84%; the silicon - iron futures price dropped from 5,560 yuan/ton to 5,390 yuan/ton, a decrease of 3.06% [11][13]. 3.2 Spot Price - The spot prices of both manganese - silicon and silicon - iron have declined. For example, in manganese - silicon, the prices in Inner Mongolia, Guangxi and other regions decreased by 160 - 70 yuan/ton from October 31st to November 28th, 2025; in silicon - iron, the prices in Gansu, Inner Mongolia and other regions decreased by 100 - 70 yuan/ton [15]. 3.3 Basis - The basis of both manganese - silicon and silicon - iron has weakened. For example, on November 28th, 2025, compared with November 21st, the SM01 basis of manganese - silicon decreased by 26 yuan/ton, and the SF01 basis of silicon - iron decreased by 14 yuan/ton [18][20]. 3.4 Near - far Spread - The 1 - 5 spreads of both manganese - silicon and silicon - iron have strengthened slightly. On November 28th, 2025, compared with November 21st, the 1 - 5 spread of manganese - silicon increased by 14 yuan/ton, and that of silicon - iron increased by 4 yuan/ton [23][26]. 3.5 Double - silicon Spread - The spread between silicon - iron and manganese - silicon (silicon - iron - silicon - manganese) decreased by 10 yuan/ton from November 6th to November 28th, 2025 [27]. 3.6 Production Cost - The production cost of silicon - iron has changed significantly, and the production costs in most regions (except Inner Mongolia) have strengthened. For example, from October 30th to November 27th, 2025, the production cost of silicon - iron in Gansu increased by 146 yuan/ton, and that in Qinghai increased by 386 yuan/ton [29][30]. 3.7 Production Profit - The immediate production profit of manganese - silicon has weakened, the production profit of silicon - iron in Inner Mongolia has strengthened month - on - month, but the loss in most production areas has intensified. For example, from October 30th to November 27th, 2025, the production profit of manganese - silicon in the northern region decreased by 175.02 yuan/ton [31][35]. 3.8 Manganese - silicon Supply - The weekly output of manganese - silicon has declined and returned to the median level in recent years. The operating rates of manganese - silicon producers in Ningxia and Yunnan have dropped significantly. For example, from October 31st to November 28th, 2025, the weekly output of manganese - silicon decreased from 207,725 tons to 194,775 tons [36][39]. 3.9 Manganese - silicon Demand - The weekly demand for manganese - silicon is still at a low level in recent years, and the decline in crude steel production is obvious. For example, in October 2025, the crude steel output was 7199.70 tons, a month - on - month decrease of 2.03% [44][46]. 3.10 Manganese - silicon Cost - The price of manganese ore has increased slightly. From October 30th to November 28th, 2025, the price of Gabon manganese ore increased by 2.2 yuan/dry - ton degree, a month - on - month increase of 5.5% [51][52]. 3.11 Manganese Ore - The inventory of port manganese ore has remained stable. The inventory of Australian ore has decreased after reaching a phased high, and the inventory of Gabon manganese ore has decreased fluctuantly [54][57]. 3.12 Manganese - silicon Inventory - The inventory of 63 sample enterprises has increased month - on - month, continuously hitting a new high in recent years. The available days of manganese - silicon inventory have increased slightly year - on - year. For example, from November 14th to November 28th, 2025, the inventory of 63 sample enterprises increased by 15,500 tons [61][68]. 3.13 Manganese - silicon Option - The historical volatility of manganese - silicon options is at a low level. The put - call ratio of the open interest/volume of manganese - silicon options fluctuates greatly, and the current ratio is at the median [69][72]. 3.14 Silicon - iron Supply - The weekly output of silicon - iron has continued to decline. In October 2025, the national silicon - iron output was 505,300 tons, a month - on - month increase of 17,000 tons and a year - on - year increase of 1,600 tons [75][83]. 3.15 Silicon - iron Demand - The demand for silicon - iron from steel mills is still at a low level. The output of magnesium ingots in October 2025 increased month - on - month, reaching a new high in recent years. The import volume of silicon - iron increased by 4.86% month - on - month in October 2025, and the export volume decreased by 36.14% [86][96]. 3.16 Silicon - iron Cost - The price of small - sized semi - coke has increased month - on - month. From October 30th to November 28th, 2025, the price of small - sized semi - coke in Shaanxi increased by 70 yuan/ton, a month - on - month increase of 9.33% [97][99]. 3.17 Silicon - iron Inventory - The inventory of 60 sample enterprises of silicon - iron has decreased slightly month - on - month, but the absolute value is still high. The available days of silicon - iron inventory have increased both month - on - month and year - on - year. For example, from November 14th to November 28th, 2025, the inventory of 60 sample enterprises decreased by 9,530 tons [101][108]. 3.18 Silicon - iron Option - The put - call ratio of the open interest of silicon - iron options has decreased fluctuantly [111].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The steel demand has officially entered the off - season, and the hot - rolled coil inventory pressure remains. Attention should be paid to the actual progress of the production reduction rhythm and the tone of important meetings [2]. - The iron ore price is expected to operate within an oscillatory range, with high overall inventory and existing structural contradictions [5]. - The ferroalloy shows a weak trend, but there's no need to be overly pessimistic. It is recommended to focus on the inflection point of market sentiment and corresponding price changes [9]. - The industrial silicon market presents a situation of weak supply and demand with limited marginal changes, and the price is easily affected by the capital sentiment of other new - energy varieties [13]. - The polysilicon market has obvious contradictions between reality and expectation, and the inventory pressure before the Spring Festival is difficult to relieve. Attention should be paid to the final implementation of the platform company [15]. - The glass industry is still at the bottom - exploring stage, and the market is expected to continue wide - range oscillations. It is advisable to consider short - selling at high levels [18]. - The soda ash price is expected to remain stable in the short term, but it should be regarded as bearish before the demand side improves significantly [20]. 3. Summary by Related Catalogs Steel - **Market Quotes** - The closing price of the rebar main contract was 3,110 yuan/ton, up 17 yuan/ton (0.549%) from the previous trading day. The spot prices in Tianjin and Shanghai increased by 10 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3,302 yuan/ton, up 9 yuan/ton (0.273%) from the previous trading day. The spot price in Lecong increased by 10 yuan/ton, and that in Shanghai remained unchanged [1]. - **Strategy Views** - Rebar supply and demand both declined, and inventory continued to be depleted, with a neutral overall performance. Hot - rolled coil production increased, apparent demand slightly declined, and inventory was only slightly depleted [2]. - South Korea's anti - dumping tax on Chinese hot - rolled thick steel plates will affect steel exports to some extent [2]. Iron Ore - **Market Quotes** - The main contract of iron ore (I2601) closed at 794.00 yuan/ton on Friday, with a change of - 0.69% (- 5.50), and the position changed by - 23,368 lots to 391,000 lots. The weighted position was 920,100 lots. The spot price of PB powder at Qingdao Port was 794 yuan/wet ton, with a basis of 49.54 yuan/ton and a basis rate of 5.87% [4]. - **Strategy Views** - In terms of supply, the overseas iron ore shipment volume decreased month - on - month. In terms of demand, the daily average pig iron output decreased, the number of blast furnace overhauls increased, and the steel mill profitability rate dropped to a near - three - year low. The port inventory increased month - on - month, and the steel mill inventory was slightly consumed [5]. - The iron ore overall inventory is still high, but there are structural contradictions, and the spot has certain support. The price is expected to operate within an oscillatory range [5]. Manganese Silicon and Ferrosilicon - **Market Quotes** - On November 28, the main contract of manganese silicon (SM601) closed down 0.25%, at 5,612 yuan/ton. The spot price in Tianjin was 5,630 yuan/ton, with a premium of 208 yuan/ton over the futures [7]. - The main contract of ferrosilicon (SF603) closed flat at 5,390 yuan/ton. The spot price in Tianjin was 5,400 yuan/ton, with a premium of 10 yuan/ton over the futures [8]. - Last week, the manganese silicon price fluctuated narrowly at the lower edge of the range, and the ferrosilicon price slowly declined [8]. - **Strategy Views** - The market sentiment has improved, but the black - metal sector is still weak, and the ferroalloy is also affected. There's no need to be overly pessimistic, and attention should be paid to the inflection point of market sentiment [9]. - The manganese silicon fundamentals are not ideal, and it is difficult to drive the price down significantly. Attention should be paid to the manganese ore situation. The ferrosilicon supply - demand fundamentals have no obvious contradictions, and the operability is low [10]. Industrial Silicon and Polysilicon - **Market Quotes** - The main contract of industrial silicon (SI2601) closed at 9,130 yuan/ton on Friday, with a change of + 0.16% (+ 15). The weighted contract position changed by - 28,495 lots to 381,451 lots [12]. - The main contract of polysilicon (PS2601) closed at 56,425 yuan/ton on Friday, with a change of + 2.15% (+ 1,190). The weighted contract position changed by + 5,632 lots to 260,870 lots [14]. - **Strategy Views** - The production of industrial silicon has been declining, the demand from polysilicon is weakening, the demand from silicone is stable in the short term, and the cost support is stable. The price is easily affected by the capital sentiment of other new - energy varieties [13]. - The polysilicon production is expected to decline in December, the downstream silicon wafer production cut is expected to increase, and the inventory pressure is difficult to relieve. The price is affected by the delivery game and the platform company's implementation expectations [15]. Glass and Soda Ash - **Market Quotes** - The glass main contract closed at 1,041 yuan/ton on Friday, up 0.39% (+ 4). The inventory of float - glass sample enterprises decreased by 941,000 boxes week - on - week (- 1.49%) [17]. - The soda ash main contract closed at 1,176 yuan/ton on Friday, up 0.09% (+ 1). The inventory of soda ash sample enterprises decreased by 57,000 tons week - on - week (- 1.49%) [19]. - **Strategy Views** - The glass supply has shrunk, the market sentiment has briefly improved, but the overall trading atmosphere in the spot market is still light, and the inventory has decreased slightly. The market is expected to continue wide - range oscillations [18]. - The soda ash production load has slightly increased, the inventory has slightly decreased, and the price is supported by cost and pending orders. It is expected to remain stable in the short term, but should be regarded as bearish before the demand improves [20].

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 | 3110 | 17 | 热卷01 | 3302 | d | | 螺纹05 | 3117 | 12 | 热卷05 | 3288 | 7 | | 螺纹10 | 3154 | 10 | 热卷10 | 3290 | 8 | | 现货价格 | 最新 | 涨跌 | 现货价格 | 最新 | 涨跌 | | 唐山普方坯 | 2980 | 10 | 张家港废钢 | 2080 | 0 | | 螺纹:唐山 | 3150 | 0 | 热卷:天津 | 3220 | -10 | | 螺纹:上海 | 3250 | 1 0 | 热卷:上海 | 3290 | 0 | | 螺纹:杭州 | 3290 | 20 | 热卷： 杭州 | 3320 | 0 | | 螺纹:广州 | 3490 | 20 | 热卷： 广州 | 3320 | 10 | | 螺纹:成都 | 3230 | 0 | 热卷:成都 | 3310 | -20 | | 基差 | 最新 | 涨跌 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - On December 1, 2025, the prices of different grades of silicon - iron and silicon - manganese in various regions and different contract prices on the market are presented, including daily and weekly changes. For example, the latest price of Ningxia 72 silicon - iron natural block is 5100, with no daily change and a weekly decrease of 30; the latest price of the main contract is 5390, with no daily change and a weekly decrease of 82 [2]. - Multiple historical price trend charts of silicon - iron and silicon - manganese are provided, covering different regions, varieties, and time periods from 2021 - 2025 [3][4][6] Supply - Charts show the production and capacity utilization of 136 silicon - iron production enterprises in China from 2021 - 2025, including monthly and weekly data, and the production of silicon - manganese in China from 2021 - 2025 [4][6] Demand - Demand - related data such as the estimated production of crude steel in China from 2021 - 2025, the production of stainless - steel crude steel in China, and the procurement volume and price of silicon - iron and silicon - manganese by HeSteel Group are presented [4][6][7] Inventory - Inventory data of silicon - iron and silicon - manganese are provided, including the inventory of 60 sample silicon - iron enterprises in different regions, the inventory of silicon - manganese in 63 sample enterprises in China, and the inventory average available days in different regions [5][7] Cost and Profit - Cost - related data such as electricity prices in different regions for ferroalloys, the market price of blue - carbon small materials in Shaanxi, and profit - related data such as the production profit of blue - carbon in China, the production cost and profit of silicon - iron in Ningxia and Inner Mongolia, and the profit of silicon - manganese in different regions are presented [5][7]

Core Viewpoint - The iron alloy industry is undergoing a fundamental shift towards green and low-carbon development under the "dual carbon" goals, with futures markets playing a crucial role in supporting this transition [1][2]. Group 1: Industry Overview - The iron alloy industry is an essential part of the steel industry, with China being the largest producer and consumer globally, boasting a comprehensive industrial system with advanced technical and economic indicators [2]. - The industry is currently facing challenges such as supply-demand imbalances, increased regional concentration, and significant changes in import-export patterns [2]. Group 2: Green Development Initiatives - The "green low-carbon" direction is identified as a key focus for the high-quality development of the iron alloy industry, necessitating the establishment of carbon emission verification standards and a carbon footprint certification mechanism [2]. - A "green assistance" pilot program will be launched in 2024 to encourage green product production and facilitate the use of futures and options for price risk management [3]. Group 3: Futures Market Development - The Zhengzhou Commodity Exchange (ZCE) has seen significant growth in iron alloy futures since their launch in 2014, with daily average positions reaching 100,000 contracts by 2020 and continuing to expand [4]. - As of November 14, 2025, daily average positions for manganese silicon and silicon iron were 599,000 contracts and 393,000 contracts, respectively, indicating a strong correlation with spot consumption [4]. Group 4: Industry Adoption of Futures - Companies like Ordos Xijin Mining and Qinghai Fuhai New Materials have reported positive experiences with futures trading, highlighting its role in stabilizing operations and managing cash flow amidst market volatility [5][6]. - The use of futures tools has become integral to the operational strategies of iron alloy companies, with increased participation and recognition of their value in risk management and price discovery [6]. Group 5: Future Outlook - The futures market is expected to continue supporting the green upgrade of the iron alloy industry, with ongoing discussions about policy, green development trends, and the role of futures tools in risk management [6].

硅铁&锰硅产业链周度报告 2 资料来源 Mysteel 、iFInd国泰君安期货研究所 ： ◼ 本周合金价格受原料板块情绪影响，价格走势震荡偏弱，锰硅底部支撑较为明显。当前锰硅基本面矛盾继续累积，硅铁成本端存松动迹 象，或使得合金价格走弱，仍需持续跟踪合金端的供应变动。 ◼ 宏观：国内：10月CPI同比转正，环比强于季节规律，PPI同比降幅连续3个月收窄；海外：美联储最新一期全国经济形势调查报告（褐 皮书）发布，经济活动总体变化不大，消费者支出进一步下降。 ◼ 微观：铁水产量环比微降，对原料需求支撑偏弱，当前合金基本面矛盾继续累积，需注意炉料负反馈节奏的变动。 ◼ 本周硅铁端，市场情绪偏弱，成本存松动预期，北方主产区供应端再度收缩幅度有限；锰硅端，供应环比收缩，宁夏部分工厂减产，但 锰矿需求维持，锰矿价格受货权影响震荡偏强，成本端表现坚挺，北方地区仍存近两月新开炉预期，工厂库存突破高位，但近期期货库 存流动性较强，需持续跟踪北方地区投产计划是否有变动，警惕矿端的发运变动及盘面价格对港口矿报价的影响。 原料端情绪降温，合金低位震荡 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 ...