1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the provided content 3. Summary According to Relevant Catalogs Price - For silicon iron, the latest prices of natural lump in different regions vary: Ningxia 72 is 5500, Inner Mongolia 72 is 5450, etc. The prices of qualified lump and export prices are also provided. For silicon manganese, the latest prices of different grades in various regions are presented, such as Inner Mongolia 6517 at 5800 [1]. - Multiple price - related charts show the historical price trends of silicon iron and silicon manganese in different regions from 2021 - 2025, including market prices, contract closing prices, and basis prices [2][6] Supply - For silicon iron, the production data of 136 enterprises in China, including monthly and weekly production, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are presented. For silicon manganese, the weekly production in China and the procurement volume and price of Hebei Iron and Steel Group are provided [4][6] Demand - The demand - related data includes the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the production and export of metal magnesium, and the demand for silicon manganese in China [4][7] Inventory - For silicon iron, the inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions are provided. For silicon manganese, the inventory data of 63 sample enterprises in China, the number of warehouse receipts, effective forecasts, and the average available days of inventory in China are presented [5][7] Cost and Profit - For silicon iron, the cost and profit data include electricity prices in different regions, the market price and production profit of semi - coke, the market price of silica and iron oxide scale, the production cost in Ningxia and Inner Mongolia, and the profit of export and conversion to the main contract. For silicon manganese, the cost - related data includes the price of chemical coke and various manganese ores, and the profit data in different regions (Inner Mongolia, Guangxi, etc.) are provided [5][7]

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - The report provides trend forecasts for various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, and logs, with investment advice such as "oscillating repeatedly," "broadly oscillating," and "bullishly oscillating" [5][10][14]. Summary by Commodity Iron Ore - **Trend Forecast**: Oscillating repeatedly [5]. - **Fundamental Data**: The previous day's futures closing price was 796.5 yuan/ton, up 6.5 yuan or 0.82% from the previous day; the previous day's position was 271,889 lots, a decrease of 36,188 lots; spot prices of imported and domestic ores all increased [6]. - **Macro and Industry News**: On August 9, according to the National Bureau of Statistics, the national consumer price index was flat year-on-year in July [6]. - **Trend Intensity**: -1 [6]. Rebar and Hot-Rolled Coils - **Trend Forecast**: Broadly oscillating due to sector sentiment resonance [10]. - **Fundamental Data**: The previous day's futures closing prices of RB2510 and HC2510 were 3,250 yuan/ton and 3,465 yuan/ton, up 1.09% and 1.29% respectively; spot prices in various regions showed different degrees of increase or remained unchanged [10]. - **Macro and Industry News**: In late July 2025, the steel inventory of key steel enterprises decreased by 5.6% month-on-month; in July, automobile production and sales decreased month-on-month but increased year-on-year; in late July, the average daily output of key steel enterprises' crude steel decreased by 7.4% month-on-month, pig iron decreased by 4.5% month-on-month, and steel increased by 0.5% month-on-month; according to the weekly data of Steel Union on August 7, the output of rebar increased by 10.12 tons, hot-rolled coils decreased by 7.9 tons, and the total inventory of the five major varieties increased by 23.47 tons [11][12]. - **Trend Intensity**: 1 for both rebar and hot-rolled coils [12]. Ferrosilicon and Silicomanganese - **Trend Forecast**: Broadly oscillating [14]. - **Fundamental Data**: The previous day's futures closing prices of ferrosilicon 2509 and 2510 were 5,830 yuan/ton and 5,820 yuan/ton respectively; the previous day's futures closing prices of silicomanganese 2509 and 2510 were 6,100 yuan/ton and 6,112 yuan/ton respectively; spot prices of ferrosilicon and silicomanganese in Inner Mongolia were 5,450 yuan/ton and 5,800 yuan/ton respectively [14]. - **Macro and Industry News**: On August 8, the price of 72 ferrosilicon in Qinghai decreased by 100 yuan/ton, and the price of 75 ferrosilicon in Gansu increased by 50 yuan/ton; the price of 6517 silicomanganese in the north was 5,850 - 5,950 yuan/ton, and in the south was 5,900 - 6,000 yuan/ton; as of August 8, the total manganese ore inventory increased by 8.83 tons month-on-month [15]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [16]. Coke and Coking Coal - **Trend Forecast**: Bullishly oscillating [17]. - **Fundamental Data**: The previous day's futures closing prices of JM2509 and J2509 were 1,106.5 yuan/ton and 1,681 yuan/ton, up 3.5% and 1.7% respectively; most spot prices remained unchanged [17]. - **Macro and Industry News**: On August 9, according to the National Bureau of Statistics, the national consumer price index was flat year-on-year in July [18]. - **Trend Intensity**: 0 for both coke and coking coal [19]. Logs - **Trend Forecast**: Oscillating repeatedly [20]. - **Fundamental Data**: The closing prices, trading volumes, and positions of the 2509, 2511, and 2601 contracts showed different degrees of increase or decrease; most spot prices remained unchanged [21]. - **Macro and Industry News**: On August 9, according to the National Bureau of Statistics, the national consumer price index was flat year-on-year in July [23]. - **Trend Intensity**: 1 [23].

交易咨询业务资格：证监许可【2012】1091号 2025-08-12锰硅早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 锰硅2509： 1.基本面：上周硅锰市场在成本、供应、需求等多方面因素的共同作用下，呈现出高位震荡的态势。预计短期内，这种震 2 荡态势仍将维持。后续需持续密切关注锰硅期货盘面的走势变化以及河钢招标定价情况；中性。 2.基差：现货价6000元/吨，09合约基差-100元/吨，现货贴水期货。偏空。 3.库存：全国63家独立硅锰企业样本库存221800吨；全国50家钢厂库存平均可用天数15.49天。中性。 4.盘面：MA20向上，09合约期价收于MA20上方。偏多。 5.主力持仓：主力持仓净空，空增。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2509：6000-6200震荡运行。 0吨 2000000吨 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalogs Price - For silicon ferroalloy on August 12, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5500 and 5450 respectively, with daily changes of 100 and 0, and weekly changes of 100 and 50. The main contract price was 5830, with a daily change of 58 and a weekly change of 156 [2]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5800, 5850, and 5870 respectively. The main contract price was 6100, with a daily change of 54 and a weekly change of 128 [2]. Supply - The monthly production of 136 silicon ferroalloy enterprises in China from 2021 - 2025 is presented, showing fluctuations over the years [5]. - The weekly production of 136 silicon ferroalloy enterprises in China (with a capacity - share of 95%) from 2021 - 2025 is also shown, with different production levels in different periods [5]. - The monthly production of silicon manganese in China from 2021 - 2025 is provided, and the production volume varies year - by - year [7]. Demand - The estimated monthly production of crude steel in China from 2021 - 2025 is given, which reflects the demand for ferroalloys in the steel - making industry [5][8]. - The monthly demand for silicon manganese in China (according to the Steel Union's caliber) from 2021 - 2025 shows an upward - trending demand in general [5][8]. Inventory - The weekly inventory of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 is presented, with inventory levels changing over time [6]. - The daily total number of silicon ferroalloy warehouse receipts and effective forecasts on CZCE from 2021 - 2025 are shown, which can reflect the inventory situation in the market [6]. - The daily total number of silicon manganese warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory on CZCE from 2021 - 2025 are provided, indicating the inventory status of silicon manganese [8]. Cost and Profit - The electricity prices for ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025 are presented, which are important cost factors for ferroalloy production [6]. - The production costs and profits of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025 are shown, including costs per ton and profit from converting to the main contract [6]. - The profits of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 (according to the Steel Union's caliber) are provided, as well as the profit from converting Guangxi silicon manganese to the main contract [8].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - As the "anti - involution" sentiment cools and the Politburo meeting's impact fades, the market sentiment becomes rational, and the futures prices start to weaken. If the demand cannot be effectively restored, the steel prices may decline, and the futures prices will gradually return to the supply - demand logic [3]. - The overall demand for the black sector is weak. Although the supply pressure is not significant, the demand growth is limited. The market is influenced by short - term sentiment, and prices will eventually move towards the fundamentals [3][6][10]. - For different products, the fundamentals vary. For example, steel products have high inventory and weak demand; the supply of iron ore is in the traditional off - season, and the demand has support; the over - capacity situation of industrial silicon and polycrystalline silicon remains unchanged; glass and soda ash have inventory pressure and weak demand [3][6][11][14][16][18][19]. 3. Summary by Product Steel Products - **Prices and Positions**: The closing price of the rebar main contract was 3250 yuan/ton, up 37 yuan/ton (1.151%) from the previous trading day. The registered warehouse receipts increased by 579 tons, and the position increased by 515 lots. The closing price of the hot - rolled coil main contract was 3465 yuan/ton, up 37 yuan/ton (1.079%), with a decrease of 1454 tons in registered warehouse receipts and 17218 lots in position [2]. - **Fundamentals**: Rebar showed a pattern of both supply and demand increasing, with social inventory accumulating for two consecutive weeks and the increase accelerating this week. Hot - rolled coils had both supply and demand decreasing, and inventory accumulation was significant. Currently, the inventory of both rebar and hot - rolled coils is rising, but the demand is insufficient [3]. Iron Ore - **Prices and Positions**: The main contract (I2601) of iron ore closed at 789.00 yuan/ton, up 2.00% (+15.50), with an increase of 37210 lots in position to 39.27 million lots. The weighted position was 92.48 million lots. The spot price of PB powder at Qingdao Port was 778 yuan/wet ton, with a basis of 37.83 yuan/ton and a basis rate of 4.58% [5]. - **Fundamentals**: The latest shipment and arrival volume of overseas iron ore both decreased. The daily average pig iron output decreased slightly due to blast furnace maintenance. The port inventory fluctuated slightly, and the steel mill's imported ore inventory increased slightly. The overall demand was slightly weak, but there was still demand support [6]. Manganese Silicon and Ferrosilicon - **Prices**: On August 11, the main contract of manganese silicon (SM509) rebounded, closing up 0.89% at 6100 yuan/ton. The main contract of ferrosilicon (SF509) closed up 1.00% at 5830 yuan/ton [8]. - **Analysis and Suggestions**: The market is affected by sentiment, and prices fluctuate greatly. It is not recommended for speculative funds to participate excessively in the short term. Hedging funds can seize hedging opportunities according to their own situations. The over - capacity pattern of manganese silicon remains unchanged, and there is a risk of weakening demand in the future [9][10][11]. Industrial Silicon and Polycrystalline Silicon - **Industrial Silicon** - **Prices and Positions**: The main contract (SI2511) of industrial silicon closed at 9000 yuan/ton, up 3.33% (+290), with an increase of 15809 lots in weighted position to 549604 lots. The spot price of 553 in East China increased by 100 yuan/ton, and the basis of the main contract was 200 yuan/ton; the 421 price increased by 50 yuan/ton, and the basis was - 50 yuan/ton [13]. - **Fundamentals**: The problems of over - capacity, high inventory, and insufficient demand remain. The production rate is expected to increase in August, and the demand can provide some support, but new inventory pressure may occur. It is expected that the price will fluctuate weakly [14]. - **Polycrystalline Silicon** - **Prices and Positions**: The main contract (PS2511) of polycrystalline silicon closed at 52985 yuan/ton, up 4.32% (+2195), with a decrease of 23165 lots in weighted position to 337163 lots. The spot price remained flat, and the basis of the main contract was - 5985 yuan/ton [15]. - **Fundamentals**: It is expected to increase production in August, and the downstream silicon wafer production also increases, but the silicon material is likely to accumulate inventory. The price is expected to fluctuate widely, and it is recommended to participate cautiously [16]. Glass and Soda Ash - **Glass** - **Prices and Inventory**: The spot price in Shahe decreased by 4 yuan, and in Central China by 30 yuan. As of August 7, the total inventory of national float glass sample enterprises was 61.847 million weight - boxes, up 3.95% month - on - month and down 8.18% year - on - year. It is expected to fluctuate in the short term and follow the macro - sentiment in the long term [18]. - **Soda Ash** - **Prices and Inventory**: The spot price was stable, and the total inventory of domestic soda ash manufacturers was 1.8762 million tons as of August 11, up 0.60% from last Thursday. The supply increased, and the demand was weak. It is expected to fluctuate in the short term, and there are still supply - demand contradictions in the long term [19].

Report Title - "Coal Strength Boosts, Alloy Center of Gravity Lifted - Ferroalloy Weekly Report 20250811" [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - For ferrosilicon, last week affected by coal over - production verification news, coal and coke strengthened again, driving the black series to stop falling. Ferrosilicon first rose then fell during the week, with its center of gravity continuing to rise. Production increased significantly, demand remained weak in the off - season, and recent macro and coal industry policies dominated the market. It's recommended to take an interval - oscillation approach in the short term, with the lower support around 5500 - 5600 [4]. - For silicomanganese, last week it also showed a firm trend due to coal news. Production continued to rise, demand was weak in the off - season, and recent macro and coal industry policies led the market. It should be treated with an interval - oscillation mindset in the short term, with the lower support around 5750 - 6000 [25]. 3. Summary by Relevant Catalogs 3.1 Ferrosilicon 3.1.1 Supply - 136 independent ferrosilicon enterprises had a weekly output of 10.91 tons (up 4.5% MoM, up 7.3% YoY). In July 2025, the ferrosilicon output was 44.67 tons (up 7.88% MoM, down 11.92% YoY), with an expanding increase and a positive YoY growth [7]. 3.1.2 Demand - The ferrosilicon consumption of five major steel products was 2.02 tons (up 1.7% MoM, up 15.4% YoY), and the weekly output of five major steel products was 869.21 tons (up 0.21% MoM, up 10.94% YoY), showing a weak - stable state [10]. 3.1.3 Inventory - The enterprise inventory was 7.17 tons (up 9.42% MoM, up 26.3% YoY), and the steel mill inventory in July was 14.25 days (down 1.13 days MoM, down 0.98 days YoY), indicating that manufacturers were accumulating inventory [13]. 3.1.4 Cost - The prices of most raw materials remained stable during the week. The cost of ferrosilicon in Qinghai, Ningxia, and Inner Mongolia slightly increased by about 0.4%, while the profit decreased, with the profit in Qinghai down 31.85%, in Ningxia down 91.97%, and in Inner Mongolia down 37.70% [17]. 3.1.5 Futures - Spot Relationship - The ferrosilicon warehouse - receipt quantity was 19646 (down 2396 MoM, up 4999 YoY), and the basis of the 09 contract in Ningxia was - 22 yuan/ton, down 240 yuan/ton MoM, showing a slight premium of the futures price [20]. 3.1.6 Contract Position and Precipitated Funds - Relevant data on contract position and precipitated funds are presented in graphical form, but specific numerical summaries are not provided in the text [22] 3.2 Silicomanganese 3.2.1 Supply - 121 independent silicomanganese enterprises had a weekly output of 19.58 tons (up 2.6% MoM, down 7.2% YoY). In July, the national silicomanganese output was 81.96 tons (up 8.9% MoM, down 17% YoY), with profit driving the increase in production [28]. 3.2.2 Demand - The weekly consumption of silicomanganese was 12.52 tons (up 1.2% MoM, up 5.2% YoY), and the weekly output of five major steel products was 869.21 tons (up 0.21% MoM, up 10.94% YoY), showing a stable - increasing state [31]. 3.2.3 Inventory - The enterprise sample inventory was 16.4 tons (down 20% MoM, down 11.6% YoY), and the steel mill inventory in July was 14.24 days (down 1.25 days MoM, down 1.19 days YoY), with the decline rate of manufacturers' inventory slowing down [34]. 3.2.4 Futures - Spot Relationship - The silicomanganese warehouse - receipt quantity was 76045 (down 1809 MoM, down 61502 YoY), and the 09 basis in Inner Mongolia was 104 yuan/ton, down 4 yuan/ton MoM, with the warehouse - receipt quantity steadily decreasing [38]. 3.2.5 Cost - The prices of most raw materials were stable, while the price of manganese ore slightly decreased. The cost of silicomanganese in Ningxia, Inner Mongolia, Guangxi, and Guizhou decreased by about 0.4%, and the profit increased, with the profit in Ningxia up 56.47%, in Inner Mongolia up 29.00%, in Guangxi up 14.31%, and in Guizhou up 22.62% [41]. 3.2.6 Contract Position and Precipitated Funds - Relevant data on contract position and precipitated funds are presented in graphical form, but specific numerical summaries are not provided in the text [43]

为实体经济发展提供高质量服务是金融的使命所在、价值所依、力量所向。中信期货积极践行国企担 当，秉持"合规、诚信、专业、稳健、担当"行业文化理念，立足期货功能发挥专业能力，以服务实体经 济高质量发展作为使命，为产业持续回升向好添动力、增活力。 中证报中证网讯(记者马爽)日前，中信期货深入铁合金主产区，以风控标准盘活铁合金厂底层商品现货 资产，通过期货交割、基差点价、含权交易"三步走"服务策略，有效解决了传统铁合金企业销售渠道有 限、被动定价和价格波动大等问题，确保货物"拿得到、看得住、卖得掉"。这一实践成为期货服务实体 经济的典型案例之一。 量身定制"三步走"解决方案 中卫市作为全国重要硅铁生产基地，其产量占宁夏总量的85%以上。当地某重点铁合金企业A虽订单充 足，但在行业整体下行压力下长期处于微利状态。中信期货针对企业特点设计了阶梯式服务方案。 中信期货相关负责人表示，该项目成功的关键在于坚持"金融懂实体"的服务理念。通过将复杂的金融工 具转化为企业能理解、易操作的方案，真正打通了产融结合的"最后一公里"。该服务模式可在多家传统 实体企业中推广，形成可复制的产业服务样板。 树立期货服务实体经济新标杆 中信期货 ...

Report Industry Investment Ratings - Manganese Silicide: Core view - Neutral; Month spread - Neutral; Spot - Bearish; Steel production - Bullish; Inventory - Bearish; Cost - profit - Neutral [3] - Ferrosilicon: Core view - Bearish; Month spread - Neutral; Spot - Neutral; Steel & Magnesium production - Neutral; Inventory - Bearish; Cost - profit - Neutral [4] Core Views - Manganese Silicide: This week, the market fluctuated after a rally. Supply increased, demand from the steel industry improved slightly, and the overall cost rose. The spot market had average trading volume, and the inventory of warehouse receipts and valid forecasts continued to decline [3]. - Ferrosilicon: The market fluctuated this week. The spot trading atmosphere was poor. Supply increased and was still in the process of resuming production. Demand from the steel industry increased slightly, while the production of magnesium decreased, and export volume remained weak. The cost was expected to rise in the long - term [4]. Summary by Directory Manganese Silicide Manganese Ore - Port inventory totaled 438.5 million tons, with a significant differentiation between northern and southern regions. Tianjin Port's inventory decreased to 353.5 million tons, lower than last year's level, while Qinzhou Port's inventory increased slightly to 84.5 million tons, higher than last year's level [10]. - Jupiter announced the shipment price for manganese ore to China in September 2025. Port manganese ore prices declined slightly [15]. Supply - As of August 8, the weekly production of manganese silicide increased to 195,800 tons, with daily average production rising in Inner Mongolia, Ningxia, Yunnan, Guizhou, and Guangxi [28]. Demand - As of August 8, the weekly demand of Mysteel sample enterprises increased slightly to 125,200 tons. The weekly production of five major steel products increased to 869,210 tons, and the proportion of rebar increased [38]. Price - The spot market had average trading volume, and prices fluctuated with the market. The price in Inner Mongolia was around 5,820 yuan/ton, and in Tianjin, it was 5,950 yuan/ton. HeSteel's first inquiry price for the tender was 6,000 yuan/ton [49]. Cost - Profit - As of August 7, the immediate profit of manganese silicide was low. Although the profit improved in the short - term after the market rally, the overall price fluctuated greatly, and the continuous increase in chemical coke compressed the profit margin [54]. Month Spread - As of August 8, the September - January spread of manganese silicide was - 80 yuan/ton, showing a significant decline compared to the previous period [61]. Warehouse Receipts - As of August 7, the total of manganese silicide warehouse receipts and valid forecasts was 387,000 tons, and the overall trend continued to decline [63]. Ferrosilicon Supply - As of August 8, the weekly production increased to 109,100 tons. The production in Inner Mongolia increased significantly, while that in Ningxia decreased slightly, and the production in Shaanxi remained unchanged [67]. Demand - The demand from steel mills increased slightly. The total consumption of ferrosilicon by Mysteel sample steel mills was 20,300 tons, slightly higher than the historical average [70]. - The production of magnesium decreased slightly, and the export price of magnesium remained stable [78]. Cost - Profit - As of August 7, the point - to - point profit of ferrosilicon worsened, but the overall profit was good. Only Shaanxi had significant losses, while Ningxia had relatively high profits [98]. Month Spread - As of August 7, the September - January spread of ferrosilicon was - 178 yuan/ton, showing a significant decline compared to the previous period and was at a historically low level [100]. Warehouse Receipts - As of August 7, the total of ferrosilicon warehouse receipts and valid forecasts was 107,300 tons, showing a significant decline compared to the previous period but still at a high level [103]. Supply - Demand Balance Forecast Manganese Silicide - From October 2024 to December 2025, the total supply and demand showed fluctuations. There were periods of surplus and shortage, and the year - on - year growth rates of production and consumption also changed over time [105]. Ferrosilicon - From October 2024 to December 2025, the total supply and demand also fluctuated. There were periods of surplus and shortage, and the year - on - year growth rates of production and consumption changed over time [106].

Report Date - The report is dated August 11, 2025 [3] Price - The report presents the prices of different grades of ferrosilicon (FeSi) and silicomanganese (SiMn) in various regions from 2021 to 2025, including 72% FeSi in Inner Mongolia, Qinghai, Ningxia, Shaanxi, Jiangsu, and Tianjin, as well as 75% FeSi in Shaanxi [1][2][6] - It also shows the prices of related products such as silicon carbide - ferrosilicon spread, silicon - manganese spread, and the export and import average prices of ferrosilicon [2][4] Supply - The supply section includes the production data of ferrosilicon and silicomanganese, such as the monthly production of 136 ferrosilicon enterprises in China and the weekly production of silicomanganese in China from 2021 to 2025 [4][6] - The capacity utilization rates of ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also provided [4] Demand - The demand part shows the demand data of ferrosilicon and silicomanganese, including the estimated and actual production of crude steel in China, the production of stainless steel, and the procurement volume and price of ferrosilicon and silicomanganese by Hebei Iron and Steel Group [4][6][7] - The demand for silicomanganese in China (Steel Union caliber) is also presented [4][7] Inventory - The inventory section provides the inventory data of ferrosilicon and silicomanganese, such as the weekly inventory of 60 ferrosilicon sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the inventory of silicomanganese in China [5][7] - It also shows the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts for ferrosilicon and silicomanganese [5][7] Cost and Profit - The cost and profit part includes the cost data such as electricity prices in different regions for ferroalloys, the market price of semi - coke, and the production cost of ferrosilicon in Ningxia and Inner Mongolia [5] - The profit data such as the production profit of semi - coke in China, the profit of ferrosilicon exports, and the profit of silicomanganese in different regions are also presented [5][7]

Report Summary 1. Report's Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - **Silicon Manganese (SM)**: The fundamental contradictions of SM are relatively limited. With the new round of demand release, short - term demand resilience remains. Total inventory shows a downward trend but the absolute level is still high. The price will fluctuate with market sentiment. Short - term cost has strong support, and the downward space is relatively limited. It is advisable to operate within the range or stay on the sidelines and avoid excessive short - selling. The reference range for the main contract is [5884, 6210] [4][5]. - **Silicon Iron (SF)**: The fundamentals are showing signs of weakening. Alloy factory inventories are continuously accumulating and at a high level for the same period. Delivery inventory has stopped increasing and started to decline, but the absolute level is still high. There is no obvious short - term driver, and the price will follow market sentiment. In the medium term, the fundamentals will gradually return to a loose state, and the price may be under pressure. The reference range for the main contract is [5584, 5960] [53][54]. 3. Summary by Relevant Catalogs Silicon Manganese - **Supply**: National output has increased for twelve consecutive weeks. Northern production areas have stable operations, with a slight resumption in southern Guizhou and Yunnan maintaining an over 85% operating rate. As of August 8, the national SM output was 195,825 tons, a week - on - week increase of 5,005 tons, and the operating rate was 43.43%, a week - on - week increase of 1.25% [4][11][13]. - **Demand**: Weekly hot metal production was 2.4032 million tons, a week - on - week decrease of 0.39 million tons, while rebar production and apparent demand increased week - on - week. The new round of steel procurement has started, and the procurement volume and price of a leading steel mill have both increased, providing rigid support for alloy demand. As of August 8, the weekly SM demand was 125,200 tons, a week - on - week increase of 1,485 tons [4][14][18]. - **Inventory**: The total enterprise inventory was 161,500 tons, a week - on - week decrease of 2,500 tons; the number of warehouse receipts decreased by 1,809 to 76,045; the delivery inventory (including forecasts) continued to decline to 384,500 tons, with a slower decline rate [4][23]. - **Cost and Profit**: Port manganese ore prices were strong. Multiple foreign mines' September quotes increased slightly, leading to strong price - holding sentiment among manganese ore merchants. The supply of manganese ore decreased significantly, mainly from South Africa and Australia. The arrival volume of South African manganese ore was 259,000 tons, a week - on - week decrease of 41.8%. The actual arrival volumes of Gabon and Australian ores were still low. The port inventory is expected to remain low in the short term. Some regions have started the sixth round of coke price increases, but the chemical coke price in production areas has not yet followed [4]. - **Market Price**: As of August 7, the closing price of the SM main contract was 6,064 yuan/ton, and the spot price in Jiangsu was 6,000 yuan/ton, with a basis of - 64 yuan/ton. The spot prices in main production areas increased by 70 - 100 yuan/ton [7][8]. Silicon Iron - **Supply**: National output continued to increase this week, with the operating rate at a low level for the same period. Except for Inner Mongolia, the operating rates in other production areas were relatively stable. Inner Mongolia's production increased by 12.8% week - on - week, and the daily output was at a relatively high level for the same period. As of August 8, the weekly SF output was 109,100 tons, a week - on - week increase of 4,700 tons, and the operating rate was 34.32%, a week - on - week increase of 0.56% [53][59]. - **Demand**: The demand for SF from five major steel products was 20,266.3 tons, a week - on - week increase of 344.3 tons. In August, a new round of demand was released, and most steel mills' procurement volume and price increased. The inquiry price for a leading steel mill's August SF procurement was 5,700 yuan/ton, an increase of 100 yuan/ton from last month, and the procurement quantity was 2,835 tons, an increase of 135 tons from the previous round. Non - steel demand: the domestic magnesium market has been strong recently, and the magnesium ingot price in Fugu has risen to 17,000 yuan/ton [53][62][66]. - **Inventory**: The total enterprise inventory was 71,800 tons, a week - on - week increase of 6,200 tons; the number of warehouse receipts decreased by 2,396 to 19,646; the delivery inventory (including forecasts) was 107,100 tons, a week - on - week decrease of 7,900 tons [53][67]. - **Cost and Profit**: The semi - coke market was stable, with some enterprises slightly increasing prices. The cost line in production areas moved up slightly, and the spot profit declined compared to the previous period. The immediate costs in Inner Mongolia and Ningxia were 5,499 yuan/ton and 5,352 yuan/ton respectively; the production profits were - 49 yuan/ton and 48 yuan/ton respectively [53][69][71]. - **Market Price**: As of August 7, the closing price of the SF main contract was 5,834 yuan/ton, and the spot price in Jiangsu was 5,600 yuan/ton, with a basis of - 234 yuan/ton [57].