Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - For silicon ferroalloy, the latest prices of natural lumps in different regions (Ningxia 72 at 5300, Inner Mongolia 72 at 5300, etc.) and their daily and weekly changes are presented, along with prices of qualified lumps, trader prices, and export prices. The主力合约 price is 5874, with daily and weekly changes of 206 and 380 respectively [1]. - For silicon manganese, the latest prices of different grades in various regions (Inner Mongolia 6517 at 5700, etc.) and their daily and weekly changes are shown, along with prices of different contracts and spreads [1]. - Multiple price - related charts for silicon ferroalloy and silicon manganese from 2021 - 2025 are provided, including market prices, import/export prices, and basis prices [2][6] Supply - For silicon ferroalloy, data on production such as the output of 136 Chinese enterprises (monthly and weekly), and capacity utilization in different regions (Inner Mongolia, Ningxia, etc.) are presented [4]. - For silicon manganese, the weekly production in China and the production of related enterprises are shown, along with the prices and supply - related information of raw materials like manganese ore [6] Demand - For silicon ferroalloy, demand - related data includes the production of crude steel in China (monthly estimated and actual), the production of stainless - steel crude steel, and the procurement volume and price of Hebei Iron and Steel Group [4]. - For silicon manganese, the demand in China (in ten thousand tons) and the procurement volume and price of Hebei Iron and Steel Group are provided [4][7] Inventory - For silicon ferroalloy, inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, etc.), as well as warehouse receipt data and effective forecasts are presented [5]. - For silicon manganese, inventory - related data such as warehouse receipt quantity, effective forecast, and inventory of 63 sample enterprises in China are provided [7] Cost and Profit - For silicon ferroalloy, cost - related factors include electricity prices in different regions (Inner Mongolia, Qinghai, etc.), the market price of blue charcoal, and the production cost and profit in different regions (Ningxia, Inner Mongolia) are calculated [5]. - For silicon manganese, the profit in different regions (Inner Mongolia, Guangxi, etc.) and the profit after converting to the main contract are presented [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The current supply - demand contradiction in the steel spot market is not significant. Demand shows some resilience despite being weak, and low inventory eases supply pressure. The cost increase drives up the steel price center, and low inventory also increases price elasticity. The steel price is expected to remain strong in the short - term, and a bullish trading strategy is recommended, while paying attention to demand changes and supply - side policy implementation [27]. - In the coke market, there is a potential for four rounds of price increases, and additional increases depend on the situation of coking coal. In the coking coal market, the low - point of valuation within the year has been reached, and the future situation depends on the implementation of coal over - production policies and the impact of imported coal [56][69]. 3. Summary by Relevant Catalogs Steel Market Demand and Inventory - **Rebar**: Affected by hot and rainy weather, rebar demand is weak, and the apparent demand has declined month - on - month. However, the demand is expected to improve month - on - month after August. Production remains at a relatively low level, inventory depletion has slowed down, and the absolute inventory value is still low, which supports the price [6]. - **Hot - rolled coil**: Demand remains stable with some resilience. Production has declined from its high, and the inventory is also at a low level [9]. Iron Water Production - Steel mills are profitable, and with low overall inventory, the motivation for blast furnace production cuts is insufficient. Iron water production remains high, strongly supporting the demand for furnace materials. During the off - season, the negative feedback pressure in the market is small, and as the cost rises significantly, the steel price center gradually moves up. Attention should be paid to the implementation of production - restriction policies [11]. Industry Conditions - **Construction industry**: From January to June, real estate investment, sales area, and new construction area decreased by 11.2%, 3.5%, and 20.0% year - on - year respectively, remaining weak. Policy stimulus needs to be strengthened. Infrastructure investment continues to play a supporting role, but its growth rate has declined [17]. - **Manufacturing industry**: In June, the manufacturing PMI was 49.7, rising for two consecutive months but still below 50. With the PPI in the negative range for nearly 3 years, the "anti - involution" expectation has increased significantly. Recently, the prices of major industrial products have rebounded, which may stimulate restocking demand, but the actual performance remains to be seen [21]. Export - From January to June, China's cumulative steel exports reached 58.147 million tons, a year - on - year increase of 9.2%. In June, exports were 9.678 million tons, a month - on - month decrease of 8.5%. Although exports face some pressure to decline due to tariff policies, the overall level will remain high due to the large price difference between domestic and foreign markets and the continued overseas demand [24]. Coke Market Market Contradiction - Currently, iron water production remains at an inverse - seasonal high and is expected to be sustainable. Since June, the cost of coking coal has soared, leading to a significant deterioration in coking plant profits, which are significantly lower than steel - making profits. As a result, there is a temporary shortage of coke supply [49]. Trade and Inventory - Even after two rounds of price increases, the current coke futures price shows a significant premium, which will stimulate trade demand. Port coke inventory has been decreasing, and there is potential for restocking. The continuous reduction of visible coke inventory provides motivation for price increases [51][54]. Market Outlook - Overall, the spot price of coke has increased for the second round. Considering the high - level and resilient iron water production and the poor profitability of coking enterprises, as well as the potential for restocking after the significant reduction of carbon element inventory, there is room for coke prices to continue to rise following the cost of coking coal. It is expected that there will be four rounds of price increases, and additional increases depend on the situation of coking coal [56]. Coking Coal Market Supply - Since July, some previously shut - down coal mines in Shanxi have resumed production, but overall production recovery is slow due to heavy rain and mine face changes. In Wuhai, Inner Mongolia, production recovery is limited due to environmental inspections, but it is expected to gradually increase as coal prices rebound. The suspension of Mongolian coal customs clearance during the Nadam Fair has led to a significant decline in port inventory, but the daily vehicle traffic at the Ganqimaodu port has returned to over a thousand, and imports are expected to increase [60][63]. Price and Market Outlook - The price of Mongolian coal has risen in resonance with the futures market. The narrowing price difference between domestic and foreign coal restricts the further rise of coking coal prices. The power coal price is under pressure as daily consumption peaks. Overall, the low - point of coking coal valuation within the year has been reached, and the future situation depends on the implementation of coal over - production policies and the impact of imported coal [62][65][69]. Ferroalloy Market Supply - After the price rebound, ferroalloy production has gradually increased, but at a relatively slow rate, indicating a rational production side. Attention should be paid to whether the supply will expand rapidly to an oversupply situation if the futures price continues to rise [78].

Group 1: Investment Ratings - No report industry investment ratings are provided in the content [1][2] Group 2: Core Views - The US-EU trade negotiation has reached a deadlock, with the US setting an August 1st deadline for a new trade agreement, and the EU considering "nuclear option" countermeasures [5][20][21] - For specific commodities, the report provides trend predictions such as gold's upward oscillation, silver's upward breakthrough, and copper's price supported by inventory reduction [12][18][21] Group 3: Summaries by Commodity Propylene - On July 22, 2025, the listing benchmark price of the first batch of propylene futures contracts was 6350 yuan/ton. Considering the spread and delivery costs, the recommended strategy is to buy the 02 contract of propylene and short the 01 contract of PP [6] Glass - In the short term, the glass market is slightly bullish but overvalued. The market has rebounded due to policy expectations and reduced short positions. However, the high premium of futures contracts over spot prices may lead to market fluctuations. As the market approaches August, the delivery logic may favor short positions [9] Metals - **Gold and Silver**: Gold is expected to oscillate upward, and silver to break through upward [12][18] - **Copper**: Copper price is supported by inventory reduction, with both domestic and international copper inventories decreasing [21] - **Zinc**: Zinc is in a range - bound oscillation [12][24] - **Lead**: The price of lead is supported by supply - demand contradictions [12][27] - **Tin**: The price of tin is weakening [12][29] - **Aluminum and Related Products**: Aluminum is expected to oscillate upward, alumina has a short - term strong sentiment, and cast aluminum alloy follows the trend of electrolytic aluminum [12][33] - **Nickel and Stainless Steel**: Nickel's upward potential is limited by reality despite positive macro - sentiment, and stainless steel's trend is mainly influenced by macro - sentiment with fundamentals determining its elasticity [12][36] Chemicals - **Carbonate Lithium**: With potential supply reduction and positive macro - sentiment, the short - term trend may remain strong [12][41] - **Industrial Silicon and Polysilicon**: Industrial silicon's position is decreasing, making the market resistant to decline; polysilicon requires attention to component sales [12][45] Building Materials - **Iron Ore**: Supported by macro - expectations, it is in a bullish oscillation [12][48] - **Rebar and Hot - Rolled Coil**: Market sentiment remains strong, and both are in a bullish oscillation [12][50][51] - **Silicon Ferrosilicon and Manganese Silicate**: Market sentiment is strong, and both are in a bullish oscillation [12][55] Energy - **Coke and Coking Coal**: Both are expected to oscillate upward [12][59][60] - **Steam Coal**: With the recovery of daily consumption, the market is stabilizing with an oscillating trend [12][63] Others - **Log**: The log market is oscillating repeatedly [66]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall atmosphere in the commodity market is positive, and the prices of finished products are showing a volatile and upward - trending pattern. The upcoming release of the stable - growth work plans for ten key industries and the construction of the Medog Hydropower Station are expected to boost the demand for building materials, and the market is expected to strengthen due to the low inventory level [3]. - In the short term, with the support of fundamentals and positive market sentiment, iron ore prices may remain strong, but risk control is needed after increased volatility [6]. - For manganese - silicon and silicon - iron, in the context of high volatility and no obvious trend, it is recommended to wait and see. The fundamental logic still points downward, but the current positive market sentiment may affect prices [9][10]. - For industrial silicon, the short - term upward trend continues, but it still faces the problems of over - supply and insufficient demand. It is recommended that speculators be rational and industrial players consider hedging [14][15]. - For glass, in the short term, it is boosted by macro - policies and inventory reduction. Long - term price trends depend on real estate policies and supply - side adjustments. It is recommended to avoid short positions [17]. - For soda ash, it is temporarily strong due to market sentiment, but there are still supply - demand contradictions in the medium - to - long term. It is recommended to avoid short positions in the short term and wait for opportunities to go short after the sentiment cools down [18]. Group 3: Summary by Related Catalogs Steel - **Prices and Positions**: The closing price of the rebar main contract was 3,224 yuan/ton, up 77 yuan/ton (2.446%) from the previous trading day. The registered warehouse receipts decreased by 897 tons, and the main - contract positions increased by 20,122 lots. The closing price of the hot - rolled coil main contract was 3,394 yuan/ton, up 84 yuan/ton (2.537%), with a decrease of 293 tons in registered warehouse receipts and an increase of 4,222 lots in main - contract positions [2]. - **Market Analysis**: The supply - demand of rebar both decreased, and inventory slightly accumulated. The output of hot - rolled coils decreased, demand slightly increased, and inventory decreased. Both rebar and hot - rolled coil inventories are at a five - year low. The market is affected by policies and terminal demand, and attention should be paid to policy signals and demand recovery [3]. Iron Ore - **Prices and Positions**: The main contract (I2509) closed at 809.00 yuan/ton, up 3.06% (+24.00), with a decrease of 29,220 lots in positions to 663,400 lots. The weighted positions were 1,120,900 lots. The spot price of PB powder at Qingdao Port was 785 yuan/wet ton, with a basis of 25.54 yuan/ton and a basis rate of 3.06% [5]. - **Supply - Demand Analysis**: Overseas iron - ore shipments increased overall, with a decline in Australia and an increase in Brazil and non - mainstream countries. The near - end arrivals decreased. The daily average pig - iron output increased, and port inventories slightly increased while steel - mill inventories decreased [6]. Manganese - Silicon and Silicon - Iron - **Prices and Trends**: The manganese - silicon main contract (SM509) closed up 1.90% at 5,914 yuan/ton, and the silicon - iron main contract (SF509) closed up 2.90% at 5,668 yuan/ton. The manganese - silicon is still in a rebound trend, and the silicon - iron shows a wide - range shock [9][10]. - **Operation Suggestions**: It is recommended to wait and see due to high volatility and no obvious trend. The fundamental logic still points downward, with over - supply, weakening demand, and potential cost reduction [9][10]. Industrial Silicon - **Prices and Trends**: The main contract (SI2509) closed up 6.50% at 9,260 yuan/ton. The short - term upward trend continues, and attention should be paid to the resistance at 9,700 yuan/ton [14]. - **Fundamental Analysis**: It still faces over - supply and insufficient demand. It is recommended that speculators be rational and industrial players consider hedging [15]. Glass and Soda Ash - **Glass**: The spot prices in Shahe and Central China increased. The total inventory of national float - glass sample enterprises decreased. It is boosted by policies and inventory reduction in the short term. Long - term trends depend on real estate policies and supply - side adjustments. It is recommended to avoid short positions [17]. - **Soda Ash**: The spot price increased, and the total inventory decreased slightly. The demand is still weak, and the supply is relatively loose in the medium term. It is temporarily strong due to market sentiment, and it is recommended to avoid short positions in the short term and wait for opportunities to go short after the sentiment cools down [18].

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 July 22, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5280 and 5300 respectively, with daily changes of 50 and weekly changes of 80 and 100 [2]. - The latest price of Qinghai 72 silicon ferroalloy natural block was 5300, with a daily change of 50 and a weekly change of 100 [2]. - The latest price of Shaanxi 72 silicon ferroalloy was 5230, with a daily change of 50 and a weekly change of 80; the price of Shaanxi 75 was 5650, with no daily change and a weekly change of 50 [2]. - The latest price of Jiangsu 72 silicon ferroalloy qualified block was 5600, with no daily or weekly change; the price of Tianjin 72 for traders was 5600, with a daily change of 100 and a weekly change of 70 [2]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy were 1005 and 1055 respectively, with no daily change and a weekly change of -5 [2]. - For silicon manganese on July 22, 2025, the ex - factory prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5680, 5680, 5700, 5650, and 5650 respectively, with daily changes of 50, 50, 30, 30, 30 and weekly changes of 80, 130, 50, 50, 50 [2]. - The price of Guangxi 6014 silicon manganese was 5100, with no daily or weekly change; the prices of Ningxia 6517 and Jiangsu 6517 for traders were 5680 and 5880 respectively, with daily changes of 50 and 90 and weekly changes of 130 and 130 [2]. Supply - Information on the production and capacity utilization of 136 silicon ferroalloy enterprises in China is provided, including monthly production, weekly production (with a capacity share of 95%), and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production and capacity utilization of silicon manganese enterprises in China are also presented, such as weekly production and enterprise - level capacity utilization [7]. Demand - Data on the demand for silicon ferroalloy and silicon manganese in China are provided, 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 and silicon manganese by Hebei Iron and Steel Group [4][7][8]. - Information on the production of related downstream products such as crude steel, metal magnesium, and stainless - steel crude steel is also included, which reflects the demand for ferroalloys [4]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis are provided, as well as the daily data of CZCE silicon ferroalloy warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [6]. - For silicon manganese, the daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts, as well as the inventory data of 63 sample enterprises in China on a weekly basis are presented [8]. Cost and Profit - For silicon ferroalloy, data on electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia, the market price and production profit of semi - coke, and the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia are provided [6]. - For silicon manganese, the cost - related data such as the ex - factory price of chemical coke and the price of manganese ore, and the profit data in Inner Mongolia, Guangxi, the northern region, and the southern region are presented [7][8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market is driven by the expectation of supply contraction and demand expansion. The steel price is expected to remain strong before the Politburo meeting in July, but there is a risk of a pullback due to a decline in sentiment [3]. - The iron ore market remains strong, with both fundamentals and expectations improving. The short - term outlook for industrial products is positive, but there are concerns about increased shipments [17]. - The coking coal and coke market is supported by speculative and rigid demand in the short term, but the high price of furnace materials may pose a threat to steel mill profits in the long term [31]. - The ferroalloy market is expected to have an optimistic price trend in the short term, but the fundamental driving force is not strong, and attention should be paid to the implementation of policy expectations [48]. - The soda ash market is in a situation of strong supply and weak demand, and the market is in a long - term oversupply expectation. Attention should be paid to unexpected or policy - related disturbances [62]. - The glass market remains strong, and the supply is in a state of co - existence of ignition and cold repair. The market is in a weak balance, and attention should be paid to the feedback of industrial behavior on the spot side [85]. 3. Summary by Relevant Catalogs Steel - **Price and Market Situation**: Influenced by policies and project news, steel prices rose. The current supply - demand of steel has no significant contradiction, and the "off - season is not off" effect is generated. Before the Politburo meeting in July, the steel price is expected to remain strong, but there is a risk of a pullback [3]. - **Price Data**: Provided the closing prices of rebar and hot - rolled coil contracts on different dates, as well as spot prices, basis, and spread data [3][6][10]. Iron Ore - **Market Situation**: The iron ore market remains strong, with iron water production increasing unexpectedly. The inventory accumulation is not smooth, and the spot is in a tight balance. However, there are concerns about increased shipments [17]. - **Price and Fundamental Data**: Provided price data of iron ore contracts, basis, and spot prices, as well as fundamental data such as iron water production, port throughput, and inventory [18][25]. Coking Coal and Coke - **Market Situation**: The coking coal and coke market is supported by speculative and rigid demand in the short term, and the second round of price increases by coking plants is likely to be implemented. In the long term, the high price of furnace materials may pose a threat to steel mill profits [31]. - **Price Data**: Provided coking coal and coke contract prices, basis, and spot prices, as well as profit and ratio data [31][33]. Ferroalloy - **Market Situation**: Driven by the anti - involution sentiment and the strengthening of coal prices, the ferroalloy price is expected to be optimistic in the short term. The supply - demand contradiction is not significant, and attention should be paid to the implementation of policy expectations [48]. - **Price Data**: Provided price data of ferrosilicon and ferromanganese, including basis, spread, and spot prices [49][50]. Soda Ash - **Market Situation**: The anti - involution and elimination of backward production capacity expectations are fermenting, but the actual impact needs further policy guidance. The supply is in a narrow - range fluctuation, and the demand is weak. The market is in a long - term oversupply expectation [62]. - **Price Data**: Provided soda ash contract prices, basis, and spot prices, as well as price difference data [63][64]. Glass - **Market Situation**: Driven by the anti - involution expectation, the glass market remains strong. The supply is in a state of co - existence of ignition and cold repair, and the market is in a weak balance. Attention should be paid to the feedback of industrial behavior on the spot side [85]. - **Price and Sales Data**: Provided glass contract prices, basis, and daily sales data in different regions [87][88].

| | | | | | | | | | 2025/7/21 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5230 | 30 | 30 | 5490 | 主力合约 | 5508 | 26 | 48 | | | 内蒙#72 | 5250 | 0 | 50 | 5550 | 01合约 | 5566 | 20 | 36 | | 产区汇总价 | 青海#72 | 5250 | 50 | 50 | 5580 | 05合约 | 5626 | 28 | 38 | | | 陕西#72 | 5180 | 30 | 30 | 5480 | 09合约 | 5508 | 26 | 48 | | | 陕西#75 | 5650 | 0 | 50 | | 主力月基差 | -18 | 4 | -18 | | 硅铁合格块 | 江苏#72 | 5600 | ...

硅铁&锰硅产业链周度报告 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7月20日 Guotai Junan Futures all rights reserved, please do not reprint 硅铁&锰硅观点：现货需求偏紧，盘面带动成本上移 ◼ 总体来看，双硅供需格局扩张，合金市场仍呈现"情绪驱动冲高，需求支撑仍存"的特征，双硅钢招定价均环比放量上涨，但仍避免过度追涨，生产商 逢高点价出货格局已定，需关注主力合约交割期的仓单注册情况，同时成材供给与钢厂利润同处高位的持续性仍存疑，保持对港口矿端报价及铁水产量 的高频跟踪，等待市场情绪的缓冲与钢厂的实际减停产信号。 双硅上涨情绪不减，价格走势震荡偏强 ◼ 本周硅铁2509合约走势偏强震荡，收于5,508元/吨，周环比上涨48元/吨，成交792,287 手，持仓183,514 手，持仓环比减少183,514 手。 | 基本面 | 条 目 | | | 硅 | 铁 | | | | | 锰 硅 | | | | | | --- | --- | --- | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the steel market, with optimistic domestic and overseas macro - environments and coking coal price concessions as a supporting factor, the steel futures market is rising. The downstream's enthusiasm for covering short positions and spot - futures trading has increased, and steel mills' orders are good. The market is expected to remain strong in the short term [3]. - For iron ore, its short - term fundamentals are strengthening. Although there may be a slight weakening in the long - term, the contradictions are not significant. With high inventory, potential for increased shipments, and stable steel mill demand, it is still considered strong in the short term [20]. - Regarding coal and coke, the short - term market may continue to be strong due to the current good profitability of downstream steel mills. However, in the long - term, the supply - demand gap of coking coal will narrow, and the high iron - making rate may not be sustainable [29]. - In the ferroalloy market, driven by anti - cut - throat competition sentiment, it has been rising slowly. But considering the weakening cost and downstream demand in the off - season, it is expected to be weak in the long - term, with possible fluctuations [46]. - For soda ash, due to the expected disturbances and fundamental limitations, it is rising in a volatile manner. The supply - demand pattern of strong supply and weak demand remains unchanged, and attention should be paid to unexpected or policy - related factors [58]. - In the glass market, the price has moved up. The supply side has a co - existence of ignition and cold - repair, and the market needs to observe the improvement of market sentiment and the real downstream demand [89]. Summary by Directory Steel - **Futures Prices**: On July 18, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3191, 3207, and 3147 yuan/ton respectively, and those of hot - rolled coil 01, 05, and 10 contracts were 3320, 3327, and 3310 yuan/ton respectively [4]. - **Spot Prices**: On July 18, 2025, the aggregated rebar price in China was 3319 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3340 yuan/ton [6][8]. - **Spread**: The 01 - 05 spread of rebar was - 16 yuan/ton, and that of hot - rolled coil was - 7 yuan/ton on July 18, 2025 [4]. Iron Ore - **Futures Prices**: On July 18, 2025, the closing prices of 01, 05, and 09 contracts were 753, 730, and 785 yuan/ton respectively [21]. - **Spot Prices**: On July 18, 2025, the price of Rizhao PB powder was 773 yuan/ton [21]. - **Fundamentals**: The daily average pig iron output on July 18, 2025, was 242.44 tons, and the 45 - port inventory was 13785.21 tons [24]. Coal and Coke - **Futures Prices**: On July 18, 2025, the coking coal 09 - 01 spread was - 49.5 yuan/ton, and the coke 09 - 01 spread was - 45 yuan/ton [30]. - **Spot Prices**: On July 18, 2025, the ex - factory price of Anze low - sulfur primary coking coal was 1300 yuan/ton, and the ex - factory price of Lvliang quasi - first - grade wet coke was 1030 yuan/ton [31]. - **Profit and Spread**: The on - site coking profit on July 18, 2025, was 73 yuan/ton, and the main ore - coke ratio was 0.517 [30]. Ferroalloy - **Silicon Iron**: On July 18, 2025, the silicon iron basis in Ningxia was 72 yuan/ton, and the 01 - 05 spread was - 60 yuan/ton [49]. - **Silicon Manganese**: On July 18, 2025, the silicon manganese basis in Inner Mongolia was 176 yuan/ton, and the 01 - 05 spread was - 28 yuan/ton [50]. Soda Ash - **Futures Prices**: On July 18, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1306, 1216, and 1265 yuan/ton respectively [60]. - **Spot Prices**: On July 18, 2025, the market price of heavy soda ash in North China was 1300 yuan/ton [61]. Glass - **Futures Prices**: On July 18, 2025, the closing prices of glass 05, 09, and 01 contracts were 1240, 1081, and 1165 yuan/ton respectively [90]. - **Spot Prices**: On July 18, 2025, the 05 - contract basis in Shahe was - 74 yuan/ton [90]. - **Production and Sales**: From July 8 - 13, 2025, the production - sales ratio in Shahe ranged from 91% to 120%, and in Hubei from 92% to 163% [92].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - The report presents the weekly data of silicon manganese and silicon iron alloys on July 18, 2025, including daily average output, weekly operating rate, weekly apparent demand, and sample enterprise inventory, and compares them with the data on July 11, 2025 [2]. 3. Summary by Related Catalogs Silicon Manganese - **Daily Average Output**: The daily average output on July 18, 2025, was 26,120 tons/day, an increase of 80 tons/day compared to July 11, 2025 [2]. - **Weekly Operating Rate**: The weekly operating rate on July 18, 2025, was 40.53%, a decrease of 0.02 percentage points compared to July 11, 2025 [2]. - **Weekly Apparent Demand**: The weekly apparent demand on July 18, 2025, was 123,381 tons, a decrease of 1,547 tons compared to July 11, 2025 [2]. - **Sample Enterprise Inventory**: The sample enterprise inventory on July 18, 2025, was 216,300 tons, a decrease of 4,500 tons compared to July 11, 2025 [2]. Silicon Iron - **Daily Average Output**: The daily average output on July 18, 2025, was 14,285 tons/day, an increase of 175 tons/day compared to July 11, 2025 [2]. - **Weekly Operating Rate**: The weekly operating rate on July 18, 2025, was 32.45%, an increase of 1.25 percentage points compared to July 11, 2025 [2]. - **Weekly Apparent Demand**: The weekly apparent demand on July 18, 2025, was 20,013.7 tons, a decrease of 153.6 tons compared to July 11, 2025 [2]. - **Sample Enterprise Inventory**: The sample enterprise inventory on July 18, 2025, was 63,540 tons, a decrease of 6,700 tons compared to July 11, 2025 [2].