1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Silicon Ferrosilicon - Last week, the silicon ferrosilicon futures market rose after a surge but continued to lift its center of gravity. Rumors on Thursday drove a rapid rebound in the market, but local enterprises did not receive relevant news. Supply and demand data showed little fluctuation, with raw material costs expected to remain stable and manufacturer inventories slightly increasing after a halt in decline. The report suggests paying attention to the rebound strength between 5400 - 5800 [4]. Manganese Silico - Manganese - Last week, the weekly supply of manganese silico - manganese increased while demand decreased, and the futures market slightly declined after a surge. The short - term fundamentals lack obvious drivers, but the overall manganese ore inventory is low, and the cost support has strengthened. The alloy trading idea is short - term long and long - term short, and the industry can consider hedging when the basis is repaired and the upper pressure level is reached. The report suggests paying attention to the rebound strength between 5700 - 6000 [22]. 3. Summaries According to Relevant Catalogs Silicon Ferrosilicon Supply - The weekly output of 136 independent silicon ferrosilicon enterprises was 9.87 tons (down 1.5% week - on - week and 13.7% year - on - year). The output in June 2025 was 41.41 tons (down 0.18% month - on - month and 14.13% year - on - year) [6]. Demand - The consumption of silicon ferrosilicon in five major steel products was 2.01 tons (down 1.5% week - on - week and 2.9% year - on - year). The weekly output of five major steel products was 872.7 tons (down 1.4% week - on - week and 1.8% year - on - year) [9]. Inventory - Manufacturer inventory was 7.02 tons (up 4.8% week - on - week and 22.8% year - on - year). The steel mill inventory days in June were 15.38 days (up 0.18 days month - on - month and 0.83 days year - on - year) [11]. Cost - Electricity prices in Qinghai and Ningxia decreased, while those in Inner Mongolia remained unchanged. The prices of other raw materials such as semi - coke remained stable. The cost of silicon ferrosilicon in Qinghai and Ningxia decreased, and the profit increased [14]. Basis - The basis of the 09 contract was 90 yuan/ton, down 46 yuan/ton week - on - week. The number of silicon ferrosilicon warehouse receipts was 20,519 (up 8,242 week - on - week and 6,903 year - on - year) [17]. Contract Position and Precipitated Funds No specific data summaries provided, only relevant charts are shown [19]. Manganese Silico - Manganese Supply - The weekly output of 121 independent manganese silico - manganese enterprises was 18.2 tons (up 1.2% week - on - week and down 18.2% year - on - year). The national output in June was 75.23 tons (up 1.3% month - on - month and down 19.1% year - on - year) [24]. Demand - The weekly consumption of manganese silico - manganese was 12.49 tons (down 1.4% week - on - week and 3.7% year - on - year). The weekly output of five major steel products was 872.7 tons (down 1.4% week - on - week and 1.8% year - on - year) [26]. Inventory - The sample enterprise inventory was 22.08 tons (down 0.67% week - on - week and up 51.4% year - on - year). The steel mill inventory days in June were 15.49 days (up 0.34 days month - on - month and 0.42 days year - on - year) [29]. Cost - Manganese ore quotes were firm. Electricity prices in some regions decreased slightly, and the cost of manganese silico - manganese in various regions decreased slightly while the profit increased [36]. Basis - The basis of the 09 contract in Inner Mongolia was 204 yuan/ton, down 48 week - on - week. The number of manganese silico - manganese warehouse receipts was 85,037 (down 3,649 week - on - week and 43,238 year - on - year) [31]. Contract Position and Precipitated Funds No specific data summaries provided, only relevant charts are shown [38].

上周五，硅铁2509合约收盘5460，下跌2.08%，现货端，宁夏硅铁现货报5330，上涨30元/吨。 （7月14日）全国硅铁价格一览表 | 规格 | 品牌/产 | | 报价类 | 交货 | 交易商 | | --- | --- | --- | --- | --- | --- | | | 地 | 报价 | 型 | 地 | | | 牌号:FeSi75～B;粒度等级/mm:自然 | 新华实业 | 5180元/ | 出厂价 | 宁夏 | 宁夏新华实业集团有限公司 | | 块 | | 吨 | | | | | 牌号:FeSi75～B;粒度等级/mm:自然 | 中卫银河 | 5180元/ | 出厂价 | 宁夏 | 宁夏中卫县银河冶炼有限公 | | 块 | | 吨 | | | 司 | | 牌号:FeSi75～B;粒度等级/mm:自然 | 三元中泰 | 5220元/ | 出厂价 | 宁夏 | 宁夏三元中泰冶金有限公司 | | 块 | | 吨 | | | | | 牌号:FeSi75～B;粒度等级/mm:自然 | 大有冶炼 | 5180元/ | 出厂价 | 宁夏 | 宁夏中卫市大有冶炼有限公 | | 块 | | 吨 | | | 司 ...

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Iron Ore**: Supported by macro - expectations, it will fluctuate strongly [2][4]. - **Rebar and Hot - Rolled Coil**: The sector sentiment remains strong, and they will have wide - range fluctuations [2][7][8]. - **Silicon Ferrosilicon and Manganese Ferrosilicon**: They will have wide - range fluctuations [2][13]. - **Coke**: A round of price increase has started, and it will fluctuate strongly [2][18]. - **Coking Coal**: Affected by news, it will fluctuate strongly [2][18]. - **Steam Coal**: The daily consumption is recovering, and it will stabilize with fluctuations [2][21]. - **Log**: The main contract is switching, and it will have wide - range fluctuations [2][24]. 3. Summary by Commodity Iron Ore - **Fundamentals**: The futures closed at 764.0 yuan/ton, up 0.5 yuan/ton (0.07%). The positions increased by 1,947 hands. Among spot prices, the price of Carajás fines (65%) rose 4.0 yuan/ton to 845.0 yuan/ton [4]. - **Macro and Industry News**: In June 2025, the national consumer price index rose 0.1% year - on - year [4]. - **Trend Intensity**: 0 [4]. Rebar and Hot - Rolled Coil - **Fundamentals**: Rebar RB2510 closed at 3,133 yuan/ton, up 34 yuan/ton (1.10%); Hot - rolled coil HC2510 closed at 3,273 yuan/ton, up 40 yuan/ton (1.24%). Spot prices in various regions generally increased [8]. - **Macro and Industry News**: Steel production and inventory data in late June 2025 were released. Vietnam announced anti - dumping duties on Chinese steel, excluding coil products wider than 1.88m [9][11]. - **Trend Intensity**: 1 for both rebar and hot - rolled coil [12]. Silicon Ferrosilicon and Manganese Ferrosilicon - **Fundamentals**: Silicon ferrosilicon 2509 closed at 5,460 yuan/ton, down 116 yuan/ton; Manganese ferrosilicon 2509 closed at 5,746 yuan/ton, down 62 yuan/ton. Spot prices of silicon ferrosilicon and manganese ferrosilicon in some regions increased [13]. - **Macro and Industry News**: Ghana plans to build a manganese refinery, and there are price changes in silicon ferrosilicon and manganese ferrosilicon in the market [14]. - **Trend Intensity**: 0 for both silicon ferrosilicon and manganese ferrosilicon [16]. Coke and Coking Coal - **Fundamentals**: Coking coal JM2509 closed at 913 yuan/ton, up 16 yuan/ton (1.78%); Coke J2509 closed at 1,519.5 yuan/ton, up 22.5 yuan/ton (1.50%). Spot prices of some coking coal and coke remained stable [18]. - **Price and Position**: There are price quotes for coking coal in northern ports, and position changes in the top 20 members of DCE [18][20]. - **Trend Intensity**: 0 for coke, 1 for coking coal [20]. Steam Coal - **Previous Day's Performance**: The ZC2507 contract had no trading. The previous opening price was 931.6 yuan/ton, the highest was 931.6 yuan/ton, the lowest was 840.0 yuan/ton, and it closed at 840.0 yuan/ton, down 51.4 yuan/ton [21]. - **Fundamentals**: There are price quotes for steam coal in southern ports and domestic origins, and no position changes in the top 20 members of ZCE [22]. - **Trend Intensity**: 0 [23]. Log - **Fundamentals**: The 2509 contract closed at 786 yuan/ton, down 0.1%. There are price and position data for different contracts, and price quotes for various log products in the spot market [24]. - **Macro and Industry News**: The US president extended the so - called "reciprocal tariff" suspension period [26]. - **Trend Intensity**: 0 [26].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - On July 14, 2025, the latest price of silicon - iron natural block (Ningxia 72) was 5200 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan; the latest price of silicon - iron qualified block (Jiangsu 72) was 5600 yuan, with a daily change of 0 yuan and a weekly change of 100 yuan; the latest price of silicon - manganese产区出厂价 (Inner Mongolia 6517) was 5600 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan [2] - There are long - term price trend charts for various silicon - iron and silicon - manganese products from 2021 - 2025, including market prices, export and import prices, and contract closing prices [3][4][6] Supply - There are data on the production volume of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate and start - up rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly and weekly) from 2021 - 2025 [4] - The weekly production volume data of silicon - manganese in China from 2021 - 2025 are provided [6] Demand - There are data on the estimated and actual production volume of crude steel in China (monthly, in ten thousand tons), the production volume of stainless - steel crude steel in China (monthly, in ten thousand tons), and the demand volume of silicon - manganese in China (in ten thousand tons) from 2021 - 2025 [4][6][7] - Data on the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) and the procurement volume and price of FeMn65Si17 by Hebei Iron and Steel Group (monthly) are provided [4][6] Inventory - There are data on the inventory of 60 sample silicon - iron enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), and the inventory data of silicon - iron in CZCE (including warehouse receipts, effective forecasts, and their sum, daily) from 2021 - 2025 [5] - There are data on the inventory of silicon - manganese in CZCE (including warehouse receipts, effective forecasts, and their sum, daily), and the inventory data of 63 sample silicon - manganese enterprises in China (weekly, in tons) from 2021 - 2025 [7] Cost and Profit - There are data on the electricity price of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia (daily), the market price of small - sized semi - coke in Shaanxi (daily), the start - up rate of semi - coke in China (weekly), and the production profit of semi - coke in China (daily) from 2021 - 2025 [5] - Data on the production cost, profit from converting to the main contract, and spot profit of silicon - iron in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon - iron are provided [5] - Data on the profit of silicon - manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit from converting Guangxi silicon - manganese to the main contract are provided [7]

Group 1 - The company held an online investor reception day on July 2025, where executives discussed operational performance and future plans with investors [1] - The company emphasizes high dividend returns to shareholders and aims to maintain current dividend levels despite market conditions [1][2] - The company plans to focus on technological innovation and supply chain upgrades to enhance competitiveness in the chlor-alkali chemical, clean energy, and ferroalloy sectors [1][2] Group 2 - The company has no current plans for A and B share consolidation or mid-term dividend schemes, and coal sales accounted for approximately 9% of revenue while clothing sales accounted for about 15% in 2024 [2] - The company reported a 32% year-on-year profit increase in the first quarter, primarily due to significant reductions in product costs [3] - The company is exploring new growth opportunities and optimizing its business layout, including potential entry into the medical sector through its investment in Richde Medical Technology [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From 2011 to the present, the price of ferromanganese silicon has experienced three fluctuation cycles, and it may currently be in the fourth downward cycle. The low price in June this year has broken through the low of the second cycle. The price fluctuations are affected by factors such as supply - side reform, demand changes, policy drives, and supply disruptions [5]. - The global manganese resource supply continues to expand, leading to a weakening of global manganese ore prices due to the oversupply situation. The production distribution of global manganese - based metals has changed significantly, with South Africa's dominant position strengthening and Gabon rising rapidly [6][12]. - The quotations of overseas mining enterprises and ports are oscillating downward, causing the production cost center of ferromanganese silicon to shift downward. The oversupply of manganese ore, weak port quotations, and reduced production costs all contribute to the downward expectation of ferromanganese silicon prices [13][15]. - The ferromanganese silicon production is concentrated in the northern regions, while the over - capacity problem in the southern regions persists. The overall capacity of ferromanganese silicon continues to expand, but the regional distribution is uneven, resulting in a prominent imbalance between supply and demand [25]. - In the second half of 2025, there may be a concentrated production of ferromanganese silicon, mainly in Inner Mongolia in the northern region. With the development of new energy projects, the production cost of ferromanganese silicon may be further compressed [26]. - The raw material ore end of ferromanganese silicon may be a factor for price rebound, but the overall oversupply situation mainly drives the price downward. The periodic fluctuations of manganese ore prices and the switching of ferromanganese silicon supply - demand affect the bearish cycle of ferromanganese silicon [28][31]. Summary by Relevant Catalogs 2011 - 2015 Bear Market Cycle and Current Cycle Comparison - From 2011 - 2015, the price of ferromanganese silicon continuously hit new lows due to the enrichment of manganese ore import structure, lower quotations, weakened cost support, and over - capacity [5]. - In 2011 - 2015, the global production of manganese - based metals increased, but the production distribution changed significantly. The production in Australia, Brazil, India, China, etc., decreased to some extent [12]. - During 2013 - 2015, the production of ferromanganese silicon decreased sharply, while the production of crude steel remained stable. The oversupply of manganese ore, lower port quotations, and reduced production costs led to a downward expectation of ferromanganese silicon prices [14][15]. Manganese Silicon Historical Price Review - From 2011 - 2025 to date, the price of ferromanganese silicon has gone through three fluctuation cycles: 2011 - 2015 (downward), 2016 - 2018 (supply - side reform with rising prices), 2018 - 2020 (weak demand with over - capacity intensification), 2020 - 2021 (policy - driven rebound), 2021 - 2024 (deepening over - capacity), 2024 (price fluctuations due to supply disruptions and production adjustments) [5]. Global Manganese Resource Supply - The global manganese resource supply continues to expand, and the oversupply of manganese ore has led to a weakening of global ore prices. The production distribution of global manganese - based metals has changed, with South Africa strengthening its dominant position and Gabon rising rapidly [6][12]. Manganese Ore Quotations and Production Costs - The quotations of overseas mining enterprises and ports are oscillating downward, causing the production cost center of ferromanganese silicon to shift downward. The oversupply of manganese ore, weak port quotations, and reduced production costs all contribute to the downward expectation of ferromanganese silicon prices [13][15]. Manganese Silicon Capacity and Production Distribution - From 2011 - 2024, the national ferromanganese silicon capacity increased from 1598000 tons to 2859000 tons, with an expansion of 44%. Inner Mongolia and Ningxia had more obvious capacity expansions [18]. - The production of ferromanganese silicon is concentrated in the northern regions, while the over - capacity problem in the southern regions persists. The overall capacity of ferromanganese silicon continues to expand, but the regional distribution is uneven, resulting in a prominent imbalance between supply and demand [23][25]. New Energy and Ferromanganese Silicon Cost - In the second half of 2025, there may be a concentrated production of ferromanganese silicon, mainly in Inner Mongolia in the northern region. With the development of "source - network - load - storage" projects and the increase in the proportion of green power use, the production cost of ferromanganese silicon may be further compressed [26]. Factors Affecting Ferromanganese Silicon Prices - The raw material ore end of ferromanganese silicon may be a factor for price rebound, but the overall oversupply situation mainly drives the price downward. The periodic fluctuations of manganese ore prices and the switching of ferromanganese silicon supply - demand affect the bearish cycle of ferromanganese silicon [28][31].

黑色建材日报 2025-07-10 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3063 元/吨, 较上一交易日跌 0 元/吨（0%）。当日注册仓单 44905 吨, 环 比减少 0 吨。主力合约持仓量为 217.4941 万手，环比增加 6394 手。现货市场方面, 螺纹钢天津汇总价格 为 3160 元/吨, 环比减少 0/吨; 上海汇总价格为 3160 元/吨, 环比增加 10 元/吨。 热轧板卷主力合约收 盘价为 3190 元/吨, 较上一交易日跌 1 元/吨（-0.03%）。 当日注册仓单 64587 吨, 环比减少 0 吨。主力 合约持仓量为 158.2553 万手，环比减少 11138 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - No relevant information provided Summary by Related Catalogs Price - For silicon iron, on July 10, 2025, the latest price of Ningxia 72 natural block was 5050 yuan, with a daily change of -50 yuan and a weekly change of -50 yuan; the latest price of Inner Mongolia 72 natural block was 5150 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan. The export price of Tianjin 72 was 1010 US dollars, with a daily change of 0 and a weekly change of -10 US dollars. The主力合约 price was 5392 yuan, with a daily change of 42 yuan and a weekly change of -44 yuan [2]. - For silicon manganese, on July 10, 2025, the latest price of Inner Mongolia 6517 was 5500 yuan, with a daily change of 0 and a weekly change of 0; the latest price of Guangxi 6517 was 5570 yuan, with a daily change of 20 yuan and a weekly change of 20 yuan. The主力合约 price was 5718 yuan, with a daily change of 68 yuan and a weekly change of -8 yuan [2]. Supply - The monthly production of 136 silicon iron enterprises in China from 2021 - 2025 is presented, with the data ranging from 350,000 to 550,000 tons. The weekly production of 136 silicon iron enterprises (with a capacity - share of 95%) in China from 2021 - 2025 is also shown, with the data fluctuating [4]. - The monthly production of silicon manganese in China from 2021 - 2025 is presented, with the data ranging from 5500 to 9000 tons [6]. Demand - The monthly estimated and revised production of crude steel in China from 2021 - 2025 is presented, with the data ranging from 6500 to 10500 tons. The monthly production of stainless - steel crude steel in China from 2021 - 2025 is also shown, with the data ranging from 0 to 4000 tons [4]. - The monthly demand for silicon manganese in China (according to Steel Union's data) from 2021 - 2025 is presented, with the data ranging from 20 to 70 tons [4]. Inventory - The weekly inventory of 60 sample silicon - iron enterprises in China from 2021 - 2025 is presented, with the data ranging from 30,000 to 110,000 tons. The daily total number of silicon - iron warehouse receipts on CZCE from 2021 - 2025 is also shown, with the data ranging from - 1000 to 15000 [5]. - The daily total number of silicon - manganese warehouse receipts on CZCE from 2021 - 2025 is presented, with the data ranging from 0 to 140,000. The weekly inventory of 63 sample silicon - manganese enterprises in China from 2021 - 2025 is also shown, with the data ranging from 6500 to 10000 tons [7]. Cost and Profit - The electricity prices for ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025 are presented, with the prices ranging from 0.3 to 0.7 yuan per degree. The production cost and profit of silicon iron in Ningxia and Inner Mongolia from 2021 - 2025 are also shown [5]. - The profit of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 is presented, with the profit data showing different fluctuations [7].

Report Industry Investment Rating - Not provided in the given content Core Views - Not provided in the given content Summary by Relevant Catalogs Price - The latest prices of silicon ferroalloy in different regions and varieties are presented, such as the latest price of Ningxia 72 silicon ferroalloy natural block is 5100, with a daily change of -50 and a weekly change of 0 [1]. - The prices of silicon manganese in different regions and varieties are also shown, like the latest price of Inner Mongolia 6517 silicon manganese is 5500, with a daily change of -50 and a weekly change of 0 [1]. - The prices of silicon ferroalloy and silicon manganese in different contracts and their changes are provided, including the price of the silicon ferroalloy main contract is 5350, with a daily change of -14 and a weekly change of 80 [1]. Supply - The production data of 136 silicon ferroalloy enterprises in China are shown, including monthly and weekly production, as well as the capacity utilization rate in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese, including weekly production and the purchase volume and price of Hebei Iron and Steel Group, are presented [6]. Demand - The demand data of silicon manganese in China (Steel Union caliber) and the export quantity of silicon ferroalloy and silicon manganese are provided [4][7]. - The production data of related industries such as crude steel, stainless - steel crude steel, and metal magnesium are presented, which may affect the demand for ferroalloys [4]. Inventory - The inventory data of 60 sample enterprises of silicon ferroalloy in China and different regions (Ningxia, Inner Mongolia, Shaanxi) are shown, as well as the inventory data of silicon manganese, including warehouse receipts, effective forecasts, and the sum of them [5][7]. - The average available days of silicon ferroalloy inventory in different regions (East China, South China, North China) and in China are presented [5]. Cost and Profit - The cost - related data of silicon ferroalloy and silicon manganese, such as electricity prices in different regions, the market price of semi - carbon manganese ore, and the price of chemical coke, are provided [5][6]. - The profit - related data of silicon ferroalloy and silicon manganese in different regions, including the profit of silicon ferroalloy export, the profit of silicon manganese in Inner Mongolia and Guangxi, are presented [5][7].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The overall atmosphere in the commodity market has declined, and the prices of finished products are showing a weak and volatile trend. The policy suggestion of "anti-involution and capacity reduction" has boosted market sentiment and driven short - term steel price increases, but the implementation of relevant policies remains to be verified. The implementation of Vietnam's anti - dumping policy on Chinese hot - rolled steel may suppress exports, and attention should be paid to Sino - US trade policies and the Politburo meeting in late July [3]. - Iron ore prices are in a wide - range volatile state in the short term, affected by factors such as seasonal changes in supply, iron water production decline, and macro expectations [6]. - Manganese silicon and silicon iron markets are fundamentally bearish, but in the short term, prices are more influenced by emotions and expectations. It is recommended that speculative positions remain on the sidelines and hedging positions look for opportunities to operate when the market rallies [9][10]. - Industrial silicon is in a supply - surplus and demand - deficient situation. The short - term price is in a wide - range oscillation, and the trading focus in July will be on macro and policy expectations [15]. - For glass, policy expectations have a strong impact on prices, and short positions should avoid and wait. For纯碱, the supply is loose and the inventory pressure is large, and it is expected to show a weak and volatile trend [17]. Group 3: Summary by Relevant Catalogs Steel - **Price and Position Data**: The closing price of the rebar main contract was 3063 yuan/ton, up 2 yuan/ton (0.065%) from the previous trading day. The number of registered warrants was 44,905 tons, a net increase of 8,464 tons. The position of the main contract was 2.168547 million lots, a net decrease of 28,783 lots. The closing price of the hot - rolled coil main contract was 3191 yuan/ton, unchanged from the previous trading day. The number of registered warrants was 64,587 tons, unchanged. The position of the main contract was 1.593691 million lots, a net increase of 8,136 lots [2]. - **Market Analysis**: The export pressure has increased due to Vietnam's anti - dumping policy. For rebar, both apparent supply and demand have increased, but the inventory clearance speed has slowed down. For hot - rolled coils, production has slightly increased, demand has decreased, and inventory has slightly accumulated [3]. Iron Ore - **Price and Position Data**: The main contract of iron ore (I2509) closed at 733.00 yuan/ton, up 0.27% (+2.00), with a position change of +7312 lots to 655,200 lots. The weighted position was 1.0841 million lots. The spot price of PB powder at Qingdao Port was 724 yuan/wet ton, with a basis of 34.36 yuan/ton and a basis rate of 4.48% [5]. - **Market Analysis**: The latest iron ore shipments have decreased seasonally, and the daily average pig iron production has decreased. The terminal demand is neutral, and the port inventory has changed little. The price is in a wide - range volatile state in the short term [6]. Manganese Silicon and Silicon Iron - **Price and Position Data**: On July 8, the main contract of manganese silicon (SM509) closed up 0.07% at 5650 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 5580 yuan/ton, unchanged from the previous day, with a premium of 120 yuan/ton over the futures. The main contract of silicon iron (SF509) closed down 0.26% at 5350 yuan/ton. The spot price of 72 silicon iron in Tianjin was 5430 yuan/ton, unchanged from the previous day, with a premium of 80 yuan/ton over the futures [8][9]. - **Market Analysis**: The fundamental situation is bearish, but in the short term, prices are affected by emotions and expectations. It is recommended to wait and see for speculative positions and look for hedging opportunities when the market rallies [9][10]. Industrial Silicon - **Price and Position Data**: On July 8, the main contract of industrial silicon (SI2509) closed up 2.11% at 8215 yuan/ton. The spot price of East China non - oxygenated 553 was 8500 yuan/ton, unchanged from the previous day, with a premium of 285 yuan/ton over the futures. The 421 market price was 9050 yuan/ton, unchanged from the previous day, with a premium of 35 yuan/ton over the futures [13]. - **Market Analysis**: It is in a supply - surplus and demand - deficient situation. The short - term price is in a wide - range oscillation, and the trading focus in July will be on macro and policy expectations [15]. Glass and Soda Ash - **Price and Inventory Data**: For glass, the spot price in Shahe was 1151 yuan, unchanged from the previous day, and in Central China was 1030 yuan, unchanged. As of July 3, 2025, the total inventory of national float glass sample enterprises was 69.085 million heavy boxes, a decrease of 131,000 heavy boxes (-0.19%) from the previous period and an increase of 10.57% year - on - year. For soda ash, the spot price was 1168 yuan, up 10 yuan from the previous day. As of July 7, 2025, the total inventory of domestic soda ash manufacturers was 1.8481 million tons, an increase of 38,600 tons (2.13%) from last Thursday [17]. - **Market Analysis**: For glass, policy expectations have a strong impact on prices, and short positions should avoid and wait. For soda ash, the supply is loose and the inventory pressure is large, and it is expected to show a weak and volatile trend [17]