Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on December 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5270 respectively, with daily changes of 0 and weekly changes of 50 and 20. The export price of Tianjin 72 was 1020 (USD) with no daily or weekly changes [2]. - For silicon manganese, on the same day, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, and Guizhou 6517 were 5590, 5520, 5700, and 5650 respectively, with daily changes of 20, 0, 30, and 30, and weekly changes of 50, 20, 80, and 80 [2]. Supply - The monthly production of 136 silicon ferroalloy enterprises in China from 2021 - 2025 is presented, as well as the weekly production of 136 silicon ferroalloy enterprises (with a 95% capacity share) [5]. - The monthly production of silicon manganese in China from 2021 - 2025 is shown, along with the procurement volume and price of Hebei Iron and Steel Group for silicon manganese 6517 [7]. Demand - The monthly estimated and actual production of crude steel in China from 2021 - 2025 is provided, and the demand for silicon manganese in China (in ten thousand tons) from 2021 - 2025 is also given [5][8]. Inventory - The weekly inventory of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 is presented, as well as the daily number of silicon ferroalloy warehouse receipts and effective forecasts [6]. - The daily warehouse receipts, effective forecasts, and total inventory of silicon manganese in China from 2021 - 2025 are shown, along with the inventory of 63 sample silicon manganese enterprises in China (in tons) [8]. Cost - Profit - The electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia for ferroalloys from 2021 - 2025 are presented, as well as the market price of semi - coke small materials in Shaanxi and its production profit in China [6]. - The profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions from 2021 - 2025 is shown, along with the profit of silicon manganese converted to the main contract in Guangxi and Ningxia [8].

南华期货铁合金周报 ——短期震荡偏强，下方亦有支撑，但上涨空间或有限 陈敏涛（Z0022731） 投资咨询业务资格：证监许可【2011】1290号 2025/12/28 第一章 核心矛盾及策略建议 1.1 核心矛盾 近期铁合金偏强震荡的主要原因一方面在于加快推进全面绿色低碳转型，从明年开始有力有效管控高耗能高 排放项目消息的预期影响；另一方面铁合金在利润亏损的情况一直维持减产的状态，以及下方受到成本端的 支撑，部分地区上调了电价。但本周硅锰产量小幅增加，环比上周增加+2.3%，一方面在于硅锰利润底部边 际反弹，另一方面下游螺纹产量连续两周环比增加和铁水产量上周的环比改善，在下游需求疲软没有改变的 条件下，硅锰大规模产量的增加的可能性不大，以小幅波动为主；硅铁产量维持减产的趋势，硅铁产量环比 上周-1.3%，减产速度明显放缓。库存端，硅铁库存继续去库，硅铁库存环比上周-2.4%；硅锰库存继续累 库，硅锰库存环比上周+0.4%，累库速度放缓，库存基数大为近5年库存最高水平，去库压力较大。 下游需 求，上周铁水改善，热卷消费环比改善明显，但不排除是在明年1月1号出口管制生效前的抢出口行为，下游 需求可能是阶段性的反 ...

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Report's Core View - The demand shows weak support, and the futures prices of ferrosilicon and silicomanganese fluctuate within a narrow range. The price increase may face pressure due to the weak short - term demand before the holiday and the new start and复产 on the supply side [3][5][6]. 3. Summary by Relevant Catalogs 3.1 Overall Market Situation - This week, the alloy prices fluctuated within a narrow range with a slight upward shift in the price center, influenced by both macro - sentiment and weak and stable demand. The previous price increase on the futures market repaired the profit, leading to new starts and复产 on the supply side. Considering the weak short - term demand before the holiday, the upward potential of the futures prices may be limited [5]. - Macroscopically, the Central Economic Work Conference in China has further clarified the direction and tasks for next year's economic work, releasing many signals for stable growth in traditional areas and showing an attitude of policy attention towards prices [5]. - Microscopically, the change in hot metal production is small, providing weak support for raw material demand. The fundamental contradictions of silicomanganese continue to accumulate, and the previous shutdown factories of ferrosilicon have复产 due to the futures price repair [5]. 3.2 Futures Market - This week, the ferrosilicon 2603 contract fluctuated widely, closing at 5,672 yuan/ton, a week - on - week increase of 32 yuan/ton, with a trading volume of 1,118,256 lots and an open interest of 246,240 lots, a week - on - week decrease of 10,661 lots [8]. - The silicomanganese 2603 contract also fluctuated widely, closing at 5,840 yuan/ton, a week - on - week increase of 32 yuan/ton, with a trading volume of 764,909 lots and an open interest of 263,579 lots, a week - on - week decrease of 15,721 lots [8]. 3.3 Spot Market - The spot prices of ferrosilicon in major regions in China fluctuated upward this week. The aggregated price of FeSi75 - B in major production areas was 5200 - 5270 yuan/ton, a week - on - week change of 20 - 50 yuan/ton [9]. - The aggregated spot price of silicomanganese in major regions ranged from 5520 to 5850 yuan/ton, with a price fluctuation of - 70 to 80 yuan/ton. For example, the price of FeMn65Si17 in Inner Mongolia was 5590 yuan/ton (a week - on - week increase of 50 yuan/ton), in Guangxi was 5700 yuan/ton (a week - on - week increase of 80 yuan/ton), and in Ningxia was 5520 yuan/ton (a week - on - week increase of 20 yuan/ton) [9]. 3.4 Basis and Spread - The basis of the alloys has shrunk, the spread between the main contracts has fluctuated, and there is a game of warehouse receipts approaching the delivery month [12]. 3.5 Silicomanganese Fundamental Data 3.5.1 Supply - The weekly output of silicomanganese this week was 19.26 tons, a week - on - week increase of 0.43 tons, with a week - on - week change rate of + 2.3%. The weekly operating rate was 36.78%, an increase of 1.17 percentage points from last week [17]. 3.5.2 Demand - In terms of steelmaking demand, the start - up and actual hot metal production of downstream steel mills are relatively stable. Taking 247 steel enterprises as an example, the blast furnace operating rate this week was 84.94%, a week - on - week increase of 0.01 percentage points, and the daily average hot metal production was 226.58 tons, a week - on - week increase of 0.03 tons. The output of rebar increased by 2.71 tons this week, providing weak support for the demand of silicomanganese [27]. - In the steel procurement market, many steel enterprises have completed their procurement of silicomanganese, with prices fluctuating and procurement volumes varying [24]. 3.5.3 Inventory - As of December 26, the number of silicomanganese warehouse receipts was 23,277, a week - on - week decrease of 374, equivalent to a reduction of 1,870 tons, and the current converted inventory was 116,385 tons [33]. - In December, the average available days of silicomanganese inventory in steel mills was 15.52 days (- 0.32 days), with 13.79 days in the northern region (- 0.55 days), 17.52 days in the eastern region (+ 0.85 days), and 16.27 days in the southern region (- 1.91 days) [34]. - As of December 26, the inventory of 63 silicomanganese sample enterprises in China was 386,000 tons, a week - on - week increase of 1,500 tons [36]. 3.5.4 Raw Materials - The global manganese ore outbound volume decreased slightly week - on - week, with different changes in different regions. The ore arrival volume at major ports decreased, and the ore dredging volume also decreased slightly [40][47]. - Overseas manganese ore enterprises have raised their quotes. For example, South32's January 2026 offer for South African semi - carbonate lumps remained the same as last month, while the offer for Australian lumps increased by 0.3 dollars/ton - degree compared to December. The port prices of manganese ore have risen, which is closely related to the high dredging demand [52]. 3.5.5 Profit - The cost center of silicomanganese has slightly decreased, and the profit has recovered with the futures price [55]. 3.6 Ferrosilicon Fundamental Data 3.6.1 Supply - The weekly output of ferrosilicon this week was 9.85 tons, a week - on - week decrease of 0.13 tons, and the weekly operating rate was 29.5%, a week - on - week decrease of 1.3 percentage points [59]. 3.6.2 Demand - In terms of steelmaking demand, the start - up and actual hot metal production of downstream steel mills are relatively stable. Taking 247 steel enterprises as an example, the blast furnace operating rate this week was 84.94%, a week - on - week increase of 0.01 percentage points, and the daily average hot metal production was 226.58 tons, a week - on - week increase of 0.03 tons [76]. - In the non - steel demand aspect, the total output of magnesium metal in November was 8.53 tons, a month - on - month increase of 5.5% and a year - on - year increase of 11.5%. The output of stainless steel crude steel in November was 304.86 tons, a month - on - month decrease of 1.59 tons. The planned production of stainless steel crude steel in December decreased by 8.2% month - on - month [76]. - The export volume of ferrosilicon in November was 3.11 tons, a month - on - month increase of 21.52% [76]. 3.6.3 Inventory - As of December 26, the inventory of 60 ferrosilicon sample enterprises in China was 63,610 tons, a week - on - week decrease of 1,550 tons [78]. - As of December 26, the number of ferrosilicon warehouse receipts was 11,882, a week - on - week decrease of 897, equivalent to a reduction of 4,485 tons, and the current converted inventory was 59,410 tons [78]. - In December, the average available days of ferrosilicon inventory in steel mills was 15.41 days (- 0.39 days), with 13.76 days in the northern region (- 0.1 days), 17.05 days in the eastern region (+ 1 day), and 16.64 days in the southern region (- 3.81 days) [78]. 3.6.4 Profit - The profit of ferrosilicon has recovered with the futures price, and attention should be paid to the impact of profit repair on the original operating rhythm of factories [89].

（来源：锰言硅语） （来源：锰言硅语） 《铁合金在线》2025-12-26：随着今日湖南某钢97锰锭（S＜0.03%）承兑含税到厂定价19000元/吨；江 苏某钢97锰锭（S＜0.02%）承兑含税到厂定价19480元/吨，本周电解锰现货成交彻底站至18000-18500 元/吨水平，且存在个别工厂周五报价大幅上调至18800元/吨的情况。本周电解锰价格上涨近2000元， 未来供应面在外部需求影响下整体持偏紧预期，现货价位商谈困难局面难以得到改善使得部分钢厂本周 已陆续进场采购，少量贸易实单成交也以每日300-500元的涨幅形成跟进。业内挺价情绪格外高涨，短 期电解锰不排除继续上探可能。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：戴明 SF006 《铁合金在线》2025-12-26：随着今日湖南某钢97锰锭（S＜0.03%）承兑含税到厂定价19000元/吨；江 苏某钢97锰锭（S＜0.02%）承兑含税到厂定价19480元/吨，本周电解锰现货成交彻底站至18000-18500 元/吨水平，且存在个别工厂周五报价大幅上调至18800元/吨的情况。本周电解锰价格上涨近2000元， 未来供应面在外部需求影响下整 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Steel prices are supported by the cost side but constrained by weakening demand and potential tightening of steel export expectations, maintaining a volatile trend [3] - Iron ore has both upward and downward drivers and is expected to trade in a range, with limited upside after valuation repair [21] - As terminal winter storage approaches, the coking coal inventory structure is expected to improve, and the coke valuation repair drive may weaken [31] - The fundamentals of ferroalloys are weak in both supply and demand, with limited upside and downside space [48] - With the strengthening expectation of new soda ash capacity coming online, the market is in surplus, and prices are under pressure [62] - Some glass production lines are expected to cold repair before the Spring Festival, affecting long - term pricing, and the high inventory in the middle reaches needs to be digested [85] Summary by Categories Steel Futures Prices - On December 26, 2025, the closing prices of rebar contracts 01, 05, and 10 were 3097, 3118, and 3167 respectively; hot - rolled coil contracts 01, 05, and 10 were 3288, 3283, and 3296 respectively [4] Spot Prices - On December 26, 2025, the aggregated rebar price in China was 3318 yuan/ton, and the hot - rolled coil price in Shanghai was 3270 yuan/ton [8][10] Ratios - The ratios of 01, 05, and 10 rebar to 01, 05, and 09 iron ore were all 4; to 01, 05, and 09 coke were all 2 on December 26, 2025 [18] Iron Ore Prices - On December 26, 2025, the closing prices of 01, 05, and 09 iron ore contracts were 801.5, 783, and 761 respectively [22] Fundamentals - On December 26, 2025, the daily average hot metal output was 226.58 tons, and the 45 - port inventory was 15858.66 tons [25] Coking Coal and Coke Futures Spreads - On December 26, 2025, the spreads of coking coal 09 - 01, 05 - 09, and 01 - 05 were 174, - 80, and - 94 respectively; for coke were 224.5, - 76.5, and - 148 respectively [35] Spot Prices - On December 26, 2025, the ex - factory price of Anze low - sulfur coking coal was 1600 yuan/ton, and the ex - factory price of Jinzhong quasi - first - grade wet coke was 1330 yuan/ton [38] Ferroalloys Silicon Iron - On December 26, 2025, the silicon iron basis in Ningxia was - 72, and the spot price in Ningxia was 5350 yuan/ton [49] Silicon Manganese - On December 26, 2025, the silicon manganese basis in Inner Mongolia was 100, and the spot price in Inner Mongolia was 5590 yuan/ton [50] Soda Ash Futures Prices - On December 26, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1200, 1258, and 1121 respectively [63] Spot Prices - On December 26, 2025, the heavy - soda market price in North China was 1300 yuan/ton, and the light - soda market price was 1250 yuan/ton [63] Glass Futures Prices - On December 26, 2025, the closing prices of glass 05, 09, and 01 contracts were 1057, 1160, and 936 respectively [86] Spot Sales - On December 25, 2025, the sales - to - production ratio in Shahe was 102, and in Hubei was 97 [87]

转自：新华财经 此次合作不仅彰显了光大银行践行绿色金融战略的责任担当，更体现了金融机构对源网荷储一体化模式 发展潜力的坚定信心。据了解，该项目投产后将充分发挥源网荷储协同优势，既提升新能源就地消纳水 平，又推动铁合金产业从"高耗高排"向"清洁高效"转型，节约标准煤、减少二氧化碳排放等环保效益显 著，同时将带动地方就业与产业链升级，助力内蒙古打造国家级绿色能源产业基地 。 下一步，光大银行呼和浩特分行将持续深化绿色金融产品创新与服务升级，加大对新能源、节能环保、 绿色制造等领域的金融支持力度，精准对接更多优质绿色项目，以高质量金融供给助力内蒙古能源革命 与生态保护协同发展，为实现"双碳"目标贡献金融力量。（李贺） 编辑：张震 在"双碳"目标引领与能源结构转型的关键节点，内蒙古新蒙新能源科技有限公司源网荷储一体化项目作 为全区首个源网荷储一体化铁合金项目，其项目主体母公司苏尼特右旗新蒙新材料有限公司近日获得光 大银行呼和浩特分行首笔1000万元贷款支持，为项目顺利推进注入强劲金融动力。此次信贷投放既是银 行业精准对接绿色能源项目的生动实践，也是金融与产业深度融合、助力地方经济高质量发展的重要举 措。 源网荷储一体 ...

Rebar Steel - The rebar futures contract closed at 3127 CNY/ton, down 9 CNY/ton or 0.29%, with a reduction in open interest by 15,600 contracts [3][12] - The national rebar production increased by 27,100 tons week-on-week to 1,843,900 tons, but decreased by 319,100 tons year-on-year [3][12] - The current supply-demand dynamics are neutral, with strong real demand but expectations of weakening demand as the off-season approaches [3][12] Iron Ore - The iron ore futures contract closed at 778.5 CNY/ton, down 1 CNY/ton or 0.13%, with trading volume of 150,000 contracts and an increase in open interest by 13,000 contracts [4][13] - The total iron ore inventory at 47 ports increased by 3,944,300 tons to 166,199,600 tons, while steel mill inventories rose by 1,360,000 tons to 8,860,000 tons [4][13] - The market is expected to experience volatility due to mixed supply and demand factors, including high furnace maintenance and restarts [4][13] Coking Coal - The coking coal futures contract closed at 1124 CNY/ton, down 8 CNY/ton or 0.71%, with an increase in open interest by 3,115 contracts [6][14] - A coal mine accident in Yunnan has led to temporary shutdowns, exacerbating supply tightness [6][14] - Demand remains weak as steel mills continue to face profit pressures, leading to cautious purchasing behavior [6][14] Coking Coke - The coking coke futures contract closed at 1739 CNY/ton, down 7 CNY/ton or 0.4%, with an increase in open interest by 330 contracts [7][14] - The market for coking coke remains stable, with no significant price changes reported at major ports [7][14] - Demand is under pressure due to weak consumption in the market, leading to cautious purchasing strategies from steel mills [7][14] Manganese Silicon - The manganese silicon futures contract closed at 5846 CNY/ton, up 0.48%, with a decrease in open interest by 3,752 contracts [8][15] - Weekly manganese silicon production has decreased to a median level compared to previous years, with some factories reducing output [8][15] - Inventory levels among 63 sample enterprises increased by 2,500 tons to 384,500 tons, indicating limited demand support [8][15] Silicon Iron - The silicon iron futures contract closed at 5692 CNY/ton, up 0.85%, with an increase in open interest by 6,584 contracts [9][16] - Recent production data shows a 6.1% decrease in weekly silicon iron output, with both reductions and restarts occurring [9][16] - Inventory levels among 60 sample enterprises decreased by 1,550 tons to 63,610 tons, suggesting a tightening supply situation [9][16]

黑色建材日报 2025-12-26 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3127 元/吨, 较上一交易日跌 9 元/吨（-0.28%）。当日注册仓单 58627 吨, 环比减少 2057 吨。主力合约持仓量为 158.1839 万手，环比减少 15590 手。现货市场方面, 螺纹钢天津汇 总价格为 3170 元/吨, 环比减少 0/吨; 上海汇总价格为 3310 元/吨, 环比减少 10 元/吨。 热轧板卷主力 合约收盘价为 3280 元/吨, 较上一交易日跌 5 元/吨（-0.15%）。 当日注册仓单 104588 吨, 环比增加 295 吨。主力合约持仓量为 123.8912 万手，环比增加 9350 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; 上海汇总价格为 3280 元/吨, 环比增加 10 元/吨。 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z00 ...

黑色供应周报-铁合金 2025年12月26日 中泰期货研究所 -30 -40 -50 r would been been been been been been been teen mont teen wond teen wond trent would more work and the m 11 IS 10 10 18 8 9 IE 6 14 4 12 2 下载 8 下午餐早餐加盟 早餐早餐店加盟 早餐早餐加盟 早餐早餐加盟 早餐早餐加盟 早餐 累计同比(右轴) 2023 -2021 2022 2024 ·2025 累计同比(右轴) 2024 -2021 2022 - 2023 2025 内蒙古-硅锰日均产量:万吨 内蒙古-硅铁日均产量:万吨 1.60 0.65 1.50 0.60 1.40 0.55 1.30 0.50 1.20 0.45 1.10 0.40 1.00 0.35 0.90 0.80 0.30 = 2 下载 8 ° * 2022 2023 2024 2025 2021 2022 2023 2024 ·2025 宁夏-硅铁日均产量:万吨 宁夏-硅锰日均产量:万吨 1.00 0.50 0.45 ...

2025/12/26 | 品种 | 项目 | | 现货 | | 仓单 | 盘面 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5250 | 20 | 50 | 5550 | 主力合约 | 5692 | 36 | 100 | | | 内蒙#72 | 5270 | 0 | 20 | 5620 | 01合约 | 5556 | 30 | 78 | | 产区汇总价 | 青海#72 | 5250 | 50 | 80 | 5580 | 05合约 | 5632 | 26 | 86 | | | 陕西#72 | 5220 | 20 | 40 | 5520 | 09合约 | 5680 | 14 | 64 | | | 陕西#75 | 5650 | 0 | 50 | | 主力月基差 | -142 | -16 | -50 | | 硅铁合格块 | 江苏#72 | 5700 | 0 | 50 | | 1-5月差 ...