Report Industry Investment Rating - Not provided in the document Core Viewpoints - The overall fundamental situation of the black building materials market remains weak, and the futures price may gradually return to the real - trading logic. Although the short - term market sentiment has improved, the terminal demand repair rhythm and the cost - side support for the finished product price need to be focused on [3]. - After the "anti - involution" sentiment is released, the market capital divergence increases, and the price is expected to gradually move closer to the real fundamentals. It is not recommended that speculative funds participate excessively, while hedging funds can seize the opportunity according to their own situation [11]. Summary by Related Catalogs Steel - **Price and Position**: The closing price of the rebar main contract was 3203 yuan/ton, down 2 yuan/ton (- 0.06%) from the previous trading day, with a registered warehouse receipt of 85034 tons and a main contract position of 1.760703 million lots, down 55323 lots. The closing price of the hot - rolled coil main contract was 3401 yuan/ton, up 11 yuan/ton (0.324%), with a registered warehouse receipt of 57174 tons and a main contract position of 1.45476 million lots, up 20824 lots [2]. - **Market Situation**: The rebar speculative demand decreased significantly with the price decline, resulting in inventory accumulation; the hot - rolled coil demand increased slightly, the output rose rapidly, and the inventory increased slightly. The current inventory levels of rebar and hot - rolled coil are at the lowest in the past five years [3]. Iron Ore - **Price and Position**: The main contract of iron ore (I2509) closed at 783.00 yuan/ton, up 0.51% (+ 4.00), with a position change of - 9550 lots to 410,000 lots. The weighted position was 943,800 lots. The spot price of PB powder at Qingdao Port was 768 yuan/wet ton, with a basis of 32.81 yuan/ton and a basis rate of 4.02% [5]. - **Supply and Demand**: The overseas iron ore shipment volume continued to rise, the FMG shipment volume increased significantly, the Brazilian shipment volume decreased slightly, and the non - mainstream country shipment volume dropped to a low level this year. The daily average pig iron output decreased slightly, the port inventory decreased, and the steel mill's imported ore inventory increased slightly [6]. Manganese Silicon and Ferrosilicon - **Price and Position**: On August 1st, the main contract of manganese silicon (SM509) closed up 0.27% at 5962 yuan/ton, and the main contract of ferrosilicon (SF509) closed down 0.25% at 5682 yuan/ton [8]. - **Market Situation**: Last week, the prices of both manganese silicon and ferrosilicon fluctuated widely. It is recommended that investment positions be mainly on the sidelines, and hedging positions can participate opportunistically. Fundamentally, both manganese silicon and ferrosilicon are facing the problems of over - capacity, weakening demand, and potential cost reduction [9][10]. Industrial Silicon and Polysilicon - **Price and Position**: The main contract of industrial silicon (SI2509) closed at 8500 yuan/ton, down 2.97% (- 260), with a position change of - 18592 lots to 194340 lots. The main contract of polysilicon (PS2509) closed at 49200 yuan/ton, up 0.14% (+ 70), with a position change of - 16227 lots to 110762 lots [13][14]. - **Market Situation**: Industrial silicon still has problems of over - supply and insufficient effective demand. After the "anti - involution" sentiment fades, the price may weaken. Polysilicon prices are affected by industry capacity integration expectations and enterprise price - holding strategies, and the short - term price may fluctuate widely [13][15]. Glass and Soda Ash - **Price and Inventory**: The spot price of glass in Shahe decreased by 22 yuan to 1245 yuan, and the national floating glass inventory decreased by 3.87% month - on - month. The spot price of soda ash was 1240 yuan, with a slight increase in inventory [17][18]. - **Market Situation**: Glass prices are expected to fluctuate widely in the short term and follow macro - sentiment fluctuations in the long term. Soda ash prices are expected to oscillate in the short term, and there are still supply - demand contradictions in the long term [17][18].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For manganese silicon, the market in August will mainly be characterized by oscillatory adjustments, with strong cost support, so short - selling should be done cautiously [1][4] - For ferrosilicon, there is significant inventory pressure, the fundamentals are weakening, and prices are under pressure [1][52] Summary by Related Catalogs Manganese Silicon 1. Market Review - In July, the futures price of manganese silicon showed a generally strong trend, reaching the daily limit at the end of the month with a maximum increase to 6414 yuan/ton, then quickly falling back. As of July 28, 2025, the closing price of the main manganese silicon contract was 6028 yuan/ton, with a cumulative increase of 6.92% from the beginning of the month. The spot price in Jiangsu was 6050 yuan/ton, and the basis (+22) remained nearly flat [8] 2. Supply - In July, production and the operating rate continued to rise, with factories resuming production in both northern and southern production areas. The daily output in Inner Mongolia was 14,300 tons, maintaining a high - level for the same period. In Yunnan, supply increased significantly during the wet season, with the operating rate exceeding 85%. The estimated output in July was about 815,000 tons [3] 3. Demand - In July, the weekly output of hot metal remained above 2.4 million tons, but the output of rebar did not increase significantly and remained at a low level for the same period. The procurement price of manganese - silicon alloy by a leading steel mill in July was 5850 yuan/ton, and the procurement volume was 14,600 tons. The tender price was in line with market expectations, and the procurement volume was slightly higher than that of the previous year [3] 4. Inventory - The total enterprise inventory was 205,000 tons, a decrease of 17,300 tons from the beginning of the month. As of July 28, the total number of warehouse receipts was 77,600, a decrease of 10,500 from the beginning of the month. The delivery inventory (including forecasts) continued to decline to 390,800 tons, but the inventory level was still at an absolute high [3] 5. Manganese Ore - In June, China's total manganese ore imports were 2.684 million tons, a month - on - month decrease of 8.8%, with the reduction mainly from Gabon and Ghana. In July, the shipments and arrivals from the three major countries increased significantly, while the port clearance volume continued to decline. It is expected that the inventory of manganese ore at ports will increase at a faster rate in August [3] 6. Cost and Profit - The production cost in production areas has increased, with the cost in the north above 5800 yuan/ton and in the south above 6100 yuan/ton. Short - term profit has recovered significantly, but it is still in an inverted state compared with the spot price. Coke has started the fifth round of price increases, and electricity prices in some northern and southern production areas have been adjusted [4] 7. Future Outlook - In the short term, the fundamental contradictions are not prominent. In the medium term, supply and demand may gradually return to a loose state. The firm price of raw materials provides strong support for manganese silicon. The market in August will mainly be characterized by oscillatory adjustments. The current commodity valuation is still at a historical low, and the supply security of raw materials is still worthy of attention. Short - selling should be done cautiously. The reference range for the main contract is [5666, 6226] [4] Ferrosilicon 1. Market Review - In July, the futures price of ferrosilicon showed a generally strong trend, reaching the daily limit at the end of the month, then falling back after reaching the high. As of July 28, 2025, the closing price of the main ferrosilicon contract was 5840 yuan/ton, with a cumulative increase of 10.82% from the beginning of the month. The spot price in Jiangsu was 5850 yuan/ton, and the basis (+10) remained nearly flat [55] 2. Supply - In July, the weekly supply continued to rise, but the national operating rate was still at a low level for the same period. The daily output in Ningxia was still over 4000 tons, while the supply levels in other production areas were relatively low. The estimated national output in July was 440,000 - 450,000 tons [51] 3. Demand - In the short term, the profits of steel mills still supported the high - level output of hot metal, but the demand for ferrosilicon showed signs of weakening. The procurement price of ferrosilicon alloy by a leading steel mill in July was 5600 yuan/ton, and the procurement volume was 2700 tons. The tender volume increased significantly. Some steel mills have started the August ferrosilicon tender. In terms of non - steel demand, the domestic magnesium market has been strong recently. From January to June, China's cumulative ferrosilicon exports were 200,000 tons, a decrease of 22,500 tons (a decline of 10.11%) compared with the same period last year [51] 4. Inventory - The total enterprise inventory was 65,600 tons, an increase of 3500 tons from the previous period and a decrease of 17,300 tons from the beginning of the month. As of July 31, the total number of warehouse receipts was 22,100, an increase of 12,900 from the beginning of the month. The delivery inventory (including forecasts) increased to 113,300 tons, reaching a high level for the same period [51] 5. Cost and Profit - The production cost in production areas has decreased slightly, and short - term profit has recovered significantly. The production cost in Ningxia is 5270 yuan/ton (the lowest), with a spot profit of over 300 yuan/ton; the production cost in Gansu is 5539 yuan/ton (the highest), with a spot profit of over 60 yuan/ton. The price of semi - coke first decreased and then increased this month, and the price of lump coal has recently risen, driving the semi - coke market to be strong. The electricity prices in Inner Mongolia and Qinghai have been adjusted [52] 6. Future Outlook - The current fundamentals are weakening marginally, and the cost side still provides support. Factory inventories have accumulated again, and the number of warehouse receipts has increased significantly this month. The overall inventory pressure is large, suppressing the spot price. In the short term, continue to pay attention to the overall sentiment change in the black series and market news disturbances. In the medium term, the fundamentals will gradually return to a loose state, and prices may still be under pressure. The reference range for the main contract is [5466, 5926] [52]

Group 1: Market Analysis Glass and Soda Ash - Yesterday, the glass futures market dropped significantly, with the main 2509 contract of glass futures falling 8.22%. The operating rate of float glass enterprises this week was 75%, a 0.1% decrease from the previous week, and the manufacturer's inventory was 59.499 million heavy boxes, a decrease of 2.397 million heavy boxes from the previous week. Currently, glass supply shows no sign of contraction, and the real - estate sector drags down the rigid demand, while speculative demand has increased. The inventory has been continuously decreasing but remains at a high level. In the long run, the glass supply - demand situation remains relatively loose [1]. - The soda ash futures market also dropped significantly yesterday, with the main 2509 contract of soda ash futures falling 6.45%. The capacity utilization rate of soda ash was 80.27%, a 2.75% decrease from the previous week, the output was 699,800 tons, a decrease of 24,000 tons from the previous week, and the inventory was 1.7958 million tons, a decrease of 68,800 tons from the previous week. Currently, soda ash production remains at a high level and is in the summer maintenance stage, with relatively restrained capacity release. Later, as projects are gradually implemented, the soda ash capacity may be further released. Meanwhile, due to the "anti - involution" impact in the photovoltaic industry, there is an expectation of production cuts, and soda ash consumption may further weaken, increasing the inventory pressure later [1]. Ferrosilicon and Silicomanganese - Yesterday, the collective sharp decline of black commodities drove the ferrosilicon and silicomanganese futures to hit the daily limit. The main contract of silicomanganese futures dropped 170 yuan/ton from the previous day, closing at 5946 yuan/ton. In the spot market, there was a strong wait - and - see sentiment. The price of 6517 silicomanganese in the northern market was 5750 - 5800 yuan/ton, and in the southern market, it was 5800 - 5850 yuan/ton. Silicomanganese production increased month - on - month, hot metal production decreased slightly month - on - month, and the inventory of silicomanganese manufacturers decreased slightly month - on - month but remained at a relatively high level. The shipping from Australia in the manganese ore segment has basically recovered. After the silicomanganese price was boosted by macro - sentiment, the hedging willingness of enterprises increased, but with the decline of coking coal and coke futures, the market sentiment cooled down to some extent [3]. - Yesterday, the main contract of ferrosilicon futures closed at 5696 yuan/ton, a drop of 312 yuan/ton from the previous day. In the spot market, the price remained stable, and the cash - inclusive ex - factory price of 72 - grade ferrosilicon in the main production areas was 5600 - 5800 yuan/ton. The demand for ferrosilicon remained resilient, and the factory inventory was at a medium - to - high level. In the short term, the market sentiment improved, but with the sharp decline of coking coal, the market sentiment cooled down to some extent. In the long run, the ferrosilicon capacity is relatively loose [3]. Group 2: Strategy Glass and Soda Ash - The strategy for glass is to be weakly volatile [2]. - The strategy for soda ash is to be weakly volatile [2]. Ferrosilicon and Silicomanganese - The strategy for silicomanganese is to be weakly volatile [4]. - The strategy for ferrosilicon is to be weakly volatile [4].

Report Industry Investment Rating - The report gives a "weak and volatile" rating for both the silicon ferroalloy and manganese ferroalloy industries [1] Core Viewpoints - The silicon ferroalloy and manganese ferroalloy markets are affected by macro - sentiment and are in a weak and volatile state [1] Summary by Related Catalogs Fundamental Tracking - **Futures Data**: For silicon ferroalloy, the closing price of SiFe2509 is 5696, down 312 from the previous trading day, with a trading volume of 487,970 and an open interest of 169,660; SiFe2510's closing price is 5684, down 306, with a trading volume of 41,866 and an open interest of 43,123. For manganese ferroalloy, MnSi2509's closing price is 5946, down 170, with a trading volume of 536,181 and an open interest of 299,149; MnSi2510's closing price is 5956, down 166, with a trading volume of 27,806 and an open interest of 25,424 [1] - **Spot Data**: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5600 yuan/ton, down 50; the price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5750 yuan/ton, down 50. The price of manganese ore Mn44 block is 40.5 yuan/ton - degree, and the price of small - sized semi - coke in Shenmu is 550 yuan/ton [1] - **Price Difference Data**: The spot - futures price difference of silicon ferroalloy (spot - 09 futures) is - 96 yuan/ton, up 262; that of manganese ferroalloy is - 196 yuan/ton, up 120. The near - far month price difference of silicon ferroalloy 2509 - 2601 is - 146 yuan/ton, down 14; that of manganese ferroalloy 2509 - 2601 is - 82 yuan/ton, up 10. The cross - variety price difference of manganese ferroalloy 2509 - silicon ferroalloy 2509 is 250 yuan/ton, up 142 [1] Macro and Industry News - **Product Price News**: On July 31, the price of 72 silicon ferroalloy in Shaanxi was 5500 - 5700, in Ningxia 5650 - 5750, in Qinghai 5550 - 5650 (+50), in Gansu 5600 - 5700 (+100), and in Inner Mongolia 5700 - 5800 (+50); the price of 75 silicon ferroalloy in Shaanxi was 5900 - 5950, in Ningxia 5850 - 5900, in Qinghai 5850 - 5900, in Gansu 5850 - 5900, and in Inner Mongolia 5900 - 5950 (+50). The FOB price of 72 silicon ferroalloy was 1030 - 1050 dollars/ton, and that of 75 was 1100 - 1120 dollars/ton. The northern quotation of 6517 silicon - manganese was 6000 - 6050 yuan/ton, and the southern quotation was 6000 - 6100 (-50) yuan/ton [2] - **Production News**: In July, the production of silicon - manganese in traditional southern production areas showed obvious differentiation. The production in Guizhou and Guangxi with no electricity price advantage continued to decline. Although there were individual factory resumptions in Guangxi and Guizhou at the end of July, the production recovery was slow. Yunnan entered the wet season with good production. The silicon - manganese production in Guangxi was about 2.69 million tons, in Guizhou about 2.73 million tons, and in Yunnan about 5.75 million tons. In July, the overall production of silicon - manganese in the northern region increased, with factories in Shandong, Shanxi, Ningxia, Inner Mongolia, Shaanxi, and Henan resuming production or increasing production. The silicon - manganese production in Ningxia was about 19.55 million tons, in Inner Mongolia about 43.75 million tons, and in other northern regions about 8.66 million tons. The total production of all grades of silicon - manganese in July was about 89.27 million tons, an increase of nearly 6 million tons compared with June. The total production from January to July was about 602.29 million tons (compared with 607.67 million tons in the same period in 2024) [2][4] - **Manganese Ore News**: According to the Q2 2025 report of Comilog, the production of manganese ore and sintered ore in Q2 2025 was 1.764 million tons, a 1.18% decrease quarter - on - quarter and a 10.6% increase year - on - year; the transportation volume was 1.659 million tons, a 19.7% increase quarter - on - quarter and a 6.41% increase year - on - year, mainly due to the alleviation of logistics challenges at Owendo Port, with the transportation volume reaching 600,000 tons in June, while railway transportation remained the main pressure point in the logistics chain. In the first half of 2025, the mine production was 3.5 million tons (+1%), and the transportation volume decreased to 3 million tons (-5%). The FOB cash cost of manganese ore business activities in the first half of the year was 2.3 dollars/ton - degree. Considering the logistics challenges in the first half of the year, the manganese ore transportation volume target for 2025 was adjusted to 6.5 - 7 million metric tons [4] Trend Intensity - The trend intensity of silicon ferroalloy is - 1, and that of manganese ferroalloy is - 1, indicating a weak outlook for both [4]

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price - **Silicon Iron**: The latest prices of 72% FeSi in different regions vary, with prices in Ningxia, Inner Mongolia, Qinghai, and Shaanxi at 5600, 5600, 5600, and 5550 respectively, and prices of 75% FeSi in Shaanxi at 5950. There are also price differences among different contracts and bases, such as the main contract at 5696, and the main monthly basis at 204 [1]. - **Silicon Manganese**: The closing price of the main contract of CZCE silicon manganese, basis differences in different regions, and price differences between different varieties are presented, like the main contract closing price, Jiangsu basis, and north - south price difference [5]. Supply - **Silicon Iron**: The production of 136 silicon - iron enterprises in China, their capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and the export prices of 72% and 75% FeSi at Tianjin Port are shown. The production of 136 silicon - iron enterprises in China has different trends from 2021 - 2025 [3]. - **Silicon Manganese**: The production of silicon manganese in China, the procurement price and quantity of Hebei Iron and Steel Group, and the prices of manganese ores from different origins are included. The production of silicon manganese in China has shown different values from 2021 - 2025 [5]. Demand - **Silicon Iron**: The demand - related data includes the production of crude steel in China, the price and production of metal magnesium, the export quantity of silicon iron, and the procurement of Hebei Iron and Steel Group. The production of crude steel in China has different pre - estimated values from 2021 - 2025 [3]. - **Silicon Manganese**: The demand data involves the demand in China (by Steel Union's caliber), the export quantity, and the production of crude steel in China. The demand in China has been changing from 2021 - 2025 [6]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipts, effective forecasts, and inventory average available days in different regions are provided. The inventory of 60 sample enterprises in China has different values from 2021 - 2025 [4]. - **Silicon Manganese**: The warehouse receipts, effective forecasts, and inventory data of 63 sample enterprises in China, as well as the inventory average available days in China are presented. The warehouse receipts of silicon manganese in China have shown different trends from 2021 - 2025 [6]. Cost and Profit - **Silicon Iron**: The cost - related data includes electricity prices in different regions, the market price of semi - coke, and the production cost and profit in Ningxia and Inner Mongolia. The electricity price in Inner Mongolia has changed from 2021 - 2025 [4]. - **Silicon Manganese**: The profit data in Inner Mongolia, Guangxi, and different regions, as well as the profit of Guangxi silicon manganese converted to the main contract, are shown. The profit in Inner Mongolia has different values from 2021 - 2025 [6].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint Although the short - term market sentiment has improved, the overall fundamentals of the black building materials market remain weak, and the futures prices may gradually return to the real trading logic. The current static fundamental contradictions are not obvious, and the Politburo meeting has no new statements on real estate. It is expected that the policy direction will continue the previous strict control of incremental trends. Attention should be paid to the actual repair rhythm of terminal demand and the support strength of the cost side for product prices [3]. 3. Summary by Category Steel - **Price and Position Changes**: The closing price of the rebar main contract was 3,205 yuan/ton, down 110 yuan/ton (-3.31%) from the previous trading day. The registered warehouse receipts were 85,034 tons, with no change. The position of the main contract decreased by 213,107 lots to 1.816026 million lots. The closing price of the hot - rolled coil main contract was 3,390 yuan/ton, down 93 yuan/ton (-2.67%). The registered warehouse receipts were 57,772 tons, with no change. The position of the main contract decreased by 139,278 lots to 1.433936 million lots [2]. - **Market Conditions**: The export competitiveness has weakened, and this week's export volume has significantly declined. Rebar speculative demand has decreased significantly, resulting in inventory accumulation; hot - rolled coil demand has slightly increased, production has risen rapidly, and inventory has slightly accumulated. Currently, the inventory levels of rebar and hot - rolled coils are at the lowest in the past five years [3]. Iron Ore - **Price and Position Changes**: The main contract (I2509) of iron ore closed at 779.00 yuan/ton, with a change of -1.27% (-10.00), and the position changed by -32,551 lots to 419,600 lots. The weighted position was 942,000 lots. The spot price of PB powder at Qingdao Port was 764 yuan/wet ton, with a basis of 32.41 yuan/ton and a basis rate of 3.99% [5]. - **Supply and Demand**: Overseas iron ore shipments continued to rise, with FMG shipments significantly increasing, Australian shipments increasing, Brazilian shipments slightly declining, and non - mainstream country shipments falling to a low level this year. The average daily molten iron output decreased by 1.52 tons to 2.4071 million tons. Port inventory decreased, and steel mill imported ore inventory slightly increased [6]. Manganese Silicon and Ferrosilicon - **Price Changes**: The spot price of Tianjin 6517 manganese silicon decreased by 100 yuan/ton to 5,950 yuan/ton, with a basis of 194 yuan/ton. The main contract of ferrosilicon (SF509) closed down 5.19% at 5,696 yuan/ton. The spot price of Tianjin 72 ferrosilicon decreased by 100 yuan/ton to 6,000 yuan/ton, with a basis of 304 yuan/ton [8]. - **Market Suggestion**: The short - term price fluctuations of manganese silicon and ferrosilicon have intensified. It is recommended that speculative positions wait and see. The fundamental outlook remains bearish, and enterprises are advised to seize hedging opportunities [9][10]. Industrial Silicon - **Price Changes**: On July 31, the main contract of industrial silicon (SI2509) closed down 5.65% at 8,760 yuan/ton. The spot price of East China non - oxygenated 553 decreased by 200 yuan/ton to 9,550 yuan/ton, with a basis of 790 yuan/ton; the 421 market price decreased by 100 yuan/ton to 10,150 yuan/ton, with a basis of 590 yuan/ton [13]. - **Market Suggestion**: It is expected that the short - term price will maintain high - volatility and wide - range fluctuations. It is recommended to wait and see. The fundamentals are still oversupplied, and enterprises are advised to seize hedging opportunities [14]. Glass and Soda Ash - **Glass**: The spot price in Shahe decreased by 8 yuan to 1,267 yuan, and in Central China, it remained unchanged at 1,230 yuan. The national floating glass inventory decreased by 2.397 million heavy boxes to 59.499 million heavy boxes, a decrease of 3.87% month - on - month and 13.88% year - on - year. It is expected to fluctuate widely in the short term and follow macro - sentiment fluctuations in the long term [16]. - **Soda Ash**: The spot price decreased by 60 yuan to 1,240 yuan. The total inventory of domestic soda ash manufacturers increased by 12,200 tons to 1.7958 million tons, an increase of 0.68%. It is expected to fluctuate in the short term, and there are still supply - demand contradictions in the long term. It is recommended to wait and see in the short term and look for short - selling opportunities in the long term [18].

仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5700 150 150 6000 主力合约 6008 -102 176 内蒙#72 5650 100 150 6000 01合约 6140 -76 224 铁合金早报 现货 盘面 最新 硅铁自然块 品种 项目 库存 成本利润 30000 40000 50000 60000 70000 80000 90000 100000 110000 01/01 01/24 02/16 03/11 04/03 04/26 05/19 06/11 07/04 07/27 08/19 09/11 10/04 10/27 11/19 12/12 硅铁：60家样本企业：库存：中国（周） 2021 2022 2023 2024 2025 5000 10000 15000 20000 25000 01/01 01/26 02/20 03/17 04/11 05/06 05/31 06/25 07/20 08/14 09/08 10/03 10/28 11/22 12/17 硅铁：60家样本企业：库存：宁夏（周） 2021 2022 2023 2024 2025 0 ...

期货热点追踪 乌兰察布产业联盟和铁合金行业协会发布联合声明，反映行业在"反内卷"政策下的自律倾向，为何硅 铁、锰硅却高开低走？ 相关链接 ...

Group 1: Market Analysis of Glass and Soda Ash - Glass futures declined 7.19% at the close due to a high previous settlement price, with strong wait - and - see sentiment in the spot market. Supply remains unchanged, real - estate drags on demand, speculative demand increases, inventory continues to decline but stays high. Long - term supply - demand is still loose. [1] - Soda ash futures also declined, with near - month contracts falling more than far - month ones. The main contract dropped 3.58% at the close. Both light and heavy soda ash are sold at reduced prices, and downstream procurement is cautious. Supply is high and in summer maintenance, capacity release is relatively restricted, and it may further increase later. [1] Group 2: Strategies for Glass and Soda Ash - Glass: Expected to fluctuate [2] - Soda ash: Expected to fluctuate [2] Group 3: Market Analysis of Silicon Manganese and Silicon Iron - Silicon manganese futures rose 184 yuan/ton to 6212 yuan/ton, driven by a sharp increase in finished - product prices. Production increased, iron - water production slightly decreased, and inventory decreased slightly but remained high. Manganese ore shipments from Australia basically recovered, and enterprise hedging willingness increased after the price increase. [3] - Silicon iron futures closed at 6110 yuan/ton, up 270 yuan/ton. Demand remains resilient, factory inventory is at a medium - high level. Short - term market sentiment improved, and long - term capacity is relatively loose. [3] Group 4: Strategies for Silicon Manganese and Silicon Iron - Silicon manganese: Expected to fluctuate [4] - Silicon iron: Expected to fluctuate [4] Group 5: Graphical Information - There are multiple graphical analyses including Shanghai rebar and hot - rolled coil spot prices, futures contract closing prices, cost, profit, and basis charts for various products such as steel, iron ore, coke, soda ash, glass, silicon manganese, and silicon iron. [5]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：中国海关，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国铁合金行业市场供需态势及投资前景研判报告》 根据中国海关数据显示：2025年5月中国铁合金出口数量为6万吨，同比下降34.8%，出口金额为1.2亿美 元，同比下降34.3%。 ...