Group 1: Market Overview - The high carbon ferrochrome market is currently stable with cautious optimism, despite the lack of substantial improvement in supply-demand dynamics [1][2] - Market sentiment has improved slightly, but a cautious mindset persists due to expectations of a low season affecting high carbon ferrochrome supply [2] - Current external quotations for high carbon ferrochrome are concentrated around 7700-7850 CNY per 50 base tons [2] Group 2: Market Transactions - Zhongtian Changzhou plans to procure 1100 tons of high carbon ferrochrome and 100 tons of medium carbon ferrochrome, with bidding starting on June 27 [2] - Central South Co. plans to tender for 450 tons of high carbon ferrochrome, with the bidding deadline set for June 30 [2] - The alloy price index for high carbon ferrochrome shows regional variations, with prices reported as follows: Hebei 7965 CNY, Shandong 8053 CNY (down 10), Liaoning 8193 CNY, Jiangsu 8249 CNY (down 30), Sichuan 8126 CNY (up 10), Hunan 8150 CNY (down 30) [2] Group 3: Chrome Ore Market - The latest transaction price for South African chrome concentrate (40-42%) at Tianjin Port is 265 USD per ton, unchanged from the previous round [4] - The chrome ore market is experiencing price adjustments, with various grades listed, such as South African lump ore (36%-38%) priced at 220-230 USD per ton and South African concentrate (42%-44%) at 280-290 USD per ton [5] - The overall market sentiment indicates a potential increase in the likelihood of short-term consolidation in the ferrochrome market due to the tug-of-war between cost support and weak demand [5]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On June 26, the silicon iron 2509 contract closed at 5384, up 0.98%. The spot price of silicon iron in Ningxia was reported at 5240. The production profit of ferroalloys is negative, the cost support is weakened by the reduction of the settlement electricity price in Ningxia, the overall expectation of steel demand is still weak, and the market should pay attention to the market sentiment disturbance under the change of tariff policies. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as oscillating [2]. - On June 26, the manganese - silicon 2509 contract closed at 5676, up 0.96%. The spot price of manganese - silicon in Inner Mongolia was reported at 5500. Although the manufacturers' production cuts have led the operating rate to a low level in the same period, the overall inventory is still high. The downstream hot - metal production has peaked and declined, and the raw - material coal has stopped falling and stabilized. The steel mills' procurement is cautious, and the tender price continues to decline. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as oscillating [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Manganese - Silicon (SM)**: The closing price of the SM main contract was 5676 yuan/ton, up 22 yuan; the contract position was 588,389 hands, down 3429 hands; the net position of the top 20 was - 35,666 hands, down 1939 hands; the spread between the 1 - 9 month contracts was 34 yuan/ton, up 4 yuan; the number of warehouse receipts was 93,468, down 301 [2]. - **Silicon - Iron (SF)**: The closing price of the SF main contract was 5384 yuan/ton, up 10 yuan; the contract position was 421,144 hands, down 12,473 hands; the net position of the top 20 was - 56,135 hands, down 6086 hands; the spread between the 1 - 9 month contracts was - 30 yuan/ton, up 14 yuan; the number of warehouse receipts was 6415, up 6415 [2]. 3.2 Spot Market - **Manganese - Silicon**: The prices of manganese - silicon in Inner Mongolia, Guizhou, and Yunnan were 5500, 5500, and 5450 yuan/ton respectively, with no change. The weekly average of the manganese - silicon index was 5465 yuan/ton, up 42 yuan. The basis of the SM main contract was - 176 yuan/ton, down 22 yuan [2]. - **Silicon - Iron**: The prices of silicon - iron in Inner Mongolia, Qinghai, and Ningxia were 5300, 5140, and 5240 yuan/ton respectively, with no change. The basis of the SF main contract was - 144 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - **Manganese - Silicon**: The price of South African Mn38 lumps at Tianjin Port was 35 yuan/ton - degree, up 4 yuan. The port inventory of manganese ore was 421.50 tons, down 18.60 tons. The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 850 yuan/ton, with no change [2]. - **Silicon - Iron**: The price of silica (98%, Northwest) was 210 yuan/ton, with no change. The price of semi - coke (medium - sized, Shenmu) was 640 yuan/ton, with no change [2]. 3.4 Industry Situation - **Manganese - Silicon**: The operating rate of manganese - silicon enterprises was 36.39%, up 1.09%. The supply was 176,610 tons, up 3220 tons. The manufacturers' inventory was 195,900 tons, up 9300 tons. The national steel - mill inventory was 15.15 days, down 0.29 days. The demand of the five major steel types was 123,717 tons, up 1564 tons [2]. - **Silicon - Iron**: The operating rate of silicon - iron enterprises was 32.69%, up 1.34%. The supply was 97,900 tons, up 2800 tons. The manufacturers' inventory was 69,900 tons, up 2200 tons. The national steel - mill inventory was 15.20 days, down 0.24 days. The demand of the five major steel types was 19,964.40 tons, up 356.60 tons [2]. 3.5 Downstream Situation - The blast - furnace operating rate of 247 steel mills was 83.84%, up 0.45%. The blast - furnace capacity utilization rate was 90.81%, up 0.25%. The monthly crude - steel output was 86.545 million tons, up 526,000 tons [2]. 3.6 Industry News - In May, despite the significant increase in the sales of pure - electric vehicles in Europe, Tesla's new - car sales in the region decreased by nearly 28% year - on - year [2]. - This week, the operating rate of 110 coal - washing plants in the country was 59.10%, down 2.23% from the previous period; the daily average output was 501,500 tons, down 84,000 tons; the raw - coal inventory was 3.2128 million tons, down 50,800 tons; the clean - coal inventory was 2.3187 million tons, down 55,200 tons [2]. - The chairman of the Atomic Energy Organization of Iran said that the Iranian government has taken necessary measures to ensure the continuation of the nuclear project after being attacked by Israel and the United States [2]. - Vice - Premier He Lifeng pointed out during a research trip in Hebei that efforts should be made to expand domestic demand, boost consumption, and accelerate the construction of a new model for real - estate development [2]. - In May, the crude - steel output of 70 countries/regions included in the World Steel Association's statistics was 159 million tons, a year - on - year decrease of 3.8% [2]. 3.7 Profit Situation - **Manganese - Silicon**: The spot profit in Inner Mongolia was - 140 yuan/ton; the spot profit in Ningxia was - 280 yuan/ton [2]. - **Silicon - Iron**: The spot profit in Inner Mongolia was - 360 yuan/ton; the spot profit in Ningxia was - 320 yuan/ton [2].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoint of the Report - No clear core viewpoint is presented in the provided content. It mainly contains price, supply, demand, inventory, and cost - profit data of ferroalloys such as ferrosilicon and ferromanganese. 3. Summary According to Related Catalogs Price - For ferrosilicon on June 26, 2025, the spot price of Ningxia 72 was 5100 yuan, unchanged daily and up 50 yuan weekly; the main contract price was 5374 yuan, up 86 yuan daily and 84 yuan weekly. The export price of Tianjin 72 was 1020 US dollars, unchanged daily and down 35 US dollars weekly [2]. - For ferromanganese on June 26, 2025, the ex - factory price of Inner Mongolia 6517 was 5500 yuan, unchanged daily and up 20 yuan weekly; the main contract price was 5654 yuan, up 98 yuan daily and 98 yuan weekly [2]. Supply - Data on the production volume, capacity utilization rate, and start - up rate of 136 ferrosilicon production enterprises in China from 2021 - 2025 are provided, including monthly production volume, weekly production volume (with a capacity share of 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - Data on the production volume and start - up rate of ferromanganese in China from 2021 - 2025 are presented, such as weekly production volume and the start - up rate of ferromanganese enterprises [6]. Demand - Data on the demand for ferrosilicon and ferromanganese in China from 2021 - 2025 are provided, including the estimated production volume of crude steel in China, the demand for ferromanganese in China (according to the Steel Union's caliber), and the procurement volume and price of ferrosilicon and ferromanganese by Hebei Iron and Steel Group [4][6][7]. Inventory - Data on the inventory of 60 sample ferrosilicon enterprises in China from 2021 - 2025 are provided, including weekly inventory in China and in regions such as Ningxia, Inner Mongolia, and Shaanxi, as well as the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [5]. - Data on the inventory of 63 sample ferromanganese enterprises in China from 2021 - 2025 are presented, including weekly inventory in China, the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [7]. Cost - Profit - Data on the cost and profit of ferrosilicon and ferromanganese from 2021 - 2025 are provided, including electricity prices in regions such as Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of semi - coke, the production cost and profit of ferrosilicon in Inner Mongolia and Ningxia, and the profit of ferromanganese in regions such as Inner Mongolia, Guangxi, the northern and southern regions [5][7].

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Report's Core View The report focuses on the manganese - silicon and ferrosilicon markets, stating that the market is subject to macro - emotional disturbances and shows wide - range fluctuations. The trend intensities of both ferrosilicon and manganese - silicon are rated as 1, indicating a neutral view [1][3]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: - Ferrosilicon 2508 closed at 5408, with a change of 82 compared to the previous trading day, and a trading volume of 21,115 and an open interest of 32,649. Ferrosilicon 2509 closed at 5374, up 86, with a trading volume of 178,400 and an open interest of 226,267. - Manganese - silicon 2508 closed at 5652, up 102, with a trading volume of 28,610 and an open interest of 24,163. Manganese - silicon 2509 closed at 5654, up 98, with a trading volume of 327,757 and an open interest of 401,426 [1]. - **Spot Data**: - The price of ferrosilicon FeSi75 - B in Inner Mongolia was 5100 yuan/ton; the price of ferromanganese FeMn65Si17 in Inner Mongolia was 5500 yuan/ton. - The price of manganese ore Mn44 block was 37.5 yuan/ton - degree, up 0.5 compared to the previous trading day; the price of semi - coke small material in Shenmu was 580 yuan/ton [1]. - **Price Differences**: - The basis of ferrosilicon (spot - 08 futures) was - 308 yuan/ton, down 82; the basis of manganese - silicon (spot - 09 futures) was - 154 yuan/ton, down 98. - The near - far month spread of ferrosilicon 2508 - 2509 was 34 yuan/ton, down 4; the near - far month spread of manganese - silicon 2508 - 2509 was - 8 yuan/ton, up 4. - The cross - variety spread of manganese - silicon 2508 - ferrosilicon 2508 was 244 yuan/ton, up 20; the cross - variety spread of manganese - silicon 2509 - ferrosilicon 2509 was 280 yuan/ton, up 12 [1]. Macro and Industry News - **Spot Price Information**: On June 25, the price of 72 ferrosilicon in Shaanxi was 5000 - 5100 yuan/ton, in Ningxia 5100 - 5150 yuan/ton, in Qinghai 5100 - 5150 yuan/ton, in Gansu 5100 - 5150 yuan/ton (with an increase of 50 yuan/ton in Gansu). The price of 75 ferrosilicon in Shaanxi was 5600 - 5650 yuan/ton, in Ningxia 5550 - 5650 yuan/ton, in Qinghai 5550 - 5600 yuan/ton, in Gansu 5700 - 5750 yuan/ton, and in Inner Mongolia 5600 - 5650 yuan/ton. The price of 6517 ferromanganese in the north was 5450 - 5500 yuan/ton, and in the south, due to tight supply, it was 5550 - 5600 yuan/ton [2]. - **Procurement Information**: Ningbo Iron and Steel set the ferromanganese procurement price at 5700 yuan/ton (acceptance, tax - included, delivered to the factory) on the 24th, up 50 yuan/ton from last month, with a procurement volume of 750 tons. Jianlong Group's ferrosilicon (72) procurement prices in different regions were: 5380 yuan/ton (550 tons) in Hebei, 5500 yuan/ton (410 tons) in Jilin, 5580 yuan/ton (400 tons) in Heilongjiang, and 5350 yuan/ton (400 tons) in Shanxi. A steel mill in Sichuan set the ferrosilicon procurement price at 5660 yuan/ton today [2][3]. - **Production Information**: In June, there were 3 ferrosilicon enterprises in production in Xinjiang, Sichuan, Shanxi, and Chongqing, with 6 submerged arc furnaces in operation. The ferrosilicon enterprise operating rate in June was 40%, the same as in May, and the expected output was 0.78 million tons, also the same as in May, with a capacity utilization rate of 30% [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Steel: Affected by the decline in crude oil and the weakening of the previous bullish sentiment in industrial products, the steel market is under downward pressure. However, due to the high level of hot metal production, the downward movement of the market is blocked, and it is expected to be in a volatile consolidation in the short term [3]. - Iron Ore: The fundamentals of iron ore are acceptable, with a situation of both supply and demand being strong, but slightly weakening at the margin. The price may be range - bound, and attention should be paid to macro - turning points [20][21]. - Coking Coal and Coke: The coking coal market is facing inventory pressure, and the probability of coke price increase is low. The overall market is affected by the change in the situation in the Middle East [40]. - Ferroalloy: Although there is a certain rebound sentiment in the ferroalloy market, the long - term trend is still weak due to factors such as steel mill price pressure and cost decline [56]. - Soda Ash: The supply of soda ash is expected to remain high, and the demand is weak. The market is in a long - term oversupply situation, and the price may continue to decline [69][70]. - Glass: The glass market has weak fundamentals and cost support in the short term, and there is no obvious driving force. Attention should be paid to the increase in cold - repair expectations if the low - price situation persists [98]. 3. Summary by Directory Steel - **Price Movement**: On June 25, 2025, the closing prices of some steel contracts changed slightly compared with the previous day. For example, the closing price of the rebar 01 contract was 2978 yuan/ton, up 1 yuan from the previous day [4]. - **Market Analysis**: Affected by the decline in coal prices and the weakening of the previous bullish sentiment in industrial products, the steel market is under downward pressure. However, due to the high level of hot metal production and the support of raw material costs, the downward movement is blocked. In the off - season, the demand for steel is weak, and some varieties are facing inventory pressure. The export price also restricts the rise of steel prices [3]. Iron Ore - **Fundamentals**: The overall fundamentals of iron ore are in a state of both supply and demand being strong, but slightly weakening at the margin. The global iron ore shipment volume has increased year - on - year, and China's iron ore imports in June are expected to reach the highest value this year. The demand side is supported by high hot metal production, and the inventory in ports is slightly decreasing, but the rate of decrease is slowing down [20]. - **Price Outlook**: The price of iron ore may be range - bound, and attention should be paid to macro - turning points [21]. Coking Coal and Coke - **Market Situation**: The coking coal market is facing inventory pressure, and the downstream demand is lack of confidence. The probability of coke price increase is low, and the market is affected by the change in the situation in the Middle East [40]. - **Price Data**: On June 25, 2025, the coking coal and coke contract prices and basis had certain changes compared with the previous day. For example, the coking coal 09 - 01 spread was - 43 yuan/ton, up 0.5 yuan from the previous day [41]. Ferroalloy - **Market Trend**: Although there is a certain rebound sentiment in the ferroalloy market, the long - term trend is still weak due to factors such as steel mill price pressure and cost decline. The supply side is under low pressure, and the inventory is in a downward trend, but the rate of decline is slowing down [56]. - **Price Data**: On June 25, 2025, the ferroalloy contract prices and basis had certain changes compared with the previous day. For example, the silicon - iron basis in Ningxia was 76 yuan/ton, down 86 yuan from the previous day [59]. Soda Ash - **Supply and Demand**: The supply of soda ash is expected to remain high, and the demand is weak. The market is in a long - term oversupply situation, and the inventory is at a historical high. The photovoltaic glass industry is in a loss state, and the demand for soda ash is expected to decline [69]. - **Price Movement**: On June 25, 2025, the soda ash contract prices and spreads had certain changes compared with the previous day. For example, the soda ash 05 contract closed at 1200 yuan/ton, up 1 yuan from the previous day [71]. Glass - **Market Situation**: The glass market has weak fundamentals and cost support in the short term, and there is no obvious driving force. The cumulative apparent demand for glass has declined by nearly 10%. If the market is to achieve supply - demand balance in the second half of the year, the daily melting volume needs to decline to below 154,000 tons [98]. - **Price Data**: On June 25, 2025, the glass contract prices and spreads had certain changes compared with the previous day. For example, the glass 05 contract closed at 1107 yuan/ton, up 1 yuan from the previous day [99].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - The report presents the prices of different grades of ferrosilicon (72%FeSi, 75%FeSi) and ferromanganese (6517, 6014) in various regions such as Inner Mongolia, Ningxia, Qinghai, Shaanxi, Jiangsu, and Tianjin, including their daily and weekly changes, as well as historical price trends from 2021 - 2025 [1][2][6] - It also shows the prices of ferrosilicon and ferromanganese in the futures market, including different contracts (主力合约, 01合约, 05合约, 09合约), basis, and spreads between different contracts [1][2][6] - The export and import average prices of ferrosilicon in US dollars from 2021 - 2025 are presented [2] Supply - The production data of ferrosilicon and ferromanganese are provided, including the monthly and weekly production of 136 ferrosilicon enterprises in China, and the production of ferromanganese in China [4][6] - The capacity utilization rates of 136 ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi are shown [4] - The report also includes the production data of related industries such as crude steel, stainless - steel crude steel, and metal magnesium, as well as the procurement volume and price of ferrosilicon by Hebei Iron and Steel Group [4] Inventory - The inventory data of ferrosilicon and ferromanganese are presented, including the weekly inventory of 60 sample ferrosilicon enterprises in China, Inner Mongolia, Ningxia, and Shaanxi, and the inventory of 63 sample ferromanganese enterprises in China [5][7] - The number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts of ferrosilicon and ferromanganese are provided [5][7] - The average available days of inventory of ferrosilicon in different regions (East China, South China, North China) and in China are shown [5] Cost and Profit - The cost - related data such as electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of semi - coke in Shaanxi, and the production cost of ferrosilicon in Inner Mongolia and Ningxia are presented [5] - The profit data of ferrosilicon and ferromanganese are provided, including the production profit of semi - coke in China, the export profit of 75 ferrosilicon, and the profit of ferromanganese in Inner Mongolia, Guangxi, North China, and South China [5][7]

1. Report Industry Investment Rating - No information provided in the report 2. Report's Core Viewpoints - **Steel**: The report suggests a strategy of testing short positions on rebounds for steel. The industry is in a supply - strong and demand - weak situation, and with the arrival of the demand off - season, prices are more likely to fall without macro - policy support [9]. - **Iron Ore**: The price of iron ore is expected to run strongly in a narrow range. Although the supply is expected to increase, the high domestic demand provides support. The i2509 contract price is expected to be in the range of 695 - 720 yuan/ton, and the FE07 contract price in the range of 93 - 96 US dollars/ton [10]. - **Coking Coal and Coke**: The short - term market sentiment for coking coal and coke has improved, and prices are expected to continue to fluctuate. The reduction in coal production and imports has alleviated the supply - surplus pressure [11]. - **Ferroalloys**: The ferroalloy market is expected to show narrow - range adjustments, following the trend of the black - metal market. The supply of ferromanganese is increasing, putting pressure on prices, while the impact of ferrosilicon inventory on prices is neutral [12]. 3. Summary by Directory 3.1 Week - on - Week Market Review - **Futures and Spot Prices**: The closing prices of futures and spot prices of various black - industry products showed different changes last week. For example, the futures price of rebar RB2510 increased by 23 yuan/ton (0.77%), and the spot price of HRB400E:Φ20 in Shanghai increased by 10 yuan/ton (0.32%) [7]. 3.2 This Week's Black - Industry Market Forecast - **Steel**: The blast - furnace capacity utilization rate of 247 steel mills was 90.79%, and the steel - mill profitability rate was 59.31%. The demand for finished products is in the off - season, and the market is in a supply - strong and demand - weak situation. The strategy is to test short positions on rebounds [9]. - **Iron Ore**: The market was mainly affected by geopolitical factors last week. The demand for finished products was in the off - season but did not accumulate inventory. The supply of iron ore is expected to increase, but high demand provides support for prices [10]. - **Coking Coal and Coke**: The price of coking coal and coke continued to fluctuate last week. The 4th round of price cuts for coke by steel mills is expected to be implemented this week. The reduction in imports and production has alleviated the supply - surplus pressure [11]. - **Ferroalloys**: The market reaction to the Fed's interest - rate decision was stable, but the escalation of the Middle East conflict may increase market volatility. The supply of ferromanganese is increasing, and the demand for both ferromanganese and ferrosilicon has slightly recovered [12]. 3.3 Variety Data 3.3.1 Finished Products - **Rebar**: Last week, the output was 212.18 tons (up 4.61 tons week - on - week), and the apparent demand was 219.19 tons (down 0.78 tons week - on - week). The total inventory was 551.07 tons (down 7.01 tons week - on - week) [14][21]. - **Hot - Rolled Coil**: The output was 325.45 tons (up 0.8 tons week - on - week), and the apparent demand was 330.69 tons (up 10.81 tons week - on - week). The total inventory was 340.17 tons (down 5.24 tons week - on - week) [27][32]. 3.3.2 Iron Ore - **Port Inventory**: The total import - ore port inventory (45 ports) was 13894.16 tons (down 38.98 tons week - on - week). The inventory of various ore types showed different changes [45][51]. - **Steel - Mill Inventory and Consumption**: The inventory of 247 steel mills was 8936.24 tons (up 137.56 tons week - on - week), and the daily consumption was 301.00 tons/day (up 0.57 tons/day week - on - week) [55]. - **Global Shipment**: The global total shipment was 3431.0 tons (up 242.3 tons week - on - week), with different changes in shipments from different regions [71]. 3.3.3 Coking Coal and Coke - **Inventory**: The total coke inventory was 952.91 tons (down 18.68 tons week - on - week), and the total coking - coal inventory was 2610.4 tons (down 11.19 tons week - on - week) [101][109]. - **Production and Profit**: The average daily coke output of independent coking enterprises was 64.7 tons (down 0.3 tons week - on - week), and the average daily coking - coal output of 523 coking mines was 74.4 tons (up 0.3 tons week - on - week) [118][119]. 3.3.4 Ferroalloys - **Spot Price**: The spot price of ferromanganese was 5500 yuan/ton (up 80 yuan/ton week - on - week), and the spot price of ferrosilicon was 5100 yuan/ton (up 50 yuan/ton week - on - week) [135]. - **Production and Demand**: The output of ferromanganese was 176610 tons (up 3220 tons week - on - week), and the demand was 123717 tons (up 1564 tons week - on - week). The output of ferrosilicon was 9.79 tons (up 0.28 tons week - on - week), and the demand was 19964.4 tons (up 357 tons week - on - week) [143][150].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report's Core View - The steel market in 2025 differs significantly from 2023. Current demand support is weakening, and future demand may be over - drawn. Although short - term fundamentals have limited pressure, the upward space of the steel futures market is restricted [3]. - The iron ore market is in a state of high supply and demand, slightly weakening at the margin. Considering the approaching off - season, the current state is acceptable. Prices may fluctuate, and macro - changes need attention [23][24]. - The coking coal market has short - term upward potential in the futures market, but the spot market remains under pressure. The probability of coking plants raising prices is low [40]. - The ferroalloy market has a weak long - term trend. Although the negative factors of high inventory and high supply are weakening, cost reduction expectations and the off - season demand may lead to a weak operation [57]. - The soda ash market is in a long - term oversupply situation. Production is expected to remain high, and demand is weak. The futures price may continue to decline [69][70]. - The glass market's supply may increase, and the cumulative apparent demand has declined. The futures price has limited support and lacks obvious driving factors [98]. 3. Summary by Related Catalogs Steel - **Price Data**: On June 23, 2025, the closing prices of steel futures contracts such as rebar and hot - rolled coil showed minor fluctuations compared to June 20. The basis of rebar and hot - rolled coil decreased, and the spread between rebar and hot - rolled coil remained relatively stable [4][9]. - **Market Analysis**: The current steel market has limited short - term fundamental pressure, but the upward space of the futures market is restricted due to factors such as the approaching off - season and potential over - drawn future demand [3]. Iron Ore - **Price Data**: On June 23, 2025, the closing prices of iron ore futures contracts increased slightly compared to June 20, while the basis decreased. The prices of iron ore varieties in Rizhao also showed minor changes [25]. - **Market Analysis**: The iron ore market is in a state of high supply and demand, slightly weakening at the margin. With the approaching off - season, prices may fluctuate, and macro - changes need attention [23][24]. Coking Coal and Coke - **Price Data**: On June 23, 2025, the coking coal and coke futures prices, basis, and spreads showed different degrees of change compared to June 20. The coking profit decreased slightly [41]. - **Market Analysis**: The coking coal market has short - term upward potential in the futures market, but the spot market remains under pressure. The probability of coking plants raising prices is low [40]. Ferroalloy - **Price Data**: On June 23, 2025, the ferroalloy (silicon - iron and silicon - manganese) futures prices, basis, and spreads showed different degrees of change compared to June 20. The spot prices of silicon - iron and silicon - manganese also changed [59][60]. - **Market Analysis**: The ferroalloy market has a weak long - term trend. Although the negative factors of high inventory and high supply are weakening, cost reduction expectations and the off - season demand may lead to a weak operation [57]. Soda Ash - **Price Data**: On June 23, 2025, the soda ash futures prices and spreads showed minor changes compared to June 20. The spot prices of heavy and light soda ash in different regions also changed [71][72]. - **Market Analysis**: The soda ash market is in a long - term oversupply situation. Production is expected to remain high, and demand is weak. The futures price may continue to decline [69][70]. Glass - **Price Data**: On June 23, 2025, the glass futures prices and spreads showed different degrees of change compared to June 20. The daily sales - to - production ratios in different regions also changed [99][101]. - **Market Analysis**: The glass market's supply may increase, and the cumulative apparent demand has declined. The futures price has limited support and lacks obvious driving factors [98].

Report Title - The report is titled "Commodity Atmosphere Warms Up, Alloy Center of Gravity Lifts - Ferroalloy Weekly Report 20250623" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Views Silicon Ferrosilicon - Last week, both supply and demand of silicon ferrosilicon increased, and the futures price center of gravity slightly lifted. With overseas situation disturbances, the overall commodity trend repaired, and the black series including alloys showed short - term stabilization signs. The previous large discount of the silicon ferrosilicon futures has ended, and it followed the overall commodity to lift its low - level center of gravity. The price has initially entered the rebound target range. Industrial hedging can wait for the futures to reach par to premium opportunities [4] Manganese Ferrosilicon - Last week, the manganese ferrosilicon futures price repeatedly rose and then fell. Fundamentally, both supply and demand increased, and enterprises continued to accumulate inventory. Manganese ore quotes rose following the futures. Although the short - term driving force is not obvious, the overall manganese ore inventory is low. With the high operating rate of silicon - manganese plants, the ore price has been firm recently, and the cost - side support has strengthened [23] Summary by Section Silicon Ferrosilicon Supply - The weekly output of 136 independent silicon ferrosilicon enterprises was 9.79 tons (a 2.9% increase from the previous week and a 14.4% decrease year - on - year). The output in May 2025 was 41.48 tons (a 5.76% decrease from the previous month and a 7.45% decrease year - on - year) [6] Demand - The consumption of silicon ferrosilicon in five major steel products was 1.99 tons (a 1.8% increase from the previous week and a 5.2% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [9] Inventory - Enterprise inventory (bi - weekly data) was 6.8 tons (a 2.7% decrease from the previous period and a 31.6% increase year - on - year). The steel mill inventory days in June were 15.38 days (an increase of 0.18 days from the previous month and an increase of 0.83 days year - on - year) [11] Cost - The prices of main and auxiliary materials remained stable during the week. For example, the electricity price in Qinghai, Ningxia, and Inner Mongolia remained unchanged, and the price of semi - coke small materials in Shenmu also remained stable. The cost of silicon ferrosilicon in Qinghai, Ningxia, and Inner Mongolia decreased slightly, while the profit increased [15] Basis - The futures price rebounded, and the basis narrowed. The number of silicon ferrosilicon warehouse receipts was 12,535 (a decrease of 2,693 from the previous week and a decrease of 83 year - on - year). The basis of the 09 contract was 150 yuan/ton, a decrease of 8 yuan/ton from the previous week [18] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [20] Manganese Ferrosilicon Supply - The weekly output of 121 independent silicon - manganese enterprises was 17.6 tons (a 1.8% increase from the previous week and an 18.1% decrease year - on - year). The national silicon - manganese output in May was 74.3 tons (a 7.8% decrease from the previous month and a 7.8% decrease year - on - year) [25] Demand - The weekly consumption of silicon - manganese was 12.3 tons (a 1.2% increase from the previous week and a 4.3% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [28] Inventory - Enterprise sample inventory (bi - weekly data) was 20.59 tons (a 5.1% increase from the previous period and a 208% increase year - on - year). The steel mill inventory days in June were 15.49 days (an increase of 0.34 days from the previous month and an increase of 0.42 days year - on - year). The manganese ore inventory decreased slightly last week [31] Cost - The futures price stop - falling drove an increase in manganese ore inquiries, but downstream still mostly waited and watched. The prices of some raw materials such as electricity and semi - coke remained stable, while the prices of some manganese ores changed slightly. The cost of silicon - manganese in different regions decreased slightly, and the profit increased [38] Basis - The futures price was still at a discount. The number of manganese - silicon warehouse receipts was 94,951 (a decrease of 3,000 from the previous week and a decrease of 17,547 year - on - year). The 09 basis was 234 yuan/ton, a decrease of 60 from the previous week [33] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [40]

2025 年 6 月 23 日 硅铁：板块情绪共振，宽幅震荡 锰硅：矿端报价坚挺，宽幅震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2507 | 5482 | 1 2 | 8,913 | 45,521 | | 期 货 | 硅铁2509 | 5300 | -10 | 162,739 | 221,331 | | | 锰硅2507 | 5606 | 3 8 | 1,691 | 17,549 | | | 锰硅2509 | 5616 | 3 2 | 445,810 | 394,983 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | | 硅铁:FeSi75-B:汇总价格:内蒙 | | 5100 | - | 元/吨 | | --- | --- | --- | - ...