1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price - For silicon iron, on February 11, 2026, the latest price for Ningxia 72 was 5270, with a daily change of 0 and a weekly change of -80; the latest price for Inner Mongolia 72 was 5320, with a daily change of 0 and a weekly change of -30; the latest price for Qinghai 72 was 5250, with a daily change of -50 and a weekly change of -50; the latest price for Shaanxi 72 was 5250, with a daily change of 0 and a weekly change of -50; the latest price for Shaanxi 75 was 6000, with no daily or weekly change. The export price of Tianjin 72 was 1055, and Tianjin 75 was 1115, both with no daily or weekly change [1]. - For silicon manganese, on February 11, 2026, the latest price for Inner Mongolia 6517 was 5650, with a daily change of 0 and a weekly change of -30; the latest price for Ningxia 6517 was 5570, with a daily change of -20 and a weekly change of -40; the latest price for Guangxi 6517 was 5750, with no daily or weekly change; the latest price for Guizhou 6517 was 5700, with no daily or weekly change; the latest price for Yunnan 6517 was 5700, with no daily or weekly change; the latest price for Guangxi 6014 was 5050, with a daily change of -50 and a weekly change of -50 [1]. Supply - For silicon iron, data on the production volume of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) are presented from 2022 - 2026 [4]. - For silicon manganese, data on the production volume of silicon manganese in China (weekly) and the capacity utilization rate of silicon manganese enterprises in China (monthly) from 2022 - 2026 are provided [6]. Demand - For silicon iron, data on the estimated and actual production volume of crude steel in China (monthly), the production volume of metal magnesium in China (monthly), the production volume of stainless - steel crude steel in China (monthly), the procurement volume and price of FeSi75 - B by HeSteel Group (monthly) from 2022 - 2026 are shown [4]. - For silicon manganese, data on the demand volume of silicon manganese in China (monthly), the export volume of silicon manganese in China (monthly), and the estimated production volume of crude steel in China (monthly) from 2022 - 2026 are provided [7]. Inventory - For silicon iron, data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts and effective forecasts of silicon iron on CZCE (daily), and the average available days of inventory in East China, South China, and the Northern region (monthly) from 2022 - 2026 are presented [5]. - For silicon manganese, data on the total number of warehouse receipts and effective forecasts of silicon manganese on CZCE (daily), the inventory of 63 sample enterprises in China (weekly), and the average available days of inventory in China (monthly) from 2022 - 2026 are provided [7]. Cost and Profit - For silicon iron, data on electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi (daily), the market price of small - sized semi - coke in Shaanxi (daily), the production cost and profit of silicon iron in Ningxia and Inner Mongolia (monthly), and the export profit of 75 - grade silicon iron (monthly) from 2022 - 2026 are shown [5]. - For silicon manganese, data on the cost of raw materials such as chemical coke, manganese ore, etc., and the profit of silicon manganese production in Inner Mongolia, Guangxi, the Northern region, and the Southern region (monthly) from 2022 - 2026 are provided [6][7].

Report Date - The report is dated February 10, 2026 [1] Steel Report Core View - The blast furnace operating rate remains at a high level, while the production of electric furnaces has significantly decreased seasonally due to the Spring Festival. Terminal demand has further shrunk, with transactions showing a situation of "prices but no market". Inventory has continued to accumulate, with the accumulation rate of rebar accelerating year-on-year, and hot-rolled coils having shifted from destocking to stockpiling. The significant increase in hot-rolled coil warehouse receipts has exerted upward pressure on coil prices. Overall, finished steel products are oscillating weakly and may test the lower limit of the box-shaped oscillation [3]. Price Data - Rebar: On February 10, 2026, the closing prices of the 01, 05, and 10 contracts were 3,133 yuan/ton, 3,052 yuan/ton, and 3,097 yuan/ton respectively [4]. - Hot-rolled coils: On February 10, 2026, the closing prices of the 01, 05, and 10 contracts were 3,263 yuan/ton, 3,220 yuan/ton, and 3,239 yuan/ton respectively [4]. Spread Data - Rebar spreads: The 01 - 05 spread was 81 yuan/ton, the 05 - 10 spread was -45 yuan/ton, and the 10 - 01 spread was -36 yuan/ton on February 10, 2026 [4]. - Hot-rolled coil spreads: The 01 - 05 spread was 43 yuan/ton, the 05 - 10 spread was -19 yuan/ton, and the 10 - 01 spread was -24 yuan/ton on February 10, 2026 [4]. Iron Ore Report Core View - The supply and demand situation is significantly weak. Overseas shipments have seasonally decreased, and attention should be paid to the impact of the rainy season in the Southern Hemisphere on Australian shipments. Steel mills have decent profits, and molten iron production is expected to steadily increase. Terminal steel consumption has entered the pre - holiday off - season. The accumulation rate of social inventory is slower than in previous years, and port inventory has continued to accumulate above the seasonal level, facing significant pressure. Market risk appetite is low, and prices are under pressure [21]. Price Data - On February 10, 2026, the closing prices of the 01, 05, and 09 contracts were 732 yuan/ton, 761.5 yuan/ton, and 744 yuan/ton respectively. The daily changes were 0, 0, and 1 yuan/ton respectively, and the weekly changes were -17, -16, and -16 yuan/ton respectively [22]. Fundamental Data - On February 6, 2026, the average daily molten iron production was 228.58 tons, the 45 - port desilting volume was 341.08 tons, and the global shipment volume was 2,535.3 tons [26]. Coking Coal and Coke Report Core View - As the Chinese New Year approaches, domestic mines have reduced production, and the supply of coking coal has seasonally shrunk. The domestic and foreign prices of imported coal are inverted, and the arrival volume is at a low level. The first round of coke price increase has been implemented, and coking profits have improved. The resumption of production of blast furnace steel mills has been slow, and the short - term supply and demand are relatively loose. Attention should be paid to the resumption of production rhythm of mines and steel mills after the Spring Festival. There may be a supply - demand mismatch under the background of tight seaborne coal imports [33]. Price Data - On February 10, 2026, the 09 - 01 spread of coking coal was -175 yuan/ton, the 05 - 09 spread was -77.5 yuan/ton, and the 01 - 05 spread was 252.5 yuan/ton [34][36]. - On February 10, 2026, the 09 - 01 spread of coke was -94 yuan/ton, the 05 - 09 spread was -74.5 yuan/ton, and the 01 - 05 spread was 168.5 yuan/ton [36]. Ferroalloy Report Core View - Cost support and the pressure of the downstream terminal steel inventory accumulation are in a game. Silicon manganese is facing its own high - inventory pressure, and the manganese ore quotation provides bottom support. Ferroalloy production is already at a low level, and it is difficult to see a significant reduction in production. The resumption of production of steel mills may drive an increase in molten iron, but the demand increase is limited due to the off - season inventory accumulation of terminal steel products. The decline in finished steel products suppresses prices, and in the short term, it will maintain a range - bound oscillation [48]. Price Data - For silicon iron on February 9, 2026, the basis in Ningxia was 26 yuan/ton, and the spot prices in Ningxia, Inner Mongolia, Qinghai, Shaanxi, and Gansu were 5,370 yuan/ton, 5,390 yuan/ton, 5,300 yuan/ton, 5,400 yuan/ton, and 5,400 yuan/ton respectively [49]. - For silicon manganese on February 10, 2026, the basis in Inner Mongolia was 182 yuan/ton, and the spot prices in Ningxia, Inner Mongolia, Guizhou, Guangxi, and Yunnan were 5,570 yuan/ton, 5,650 yuan/ton, 5,700 yuan/ton, 5,750 yuan/ton, and 5,700 yuan/ton respectively [50][53]. Soda Ash Report Core View - There is an expectation of weakening rigid demand, and soda ash is oscillating weakly, with industrial contradictions still accumulating. If the futures price rises, there is a certain restocking space for middle - stream players such as those involved in futures - cash arbitrage, but the demand elasticity is limited due to the general demand situation. The downward price space needs inventory accumulation to open up. In terms of supply and demand, as new production capacity gradually releases output, the daily production of soda ash is at a high level, and the expectation of high - level long - term supply of soda ash remains unchanged. The inventory of the photovoltaic glass industry is at a high level, the daily melting volume is temporarily stable, and the overall rigid demand is moderately weak. The balance of heavy soda ash continues to be in surplus. Soda ash exports remain at a high level, which continues to relieve domestic pressure to a certain extent [68]. Price Data - On February 10, 2026, the closing prices of the 05, 09, and 01 contracts of soda ash were 1,171 yuan/ton, 1,234 yuan/ton, and 1,282 yuan/ton respectively. The daily changes were -10 yuan/ton, -9 yuan/ton, and -4 yuan/ton respectively, and the daily decline rates were -0.85%, -0.72%, and -0.31% respectively [69]. Glass Report Core View - According to market news, due to environmental protection pressure, four coal - fired production lines in Shahe may undergo cold repair before the Spring Festival, with a total daily melting volume of 2,700 tons. There may be more definite news in the next few days. Coupled with the 1,200 - ton cold repair of Dongtai Zhongbo last week and the expectation of 1,000 - ton cold repair of Deyang Xinyi before the Spring Festival, it means that float glass will experience concentrated cold repair before the Spring Festival, slightly exceeding expectations. The daily melting volume will decline to around 146,000 - 147,000 tons. Although there are many new production lines to be ignited in the Shahe area, even the earliest ones will not be implemented until after the Spring Festival, and it will take several months to produce products. This wave of pre - Spring Festival concentrated cold repair will help relieve the inventory accumulation pressure and spot price pressure after the Spring Festival. In terms of supply and demand, float glass is in a situation of weak supply and demand. Regardless of how the supply expectation changes, the high inventory of the glass middle - stream is a risk point. Currently, it seems that the terminal may not be able to digest it, so once a negative feedback occurs, the spot price pressure will be significant [91]. Price Data - On February 10, 2026, the closing prices of the 05, 09, and 01 contracts of glass were 1,087 yuan/ton, 1,189 yuan/ton, and 1,224 yuan/ton respectively. The daily changes were 23 yuan/ton, 19 yuan/ton, and -9 yuan/ton respectively, and the daily increase/decrease rates were 2.16%, 1.62%, and -0.73% respectively [92].

期货从业证号： F03134259 投资咨询证号： Z0021009 联系方式： 研究所 黑色金属研发报告 黑色金属日报 2026 年 2 月 10 日 铁合金日报 第一部分 市场信息 研究员：周涛 :zhoutao_qh1@chinastock. com.cn | | | | 期 货 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5580 | -14 | -40 | 99225 | -64428 | 167193 | -382 | | SM主力合约 | 5818 | 6 | -18 | 132582 | -41282 | 374337 | 4286 | | | | | | 现 货 | | | | | 硅铁 | 现货价格 | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5390 | 0 | -30 | 硅锰6517内蒙 | 5650 | 0 | -30 | | ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - The overall black market is expected to operate in a low - level consolidation. Steel products show a seasonal situation of weak supply and demand, and there may still be capital outflows before the Spring Festival, leading to a decrease in market trading volume. The macro - level is calm and has little impact on prices [12]. - For iron ore, it is recommended to mainly short - allocate. The macro - level driving force has weakened, the supply - demand contradiction has continued to accumulate in the short term, and the price is restricted by the industrial chain profit. The strategy is to conduct range operations and sell out - of - the - money call options [13]. - For coal and coke, the current supply - demand contradiction in the market is general, and the inventory pressure is not large, providing some support for prices. However, due to the off - season effect, there is no continuous upward driving force, and prices fluctuate with market sentiment. Prudent operation is required [14]. - For ferroalloys, before the Spring Festival, the market trading is cold. The alloy fundamentals remain in a situation of weak supply and demand, and there is still inventory pressure. It is expected that the prices will follow the black market and fluctuate within a narrow range before the Spring Festival [16] 3. Summary According to the Directory 3.1 Week - to - Week Market Review - The closing prices of most futures and spot products in the black industry chain decreased from January 30 to February 6, 2026, except for the scrap steel whose price index increased by 0.61%. For example, the futures price of rebar RB2605 decreased by 1.63%, and the spot price of HRB400E: Φ20 in Shanghai decreased by 0.92% [8] 3.2 This Week's Black Market Forecast Overall Market - Logic: The blast furnace operating rate of 247 steel mills increased, and the average daily hot - metal output also increased. The average capacity utilization rate of 94 independent electric - arc furnace steel mills decreased. As the Spring Festival approaches, the spot market enters the holiday mode, showing a seasonal situation of weak supply and demand. There may be capital outflows before the festival, and the macro - level has little impact on prices [12]. - View: Low - level consolidation [12] Iron Ore - Logic: Macroscopically, the short - term inflation expectation has declined, and the employment has weakened marginally. The domestic economic recovery shows a pulsed characteristic. In terms of supply, although the external ore shipment is in the off - season, it is higher than the same period in previous years. The domestic ore supply is also in the off - season. In terms of demand, the domestic demand has slightly recovered, but the steel mill's profitability is weak, and the terminal demand is in the seasonal off - season. The steel mill's restocking is coming to an end, and the port inventory is at a high level [13]. - View: Short - allocate mainly, conduct range operations and sell out - of - the - money call options [13] Coal and Coke - Logic: The coal and coke futures prices first rose and then fell due to the false rumor of production quota cuts in Indonesia. Recently, the overall trend of steel and ore has been weak, and the off - season restricts the rebound height. The domestic coal mines are starting to shut down for the holiday, and the output is expected to decline significantly. However, the downstream has stocked up in advance, and there is no continuous upward driving force [14]. - View: The supply - demand contradiction is general, and the inventory pressure is not large, providing support for prices. But due to the off - season, there is no continuous upward driving force, and prices fluctuate with market sentiment. Prudent operation is required [14] Ferroalloys - Logic: Overseas, the US manufacturing PMI has entered the expansion range, but the geopolitical situation in the Middle East is tense. Domestically, the three major PMI indices have declined. The prices of ferromanganese and ferrosilicon futures have slightly declined. In terms of supply, the output and operating rate of ferromanganese have slightly shrunk, and those of ferrosilicon have slightly increased. In terms of demand, the demand from steel mills has weakened, and the restocking is coming to an end. In terms of inventory, the inventory of ferromanganese has increased, and that of ferrosilicon has decreased slightly. In terms of cost, the manganese ore price is expected to remain firm, and the cost of ferrosilicon is well - supported [17]. - View: Before the Spring Festival, the market trading is cold. The alloy fundamentals remain in a situation of weak supply and demand, and there is still inventory pressure. It is expected that the prices will follow the black market and fluctuate within a narrow range before the Spring Festival [17] 3.3 Variety Data 3.3.1 Finished Products - **Rebar** - Production: The weekly output last week was 191.68 million tons, with a week - on - week decrease of 8.15 and a year - on - year increase of 7.88. The long - process output was 162.81 million tons, a week - on - week decrease of 4.81 and a year - on - year decrease of 18.79. The short - process output was 28.87 million tons, a week - on - week decrease of 3.34 and a year - on - year increase of 26.67 [20][23]. - Apparent demand: Last week, it was 147.64 million tons, a week - on - week decrease of 28.76 and a year - on - year increase of 16.09 [20]. - Inventory: The social inventory was 365.92 million tons, a week - on - week increase of 39.52 and a year - on - year decrease of 119.45. The steel mill inventory was 153.65 million tons, a week - on - week increase of 4.52 and a year - on - year decrease of 66.36. The total inventory was 519.57 million tons, a week - on - week increase of 44.04 and a year - on - year decrease of 185.81 [27]. - Basis: In Shanghai, the basis for January was 62 yuan/ton, a week - on - week increase of 23 and a year - on - year increase of 72; for May, it was 143 yuan/ton, a week - on - week increase of 21 and a year - on - year increase of 88; for October, it was 96 yuan/ton, a week - on - week increase of 23 and a year - on - year increase of 96 [38]. - **Hot - rolled Coil** - Production: The weekly output last week was 309.16 million tons, a week - on - week decrease of 0.05 and a year - on - year decrease of 14.97 [31]. - Apparent demand: Last week, it was 305.54 million tons, a week - on - week decrease of 5.87 and a year - on - year increase of 7.11 [31]. - Inventory: The social inventory was 280.45 million tons, a week - on - week increase of 2.12 and a year - on - year decrease of 36.92. The steel mill inventory was 78.75 million tons, a week - on - week increase of 1.50 and a year - on - year decrease of 18.20. The total inventory was 359.20 million tons, a week - on - week increase of 3.62 and a year - on - year decrease of 55.12 [35]. - Basis: In Shanghai, the basis for January was - 44 yuan/ton, a week - on - week increase of 22 and a year - on - year increase of 34; for May, it was - 1 yuan/ton, a week - on - week increase of 17 and a year - on - year decrease of 4; for October, it was - 19 yuan/ton, a week - on - week increase of 22 and a year - on - year increase of 18 [45] 3.3.2 Iron Ore - Imported ore port inventory (45 ports): The total inventory this week was 17140.71 million tons, a week - on - week increase of 118.45 and a year - on - year increase of 1748.18. The Australian ore inventory was 7903.27 million tons, a week - on - week increase of 104.08 and a year - on - year increase of 1155.26. The Brazilian ore inventory was 5536.43 million tons, a week - on - week decrease of 47.54 and a year - on - year decrease of 427.29 [49]. - 247 steel mills' imported ore inventory/consumption: The inventory was 10316.64 million tons, a week - on - week increase of 348.05 and a year - on - year increase of 821.90. The inventory - to - sales ratio was 36.55, a week - on - week increase of 1.07 and a year - on - year increase of 3.36. The daily consumption was 282.24 million tons/day, a week - on - week increase of 1.28 and a year - on - year decrease of 2.93 [60]. - 247 steel mills' operating rate/profitability: The blast furnace operating rate was 79.53%, a week - on - week increase of 0.53 percentage points and a year - on - year increase of 1.55 percentage points. The iron - making utilization rate was 85.69%, a week - on - week increase of 0.22 percentage points and a year - on - year decrease of 0.07 percentage points. The profitability rate was 39.39%, unchanged from the previous week and a year - on - year decrease of 12.13 percentage points [64]. - Global shipments (19 ports): The total global shipment this week was 2535.3 million tons, a week - on - week decrease of 559.3 and a year - on - year increase of 200.4. The shipment from Australia and Brazil to the world was 1881.1 million tons, a week - on - week decrease of 585.4 and a year - on - year decrease of 17.0 [68] 3.3.3 Coal and Coke - Coke inventory: The total inventory (coke enterprises + steel mills + ports) last week was 976.2 million tons, a week - on - week increase of 15.53 and a year - on - year decrease of 48.7. The independent coke enterprises' inventory was 82.7 million tons, a week - on - week decrease of 1.7 and a year - on - year decrease of 74.0 [93]. - Coking coal inventory: The total inventory (coke enterprises + steel mills + coal mines + ports + coal washing plants) last week was 2998.56 million tons, a week - on - week increase of 84.18 and a year - on - year increase of 80.0 [100]. - Independent coke enterprises' average profit per ton of coke: Last week, it was - 10 yuan, a week - on - week increase of 45 and a year - on - year increase of 17 [105]. - Independent coke enterprises' capacity utilization rate and daily coke output: The capacity utilization rate last week was 72.2%, a week - on - week increase of 0.3 and a year - on - year decrease of 0.8. The daily coke output was 63.1 million tons, a week - on - week increase of 0.3 and a year - on - year decrease of 1.93 [109] 3.3.4 Ferroalloys - Spot prices: On February 6, the price of semi - carbonate manganese ore in Tianjin Port was 36 yuan/dry ton degree, unchanged from the previous week and a year - on - year decrease of 5. The spot price of ferromanganese in Inner Mongolia was 6520 yuan/ton, a week - on - week increase of 820 and a year - on - year increase of 120. The spot price of ferrosilicon in Inner Mongolia was 5370 yuan/ton, a week - on - week increase of 40 and a year - on - year decrease of 680 [132]. - Manganese ore inventory: In the week of January 30, the total port inventory was 435.7 million tons, a week - on - week increase of 10.9 and a year - on - year increase of 42.3. The inventory in Tianjin Port was 332.5 million tons, a week - on - week increase of 9.5 and a year - on - year decrease of 4.8 [136]. - Output: The weekly output of ferromanganese was 190995 tons, a week - on - week decrease of 1400 and a year - on - year decrease of 2345. The weekly output of ferrosilicon was 9.92 million tons, a week - on - week increase of 0.07 and a year - on - year decrease of 1.11 [139][141]. - Demand: The weekly demand for ferromanganese from five major steel products was 116059 tons, a week - on - week decrease of 1161 and a year - on - year increase of 2251. The weekly demand for ferrosilicon was 18497.7 tons, a week - on - week decrease of 261 and a year - on - year increase of 621 [143]. - Inventory: On February 6, the inventory of ferromanganese was 377800 tons, a week - on - week increase of 3500 and a year - on - year increase of 227300. The inventory of ferrosilicon was 66860 tons, a week - on - week decrease of 1040 and a year - on - year decrease of 9380 [147]

期货从业证号： 铁合金日报 F03134259 第一部分 市场信息 投资咨询证号： 研究员：周涛 研究所 黑色金属研发报告 黑色金属日报 2026 年 2 月 9 日 数据来源：银河期货、Mysteel 1/ 6 Z0021009 联系方式： :zhoutao_qh1@chinastock. com.cn | | | | 期 货 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5594 | -30 | -30 | 163653 | -71235 | 159348 | 7845 | | SM主力合约 | 5812 | -44 | -22 | 173864 | -32409 | 370051 | 11034 | | | | | | 现 货 | | | | | 硅铁 | 现货价格 | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5390 | -50 | -30 | 硅 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Price - For silicon iron, on February 9, 2026, the latest price of Ningxia 72 was 5300 with no daily change and a weekly change of -50; Inner Mongolia 72 was 5370 with no daily change and a weekly change of 40; etc [1]. - For silicon manganese, on the same day, the latest price of Inner Mongolia 6517 was 5650 with no daily change and a weekly change of -50; Ningxia 6517 was 5610 with no daily change and a weekly change of -10; etc [1]. 3.2 Supply - There are data on the production volume of silicon iron and silicon manganese in China over the years, including monthly production of 136 silicon - iron enterprises in China, weekly production of 136 silicon - iron enterprises in China (with a capacity share of 95%), and weekly production of silicon manganese in China [4][6]. - Capacity utilization rates of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also provided [4]. 3.3 Demand - There are data on the demand for silicon iron and silicon manganese in China over the years, such as the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber) [4][7]. - Data on the production of related products like crude steel, stainless - steel crude steel, and metal magnesium are also presented to reflect the demand situation [4]. 3.4 Inventory - For silicon iron, there are data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, there are data on warehouse receipts, effective forecasts, inventory + effective inventory, and the inventory of 63 sample enterprises in China on a weekly basis [7]. 3.5 Cost and Profit - For silicon iron, there are data on electricity prices in different regions, the market price of semi - coke, the production cost and profit of silicon iron in Ningxia and Inner Mongolia [5]. - For silicon manganese, there are data on the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main contract [7].

交易咨询业务资格：证监许可【2012】1091号 2026-02-09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2605： 2 1.基本面：从成本端来看，整体锰矿成交价格仍处于高位且整体市场暂稳，对硅锰合金价格仍有较强成本支撑；2026年内 蒙地区地方电价以及南方电价对合金的成本预计上涨可能性较大。上周硅锰合金成本支撑暂稳。从供应端来看，前期北方 主产区新增硅锰炉子陆续出铁，普硅硅锰供应压力增加。春节将近，南方合金厂开工率稳定较低，厂家选择暂时停产，观 望态度浓厚，等待年后的电费结算价格。当前硅锰供应宽松压力仍存。从需求端来看，河钢集团26年2月硅锰采购情况等 待验证。当前硅锰市场仍以震荡运行为主基调；中性。 2.基差：现货价5750元/吨，05合约基差-106/吨，现货贴水期货。偏空。 3.库存：全国63家独立 ...

黑色建材日报 2026-02-09 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 交易咨询号：Z0023202 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 环比减少 306 吨。主力合约持仓量为 191.53 万手，环比增加 67582 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 3220 元/吨, 环比减少 0 元/吨。 热轧板卷主力合约 收盘价为 3251 元/吨, 较上一交易日跌 12 元/吨（-0.36%）。 当日注册仓单 220579 吨, 环比增加 21132 吨。主力合约持仓量为 148.46 万手，环比减少 10036 手。 现货方面, 热轧板卷乐从汇总价格为 3260 元 /吨, 环比减少 0 元/吨; ...

硅铁&锰硅产业链周度报告 国泰君安期货研究所 黑色金属 李亚飞 投资咨询从业资格号： Z0021184 金园园 （联系人）从业资格号：F03134630 日期： 2026年2月8日 Guotai Junan Futures all rights reserved, please do not reprint 硅铁&锰硅观点：成本端现实与预期博弈，价格走势震荡 | 基本面 | 条目 | | 硅铁(宁夏） | | | 锰硅（内蒙古） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 当期值 | 环比 | 同比 | 当期值 | 环比 | 同比 | | 供应 | 周产量（周） | 9.92 | 0.71% | -10.06% | 19.10 | -0.73% | -1.21% | | | 进口数量（12月） | 1.33 | -7.93% | -33.70% | 0.07 | -73.25% | -57.24% | | 需求 | 出口数量（12月） | 3.31 | 6.24% | -0.36% | 0.51 | -12.51% | 125.42% ...

短期商品情绪承压且暂时缺乏驱动， 预计仍延续震荡整理 0755-23375161 chenzy@wkqh.cn 从业资格号：F03098415 交易咨询号：Z0020771 陈张滢（黑色建材组） 铁合金月报 2026/02/06 CONTENTS 目录 01 月度评估及策略推荐 04 供给及需求 02 期现市场 05 库存 03 利润及成本 锰硅产业链示意图 月度评估及策略推荐 行情回顾 资料来源：文华财经，五矿期货研究中心 硅铁产业链示意图 原材料 需求结构 钢铁 70-80% 金属镁 15% 硅铁 建筑（房地产+基建） 60% 机械制造 20% 汽车制造&家电制造 8% 电力 7% 船舶制造 3% 其他 2% 镁合金 40% 镁铝合金 30% 海绵钛 15% 出口 10% 航天航空 交通运输（60%+） 3C产品 镁粉 15% 钢厂脱硫、烟火 钛锭及钛合金， 航空（46%）、 工业（43%）； 主要：韩国（23%）、日本（17%）、台湾（10%） 5%硅石 1.75t 25%兰炭 1.2t 5%氧化铁皮 55%电力 8000度 15%辅料及其他 01 1月份，锰硅盘面价格呈现宽幅震荡走势，月初冲高后震荡回 ...