Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - The silicon iron market is subject to market sentiment disturbances and experiences wide - range fluctuations; the manganese silicon market has a firm price at the ore end and also experiences wide - range fluctuations [1] - The trend strength of silicon iron and manganese silicon is 0, indicating a neutral outlook [4] Group 3: Fundamental Tracking Futures Data - Silicon iron 2603 has a closing price of 5390, down 26 from the previous trading day, with a trading volume of 317,259 and an open interest of 248,587; silicon iron 2605 has a closing price of 5344, down 32, with a trading volume of 15,619 and an open interest of 46,850; manganese silicon 2601 has a closing price of 5626, down 4, with a trading volume of 144,376 and an open interest of 332,903; manganese silicon 2605 has a closing price of 5676, down 6, with a trading volume of 46,011 and an open interest of 143,373 [1] Spot Data - The price of silicon iron FeSi75 - B in Inner Mongolia is 5120 yuan/ton; the price of silicon manganese FeMn65Si17 in Inner Mongolia is 5500 yuan/ton; the price of manganese ore Mn44 block is 41.5 yuan/ton degree; the price of semi - coke small material in Shenmu is 820 yuan/ton [1] Spread Data - The spot - 03 futures spread of silicon iron is - 270 yuan/ton, up 26; the spot - 01 futures spread of manganese silicon is - 126 yuan/ton, up 4; the near - far month spread of silicon iron 2603 - 2605 is 46 yuan/ton, up 6; the near - far month spread of manganese silicon 2601 - 2605 is - 50 yuan/ton, up 2; the cross - variety spread of manganese silicon 2603 - silicon iron 2603 is 238 yuan/ton, up 26; the cross - variety spread of manganese silicon 2605 - silicon iron 2605 is 332 yuan/ton, up 26 [1] Group 4: Macro and Industry News Price Quotes - On November 27, the price of 72 silicon iron in Shaanxi is 5050 - 5150, in Ningxia is 5100 - 5150 (down 25), in Qinghai is 5100 - 5150 (down 25), in Gansu is 5100 - 5200, in Inner Mongolia is 5100 - 5150; the price of 75 silicon iron in Shaanxi is 5700 - 5750, in Ningxia is 5600 - 5650, in Qinghai is 5600 - 5650, in Gansu is 5600 - 5650 (down 25), in Inner Mongolia is 5650 - 5700; the FOB price of 72 silicon iron is 1020 - 1040 (down 10), the FOB price of 75 silicon iron is 1090 - 1120 (down 10 - 20); the northern quotation of 6517 silicon manganese is 5500 - 5550 yuan/ton, and the southern quotation is 5600 yuan/ton [2] - Yunnan Qujing Chengsteel finalized the purchase price of silicon iron at 5690 yuan/ton in cash, with a quantity of 400 tons [2] Production Data - In November, the operating rate of silicon iron enterprises in Inner Mongolia is 63.03%, up 0.64% from October, with an estimated output of 15.87 million tons, up 0.73 million tons from October, and a capacity utilization rate of 66.1%; the operating rate of silicon iron enterprises in Gansu is 38.67%, down 2.66% from October, with an estimated output of 4.47 million tons, down 1.15 million tons from October, and a capacity utilization rate of 35.42% [3] - In November, there are 14 silicon manganese enterprises operating in other northern regions, with 23 furnaces in operation at the end of the month. The silicon manganese output in November is 79,700 tons (up 2300 tons) [3] - In November, there are 3 silicon manganese enterprises operating in Sichuan and Chongqing regions, with 12 furnaces in operation. The total output of silicon manganese in Sichuan and Chongqing is about 53,200 tons (down 2800 tons) [3] - In November, a 6014 factory in Hunan stopped production due to a 0.1 - yuan increase in electricity price. A new production capacity was put into operation in the middle of the month, and it is expected to start production in early December. The silicon manganese output in other southern regions in November is about 5200 tons (down 1400 tons) [3]

Report Industry Investment Ratings - Iron ore: Downstream demand has limited space, and the valuation is high [2] - Rebar: Wide - range oscillation [2] - Hot - rolled coil: Wide - range oscillation [2] - Ferrosilicon: Subject to market sentiment disturbances, wide - range oscillation [2] - Silicomanganese: The price of the ore end is firm, wide - range oscillation [2] - Coke: Wide - range oscillation [2] - Coking coal: Wide - range oscillation [2] - Logs: Weak oscillation [2] Core Views - The report provides investment ratings and trend intensities for various black - series commodities, and presents their respective fundamental data and macro - industry news [2][4][7] Summaries by Commodities Iron Ore - **Fundamental Data**: The closing price of I2601 futures was 799.5 yuan/ton, up 2.5 yuan/ton (0.31%); the open interest decreased by 5,496 lots. Imported ore prices generally declined by 2 yuan/ton, and domestic ore prices remained stable. Some basis and spread values changed [4] - **Macro - Industry News**: In October, the year - on - year actual growth rate of the added value of large - scale industries was 4.9%, and the cumulative growth rate from January to October was 6.1% [4] - **Trend Intensity**: - 1, indicating a bearish sentiment [4] Rebar and Hot - rolled Coil - **Fundamental Data**: The closing price of RB2601 futures was 3,093 yuan/ton, down 4 yuan/ton (- 0.13%); the closing price of HC2601 futures was 3,293 yuan/ton, down 9 yuan/ton (- 0.27%). Spot prices in some regions declined, and there were changes in basis and spread values [7] - **Macro - Industry News**: According to the weekly data of Steel Union on November 27, rebar production decreased by 1.88 tons, hot - rolled coil production increased by 3 tons; rebar inventory decreased by 21.86 tons, hot - rolled coil inventory decreased by 1.21 tons; rebar apparent demand decreased by 2.85 tons, hot - rolled coil apparent demand increased by 1.31 tons. In mid - November, the social inventory of 5 major steel products in 21 cities was 871 million tons, a decrease of 22 million tons (2.5%) from the previous month. In October 2025, national crude steel production was 72 million tons, a year - on - year decrease of 12.1%, etc. [8][9] - **Trend Intensity**: Both are 0, indicating a neutral sentiment [9] Ferrosilicon and Silicomanganese - **Fundamental Data**: The closing prices of ferrosilicon 2603 and 2605 futures decreased by 26 yuan/ton and 32 yuan/ton respectively; the closing prices of silicomanganese 2601 and 2605 futures decreased by 4 yuan/ton and 6 yuan/ton respectively. Spot prices and various spread values showed corresponding changes [11] - **Macro - Industry News**: In November, the operating rate of ferrosilicon enterprises in Inner Mongolia was 63.03%, an increase of 0.64% from October, and the output was expected to be 158,700 tons, an increase of 7,300 tons from October; the operating rate of ferrosilicon enterprises in Gansu was 38.67%, a decrease of 2.66% from October, and the output was expected to be 44,700 tons, a decrease of 11,500 tons from October. There were also changes in the production of silicomanganese in other regions [12][13] - **Trend Intensity**: Both are 0, indicating a neutral sentiment [14] Coke and Coking Coal - **Fundamental Data**: The closing price of JM2601 coking coal futures was 1,071 yuan/ton, down 13.5 yuan/ton (- 1.2%); the closing price of J2601 coke futures was 1,607 yuan/ton, down 12 yuan/ton (- 0.7%). Spot prices and basis and spread values changed [15] - **Macro - Industry News**: Recently, the National Development and Reform Commission organized a video conference on energy supply guarantee for the heating season from 2025 - 2026 [15] - **Trend Intensity**: Both are 0, indicating a neutral sentiment [16] Logs - **Fundamental Data**: The prices, trading volumes, open interests, and spread values of different log futures contracts showed various changes. Spot prices in most regions remained stable [18] - **Macro - Industry News**: Starting from November 10, 2025, the General Administration of Customs decided to abolish the announcement on suspending the import of US logs [20] - **Trend Intensity**: 0, indicating a neutral sentiment [20]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On November 27, ferroalloy futures prices declined overall. For ferrosilicon, short - term fundamentals and cost are stable, and it is recommended to operate with a bottom - oscillation mindset. For silicomanganese, with stable supply - demand and cost support, it is also expected to oscillate at the bottom. The overall alloy valuation is not high, with cost support. It is recommended to hold a wait - and - see attitude for arbitrage and sell out - of - the - money straddle option combinations [6][7] 3. Summary by Related Catalogs 3.1 Market Information 3.1.1 Futures - SF main contract closed at 5390, down 26 from the previous day and 56 from the previous week, with a trading volume of 317,259 (down 75,844 from the previous day) and an open interest of 229,279 (up 19,308 from the previous day) [2] - SM main contract closed at 5628, unchanged from the previous day and up 14 from the previous week, with a trading volume of 144,376 (up 20,465 from the previous day) and an open interest of 332,903 (down 37,054 from the previous day) [2] 3.1.2 Spot - Ferrosilicon: 72% FeSi in Inner Mongolia was priced at 5200, unchanged from the previous day and down 80 from the previous week; in Ningxia, it was 5200, unchanged from the previous day and down 50 from the previous week; in Qinghai, it was 5250, unchanged from the previous day and down 50 from the previous week; in Jiangsu, it was 5520, unchanged from the previous day and up 120 from the previous week; in Tianjin, it was 5400, unchanged from the previous day and down 100 from the previous week [2] - Silicomanganese: Silicomanganese 6517 in Inner Mongolia was priced at 5500, unchanged from the previous day and down 20 from the previous week; in Ningxia, it was 5480, unchanged from the previous day and the previous week; in Guangxi, it was 5530, unchanged from the previous day and down 20 from the previous week; in Jiangsu, it was 5650, down 20 from the previous day and the previous week; in Tianjin, it was 5630, down 20 from the previous day and the previous week [2] 3.1.3 Basis/Spread - Ferrosilicon: Inner Mongolia - main contract basis was - 190, up 26 from the previous day and down 24 from the previous week; Ningxia - main contract basis was - 190, up 26 from the previous day and up 6 from the previous week; Qinghai - main contract basis was - 140, up 26 from the previous day and up 6 from the previous week; Jiangsu - Inner Mongolia spread was 320, unchanged from the previous day and up 200 from the previous week; SF - SM spread was - 238, down 26 from the previous day and down 70 from the previous week [2] - Silicomanganese: Inner Mongolia - main contract basis was - 128, unchanged from the previous day and down 34 from the previous week; Ningxia - main contract basis was - 148, unchanged from the previous day and down 14 from the previous week; Guangxi - main contract basis was - 98, unchanged from the previous day and down 34 from the previous week; Guangxi - Inner Mongolia spread was 30, unchanged from the previous day and the previous week [2] 3.1.4 Raw Materials - Manganese ore (Tianjin): Australian lump was priced at 39.8, unchanged from the previous day and up 0.1 from the previous week; South African semi - carbonate was 34.2, down 0.1 from the previous day and the previous week; Gabon lump was 41.5, unchanged from the previous day and up 1 from the previous week [2][3][4] - Lanthanum semi - coke small materials: In Shaanxi, it was 820, unchanged from the previous day and the previous week; in Inner Mongolia, it was 810, unchanged from the previous day and the previous week; in Ningxia, it was 920, unchanged from the previous day and the previous week [2][3][4] 3.2 Market Judgment 3.2.1 Ferrosilicon - On November 27, the spot price was stable overall. The supply is in a downward trend as alloy plants enter the maintenance phase. The demand may see a short - term rebound in steel production due to improved steel profits, but the recent weakening of steel apparent demand makes the resumption of production unsustainable. The cost of ferroalloy electricity prices in each region is generally stable. Overall, short - term fundamentals and cost are stable, and with a low self - valuation level, it should be operated with a bottom - oscillation mindset [6] 3.2.2 Silicomanganese - On November 27, manganese ore spot was slightly weak, with Tianjin Port semi - carbonate down 0.1 yuan/ton degree, and silicomanganese spot also slightly weak, with some regional spots down 20 yuan/ton. The supply is in a downward trend. The demand may see a short - term rebound in steel production due to improved steel profits, but the weakening of steel apparent demand makes the resumption of production unsustainable. The manganese ore port inventory is at a low level in the same period, and the spot price is firm, leading to an increase in the cost. Under stable supply - demand and cost support, it is expected to oscillate at the bottom [6] 3.2.3 Trading Strategy - Unilateral: The overall alloy valuation is not high, and the cost is supported, so it is expected to oscillate at the bottom [7] - Arbitrage: Hold a wait - and - see attitude [7] - Options: Sell out - of - the - money straddle option combinations [7] 3.3 Related Attachments - The attachments include the trend of ferroalloy main contracts, the spread between SF and SM on the disk, the monthly spread of ferrosilicon and silicomanganese, the basis of ferrosilicon and silicomanganese, the spot price of silicomanganese, ferroalloy electricity prices, the cost and profit of ferrosilicon and silicomanganese, etc [9][11][13][15][18][24]

Report Investment Rating - No information provided Core Viewpoints - On November 27, the manganese silicon 2601 contract was reported at 5626, down 0.04%. Fundamentally, inventory rebounded rapidly, production continued to decline slightly at a high level, and inventory rebounded for 8 consecutive weeks. The short - term direction is to be treated as oscillating weakly. [2] - On November 27, the ferrosilicon 2603 contract was reported at 5390, down 0.44%. In terms of supply and demand, market transactions were mainly for terminal rigid - demand restocking, prices declined, and inventory decreased this period. The short - term direction is to be treated as oscillating weakly. [2] Summary by Related Catalogs Futures Market - The closing price of the SM main contract was 5,626.00 yuan/ton, down 4.00; the closing price of the SF main contract was 5,390.00 yuan/ton, down 26.00. [2] - The SM futures contract position was 737,538.00 lots, up 3,127.00; the SF futures contract position was 486,451.00 lots, up 24,144.00. [2] - The net position of the top 20 in manganese silicon was - 8,840.00 lots, up 2,975.00; the net position of the top 20 in ferrosilicon was - 16,149.00 lots, up 987.00. [2] - The SM 5 - 1 month contract spread was 50.00 yuan/ton, down 2.00; the SF 5 - 1 month contract spread was - 36.00 yuan/ton, down 20.00. [2] - The SM warehouse receipts were 20,989.00 pieces, down 200.00; the SF warehouse receipts were 10,810.00 pieces, down 163.00. [2] Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,430.00 yuan/ton, unchanged; the price of Guizhou manganese silicon FeMn68Si18 was 5,500.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia ferrosilicon FeSi75 - B was 5,250.00 yuan/ton, down 20.00; the price of Qinghai ferrosilicon FeSi75 - B was 5,100.00 yuan/ton, down 30.00. [2] - The price of Yunnan manganese silicon FeMn68Si18 was 5,500.00 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,180.00 yuan/ton, down 20.00. [2] - The manganese silicon index average was 5,515.75 yuan/ton, down 63.25; the SF main contract basis was - 210.00 yuan/ton, up 6.00. [2] - The SM main contract basis was - 196.00 yuan/ton, up 4.00. [2] Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 32.00 yuan/ton degree, unchanged; the price of silica (98% Northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,300.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 880.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 426.30 million tons, unchanged. [2] Industry Situation - The manganese silicon enterprise operation rate was 39.13%, down 0.46; the ferrosilicon enterprise operation rate was 33.81%, down 1.03. [2] - The manganese silicon supply was 196,910.00 tons, down 2,660.00; the ferrosilicon supply was 108,300.00 tons, down 800.00. [2] - The manganese silicon manufacturer inventory was 363,000.00 tons, up 13,500.00; the ferrosilicon manufacturer inventory was 73,050.00 tons, down 8,310.00. [2] - The national steel mill inventory of manganese silicon was 15.70 days, down 0.23; the national steel mill inventory of ferrosilicon was 15.67 days, up 0.15. [2] - The demand for manganese silicon from five major steel types was 121,407.00 tons, up 2,818.00; the demand for ferrosilicon from five major steel types was 19,543.00 tons, up 469.20. [2] Downstream Situation - The blast furnace operation rate of 247 steel mills was 82.17%, down 0.62; the blast furnace capacity utilization rate of 247 steel mills was 88.56%, down 0.26. [2] - The crude steel output was 7,199.70 million tons, down 149.31. [2] Industry News - The European Central Bank Chief Economist said that the world economy is undergoing profound changes beyond the impact of US tariffs, and Europe must start to find growth drivers locally. [2] - Pentagon believes Alibaba, Baidu, and BYD should be included in the list of enterprises assisting the Chinese military. [2] - From January to October, the total profit of the ferrous metal smelting and rolling processing industry was 105.32 billion yuan. [2] - Six departments including the Ministry of Industry and Information Technology issued an implementation plan to enhance the adaptability of consumer goods supply and demand and further promote consumption. [2] Viewpoint Summary - For manganese silicon, on November 27, the 2601 contract fell 0.04%, the inventory rebounded rapidly, production declined slightly, and the short - term direction is oscillating weakly. [2] - For ferrosilicon, on November 27, the 2603 contract fell 0.44%, market transactions were mainly for rigid - demand restocking, prices declined, and the short - term direction is oscillating weakly. [2]

Group 1: Market Outlook - The price of ferrosilicon is expected to fluctuate at the bottom due to weak supply and demand and cost support. The supply side has started a production cut trend, and the demand is expected to decline in December. The electricity price was stable and slightly stronger in November, which increased the cost [2][73][74]. - The price of silicomanganese is also expected to fluctuate at the bottom. The supply side has entered a production cut trend, and the demand is expected to decline seasonally in December. The manganese ore port inventory is lower than last year, and the price is strong, providing strong support for the cost [2][74]. Group 2: Strategy Recommendation - For unilateral trading, the price is expected to fluctuate at the bottom under the combined effect of weak supply and demand and cost support [3]. - For arbitrage, it is recommended to wait and see [3]. - For options, it is recommended to sell straddle option combinations on rallies [3]. Group 3: Fundamental Situation 1. Market Review - In November, the ferrosilicon futures price fluctuated downward due to the pressure on steel profits, increased steel mill maintenance, and high enterprise inventories [7]. 2. Supply and Demand - Supply: The production of silicomanganese and ferrosilicon is expected to decline slightly in November. On November 21, the national 136 - independent ferrosilicon enterprise sample开工率 was 33.81%, a 1.03% decrease from the previous period; the national 187 - independent silicomanganese enterprise sample开工率 was 39.13%, a 0.465% decrease from the previous period [23]. - Demand: The molten iron production showed a narrow - range fluctuation in November. It is expected to rebound in the short term but decline in December [24]. 3. Inventory - Alloy factory inventory: In November, the alloy factory inventory fluctuated upward, especially the silicomanganese inventory increased significantly. On November 21, the inventory of 60 independent ferrosilicon enterprises was 7.31 tons, a decrease of 0.83 tons from the previous period; the inventory of 63 independent silicomanganese enterprises was 36.3 tons, an increase of 1.05 tons from the previous period [38]. - Downstream inventory: Steel mills may have phased replenishment demand in December, but the replenishment intensity is expected to be limited [38]. 4. Cost - The port steam coal price was strong in November, and the electricity price in the ferrosilicon production area was stable and slightly stronger, increasing the alloy production cost [54]. - The manganese ore port inventory is about 200 tons lower than last year. The price is strong, with the Tianjin Gangao block rising 0.8 yuan/ton degree and the Gabon block rising 1.7 yuan/ton degree in November, providing strong support for the silicomanganese cost [54].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - The latest prices and their daily and weekly changes are presented for different types of ferrosilicon (FeSi) and silicomanganese (SiMn) in various regions such as Ningxia, Inner Mongolia, Qinghai, and Shaanxi. For example, the latest price of 72 FeSi in Ningxia is 5100 yuan, with a daily change of -30 yuan and a weekly change of -50 yuan [2]. - Price trends of different types of FeSi and SiMn from 2021 - 2025 are shown in graphs, including market prices, export and import prices, and basis differences [3][6]. Supply - Production - related data such as the output of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates in different regions (Inner Mongolia, Ningxia, Shaanxi), and the output of silicon - manganese in China (weekly) are presented [4][6]. - Data on the estimated and actual output of crude steel in China, metal magnesium production, and the procurement volume and price of FeSi and SiMn by Hebei Iron and Steel Group are also included [4][6]. Inventory - Inventory data of silicon - iron and silicon - manganese are provided, including the inventory of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia), CZCE's warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5][7]. - The average available days of inventory in different regions (East China, South China, North China) are also shown [5]. Cost and Profit - Cost - related data such as electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke, and the production cost of silicon - iron in Ningxia and Inner Mongolia are presented [5]. - Profit - related data including the production profit of semi - coke, the profit of silicon - iron and silicon - manganese in different regions (Ningxia, Inner Mongolia, Guangxi), and the export profit of 75% FeSi are provided [5][7].

Group 1: Report Industry Investment Rating - No investment rating information is provided in the report. Group 2: Core View of the Report - The report focuses on the manganese - silicon market, stating that the price of the ore end is firm and the market shows a wide - range fluctuation. The trend intensities of both silicon - iron and manganese - silicon are neutral [1][3]. Group 3: Summary According to the Directory 1. Fundamental Tracking - **Futures Data**: - Silicon - iron futures (2603 contract) closed at 5416 yuan/ton, down 32 yuan; 2605 contract closed at 5376 yuan/ton, down 32 yuan. Manganese - silicon futures (2601 contract) closed at 5630 yuan/ton, down 6 yuan; 2605 contract closed at 5682 yuan/ton, down 16 yuan [1]. - **Spot Data**: - The price of silicon - iron (FeSi75 - B) in Inner Mongolia was 5120 yuan/ton, down 30 yuan/ton; the price of silicon - manganese (FeMn65Si17) in Inner Mongolia was 5500 yuan/ton, down 20 yuan/ton. The price of manganese ore (Mn44 block) was 41.5 yuan/ton - degree, up 0.5 yuan/ton - degree [1]. - **Spread Data**: - The spot - 03 futures spread of silicon - iron was - 296 yuan/ton, up 2 yuan/ton; the spot - 01 futures spread of manganese - silicon was - 130 yuan/ton, down 14 yuan/ton. The 2603 - 2605 near - far month spread of silicon - iron was 40 yuan/ton, unchanged; the 2601 - 2605 near - far month spread of manganese - silicon was - 52 yuan/ton, up 10 yuan/ton [1]. 2. Macro and Industry News - **Price Information**: - On November 26, the price range of 72 silicon - iron in different regions was 5050 - 5200 yuan/ton, and that of 75 was 5600 - 5750 yuan/ton. The FOB price of 72 silicon - iron was 1020 - 1040 dollars/ton, down 10 dollars/ton; 75 was 1090 - 1120 dollars/ton, down 10 - 20 dollars/ton. The northern quotation of 6517 silicon - manganese was 5500 - 5550 yuan/ton, down 50 yuan/ton; the southern quotation was 5600 yuan/ton [2]. - **Steel Mill Pricing**: - A steel mill in Jiangsu set the silicon - manganese price at 5725 yuan/ton (acceptance, tax - included, delivered to the factory), down 75 yuan/ton from the mid - month price. A steel mill in Guangdong set the price at 5730 yuan/ton (acceptance, tax - included, delivered to the factory), down 20 yuan/ton from the mid - month price [2]. - **Production Information**: - In November, there were 13 silicon - iron enterprises in production in Inner Mongolia, with 75 submerged arc furnaces in operation. The开工 rate was 63.03%, up 0.64% from October, and the output was expected to be 158,700 tons, up 7300 tons from October. In November, 14 silicon - manganese enterprises in other northern regions were in operation, with 23 furnaces in operation at the end of the month. The silicon - manganese output in November was 79,700 tons, an increase of 2300 tons [3].

1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the content. 2. Core Viewpoints of the Report - The steel demand has officially entered the off - season, with high inventory pressure on hot - rolled coils. Prices are likely to continue weak and volatile in the short term, but may have a marginal inflection point as policies are implemented and the macro - environment improves [4]. - Iron ore is expected to operate within a volatile range due to strong supply, stable demand, and partial resource shortages during the macro - vacuum period [7]. - For ferrosilicon and silicomanganese, although the current downward pressure on prices still exists, there is no need to be overly pessimistic, and attention should be paid to the inflection point of market sentiment [11]. - Industrial silicon prices are expected to continue to fluctuate in the short term, with attention to phased emotional disturbances [15]. - Polysilicon prices are expected to fluctuate widely within a range, and future focuses are on the progress of platform companies and price feedback in the industrial chain [18]. - Glass prices are expected to continue to fluctuate at the bottom, with limited room for further decline [21]. - Soda ash is expected to maintain a weak operation until the glass demand shows substantial improvement [23]. 3. Summary by Related Catalogs Steel Market Quotes - The closing price of the rebar main contract was 3099 yuan/ton, down 7 yuan/ton (- 0.22%) from the previous trading day. The registered warehouse receipts decreased by 7773 tons, and the main contract open interest decreased by 100338 lots. The Tianjin and Shanghai summary prices of rebar decreased by 10 yuan/ton and 0 yuan/ton respectively [3]. - The closing price of the hot - rolled coil main contract was 3304 yuan/ton, down 5 yuan/ton (- 0.15%) from the previous trading day. The registered warehouse receipts remained unchanged, and the main contract open interest decreased by 64552 lots. The Le Cong and Shanghai summary prices of hot - rolled coils decreased by 10 yuan/ton [3]. Strategy Views - The supply and demand of rebar both increased, and the inventory continued to decline, showing a neutral overall performance. The terminal demand for hot - rolled coils continued to recover, but the inventory level was still high. The anti - dumping duty imposed by South Korea on Chinese steel products will have a certain impact on steel exports [4]. Iron Ore Market Quotes - The main contract of iron ore (I2601) closed at 797.00 yuan/ton, up 0.38% (+ 3.00). The open interest decreased by 17489 lots to 41.98 million lots. The weighted open interest was 93.02 million lots. The spot price of PB powder at Qingdao Port was 798 yuan/wet ton, with a basis of 50.89 yuan/ton and a basis rate of 6.00% [6]. Strategy Views - In terms of supply, the overseas iron ore shipments decreased. In terms of demand, the daily average pig iron output decreased, the number of blast furnace overhauls was more than that of restarts, and the steel mill profitability continued to decline. The overall inventory of iron ore was still high, but there were structural contradictions, and the spot had certain support. It is expected to operate within a volatile range [7]. Manganese Silicon and Ferrosilicon Market Quotes - On November 26, the main contract of manganese silicon (SM601) closed down 0.11% at 5630 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5650 yuan/ton, with a premium of 210 yuan/ton over the futures. The main contract of ferrosilicon (SF603) closed down 0.59% at 5416 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 5400 yuan/ton, with a discount of 16 yuan/ton to the futures [9][10]. Strategy Views - Market risk appetite has weakened. Affected by factors such as the weakening of the expectation of the Fed's December interest rate cut and the decline of coking coal prices, the prices of ferrosilicon and silicomanganese have dropped significantly. However, with the increase in the expectation of the Fed's December interest rate cut and the possible end of the decline in coking coal prices, there is no need to be overly pessimistic [11]. Industrial Silicon and Polysilicon Market Quotes - The main contract of industrial silicon (SI2601) closed at 9020 yuan/ton, up 0.67% (+ 60). The weighted open interest increased by 1722 lots to 433464 lots. The spot price of 553 industrial silicon in East China was 9350 yuan/ton, with a basis of 330 yuan/ton; the 421 was 9750 yuan/ton, with a basis of - 70 yuan/ton [14]. - The main contract of polysilicon (PS2601) closed at 55895 yuan/ton, up 2.13% (+ 1165). The weighted open interest increased by 15342 lots to 254372 lots. The average price of N - type granular silicon was 50.5 yuan/kg, N - type dense material was 51 yuan/kg, and N - type re - feeding material was 52.25 yuan/kg, with a basis of - 3645 yuan/ton [17]. Strategy Views - The production of industrial silicon has been decreasing, and the demand from downstream polysilicon and organic silicon has shown different trends. The price is expected to fluctuate in the short term [15]. - The production of polysilicon in November decreased, and the supply - demand pattern may improve marginally, but the short - term inventory reduction is expected to be limited. The price is expected to fluctuate widely within a range [18]. Glass and Soda Ash Market Quotes - The glass main contract closed at 1014 yuan/ton, up 0.10% (+ 1). The inventory of float glass sample enterprises increased by 5.60 million cases (+ 0.09%). The number of long positions of the top 20 buyers increased by 17407 lots, and the number of short positions of the top 20 sellers decreased by 44249 lots [20]. - The soda ash main contract closed at 1173 yuan/ton, down 0.85% (- 10). The inventory of soda ash sample enterprises decreased by 6.29 million tons (+ 0.09%). The number of long positions of the top 20 buyers increased by 3835 lots, and the number of short positions of the top 20 sellers decreased by 13280 lots [22]. Strategy Views - The expectation of cold - repair of glass production lines in December has increased, and the demand is weak. The price is expected to continue to fluctuate at the bottom [21]. - The supply of soda ash exceeds demand. The demand for light soda ash is stable, while the demand for heavy soda ash is weak. It is expected to maintain a weak operation [23].

Report Investment Rating - No investment rating information provided in the report Core Viewpoints - On November 26, the manganese silicon 2601 contract was reported at 5,630, down 0.25%. Fundamentally, inventory is rising rapidly, production at a high level continues to decline slightly, and inventory has been rising for 8 consecutive weeks. The short - term trend is expected to be weak and volatile. [2] - On November 26, the ferrosilicon 2603 contract was reported at 5,416, down 0.70%. In terms of supply and demand, market transactions are mainly for terminal rigid - demand restocking, prices are falling, and inventory has decreased this period. The short - term trend is expected to be weak and volatile. [2] Summary by Directory Futures Market - The closing price of the SM main contract was 5,630 yuan/ton, down 6 yuan; the closing price of the SF main contract was 5,416 yuan/ton, down 32 yuan [2]. - The SM futures contract positions were 734,411 lots, up 17,984 lots; the SF futures contract positions were 462,307 lots, up 15,677 lots [2]. - The net positions of the top 20 in manganese silicon were - 11,815 lots, down 6,298 lots; the net positions of the top 20 in ferrosilicon were - 17,136 lots, up 147 lots [2]. - The SM 5 - 1 month contract spread was 52 yuan/ton, down 10 yuan; the SF 5 - 1 month contract spread was - 16 yuan/ton, unchanged [2]. - The SM warehouse receipts were 21,189 lots; the SF warehouse receipts were 10,973 lots, down 20 lots [2]. Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,430 yuan/ton, unchanged; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,270 yuan/ton, up 132 yuan [2]. - The price of Guizhou manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Qinghai ferrosilicon FeSi75 - B was 5,100 yuan/ton, down 30 yuan [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,200 yuan/ton, down 20 yuan [2]. - The average value of the manganese silicon index was 5,515.75 yuan/ton, down 63.25 yuan; the basis of the SF main contract was - 216 yuan/ton, up 12 yuan [2]. - The basis of the SM main contract was - 200 yuan/ton, down 14 yuan [2]. Upstream Situation - The price of South African ore: Mn38 lumps at Tianjin Port was 32 yuan/ton - degree, unchanged; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,300 yuan/ton, unchanged; the price of semi - coke (medium - sized in Shenmu) was 880 yuan/ton, unchanged [2]. - The manganese ore port inventory was 426.30 tons, unchanged [2]. Industry Situation - The manganese silicon enterprise operating rate was 39.13%, down 0.46%; the ferrosilicon enterprise operating rate was 33.81%, down 1.03% [2]. - The manganese silicon supply was 196,910 tons, down 2,660 tons; the ferrosilicon supply was 108,300 tons, down 800 tons [2]. - The manganese silicon manufacturer inventory was 363,000 tons, up 13,500 tons; the ferrosilicon manufacturer inventory was 73,050 tons, down 8,310 tons [2]. - The national steel mill inventory of manganese silicon was 15.70 days, down 0.23 days; the national steel mill inventory of ferrosilicon was 15.67 days, up 0.15 days [2]. - The demand for manganese silicon from the five major steel types was 121,407 tons, up 2,818 tons; the demand for ferrosilicon from the five major steel types was 19,543 tons, up 469.20 tons [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills was 82.17%, down 0.62%; the blast furnace capacity utilization rate of 247 steel mills was 88.56%, down 0.26% [2]. - The crude steel output was 7,199.70 tons, down 149.31 tons [2]. Industry News - The "Work Plan for the Classification and Disposal of Coal Mines below 600,000 Tons per Year in Shaanxi Province" was issued, aiming to optimize the coal industry structure [2]. - On November 24, South Korea announced anti - dumping duties on Chinese medium - thick plates and alloy steel hot - rolled thick plates, with some product tax rates up to 34.10% [2]. - Ukrainian President Zelensky said Ukraine is ready to advance a framework agreement to end the war with Russia [2].

Report Information - Report Title: Ferroalloy Morning Report - Report Date: November 26, 2025 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - **Silicon Iron (SiFe)**: The latest prices of SiFe natural lumps in different regions such as Ningxia 72 (5130), Inner Mongolia 72 (5150), etc., showed various daily and weekly changes. For example, Ningxia 72 had no daily change but a -20 weekly change [2]. - **Silicon Manganese (SiMn)**: The latest prices of SiMn in different regions like Inner Mongolia 6517 (5520), Ningxia 6517 (5480), etc., also had different daily and weekly changes. Inner Mongolia 6517 had no daily change but a -80 weekly change [2]. Supply - **Silicon Iron**: The production capacity utilization rates of 136 SiFe production enterprises in Inner Mongolia, Ningxia, and Shaanxi showed different trends over the years from 2021 - 2025 [4]. - **Silicon Manganese**: The weekly production of SiMn in China from 2021 - 2025 showed a certain range of values, from 5500 to 9000 [6]. Demand - **Silicon Iron**: The demand - related data included the export prices of SiFe 72% and 75% at Tianjin Port, and the demand was also related to the production of products such as crude steel and metal magnesium [4]. - **Silicon Manganese**: The demand for SiMn in China (in ten thousand tons, according to Steel Union's caliber) showed an increasing trend from 2021 - 2025, from around 20 to 70 [4]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the CZCE SiFe warehouse receipt quantity, effective forecast, etc., were presented over the years from 2021 - 2025 [5]. - **Silicon Manganese**: The inventory - related data included the CZCE SiMn warehouse receipt quantity, effective forecast, and the inventory of 63 sample enterprises in China from 2021 - 2025 [7]. Cost and Profit - **Silicon Iron**: The cost - related factors included electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), and the profit data included Ningxia SiFe's cost, profit from converting to the main contract on the disk, and spot profit [5]. - **Silicon Manganese**: The profit data of SiMn in Inner Mongolia, Guangxi, and other regions, as well as the profit from converting Guangxi SiMn to the main contract on the disk, were presented from 2021 - 2025 [7].