仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5100 -30 -100 5360 主力合约 5104 -92 -194 内蒙#72 5150 -50 -150 5450 01合约 5106 -4 -96 青海#72 5150 -50 -100 5480 05合约 5122 -18 -138 陕西#72 5100 -50 -100 5400 09合约 5104 2 -68 陕西#75 5750 -50 -100 主力月基差 256 62 94 江苏#72 5280 0 -200 1-5月差 -16 14 42 天津#72 5500 0 50 5-9月差 18 -20 -70 天津#72 1055 0 0 9-1月差 -2 6 28 现货 盘面 最新 硅铁自然块 产区汇总价 硅铁合格块 贸易商价 硅铁出口价 品种 项目 铁合金早报 硅锰贸易商价 2025/6/9 供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天 ...

每日观点 锰硅2509： 1.基本面：原料端，锰矿价格持续下行，硅锰成本支撑走弱。供应端，硅锰厂排产波动不大，南方地区部分硅锰厂有复产 意愿。硅锰厂主动报价意愿偏弱，部分持货方报价小幅下跌。需求端，下游钢厂对硅锰采购谨慎，多等待主流钢招进场； 中性。 2.基差：现货价5500元/吨，09合约基差-38元/吨，现货贴水期货。偏空。 3.库存：全国63家独立硅锰企业样本库存186100吨；全国50家钢厂库存平均可用天数15.15天。偏多。 4.盘面：MA20向下，09合约期价收于MA20下方。偏空。 5.主力持仓：主力持仓净空，多翻空。偏空。 交易咨询业务资格：证监许可【2012】1091号 2025-06-09锰硅早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 6.预期：预计本周锰硅价格震荡运行；SM2509：5400-5600震荡运行。 ...

交易咨询业务资格：证监许可【2012】1091号 锰硅周报6.3-6.6 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每周观点 本周观点： 原料端，锰矿价格持续下行，硅锰成本支撑走弱。供应端，硅锰厂排产波动不大，南方地区部分硅锰厂有复产意愿。 硅锰厂主动报价意愿偏弱，部分持货方报价小幅下跌。需求端，下游钢厂对硅锰采购谨慎，多等待主流钢招进场。 下周行情预测： 锰矿价格持续下行，硅锰成本支撑走弱，下游钢厂对硅锰采购谨慎，预计下周锰硅价格震荡为主。 2 -2000元/吨 0元/吨 2000元/吨 4000元/吨 6000元/吨 8000元/吨 10000元/吨 12000元/吨 14000元/吨 2020-01-01 2020-08-01 2021-03-01 2021-10-01 2022-05-01 2022-12-01 2023-07- ...

铁合金周报|2025-06-09 【煤炭和宏观消息加持，合金弱反弹中】 【基本面分析】 1、成本端：青海、宁夏硅石到厂价 170-230 元/吨，神府兰炭小料 570-640 元/吨暂稳， 河北石家庄 70#氧化铁皮 730-770 元/吨暂稳，关注 5 月结算电价和 6 月宁夏电价下调幅度。 2、硅铁现货：72 硅铁自然块报 5000-5200 元/吨现金含税出厂，75 硅铁 5700-5800 元/ 吨现金含税出厂，较上周跌 50-100。钢招方面，南钢 6 月招标定价 5550 承兑，福建三明 5530 半承兑半现金，较 5 月定价跌 2000-250 不等。本周宁夏和陕西均有复产，下阶段关注内蒙 大厂复产预期以及成本下移空间。 3、仓单变化：硅铁仓单 15576 张环比上个交易日减 260 张，预报 80 张环比持平，仓单 和预报合计 78280 吨环比减 1300 吨，交割库存下降中。 【技术分析】 文华商品指数收在 155.96 涨 0.51%，资金净流入 12.96 亿。黑色系不同幅度上涨，硅铁 2509 合约收在 5104 涨 0.08%，资金净流入 3593 万，日增仓 8713 手，结算价 ...

Group 1 - The silicon manganese market shows moderate performance with futures stabilizing after a short-term dip, while spot prices in both northern and southern markets range from 5450 to 5500 yuan/ton [1] - The overall operating rate of 187 independent silicon manganese enterprises is 35.03%, with a week-on-week increase of 0.26%, and the average daily output is 24,600 tons, up by 280 tons week-on-week [1] - Demand for silicon manganese from the five major materials is 125,800 tons, reflecting a week-on-week decrease of 0.86% [1] Group 2 - The silicon iron market experiences a cautious sentiment despite a slight easing of pessimism, with futures hitting recent lows and showing weak fluctuations [1] - The operating rate of silicon iron enterprises is 32.78%, with a week-on-week increase of 2.33%, and the average daily output is 13,900 tons, up by 1,760 tons week-on-week [1] - Demand for silicon iron from the five major materials is 20,300 tons, down by 1.21% week-on-week, indicating cautious purchasing behavior from downstream [1] Group 3 - Inventory levels for silicon manganese and silicon iron show mixed trends, with silicon manganese inventory slightly increasing and silicon iron inventory decreasing week-on-week [1] - The overall production of silicon manganese is low due to industry profit impacts, while silicon iron production has dropped to near historical lows due to enterprise losses [1] - Price pressures for both silicon manganese and silicon iron are influenced by factors such as cost, electricity prices, and industrial policies, with a focus on monitoring manganese ore supply [1]

Group 1 - The silicon manganese market shows signs of stabilization after a short-term dip, with current prices in the northern and southern markets ranging from 5450 to 5500 yuan/ton [1] - The overall operating rate of 187 independent silicon manganese enterprises is 35.03%, with a weekly increase of 0.26%, and an average daily output of 24,600 tons, up by 280 tons week-on-week [1] - Demand for silicon manganese from five major materials is 125,800 tons, reflecting a decrease of 0.86% week-on-week, while inventory levels have slightly increased [1] Group 2 - The silicon iron market remains cautious despite a slight easing of pessimism in black commodities, with silicon iron futures hitting recent lows and showing a weak oscillating trend [1] - The operating rate of silicon iron enterprises is 32.78%, with a weekly increase of 2.33%, and an average daily output of 13,900 tons, up by 1,760 tons week-on-week [1] - Weekly demand for silicon iron from five major materials is 20,300 tons, down by 1.21% week-on-week, indicating cautious purchasing behavior from downstream [1] Group 3 - Overall, silicon manganese production is low due to industry profit impacts, while iron water production remains at a high level for the same period, with resilient demand [1] - Silicon iron production has dropped to a near-record low due to enterprise losses, while downstream inventory levels remain low, indicating a need for careful monitoring of electricity prices and industrial policies [1] - Both silicon manganese and silicon iron are expected to exhibit oscillating trends, with no operational recommendations for cross-variety and cross-period trading at this time [1]

二 〇 二 五 2025 年 6 月 8 日 锰硅：黑色板块共振，锰硅走势震荡 硅铁：成本继续下移，硅铁走势偏弱 | 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 | 报告导读： 【走势回顾】本周硅铁 2507 合约走势偏弱，收于 5,206 元/吨，周环比变化-92 元/吨，成交 450,871 手，持仓 89,676 手，持仓环比变化-59,303 手。本周锰硅 2509 合约价格走势小幅反弹，收于 5,538 元/吨，周环比变化 60 元/吨，成交 1,192,152 手，持仓 452,001 手，持仓环比变化-30,755 手。 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 【供应】硅铁本周产量为 9.73 万吨，产量较上周环比变化 1.24 万吨，环比变化率为 14.6%，周开工 率为 32.78%，较上周变动 2.34 个百分点。锰硅本周产量 17.19 万吨，产量较上周环比 ...

Industry Overview - Silicon iron (FeSi) is produced using raw materials such as coke, steel scrap, and quartz in electric furnaces, primarily used as a deoxidizer in steelmaking and as an alloying agent in various steel types [1][6] - The demand for silicon iron has been increasing due to the recovery of the domestic and international economy, with production expected to reach 5.438 million tons in 2024, a nearly 1% increase from the previous year [6][10] Production Capacity and Distribution - As of the end of 2024, China's silicon iron production capacity is projected to exceed 8 million tons per year, indicating potential overcapacity and intensified market competition [6][8] - The production is highly concentrated in regions rich in energy and resources, such as Inner Mongolia, Ningxia, and Shaanxi, with Inner Mongolia's share rising from 27.2% in 2022 to 32% in 2024 due to its green energy initiatives [8][10] Market Pricing - The price of silicon iron in China showed a downward trend in 2024, decreasing from 6,661.43 CNY/ton at the beginning of the year to 6,024.29 CNY/ton by the end, a decline of approximately 9.56% [10] - Factors influencing price fluctuations include demand weakness, production adjustments, and changes in raw material costs [10] Import and Export Dynamics - China remains a net exporter of silicon iron, with imports in 2024 reaching 82,900 tons, a 40.51% increase year-on-year, driven by demand for high-end specialty silicon iron products [12] - Exports slightly increased to 428,800 tons in 2024, marking a 5.43% growth, while net export volume and trade surplus showed cyclical fluctuations [12] Competitive Landscape - The silicon iron industry in China is characterized by an oligopolistic structure with regional concentration, where companies leverage local resource advantages to enhance competitiveness [14][18] - Companies like Ordos, with an annual production capacity of 1.6 million tons, dominate the market due to their integrated coal-electricity-silicon iron production model [14][18] Development Trends - The industry is shifting towards high-end and specialized products, with increasing demand for high-purity and specialty silicon iron alloys driven by advancements in downstream applications [20] - Environmental policies are pushing the industry towards greener practices, with companies adopting technologies to reduce energy consumption and emissions [21] - The global market is becoming more competitive, with rising trade barriers and the emergence of new production regions, prompting companies to diversify their export markets and localize production [22]

5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：内蒙古（日） 2021 2022 2023 2024 2025 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：青海 2021 2022 2023 2024 2025 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：宁夏 2021 2022 2023 2024 2025 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 ...

黑色产业链日报 2025/6/5 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可，任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东 亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关责 ...