| 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 内蒙#72 | 5100 5100 | 0 0 | 100 50 | 5360 5400 | 主力合约 01合约 | 5300 5272 | -10 12 | 108 110 | | 产区汇总价 | 青海#72 | 5150 | 50 | 100 | 5480 | 05合约 | 5304 | 32 | 118 | | | 陕西#72 | 5100 | 0 | 100 | 5400 | 09合约 | 5300 | -10 | 108 | | | 陕西#75 | 5600 | 0 | 0 | | 主力月基差 | 60 | 10 | -8 | | 硅铁合格块 | 江苏#72 | 5450 | 0 | 170 | | 1-5月差 | -32 | - ...

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： 2025年6月22日 Guotai Junan Futures all rights reserved, please do not reprint 硅铁&锰硅产业链周度报告 硅铁&锰硅观点：板块价格共振上涨，矿端情绪助推 | 基本面 | 条 目 | | | | | 硅 | 铁 | | 锰 硅 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 当期值 | | | 环 | 比 | | 当期值 | 环 | 同 | 比 | 比 | 同 | 比 | | | | 供 | 周产量（周） | 9 . | 79 | | 2 . | 94% | | 17 . | 1 . | -14 . | 42% | 86% | -18 . | 18% | 66 | | | 应 | 进口数量（5月） | 1 . ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - On June 20, 2025, the latest price of Ningxia 72 silicon - iron natural block was 5100 yuan, with a daily change of 50 yuan and a weekly change of 100 yuan; the latest price of Inner Mongolia 72 was 5100 yuan, with no daily change and a weekly change of 50 yuan; the latest price of Shaanxi 75 was 5600 yuan, with no daily or weekly change [2]. - The latest price of Jiangsu 72 silicon - iron qualified block was 5450 yuan, with no daily change and a weekly change of 170 yuan; the latest price of Tianjin 72 in the trader price was 5400 yuan, with no daily change and a weekly change of 150 yuan [2]. - The latest price of Tianjin 72 in the silicon - iron export price (in US dollars) was 1055 US dollars, with no daily or weekly change; the latest price of Tianjin 75 was 1095 US dollars, with no daily or weekly change [2]. - For silicon - manganese, the latest price of Inner Mongolia 6517 in the production area ex - factory price was 5480 yuan, with no daily change and a weekly change of 80 yuan; the latest price of Ningxia 6517 was 5380 yuan, with a daily change of - 50 yuan and a weekly change of 30 yuan [2]. Supply - The production data of 136 silicon - iron enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production (with a capacity share of 95%), and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon - manganese in China from 2021 - 2025 are also shown, including weekly production, procurement prices and quantities of Hebei Iron and Steel Group [6]. Demand - The demand data of silicon - manganese in China (in ten thousand tons, according to the Steel Union's caliber) from 2021 - 2025 are provided [4][7]. - Data on the production and demand - related indicators such as the production of crude steel, metal magnesium, and stainless - steel crude steel in China from 2021 - 2025 are also included [4]. Inventory - The inventory data of 60 sample silicon - iron enterprises in China from 2021 - 2025 are shown, including the inventory in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as the warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5]. - The inventory data of silicon - manganese from 2021 - 2025 are presented, including the warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective inventory, as well as the inventory of 63 sample enterprises in China on a weekly basis [7]. Cost and Profit - The cost and profit data of silicon - iron from 2021 - 2025 are provided, including electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of semi - coking coal in Shaanxi, the production cost and profit in Ningxia and Inner Mongolia [5]. - The cost and profit data of silicon - manganese from 2021 - 2025 are also included, such as the profit in Inner Mongolia, Guangxi, and the profit after converting to the main contract in Guangxi and Ningxia [7].

Report Title - Iron Alloy Morning Report [1] Report Date - June 19, 2025 [2] Price Summary Silicon Ferrosilicon (FeSi) - **Spot Prices**: In various regions, prices for different grades of FeSi showed mixed changes. For example, the price of Ningxia 72 FeSi natural block remained stable at 5050 yuan, with a weekly increase of 50 yuan; Inner Mongolia 72 FeSi natural block increased by 50 yuan to 5100 yuan, with no weekly change [2]. - **Export Prices**: The export price of Tianjin 72 FeSi remained at 1055 US dollars, and the export price of Tianjin 75 FeSi remained at 1095 US dollars [2]. - **Futures Prices**: Different contracts of FeSi futures showed varying degrees of increase. For example, the main contract of FeSi increased by 26 yuan to 5290 yuan, with a weekly increase of 106 yuan [2]. Silicon Manganese (SiMn) - **Spot Prices**: The ex - factory prices of SiMn in different regions increased to varying degrees. For example, the ex - factory prices of Inner Mongolia 6517 and Ningxia 6517 SiMn increased by 30 yuan to 5480 yuan and 5430 yuan respectively, with a weekly increase of 50 yuan [2]. - **Futures Prices**: Different contracts of SiMn futures also showed increases. For example, the main contract of SiMn increased by 20 yuan to 5556 yuan, with a weekly increase of 70 yuan [2]. Supply - Related Information Silicon Ferrosilicon - **Production Capacity Utilization**: The production capacity utilization of 136 silicon ferrosilicon production enterprises in different regions showed certain trends over time from 2021 - 2025 [4]. - **Production Volume**: The monthly production volume of 136 silicon ferrosilicon enterprises in China and the weekly production volume of 136 silicon ferrosilicon enterprises (with a capacity share of 95%) showed different trends from 2021 - 2025 [4]. Silicon Manganese - **Production Volume**: The weekly production volume of silicon manganese in China showed different trends from 2021 - 2025 [6]. - **Enterprise Start - up Rate**: The start - up rate of silicon manganese enterprises in China showed different trends from 2021 - 2025 [6]. Demand - Related Information Silicon Ferrosilicon - **Related Industries**: The demand for silicon ferrosilicon is related to industries such as the production of crude steel, stainless steel, and metal magnesium. The production volume of these industries showed different trends from 2021 - 2025 [4]. Silicon Manganese - **Demand in China**: The demand for silicon manganese in China (according to the Steel Union's caliber) showed different trends from 2021 - 2025 [4][7]. Inventory - Related Information Silicon Ferrosilicon - **Enterprise Inventory**: The inventory of 60 sample silicon ferrosilicon enterprises in different regions (such as Ningxia, Inner Mongolia, and Shaanxi) showed different trends from 2021 - 2025 [5]. - **Warehouse Receipts and Effective Forecasts**: The total number of warehouse receipts of silicon ferrosilicon on the CZCE, effective forecasts, and the sum of warehouse receipts and effective forecasts showed different trends from 2021 - 2025 [5]. Silicon Manganese - **Warehouse Receipts and Inventory**: The total number of warehouse receipts of silicon manganese on the CZCE, effective forecasts, and the sum of warehouse receipts and effective inventory showed different trends from 2021 - 2025 [7]. - **Enterprise Inventory**: The inventory of 63 sample silicon manganese enterprises in China showed different trends from 2021 - 2025 [7]. Cost - Profit - Related Information Silicon Ferrosilicon - **Cost**: The production costs of silicon ferrosilicon in Ningxia and Inner Mongolia showed different trends from 2021 - 2025 [5]. - **Profit**: The profits of silicon ferrosilicon in Ningxia (including folding the main - contract profit and spot profit) and Inner Mongolia (folding the main - contract profit) showed different trends from 2021 - 2025 [5]. Silicon Manganese - **Cost**: The cost of silicon manganese is related to factors such as the price of chemical coke and manganese ore. The prices of these raw materials showed different trends from 2021 - 2025 [6]. - **Profit**: The profits of silicon manganese in Inner Mongolia, Guangxi (including folding the main - contract profit), and Ningxia (folding the main - contract profit) showed different trends from 2021 - 2025 [6][7].

2025 年 6 月 19 日 硅铁：板块情绪共振，宽幅震荡 锰硅：板块情绪共振，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 | 5464 | 9 2 | 14,981 | 46,425 | | 期 货 | 硅 铁2509 | 5290 | 2 6 | 163,659 | 220,226 | | | 锰 硅2507 | 5544 | 2 4 | 4,888 | 17,848 | | | 锰 硅2509 | 5556 | 2 0 | 214,091 | 417,890 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | --- ...

Report Industry Investment Rating No relevant content provided. Report's Core View - The steel market is facing challenges as the traditional off - season approaches. Although high hot metal production and raw material cost support the market, demand is under pressure due to factors like policy changes, weak investment data, and potential anti - dumping measures [3]. - Short - term iron ore fundamentals are expected to see an increase in both supply and demand, with price elasticity remaining low. The supply is abundant, and the demand is better than expected, so the iron ore price is likely to be stable in the short term [18]. - In the medium - to - long - term, the coal - coke market may continue to decline as the negative feedback in the black - series is brewing due to factors such as tariff policies and the off - season [35]. - Ferroalloys are expected to remain weak as the cost is likely to decrease, and the demand is in the off - season, but they may be affected by news when the valuation is too low [51]. - The soda ash market is in a long - term oversupply situation. Although there are short - term production fluctuations due to maintenance, it does not change the overall pattern. The demand from the photovoltaic glass industry is weakening [64]. - The glass market has a weak short - term fundamental and cost support. Although there is an expectation of increased cold - repair if the low price persists, there is no obvious driving force currently [92]. Summary by Related Catalogs Steel - **Price Data**: On June 18, 2025, the closing prices of rebar 01, 05, and 10 contracts were 2978, 2980, and 2986 yuan/ton respectively; those of hot - rolled coil 01, 05, and 10 contracts were 3100, 3093, and 3102 yuan/ton respectively. The rebar and hot - rolled coil basis widened, and the term structure changed from contango to back [4][19]. - **Market Situation**: The conflict in the Middle East has pushed up the price of coal, but the steel demand is facing a test in the off - season. There is pressure on the coil and sheet market in some regions, and the steel export may face more anti - dumping pressure [3]. Iron Ore - **Price Data**: On June 18, 2025, the closing price of the 01 contract was 670.5 yuan/ton. The term structure of iron ore flattened, and the backwardation of the far - month contracts slightly increased [20][19]. - **Market Situation**: The supply is expected to remain high, with shipments exceeding the seasonal average by over 300,000 tons. The demand is better than expected, and the hot metal production is likely to remain around 2.4 million tons [18]. Coal - Coke - **Price Data**: On June 18, 2025, the coking coal warehouse - receipt cost (Tangshan Meng 5) was 791 yuan/ton, and the coke warehouse - receipt cost (Rizhao Port wet - quenched) was 1293 yuan/ton. The term structure of coking coal flattened, and the premium of the far - month contracts narrowed [36]. - **Market Situation**: Short - term price fluctuations may intensify due to the conflict in the Middle East. In the medium - to - long - term, the coal - coke market may continue to decline as the negative feedback in the black - series is brewing [35]. Ferroalloys - **Price Data**: On June 18, 2025, the silicon - iron basis in Ningxia was 110 yuan/ton, and the silicon - manganese basis in Inner Mongolia was 274 yuan/ton. The ferroalloy positions have decreased, and some funds have left the market [54][55]. - **Market Situation**: The silicon - iron has a production - cut driving force as the profit is at the bottom of the range, while the silicon - manganese profit has improved. The overall situation is weak due to factors such as cost reduction expectations and the off - season [51]. Soda Ash - **Price Data**: On June 18, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1204, 1170, and 1159 yuan/ton respectively. The market is in a long - term oversupply situation, and the inventory is at a historical high [66][64]. - **Market Situation**: The production has recovered to over 700,000 tons, and the demand from the photovoltaic glass industry is weakening. The price needs further decline in the spot market to fall further [64]. Glass - **Price Data**: On June 18, 2025, the closing prices of glass 05, 09, and 01 contracts were 1084, 980, and 1038 yuan/ton respectively. The cumulative apparent demand of glass has dropped by nearly 10% [93]. - **Market Situation**: The supply has a situation of both ignition and cold - repair. The short - term fundamental and cost support are weak, and there is no obvious driving force [92].

免责声明 本报告中的信息均来源于公开可获得资料 ，瑞达期货股份有限公司力求准确可靠 ，但对这些信息的准确性及完整性不做任何保证 ，据此投资，责 任自负。本报告不构成个人投资建议 ，客户应考虑本报告中的任何意见或建议是否符合其特定状况 。本报告版权仅为我公司所有 ，未经书面许 可，任何机构和个人不得以任何形式翻版 、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院 ，且不得对本报告 进行有悖原意的引用 、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,556.00 | +20.00↑ | SF主力合约收盘价（日，元/吨） | 5,290.00 | +26.00↑ | | | SM期货合约持仓量（日，手） | 604,926.00 | -3809.00↓ | SF期货合约持仓量（日，手） | 421,681.00 | -5365.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -3 ...

| | | | | | | | | | 2025/6/18 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5050 | 50 | 50 | 5310 | 主力合约 | 5264 | -28 | 90 | | | 内蒙#72 | 5050 | 0 | -100 | 5350 | 01合约 | 5230 | -18 | 68 | | 产区汇总价 | 青海#72 | 5100 | 50 | 50 | 5430 | 05合约 | 5254 | -22 | 80 | | | 陕西#72 | 5050 | 50 | 50 | 5350 | 09合约 | 5264 | -28 | 90 | | | 陕西#75 | 5600 | 0 | 0 | | 主力月基差 | 46 | 78 | -40 | | 硅铁合格块 | 江苏#72 | 54 ...

在6月10日举行的2025中国产业转移发展对接活动（内蒙古）新材料专题对接会上，内蒙古自治区乌兰 察布市副市长于海成表示，乌兰察布市要将铁合金产业打造成为"千亿级"产业。 于海成表示，铁合金既是乌兰察布市的传统产业、优势产业，也是未来的核心支柱产业。乌兰察布市将 发挥新能源资源丰富的优势，加强与科研院所合作，积极推进绿能替代，探索无碳冶炼等新技术、新工 艺，逐步把铁合金产业打造为低碳、零碳产业，让绿色低碳成为乌兰察布铁合金产业高质量发展的鲜明 底色。 资讯编辑：祝蓉 021-66896654 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 乌兰察布市是一座合金之城，经过20多年发展和产业升级，全市铁合金产业规模不断壮大，年产能达 1142万吨，占全国总产能的22%，其中高碳铬铁、锰硅合金产能分别以62%、38%的全国占比稳居龙 头。凭借连续3年全国产业规模第一的领先地位，乌兰察布市成为内蒙古最大的铁合金产业集聚地、全 国最大的铁合金生产地级市。 近年来，乌兰察布市全面推动铁合金产业向绿色低碳生产转型，152万吨落后产能全部退出，腾出能耗 200万吨标煤，企业数量由202 ...

2025 年 6 月 17 日 硅铁：板块情绪共振，宽幅震荡 锰硅：板块情绪共振，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 | 5394 | 8 4 | 27,123 | 51,513 | | 期 货 | 硅铁2509 | 5292 | 100 | 177,993 | 221,404 | | | 锰硅2507 | 5574 | 112 | 4,614 | 21,515 | | | 锰硅2509 | 5584 | 108 | 255,787 | 427,041 | | | 项 目 | | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | --- | | 货 | 硅铁:FeSi75-B:汇 ...