据中国贸易救济信息网消息，2025年6月30日，欧盟委员会发布公告称，应Euroalliages于2025年3月28日 提交的申请，对原产于中国和俄罗斯的硅铁发起第三次反倾销日落复审调查，审查若取消现行反倾销措 施，涉案产品的倾销和对欧盟国内产业构成的损害是否将继续或再度发生。 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - For silicon ferroalloy, the latest prices, daily and weekly changes of different grades in various regions (such as Ningxia 72, Inner Mongolia 72) are presented, along with the prices of different contracts (like the main contract, 01 contract) and related price differences (e.g., main month basis, 1 - 5 month spread) [1]. - For silicon manganese, the latest prices, daily and weekly changes of different grades in various regions (such as Inner Mongolia 6517, Ningxia 6517) are shown, as well as the prices of different contracts and related price differences [1]. Supply - The monthly and weekly production data of 136 silicon ferroalloy enterprises in China, and the monthly capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi are provided [4]. - The weekly production data of silicon manganese in China is presented [6]. Demand - The demand data of silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber), and the monthly production forecast and statistical data of crude steel in China are provided [4][7]. - The procurement prices and quantities of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group are given [4][6]. Inventory - The weekly inventory data of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the daily data of CZCE silicon ferroalloy warehouse receipts, effective forecasts, and their sum are presented [5]. - The daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and their sum, and the weekly inventory data of 63 sample silicon manganese enterprises in China are provided [7]. Cost - Profit - The electricity prices in regions such as Inner Mongolia, Qinghai, Ningxia, and Shaanxi, and the market prices of raw materials like blue carbon, silica dioxide, and oxidized iron scale are presented [5]. - The production costs, spot profits, and profits after converting to the main contract in Ningxia and Inner Mongolia for silicon ferroalloy are given [5]. - The profits of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region (according to the Steel Union's caliber), and the profits after converting to the main contract in Guangxi and Ningxia for silicon manganese are provided [7].

黑色建材日报 2025-07-08 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 3061 元/吨, 较上一交易日跌 11 元/吨（-0.35%）。当日注册仓单 36441 吨, 环比增加 7273 吨。主力合约持仓量为 219.733 万手，环比减少 41257 手。现货市场方面, 螺纹钢天津汇 总价格为 3160 元/吨, 环比减少 10/吨; 上海汇总价格为 3150 元/吨, 环比减少 20 元/吨。 热轧板卷主力 合约收盘价为 3191 元/吨, 较上一交易日跌 10 元/吨（-0.31%）。 当日注册仓单 64587 吨, 环比减少 0 吨。主力合约持仓量为 158.5555 万手，环比增 ...

Report Overview - **Report Title**: [Huabao Futures] Weekly Report on the Black Industry Chain [1] - **Report Date**: July 7, 2025 [2] 1. Report Industry Investment Rating - No industry investment rating information provided in the report 2. Report's Core View - **Overall**: The market conditions of various varieties in the black industry chain are complex. There are opportunities for price rebounds in some varieties, but there are also risks affected by factors such as supply - demand relationships, policies, and seasons. It is recommended to operate with caution and pay attention to relevant influencing factors [9][10][11] - **Specific Varieties**: - **成材**: Recommend a strategy of shorting on rebounds [9] - **Coal and Coke**: The price volatility intensifies, and the supply - demand pressure of coking coal eases slightly [10] - **Ferroalloys**: The supply - demand pattern tends to be loose, and prices are expected to follow the black market trend without more independent market trends [11] 3. Summary by Directory 3.1 01 周度行情回顾 - **Futures and Spot Prices**: From June 27 to July 4, 2025, the prices of most varieties in the black industry chain showed an upward trend. For example, the futures price of rebar RB2510 increased from 2995 to 3072, with a rise of 2.57%, and the spot price increased by 2.92%. However, the prices of some varieties such as coking coal and ferrosilicon decreased slightly [7] 3.2 02 本周黑色行情预判 - **成材** - **Logic**: Last week, the operating rates of blast furnaces and electric arc furnaces decreased, and the daily output of molten iron decreased. The steel price rebounded due to the anti - involution storm and production restrictions in some steel mills in Tangshan. However, it is currently the off - season of demand, and factors such as high temperature and rainfall may affect the height of the rebound [9] - **View**: Short on rebounds [9] - **Later Concerns**: Macroeconomic policies and downstream demand [9] - **Coal and Coke** - **Logic**: After the end of the safety production month and the inspection, some coal mines resumed production, which cooled the bullish sentiment. The anti - involution and capacity - reduction policies also disturbed the market sentiment, and the price volatility intensified [10] - **View**: The market sentiment is volatile recently, the supply - demand pressure of coking coal eases slightly, and the prices of coal and coke fluctuate more violently [10] - **Later Concerns**: Coal production data, the sustainability of high daily output of molten iron in steel mills, and changes in imported coal clearance [10] - **Ferroalloys** - **Logic**: The central government's policy to regulate low - price competition in enterprises affected the market. On the supply side, the production and operating rates of silicon - manganese and ferrosilicon increased; on the demand side, the demand increased slightly last week but may weaken in the future; on the inventory side, silicon - manganese inventory accumulated slightly, and ferrosilicon inventory decreased slightly; on the cost side, the cost support of silicon - manganese increased, and that of ferrosilicon was stable [11] - **View**: The macro - environment has warmed up, and the supply - demand pattern of ferroalloys tends to be loose. Prices are expected to follow the black market trend. Pay attention to supply - side disturbances and environmental protection requirements [11] - **Later Concerns**: Tariff policy evolution, domestic macro - policies, terminal demand, steel mill profits and production, and domestic production restrictions [11] 3.3 03 品种数据 3.3.1 成材 - **Rebar** - **Production and Apparent Demand**: Last week, the production was 221.08 million tons, a week - on - week increase of 3.24 million tons; the apparent demand was 224.87 million tons, a week - on - week increase of 4.96 million tons [13] - **Inventory**: The total inventory was 545.21 million tons, a week - on - week decrease of 3.79 million tons [20] - **Basis**: In Shanghai, the basis for the 10 - month contract was 98 yuan/ton last Friday, a week - on - week increase of 13 yuan/ton [34] - **Hot - Rolled Coil** - **Production and Apparent Demand**: Last week, the production was 328.14 million tons, a week - on - week increase of 0.9 million tons; the apparent demand was 324.37 million tons, a week - on - week decrease of 1.88 million tons [26] - **Inventory**: The total inventory was 344.93 million tons, a week - on - week increase of 3.77 million tons [31] - **Basis**: In Shanghai, the basis for the 10 - month contract was 49 yuan/ton last Friday, a week - on - week decrease of 20 yuan/ton [41] 3.3.2 煤焦 - **Coke** - **Inventory**: The total inventory was 930.72 million tons last week, a week - on - week decrease of 10.17 million tons [49] - **Profit and Production**: The average profit per ton of coke for independent coking enterprises was - 52 yuan last week, a week - on - week decrease of 6 yuan; the daily output was 64.4 million tons, a week - on - week decrease of 0.1 million tons [64] - **Basis**: The basis for the 1 - month contract of Rizhao Port quasi - first - grade coke was - 193 yuan/ton last Friday, a week - on - week increase of 11 yuan/ton [71] - **Coking Coal** - **Inventory**: The total inventory was 2566.65 million tons last week, a week - on - week decrease of 4.11 million tons [56] - **Production**: The daily output of clean coal from 523 coking coal mines was 73.9 million tons last week, a week - on - week increase of 0.1 million tons [65] - **Basis**: The basis for the 1 - month contract of Meng 5 clean coal was - 96 yuan/ton last Friday, a week - on - week increase of 17 yuan/ton [74] 3.3.3 铁合金 - **Spot Price**: The price of manganese ore in Tianjin Port increased by 0.5 yuan/dry ton degree week - on - week; the spot price of silicon - manganese in Inner Mongolia remained flat week - on - week; the spot price of ferrosilicon in Inner Mongolia decreased by 20 yuan/ton week - on - week [80] - **Inventory**: The inventory of 63 independent silicon - manganese sample enterprises was 22.23 million tons on July 4, a week - on - week increase of 0.05 million tons; the inventory of 60 independent ferrosilicon enterprises was 6.7 million tons, a week - on - week decrease of 0.244 million tons [11] - **Production and Demand**: The production of silicon - manganese and ferrosilicon increased week - on - week; the weekly demand for silicon - manganese and ferrosilicon of the five major steel varieties increased by 0.72% and 0.63% respectively week - on - week [11]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The silicon ferroalloy market has experienced significant price fluctuations due to factors such as over - capacity, policy impacts, and changes in supply - demand balance. The current market is characterized by over - capacity, and the price trend is downward due to weak demand and the release of new production capacity [8][23][26]. - The core contradictions in the market include structural over - capacity, the buffering effect of energy - consumption dual - control policies, and the game between profit and policy [23]. 3. Summary by Related Catalogs Macroeconomic and Supply - Demand Background - From 2011 - 2015, the global financial crisis had a lingering impact, with slow economic recovery in Europe and the US. China's GDP growth rate dropped from 18.2% in 2011 to 7.1% in 2015, and supply - side reforms affected the steel industry chain, which in turn influenced the demand for silicon ferroalloy. From 2020 to the present, the pandemic led to a contraction in industrial and manufacturing demand, and later, infrastructure and export demand drove a V - shaped rebound in steel demand, supporting silicon ferroalloy demand but with limited pulling power [3]. Price Fluctuations - Due to over - capacity in the Chinese silicon ferroalloy industry and limited demand, prices dropped rapidly from 2013 - 2015 and 2022 - 2024. Policy shocks such as the implementation of supply - side reforms in 2016 and the energy - consumption dual - control policy in 2021 had a significant impact on the price, indicating a common driving mechanism between policy and capacity adjustment [8]. Capacity Changes - From 2011 - 2024, the national silicon ferroalloy production capacity increased from 6.5 million tons to 11.024 million tons, an expansion of nearly 70%. There was a significant increase in capacity in regions like Qinghai, Ningxia, and Shaanxi. From 2011 - 2015, there was an acceleration in capacity investment, followed by a phase of capacity replacement [11]. - Currently, the average capacity utilization rate of silicon ferroalloy has not exceeded 62% since 2023, and only Inner Mongolia has maintained a relatively high capacity utilization rate. The annual output of silicon ferroalloy has stabilized at around 5.5 million tons, with Inner Mongolia and Ningxia having relatively large market shares [13]. Policy Impacts - In 2011, 2.127 million tons of ferroalloy production capacity was eliminated, and in 2014, 2.343 million tons was eliminated, including small - scale ore - heating furnaces of various ferroalloys. In 2016, supply - side reforms led to the elimination of backward production capacity in the steel industry [16]. - In 2021, the energy - consumption dual - control policy led to power and production restrictions in major production areas. Inner Mongolia implemented a policy to withdraw the production capacity of ore - heating furnaces below 25,000KVA and 30,000KVA. Other provinces also carried out power and production restrictions to meet energy - consumption targets, which initially led to an expected supply contraction and price increase, but later the supply did not actually decrease significantly [17][18][19]. Current Market Situation - In 2021, although the silicon ferroalloy industry was affected by the energy - consumption dual - control policy, the actual reduction in production at the industrial level was limited, and the overall supply remained high. Compared with 2013, the total industry capacity expanded by nearly 70% while the annual output was similar. Weak demand due to a pessimistic real - estate environment led to a downward price trend [23]. - As of July 2025, the over - capacity problem remains unsolved. The prices of electricity and semi - coke, which account for about 60% and 14% of the current silicon ferroalloy cost respectively, are the main short - term drivers of price changes. The price of silicon ferroalloy continues to decline [24].

【钢材】周末现货跟涨动能转弱 宏观层面近期都没有太多新增的风险,导致市场情绪还行的,资金愿意入场交易risk on,短暂利好风险资产。具体到行情 上,前一周市场波动放大,"反内卷"的导火线带来资金的跟随，期现正套以及前期反套被空单可能会带来短期现货成交 投机需求的放量,但现货反馈周二周三成交尚可,周四周五现货成交蓄力是跟不上的;倾向于若短期未看到实质性政策出 台,则对利润的利好影响及成材价格的独自利好并不能持续太久。期现维度,黑色板块品种的基差远期持续收缩,焦煤、焦 炭都出现期货升水,铁矿石期货接近平水,螺纹钢的基差通过近几日的反弹再度收缩了一波,卷、螺期价重回升水,利于集 现正套以及套保头寸的主动入场。周末观察现货跟涨的动能并不强劲,现货商不追涨。现货持货意愿不强,有利润快速兑现 以及高周转,感觉仍是市场的主流思路,暂不认为黑色行情进入反转状态。 胎年金属数据日报 | 2025/07/07 | | 国贸期货出品 ITG国贸期货 | | --- | --- | --- | | 投资咨询业务资格:证监许可[2012] 31号 | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | 张宇慧 | ...

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The spot price of manganese ore is on the rise, strengthening cost support, and silicon-manganese alloy plants are less willing to sell at low prices. Steel tenders are gradually coming in, and silicon-manganese plants are adopting a wait-and-see attitude, mostly suspending quotes. The spot price of silicon-manganese is currently stable. Future attention should be paid to the guidance of steel tender progress on silicon-manganese prices [3]. - The spot price is 5,600 yuan/ton, and the basis of the 09 contract is -48 yuan/ton, indicating that the spot is at a discount to the futures [3]. - The inventory of 63 independent silicon-manganese enterprises in the country is 221,800 tons, and the average available days of inventory for 50 steel mills in the country is 15.49 days [3]. - The MA20 is upward, and the futures price of the 09 contract is above the MA20 [3]. - The main positions are net short, with an increase in short positions [3]. - It is expected that the price of silicon-manganese will fluctuate this week, with the SM2509 contract fluctuating between 5,600 and 5,800 yuan [3]. Summary by Directory Manganese Silicon Supply - **Capacity**: The chart shows the monthly production capacity of Chinese silicon-manganese enterprises from June 2016 to June 2025 [7]. - **Annual Output**: The chart presents the annual production of silicon-manganese in various regions of China from 2008 to 2025, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [8]. - **Weekly, Monthly Output, and Operating Rate**: The chart depicts the weekly and monthly production of Chinese silicon-manganese and the weekly operating rate of silicon-manganese enterprises from January 2020 to January 2025 [11]. - **Regional Output**: The chart shows the monthly production of Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production of Inner Mongolia, Ningxia, Guizhou, and Guangxi from January 2020 to May 2025 [13]. Manganese Silicon Demand - **Steel Tender Procurement Volume**: The chart shows the monthly procurement volume of silicon-manganese by Hebei Iron and Steel Group, Shagang Co., Ltd., and Nanjing Iron and Steel Co., Ltd., as well as the weekly demand for silicon-manganese in China from January 2020 to January 2025 [14]. - **Steel Tender Procurement Price**: The chart presents the monthly procurement prices of silicon-manganese by Baoshan Iron and Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. from January 2020 to June 2025 [16]. - **Daily Average Hot Metal and Profitability**: The chart shows the weekly daily average hot metal production and profitability of 247 steel enterprises in China from January 2020 to January 2025 [18]. Manganese Silicon Import and Export - The chart shows the monthly import and export volumes of ferromanganese in China from January 2020 to January 2025 [20]. Manganese Silicon Inventory - The chart shows the weekly inventory of 63 sample silicon-manganese enterprises in China, the monthly average available days of inventory in China, the monthly average available days of inventory in the northern region, and the monthly average available days of inventory in the eastern region from September 2019 to March 2025 [22]. Manganese Silicon Cost - **Manganese Ore Import Volume**: The chart shows the monthly import volume of manganese ore in China, including the import volume from Gabon, southern Africa, and Australia, from January 2020 to April 2025 [24]. - **Manganese Ore Port Inventory and Available Days**: The chart shows the weekly port inventory of manganese ore in China, including the port inventory in Qinzhou Port and Tianjin Port, as well as the weekly average available days of inventory in China from January 2020 to January 2025 [26]. - **High-Grade Manganese Ore Port Inventory**: The chart shows the weekly port inventory of high-grade manganese ore in China, including the port inventory of Australian, Gabonese, and Brazilian manganese ore in Qinzhou Port and Tianjin Port, from January 2020 to January 2025 [28]. - **Tianjin Port Manganese Ore Price**: The chart shows the daily price of manganese ore in Tianjin Port, including the price of South African semi-carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore, from January 2020 to July 2025 [29]. - **Regional Cost**: The chart shows the daily cost of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi from January 2015 to January 2025 [30]. Manganese Silicon Profit - The chart shows the daily profit of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi from January 2020 to April 2025 [32].

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 黑色建材日报 2025-07-07 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 3072 元/吨, 较上一交易日跌 4 元/吨（-0.13%）。当日注册仓单 29168 吨, 环比增加 2095 吨。主力合约持仓量为 223.85 万手，环比增加 1338 手。现货市场方面, 螺纹钢天津汇总 价格为 3170 元/吨, 环比增加 10/吨; 上海汇总价格为 3170 元/吨, 环比增加 20 元/吨。 热轧板卷主力合 约收盘价为 3201 元/吨, 较上一交易日跌 7 元/吨（-0.21%）。 当日注册仓单 64587 吨, 环比减少 1491 吨。主力合约持仓量为 158.08 万手，环比减少 1 ...

| 硅铁自然块 | 内蒙#72 | 5130 | 30 | -20 | 5430 | 01合约 | 5364 | -18 | 22 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产区汇总价 | 青海#72 | 5150 | 0 | 0 | 5480 | 05合约 | 5416 | -16 | 30 | | | 陕西#72 | 5100 | 0 | 0 | 5400 | 09合约 | 5364 | -26 | -6 | | | 陕西#75 | 5600 | 0 | 0 | | 主力月基差 | 46 | 26 | 26 | | 硅铁合格块 | 江苏#72 | 5500 | 0 | -100 | | 1-5月差 | -52 | -2 | -8 | | 贸易商价 | 天津#72 | 5450 | 0 | -20 | | 5-9月差 | 52 | 10 | 36 | | 硅铁出口价 | 天津#72 | 1020 | 0 | 0 | | 9-1月差 | 0 | -8 | -28 | | （美金） | 天津#75 | 1075 | 0 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints Market Analysis - For ferrosilicon manganese, from January to May 2025, the price of manganese ore was relatively low, and the power price and coal price in the production areas also decreased, leading to a downward shift in the cost center and a downward trend in the price. From January to June, there was a long - term loss in the production areas, resulting in a gradual decrease in production. By the end of June, the demand for ferrosilicon manganese in the five major steel products decreased by about 1.04%, and the inventory remained at a relatively high level, suppressing price increases. It is expected to remain in low - level fluctuations in the second half of the year. The 2025 production is estimated to decline slightly by 2.7%, and domestic consumption to decrease by 0.44% [8][9]. - For ferrosilicon, from January to June 2025, the price center moved downward, and alloy enterprises suffered long - term losses. The supply increased year - on - year, further suppressing the price. Steel enterprises had good profits and replenished stocks. Although the demand for steel was weak, other demands performed well. It is expected that the price will show a fluctuating trend in the second half of the year. The 2025 production is estimated to increase by 0.4% year - on - year, and domestic consumption to increase by 1.9% [10][11]. Strategy No strategy is provided [12]. Summary According to the Directory 2025 H1 Ferroalloy Market Review - Ferrosilicon manganese: In the context of loose production capacity, the price center gradually moved downward. After the supply - side disturbance of manganese ore in mid - to - late January, the price rose significantly. After February, it declined with the fall of coal prices. From March to May, it continued to decline due to tariff disturbances and weak market expectations. In June, it rebounded with the stabilization of coal and manganese ore prices [17]. - Ferrosilicon: Driven by the black - sector market in late January, the price rose. After February, it weakened with the fall of coal prices and the reduction of power prices in some areas. From March to May, it continued to decline due to tariff disturbances and weak market expectations. In June, it rebounded with the stabilization of coal prices [17]. Ferrosilicon Manganese: Weak Downstream Demand and Long - term Losses in Production Areas Cost Center Moved Downward, and Ferrosilicon Manganese Price Continued to Weaken - In 2025, the prices of ferrosilicon manganese raw materials such as manganese ore, electricity, and coal decreased. From January to March, the import volume of Gabonese manganese ore decreased, and the prices of ferrosilicon manganese and manganese ore rose. After that, they gradually declined. In June, the price of manganese ore stabilized with the reduction of South African manganese ore shipments. The settlement power price in Ningxia decreased in April, significantly affecting the ferrosilicon manganese price [23][40]. Long - term Losses in Production Areas, and Gradual Decrease in Ferrosilicon Manganese Production - From January to June 2025, production areas suffered long - term losses. Alloy enterprises reduced production through maintenance. The weekly production once dropped to 16.28 tons, and the cumulative production from January to June was 489.1 tons, a year - on - year decrease of 3.1% [50][61]. Weak Downstream Demand, and Ferrosilicon Manganese Inventory Still Suppressed Price Increases - By the end of June, the demand for ferrosilicon manganese in the five major steel products decreased by about 1.46%. The inventory in the three - link of ferrosilicon manganese was still at a relatively high level, and the registered warehouse receipts and effective forecast warehouse receipts were close to 90,000, putting pressure on price increases [64][76]. Ferrosilicon: Year - on - Year Increase in Production and Downward Shift in Cost Center Ferrosilicon Price Center Moved Downward, and Alloy Enterprises Suffered Long - term Losses - Affected by weak terminal demand in the black sector and downward - shifting costs, the ferrosilicon price fluctuated downward. In June, it rebounded slightly with the stabilization of coal prices. The power price and coal price decreased, and the price of semi - coke, an important raw material, also dropped significantly [81][84]. Year - on - Year Increase in Supply, Further Suppressing the Ferrosilicon Price - From January to June 2025, the total ferrosilicon production was 269.1 tons, a year - on - year increase of 2.1%, but still at a relatively low level in the same period of the past five years [88]. Good Profits of Steel Enterprises, and Certain Stock Replenishment by Ferrosilicon Downstream Enterprises - By the end of June, the consumption of ferrosilicon in the five major steel products decreased by 3.0% year - on - year, while the production of stainless - steel crude steel increased by 10.2% year - on - year, and the production of magnesium metal also increased. From January to May, ferrosilicon exports decreased by 14.2% year - on - year. Steel enterprises replenished stocks, and the total inventory in the three - link was at a relatively low level in the same period of the past five years [92][99]. 2025 Outlook - In 2025, domestic crude steel consumption is expected to increase slightly by 0.1% year - on - year, and crude steel production to increase by 1.6% year - on - year, providing support for the demand for ferrosilicon manganese and ferrosilicon. - Ferrosilicon manganese: The production is estimated to decline slightly by 2.7%, domestic consumption to decrease by 0.44%, and exports to decline by 37.6% [109]. - Ferrosilicon: The production is estimated to increase by 0.4% year - on - year, and domestic consumption to increase by 1.9% year - on - year. Exports are expected to decline by 4.5% [111][112].