请务必阅读正文之后的免责条款部分 1 | 期货价格 | 最新 | 涨跌 | 期货价格 | 最新 | 涨跌 | | --- | --- | --- | --- | --- | --- | | 螺纹01 | 2905 | -62 | 热卷01 | 3045 | -37 | | 螺纹05 | 2910 | -63 | 热卷05 | 3046 | -57 | | 螺纹10 | 2928 | -33 | 热卷10 | 3052 | -24 | | 现货价格 | 最新 | 涨跌 | 现货价格 | 最新 | 涨跌 | | 唐山普方坯 | 2860 | -30 | 张家港废钢 | 2080 | 0 | | 螺纹:唐山 | 3130 | -10 | 热卷:天津 | 3100 | -40 | | 螺纹:上海 | 3090 | -30 | 热卷:上海 | 3170 | 0 | | 螺纹:杭州 | 3090 | -20 | 热卷:杭州 | 3160 | -20 | | 螺纹:广州 | 3200 | -40 | 热卷： 广州 | 3200 | -30 | | 螺纹:成都 | 3190 | -20 | 热卷:成都 | 3390 | -2 ...

| 钢材产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 問敏波 | Z0010559 | 2025年6月3日 | | | | | | | | | | | 钢材价格及价差 | 品种 | 某美 | 现值 | 涨跌 | 单位 | 即值 | | | | | | | 螺纹钢现货(华东) | 3120 | 3120 | O | 153 | 螺纹钢现货(华北) | 3160 | 3160 | O | 193 | | | | 螺纹钢现货(华南) | 3230 | 3250 | -20 | 263 | 螺纹钢05合约 | 2973 | 3003 | 147 | -30 | | | | 螺纹钢10合约 | 2961 | 2978 | -17 | ।ਟੋਰੇ | 螺纹钢01合约 | 153 | 2967 | 2982 | -18 | | | | 元/吨 | 热卷现货(华东) | 3170 | 3200 | 88 | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On June 3, the closing price of the silicon - iron 2509 contract was 5196, down 1.74%. On the spot side, the spot price of silicon - iron in Ningxia was reported at 5250, down 50 yuan/ton. The new round of trade negotiations between the EU and the US will be held during the OECD Ministerial Meeting in Paris from June 3 - 4. The current production profit of ferroalloys is negative, the cost support is weakened due to the reduction of the settlement electricity price in Ningxia in April, and the overall expectation of steel demand is still weak. The market sentiment disturbance under the change of tariff policies should be concerned. The spot profit in Inner Mongolia is - 180 yuan/ton, and - 230 yuan/ton in Ningxia. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and the market should be treated as a volatile one [2] - On June 3, the closing price of the manganese - silicon 2509 contract was 5422, down 1.09%. On the spot side, the spot price of manganese - silicon in Inner Mongolia was reported at 5450, down 50 yuan/ton. In May, China's Manufacturing Purchasing Managers' Index was 49.5%, up 0.5 percentage points from the previous month. Fundamentally, manufacturers have cut production and the operating rate has reached a low level in the same period, but the overall inventory is still high. The port inventory of imported manganese ore has decreased by 135,000 tons, and the downstream hot - metal output has peaked and declined. Attention should be paid to the price fluctuations after the demand decline. The spot profit in Inner Mongolia is - 210 yuan/ton, and - 430 yuan/ton in Ningxia. Steel mills' procurement is cautious, and the tender price continues to decline. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and the market should be treated as a volatile one [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价 was 5422 yuan/ton, down 56 yuan; SF主力合约收盘价 was 5196 yuan/ton, down 102 yuan [2] - SM期货合约持仓量 was 647,052 hands, up 21,510 hands; SF期货合约持仓量 was 441,536 hands, up 15,592 hands [2] - The net position of the top 20 in manganese - silicon was - 18,730 hands, up 5850 hands; the net position of the top 20 in silicon - iron was - 19,059 hands, up 377 hands [2] - The SM1 - 9 month contract spread was 32 yuan/ton, down 8 yuan; the SF1 - 9 month contract spread was 16 yuan/ton, down 14 yuan [2] - SM仓单 was 106,973 sheets, down 4181 sheets; SF仓单 was 16,753 sheets, down 200 sheets [2] 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5450 yuan/ton, down 50 yuan; the price of Inner Mongolia silicon - iron FeSi75 - B was 5300 yuan/ton, down 50 yuan [2] - The price of Guizhou manganese - silicon FeMn68Si18 was 5500 yuan/ton, unchanged; the price of Qinghai silicon - iron FeSi75 - B was 5230 yuan/ton, down 50 yuan [2] - The price of Yunnan manganese - silicon FeMn68Si18 was 5500 yuan/ton, unchanged; the price of Ningxia silicon - iron FeSi75 - B was 5250 yuan/ton, down 50 yuan [2] - The manganese - silicon index average was 5515 yuan/ton, down 101.68 yuan; the SF主力合约基差 was 54 yuan/ton, up 52 yuan [2] - The SM主力合约基差 was 28 yuan/ton, up 6 yuan [2] 3.3 Upstream Situation - The price of South African ore: Mn38 block in Tianjin Port was 31 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 970 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 640 yuan/ton, unchanged [2] - The manganese ore port inventory was 4.07 million tons, down 135,000 tons [2] 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 34.77%, up 0.59 percentage points; the silicon - iron enterprise operating rate was 30.44%, up 0.02 percentage points [2] - The manganese - silicon supply was 169,925 tons, up 4725 tons; the silicon - iron supply was 84,900 tons, down 4000 tons [2] - The manganese - silicon manufacturers' inventory was 201,100 tons, down 6000 tons; the silicon - iron manufacturers' inventory was 75,100 tons, up 1400 tons [2] - The national steel mill inventory of manganese - silicon was 15.15 days, down 0.29 days; the national steel mill inventory of silicon - iron was 15.20 days, down 0.24 days [2] 3.5 Downstream Situation - The demand for manganese - silicon from the five major steel types was 126,886 tons, up 296 tons; the demand for silicon - iron from the five major steel types was 20,574.5 tons, down 125.5 tons [2] - The blast furnace operating rate of 247 steel mills was 83.89%, up 0.22 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 90.67%, down 0.63 percentage points [2] - The crude steel output was 86.019 million tons, down 6.8224 million tons [2] 3.6 Industry News - The US Trade Representative's Office announced the extension of the exemption period for the 301 investigation into China's behavior, policies and practices in technology transfer, intellectual property and innovation, from May 31, 2025 to August 31, 2025 [2] - Since this month, the Yilkesitan Port in Xinjiang has piloted full - time freight clearance, which will further smooth the trade and logistics channel between China and Central Asia [2] - Elon Musk said that the government efficiency department he was previously in charge of became a "scapegoat", and he was in a dilemma as he didn't want to be responsible for what the Trump administration had done and didn't want to directly criticize the government [2] - Data released by the China Index Academy on June 1 showed that in May, major Chinese cities still continued the trend of structural increase in new - home prices and decline in second - hand home prices [2] - The new round of trade negotiations between the EU and the US will be held during the OECD Ministerial Meeting in Paris from June 3 - 4 [2]

光期研究 见微知著 铁合金策略月报 2025 年 0 6 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 锰 硅 供应：5月锰硅产量环比下降，但近两周产量止跌回升，宁夏地区产量仍维持低位。据铁合金在线，5月锰硅总产量约为77.89万吨，较 4月减少6.33万吨。其中硅锰6517产量约为69万吨，较4月减少4万吨左右。据钢联数据，截止5月30日当周，锰硅周产量为16.99万吨，周环比 增加2.86%，连续两周环比增加。内蒙古、广西、云南地区锰硅企业开工率环比增加，宁夏地区开工率仍环比下降。 需求：钢招持续进行，价格继续走弱，样本钢厂锰硅需求量当周值与钢厂锰硅库存均处历史同期偏低水平。近期钢招价格已经跌破 5700元/吨，6月主流钢招尚未启动，持续关注。终端需求表现相对偏弱，预计钢厂锰硅需求量当周值及钢厂锰硅库存偏低现状将维持较长 时间。 库存：样本企业库存环比下降，但绝对值依旧偏高。截止5月23日当周，63家样本企业库存20.11万吨，环比下降6000吨，但仍处于近 年来同期偏高水平，同比增加4.16万吨。 成本：港口锰矿库存逐 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - The report provides price data for various silicon and manganese alloys, including different grades and regions. For example, the latest price of Ningxia 72 silicon iron is 5200, with a daily change of -50 and a weekly change of -150 [1]. - It also shows price differences between different contracts (e.g., 1 - 5, 5 - 9, 9 - 1) and basis differences for silicon iron and silicon manganese [1][3]. Supply - Data on the production of silicon iron and silicon manganese is presented, such as the monthly and weekly production of 136 silicon iron enterprises in China and the production of silicon manganese in China [4][6]. - The capacity utilization rates of silicon iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also included [4]. Demand - Information about the demand for silicon iron and silicon manganese is provided, including the estimated demand for silicon manganese in China and the procurement volume and price of silicon iron and silicon manganese by Hebei Iron and Steel Group [4][6][7]. - The production of related downstream products like crude steel, stainless - steel crude steel, and metal magnesium is also shown, which can reflect the demand for these alloys [4]. Inventory - Inventory data for silicon iron and silicon manganese are given, including the inventory of 60 sample enterprises of silicon iron in different regions and the inventory - related data of silicon manganese (e.g., warehouse receipts, effective forecasts) [5][7]. Cost and Profit - The report includes cost - related data such as electricity prices for iron alloys in different regions and the market price of raw materials like blue charcoal and manganese ore [5][6]. - Profit data for silicon iron and silicon manganese are also presented, such as the production profit of blue charcoal, the profit of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon manganese in different regions [5][7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The manganese ore supply surplus situation persists, with sluggish market transactions. Before the holiday, the silicon-manganese futures market showed a continuous weak oscillation, dragging down the spot price. Silicon-manganese manufacturers maintain firm quotes, but downstream steel mills are cautious in purchasing silicon-manganese. Attention should be paid to the actual transaction situation in the silicon-manganese market after the holiday, with a neutral outlook. - The spot price is 5400 yuan/ton, and the basis of the 09 contract is -78 yuan/ton, indicating that the spot is at a discount to the futures, which is bearish. - The inventory of 63 independent silicon-manganese enterprises in the country is 186,100 tons, and the average available days of inventory for 50 steel mills in the country is 15.15 days, which is bullish. - The MA20 is downward, and the futures price of the 09 contract closes below the MA20, which is bearish. - The net long position of the main contract has changed from short to long, which is bullish. - It is expected that the price of manganese-silicon will oscillate this week, with the SM2509 contract oscillating between 5400 - 5580 yuan/ton [3]. Summary by Relevant Catalogs Manganese-Silicon Supply - **Capacity**: There are charts showing the monthly production capacity of silicon-manganese enterprises in China [7]. - **Annual Production**: There are charts presenting the annual production of silicon-manganese in various regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [9]. - **Weekly, Monthly Production, and Operating Rate**: There are charts depicting the weekly and monthly production of silicon-manganese in China and the weekly operating rate of silicon-manganese enterprises [12]. - **Regional Production**: There are charts showing the monthly production of silicon-manganese in Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production in Inner Mongolia, Ningxia, Guizhou, and Guangxi [13][14]. Manganese-Silicon Demand - **Steel Tender Purchase Volume**: There are charts displaying the monthly purchase volume of silicon-manganese by Hebei Iron and Steel Group, Shagang Co., Ltd., and Nanjing Iron and Steel Co., Ltd., as well as the weekly demand for silicon-manganese in China [15]. - **Steel Tender Purchase Price**: There are charts showing the monthly purchase prices of silicon-manganese by Baoshan Iron and Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. [17]. - **Daily Average Hot Metal and Profit**: There are charts presenting the weekly daily average hot metal production and the weekly profitability of 247 steel enterprises in China [19]. Manganese-Silicon Import and Export - There are charts showing the monthly import and export volumes of ferromanganese in China [21]. Manganese-Silicon Inventory - There are charts depicting the weekly inventory of 63 sample silicon-manganese enterprises in China, the monthly average available days of inventory in China, and the monthly average available days of inventory in the northern region and East China [23]. Manganese-Silicon Cost - **Manganese Ore Import Volume**: There are charts showing the monthly import volume of manganese ore through different trade methods, the monthly import volume of manganese ore from Gabon to China, the monthly total import volume of manganese ore from southern Africa to China, and the monthly import volume of manganese ore from Australia to China [25]. - **Manganese Ore Port Inventory and Available Days**: There are charts presenting the weekly port inventory of manganese ore in China, the weekly port inventory of manganese ore in Qinzhou Port and Tianjin Port, and the weekly average available days of manganese ore inventory in China [27]. - **High-Grade Manganese Ore Port Inventory**: There are charts showing the weekly port inventory of Australian, Gabonese, and Brazilian manganese ore in Qinzhou Port and Tianjin Port [29]. - **Tianjin Port Manganese Ore Price**: There are charts displaying the daily aggregated prices of South African semi-carbonate manganese ore (Mn36.5%), Australian manganese ore (Mn45%), and Gabonese manganese ore (Mn44.5%) in Tianjin Port [30]. - **Regional Cost**: There are charts showing the daily cost of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [33]. Manganese-Silicon Profit - There are charts showing the daily profit of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [35].

2025 年 6 月 3 日 硅铁：需求预期不佳，弱势震荡 锰硅：港口矿成交承压，弱势震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 2、铁合金在线：截止本周五锰矿库存更新：天津港库存 311.16 吨，环比减少 13.2 万吨；钦州港库存 94.57 万吨，环比下降 1.63 万吨；曹妃甸港口库存 0 万吨，本周未有新船入库；防城港库存 9 万吨， 环比增加 1 万吨；截止 5 月 30 日锰矿库存总量 414.73 万吨，环比下降 13.83 万吨。 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 | 5298 | -24 | 250,921 | 148,979 | | 期货 | 硅铁2509 | 5172 | -54 | 135,817 | 198,768 | | | 锰硅2506 | 5436 | -56 ...

Group 1: Market Overview - The current price for 72 silicon iron is reported at 5200-5300 CNY/ton, down 50-100 CNY from last week, with a year-on-year decrease of 2250 CNY[15] - The total production of silicon iron in May is estimated at 405,200 tons, a decrease of 41,700 tons from April, indicating a supply reduction[24] - The average operating rate for silicon iron producers is 46.39%, down 4.28% month-on-month, reflecting a decline in production capacity utilization[27] Group 2: Cost and Pricing Dynamics - The cost of silicon iron in Qinghai is reported at 5624 CNY/ton, with a loss of 324 CNY, while costs in Ningxia and Gansu are 5830.51 CNY/ton and 5733 CNY/ton, respectively, both showing significant losses[24] - The price of manganese silicon is reported at 5500-5550 CNY/ton, with a decrease of 200 CNY from the previous week, and a year-on-year drop of 3150 CNY[8] - Manganese ore prices are under pressure, with half-carbonate reported at 33-33.5 CNY/ton, reflecting a weak market[8] Group 3: Supply and Demand Trends - The inventory of silicon iron at steel mills has decreased to 15.3 days, down 1.55% from the previous month, indicating a tightening supply situation[38] - Manganese silicon inventory has decreased significantly, with a total of 536,865 tons, down 20,905 tons from the previous week, suggesting a reduction in available supply[10] - The overall market sentiment remains pessimistic, with trade transactions being limited and a lack of willingness to stockpile materials[5] Group 4: Future Outlook - The market is expected to see a weak support level around 5200 CNY for the July contract, with ongoing concerns about production recovery in Ningxia[4] - The anticipated recovery in production may not meet expectations, as the industry continues to face significant losses and a prolonged downtrend[54] - The overall industry is experiencing a prolonged period of losses, with over 90% of production currently operating at a loss, indicating a challenging environment ahead[54]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For silicon manganese, the cost support is expected to weaken, and the industrial fundamentals have improved, but due to the overall decline in the prices of the black series, the market bearish sentiment remains. The medium - and short - term market may still be in the process of finding or establishing a bottom, with prices remaining weak. The main contract reference range is [5250, 5800] [3]. - For silicon iron, under the background of industrial production cuts, the supply - demand contradiction has eased. The current supply has dropped to the lowest level in the same period, while the demand faces the risk of seasonal decline, and the cost support is still insufficient. The market may continue to find a bottom, and prices are expected to remain weak. The main contract reference range is [5150, 5500] [45]. 3. Summary by Relevant Catalogs Silicon Manganese Supply and Demand Analysis - Supply: In May, production and operating rates declined significantly, with factories in both northern and southern regions undergoing maintenance. Some factories have resumed production slightly after maintenance. The daily output in Inner Mongolia is 13,400 tons, still at a relatively high level in the same period. Yunnan factories also have plans to resume production in June. The estimated total national silicon manganese production in May is about 740,000 tons [3]. - Demand: In May, hot metal production declined month - on - month and may have peaked, but it is still at a relatively high level in the same period, providing short - term rigid support for silicon manganese demand. In terms of steel procurement, the mainstream steel mills' procurement price of silicon manganese alloy in May was 5,850 yuan/ton, a decrease of 100 yuan/ton compared to April, and the procurement quantity was 11,600 tons, an increase of 200 tons compared to April. Most steel mills' tender prices decreased, with strong price - pressing sentiment. Recent news of crude steel production restrictions has disturbed the market [3]. Manganese Ore Overview - The news of South Africa's export restrictions briefly disturbed the market, but its impact has gradually dissipated. The manganese ore market remains weak, with low trading volume, and factories mainly replenish stocks on demand. In May, shipping and arrival volumes increased significantly, while the port clearance volume declined from a high level. South32 has resumed shipping, but the overall shipping volume is low. It is expected that port inventories will slowly recover at a low level [3]. Cost and Profit - The entire industry's loss has intensified, and the expectation of production cuts remains. However, the room for further production cuts in the southern region is limited, and attention should be paid to the operating conditions in low - cost regions. The second - round price cut of coke has been implemented, and there is still an expectation of further price cuts. Electricity prices in both northern and southern regions have decreased to varying degrees, and there is still an expectation of an electricity price cut in Ningxia in June [3]. Market Outlook - Overall, the cost support for silicon manganese is expected to weaken. Although the industrial fundamentals have improved, the market bearish sentiment remains due to the overall decline in the prices of the black series. The medium - and short - term market may still be in the process of finding or establishing a bottom, with prices remaining weak. The upward drive depends on "deep production cuts" in the industry or external environmental disturbances [3]. Silicon Iron Supply and Demand Analysis - Supply: In May, production and operating rates declined significantly. Since mid - April, more factories in production areas have undergone maintenance, and the operating rates in multiple production areas have dropped to the lowest level in the same period. The estimated total national production in May is 410,000 - 420,000 tons [44]. - Demand: In the short term, steel mills' profits still support the high - level hot metal production, and the demand for silicon iron remains resilient. The progress of steel procurement in May was slow, with most steel mills' tender prices decreasing to varying degrees, and strong price - pressing sentiment. A leading steel mill's procurement price of silicon iron alloy in May was 5,800 yuan/ton, a decrease of 150 yuan/ton compared to April, and the procurement quantity was 2,130 tons, an increase of 430 tons compared to April. Non - steel demand: The downstream magnesium metal market remains weak, with low trading volume, and cannot strongly support silicon iron. In terms of exports, the export volume of silicon iron increased month - on - month in April, but the cumulative export volume from January to April decreased significantly compared to the same period last year. Affected by the increase in Southeast Asian orders, the export volume in May is expected to increase slightly month - on - month but still be lower than the level of the same period last year [44]. Cost and Profit - The semi - coke market remains weakly stable. The price of lump coal at the raw material end continues to be weak, and cannot strongly support the semi - coke price. The maintenance season in May is coming to an end, and factories may gradually resume production. The price of small materials in Shaanxi decreased by 40 yuan/ton this month. There is still an expectation of an electricity price cut in Ningxia, and attention should be paid to the electricity price changes in each production area [44]. Market Outlook - Under the background of industrial production cuts, the supply - demand contradiction has eased. The current supply has dropped to the lowest level in the same period, while the demand faces the risk of seasonal decline, and the cost support is still insufficient. The market may continue to find a bottom, and prices are expected to remain weak [45].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Related Catalogs Price - For silicon ferroalloy on May 30, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5250 yuan, with no daily change and a weekly decrease of 100 yuan; the main contract price was 5322 yuan, with a daily decrease of 130 yuan and a weekly decrease of 300 yuan. The export price of Tianjin 72 silicon ferroalloy was 1055 US dollars, with no daily or weekly change. For silicon manganese, the latest price of Inner Mongolia 6517 was 5500 yuan, with a daily decrease of 50 yuan and a weekly decrease of 80 yuan; the main contract price was 5530 yuan, with a daily decrease of 76 yuan and a weekly decrease of 468 yuan [2]. Supply - The content shows the production and capacity utilization data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly and weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi. It also presents the production data of silicon manganese in China from 2021 - 2025 [4]. Demand - The content provides data on the demand for silicon ferroalloy and silicon manganese in China from 2021 - 2025, including the demand for silicon manganese (in ten thousand tons, according to the Steel Union's caliber), and the procurement volume and price of silicon ferroalloy FeSi75 - B by Hebei Iron and Steel Group on a monthly basis [4][7]. Inventory - It shows the inventory data of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 on a weekly basis, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions. For silicon manganese, it presents the warehouse receipt quantity, effective forecast, and inventory data of 63 sample enterprises in China from 2021 - 2025 [5][7]. Cost and Profit - The content includes the electricity price data of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025, the market price of semi - coke small materials in Shaanxi, the production profit of semi - coke in China, and the production cost and profit data of silicon ferroalloy in Ningxia and Inner Mongolia. For silicon manganese, it shows the profit data in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main contract [5][7].