Report Information - Report Name: Manganese Silicon Weekly Report (April 21 - April 25) [1] - Author: Hu Yuxiu from the Investment Consulting Department of Dayue Futures [1] - Contact: 0575 - 85226759 [1] Investment Rating - No investment rating information provided in the report. Core View - This week, the manganese ore market had weak trading, and prices were under downward pressure. Silicon - manganese producers were less willing to offer prices actively, mainly fulfilling long - term contracts, with few spot transactions. Affected by cost - price inversion, producers had weak willingness to cut or halt production. Downstream buyers had weak demand for silicon - manganese, and the release of terminal black - series demand was still awaited. - Next week, the silicon - manganese market is expected to have weak supply and demand, and spot prices are likely to be weak. [2] Summary by Directory Manganese Silicon Supply Capacity - The chart shows the monthly production capacity of silicon - manganese enterprises in China. [5][6] Annual Production - The chart presents the annual production of silicon - manganese in different regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas, as well as the national total. [7][8] Weekly, Monthly Production and Operating Rate - The chart shows the weekly and monthly production of silicon - manganese in China and the weekly operating rate of silicon - manganese enterprises. [9][10] Regional Production - The report mentions the monthly production in Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production in Inner Mongolia, Ningxia, Guizhou, and Guangxi. [11][12] Manganese Silicon Demand Steel Tendering - The chart shows the monthly procurement volume of silicon - manganese by some steel enterprises, including Hebei Iron and Steel Group, Shagang Co., Ltd., and Nanjing Iron and Steel Co., Ltd., as well as the weekly demand in China. [13][14] Steel Tendering Procurement Price - The chart presents the monthly procurement prices of silicon - manganese by multiple steel enterprises, such as Baoshan Iron & Steel Co., Ltd., Baowu E'gang, Chengde Jianlong, etc. [15][16] Daily Average Hot Metal and Profitability - The chart shows the weekly daily average hot metal production and profitability of 247 steel enterprises in China. [17][18] Manganese Silicon Import and Export - The chart shows the monthly import and export volumes of ferromanganese - silicon in China. [19][20] Manganese Silicon Inventory - The chart shows the weekly inventory of 63 sample silicon - manganese enterprises in China, as well as the monthly average available days of inventory in China, the northern region, and the eastern region. [21][22] Manganese Silicon Cost Manganese Ore Import Volume - The chart shows the monthly import volume of manganese ore in different trade methods, from Gabon, southern Africa, and Australia to China. [23][24] Manganese Ore Port Inventory and Available Days - The chart shows the weekly port inventory of manganese ore in China, including Qinzhou Port and Tianjin Port, as well as the weekly average available days of inventory. [25][26] High - Grade Manganese Ore Port Inventory - The chart shows the weekly port inventory of high - grade manganese ore in Qinzhou Port and Tianjin Port, including Australian, Gabonese, and Brazilian manganese ores. [27][28] Tianjin Port Manganese Ore Price - The chart shows the daily price of different types of manganese ore in Tianjin Port, such as South African semi - carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore. [29][30] Regional Cost - The chart shows the daily cost of silicon - manganese in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi. [31][32] Manganese Silicon Profit - The chart shows the daily profit of silicon - manganese in different regions, including the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi. [33][34]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The raw material side shows that the manganese ore market has sluggish transactions, and manganese ore prices are under pressure to decline. The supply side indicates that silicon-manganese plants have a weak willingness to offer prices actively, mostly fulfilling long-term contracts, with sluggish spot transactions. Affected by cost inversion, silicon-manganese plants have a weak willingness to reduce or halt production. The demand side reveals that downstream purchasers have weak demand for silicon-manganese, and they still need to wait for the release of terminal black-series demand, presenting a neutral situation. The basis shows that the spot price is 5,580 yuan/ton, and the basis for the 09 contract is -216 yuan/ton, with the spot at a discount to the futures, which is bearish. The inventory shows that the inventory of 63 independent silicon-manganese enterprises in the country is 116,500 tons, and the average available days of inventory for 50 steel mills in the country is 16.27 days, which is bullish. The disk shows that the MA20 is downward, and the futures price of the 09 contract closes below the MA20, which is bearish. The main position shows that the main position is net short, and the short position is decreasing, which is bearish. It is expected that the silicon-manganese price will run weakly this week, and SM2509 will oscillate between 5,750 - 5,950 yuan/ton [3]. Summary by Directory Manganese Silicon Supply - **Capacity**: Data on the monthly capacity of Chinese silicon-manganese enterprises is presented [7]. - **Annual Output**: Data on the annual output of silicon-manganese in various regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas, is shown [9]. - **Weekly, Monthly Output and Operating Rate**: Data on the weekly and monthly output of Chinese silicon-manganese and the weekly operating rate of silicon-manganese enterprises are presented [12]. - **Regional Output**: Data on the monthly output of Inner Mongolia, Ningxia, and Guizhou, as well as the daily average output of Inner Mongolia, Ningxia, Guizhou, and Guangxi, are shown [13][14]. Manganese Silicon Demand - **Steel Tender Procurement Price**: Data on the monthly procurement prices of silicon-manganese 6517 by various steel companies, such as Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, etc., are presented [17]. - **Daily Average Hot Metal and Profit**: Data on the weekly daily average hot metal output and profitability of 247 Chinese steel enterprises are shown [19]. Manganese Silicon Import and Export - Data on the monthly import and export volumes of Chinese ferromanganese silicon are presented [21]. Manganese Silicon Inventory - Data on 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 are shown [23]. Manganese Silicon Cost - **Manganese Ore Import Volume**: Data on the monthly import volume of manganese ore by trade method, the monthly import volume of manganese ore from Gabon to China, the monthly import volume of manganese ore from southern Africa to China, and the monthly import volume of manganese ore from Australia to China are presented [25]. - **Manganese Ore Port Inventory and Available Days**: Data on 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 inventory in China are shown [27]. - **High-Grade Manganese Ore Port Inventory**: Data on the weekly port inventory of Australian, Gabonese, and Brazilian high-grade manganese ore in Qinzhou Port and Tianjin Port are presented [29]. - **Tianjin Port Manganese Ore Price**: Data on 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 are presented [30]. - **Regional Cost**: Data on the daily cost of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi are presented [33]. Manganese Silicon Profit - Regional profit data on the daily profit of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi are presented [35].

商 品 研 究 2025 年 4 月 28 日 硅铁：低位震荡 锰硅：低位震荡 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 【宏观及行业新闻】 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2506 | 5640 | -18 | 118,535 | 168,404 | | 期 货 | 硅铁2509 | 5704 | -20 | 27,736 | 93,306 | | | 锰硅2506 | 5742 | -24 | 54,556 | 62,247 | | | 锰硅2509 | 5796 | -26 | 215,568 | 379,691 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | | 硅铁:FeSi75-B:汇总价格:内蒙 | | 5550 | - | 元/吨 | | 现 货 | 硅锰:FeMn ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In April 2025, the prices of ferromanganese - silicon (MnSi) futures declined steadily, with the main contract shifting from 2505 to 2509. As of April 25, the MnSi 2509 contract closed at 5,796 yuan/ton, down 5.66% from March. The supply - demand situation of MnSi was relatively balanced, but the market still had accumulated surpluses. Macro risks in April led to a general decline in industrial products, exerting negative pressure on MnSi [3][6][57]. - In April 2025, the price of ferrosilicon (FeSi) fluctuated and declined, breaking the low since 2021. As of April 25, the main contract of FeSi closed at 5,704 yuan/ton, down 5.03% month - on - month. The price of FeSi was affected by electricity prices, which were closely related to coal prices. In April, coal prices were weak, and electricity prices in some areas declined [4][11][59]. - Looking ahead to May, the surplus of MnSi may be marginally alleviated, but the surplus pattern still exists. There is still the negative impact of Australian manganese ore shipments to be realized in May, so MnSi may remain weak. However, if the low price persists, the shortage of manganese ore will intensify again. There is a high probability that MnSi will experience a manganese - ore - driven upward trend in the third and fourth quarters. FeSi is still affected by coal prices. In May, it is still the off - season for thermal coal, and the decline of raw materials is expected to remain unchanged. After the production cut in April, the supply - demand situation of FeSi will improve. In May, it will mainly fluctuate, waiting for the peak season of coal - fired power in summer to provide obvious support [4][59]. 3. Summary by Relevant Catalogs Market行情回顾 - **MnSi**: In April 2025, MnSi futures prices declined steadily, with the main contract shifting from 2505 to 2509. As of April 25, the MnSi 2509 contract closed at 5,796 yuan/ton, down 5.66% from March. The supply - demand was balanced, production declined significantly in April after rising in March, and the daily average production was at a low level. The inventory still increased, and the market had accumulated surpluses. Manganese ore inventory fluctuated at a low level, with a slight shortage. The Australian ore of South32 is expected to resume shipments in the second quarter. The absolute price of MnSi was low, and there was no obvious fundamental driver. Macro risks in April led to a general decline in industrial products, negatively affecting MnSi. The steel tender price in April was delayed and fell below 6,000 yuan/ton, and the basis fluctuated at a high level in April [3][6][7]. - **FeSi**: In April 2025, FeSi prices fluctuated and declined, breaking the low since 2021. As of April 25, the main contract of FeSi closed at 5,704 yuan/ton, down 5.03% month - on - month. FeSi prices were affected by electricity prices, which were related to coal prices. In April, coal prices were weak, and electricity prices in some areas declined. The prices of iconic steel mills for FeSi decreased month - by - month, and the basis increased as the price of FeSi fell [4][11][14]. Supply - Demand Analysis Policy Impact on MnSi and FeSi - In December 2024, the Lanzhou Industry and Information Technology Bureau carried out energy - saving supervision on the ferroalloy industry. In February 2025, the long - term contract shipments from Gabon decreased from 300,000 tons to 120,000 tons. Due to the impact of tropical cyclone Zelia, the mining in some areas of Oceania was suspended, affecting the production and shipment of manganese ore. Indonesia, Vietnam, and South Korea imposed anti - dumping duties on Chinese steel products. The Chinese government will implement a new round of rural road improvement actions and adopt more active macro - policies [17][18][20]. MnSi Supply - In 2024, the MnSi industry cut production. From January to March 2025, the production was similar to that at the beginning of 2024, and it is expected to decline in April. In March 2025, the national comprehensive starting rate of MnSi production enterprises was 49.98%, with a month - on - month increase of 3.21%. The production in March was 899,115 tons, a month - on - month increase of 11.85%. The production profit of MnSi was poor at the beginning of 2025, and then turned negative again. The industry had serious over - capacity, especially in the north. In April, the import profit of manganese ore was generally poor, and the spot price of manganese ore declined. As of February 2025, South32's Australian ore had not shipped, and the Australian ore of United Mining was also affected by the hurricane and could not be shipped in the second quarter. In March 2025, China's total manganese ore imports were 1.93 million tons, a month - on - month decrease of 13.45% and a year - on - year decrease of 10.60%. The manganese ore inventory was at a low level in the past five years, and there was a slight increase in April compared with March. Although the current inventory was low, there would be no hard shortage in the market [21][25][31]. MnSi Demand - The demand for MnSi mainly comes from the steel - making industry, especially for rebar. In 2024, the demand declined significantly, and there were signs of stabilization at the beginning of 2025, with a year - on - year increase in March. In March 2025, China's rebar production was 1.8611 million tons, a year - on - year increase of 5.6%. Due to the high cost of small and medium - sized manganese mines and the profit - protection measures of large mines, MnSi is not expected to maintain a long - term low price. In the short - to - medium - term, MnSi may be weak in May, but in the long - term, there is a possibility of a strong independent market in the fourth quarter [40][41]. FeSi Production Profit - From January to April 2025, coal prices continued to decline, and the cost of FeSi decreased. Before March, the profit of FeSi improved, and production increased. However, after April, FeSi prices continued to decline significantly, and the profit of using grid electricity to produce FeSi turned negative, so the production of FeSi decreased month - on - month in April [43]. FeSi Production - In March 2025, the national comprehensive capacity utilization rate of FeSi production enterprises was 60.57%, a month - on - month increase of 6.61%. The production in March was 502,740 tons, a month - on - month increase of 12.26%. However, the latest FeSi production has decreased significantly. It is estimated that the production in April will be about 440,000 tons, a month - on - month decrease but a year - on - year increase. The decline in FeSi prices is highly correlated with the decline in coal prices [46]. FeSi Demand - In 2025, the export of FeSi decreased year - on - year but increased month - on - month in March. In March 2025, China's FeSi export volume was 31,523.207 tons, a month - on - month increase of 24.46% but a year - on - year decrease of 15.45%. The main export regions are Asia. If the domestic coal prices continue to decline, the export of FeSi is expected to increase. The production of magnesium, the second - largest demand for FeSi, increased slightly at a low level in 2025. In March, the production of magnesium ingots increased by 0.5% month - on - month. In 2025, the steel production showed signs of recovery at the beginning of the year, but there were frequent news of production restrictions. From the current supply - demand situation, the FeSi market has limited room for large fluctuations [48][51][55]. Summary and Outlook - In April 2025, the price of MnSi futures declined steadily, and the main contract shifted from 2505 to 2509. As of April 25, the MnSi 2509 contract closed at 5,796 yuan/ton, down 5.66% from March. The supply - demand of MnSi was balanced, but there were still surpluses. Macro factors had a negative impact. In April, the price of FeSi fluctuated and declined, breaking the low since 2021. As of April 25, the main contract of FeSi closed at 5,704 yuan/ton, down 5.03% month - on - month. In May, MnSi may remain weak, but there is a high probability of a manganese - ore - driven upward trend in the third and fourth quarters. FeSi will mainly fluctuate in May, waiting for the support from the peak season of coal - fired power in summer [57][59].

Report Industry Investment Rating - Silicon manganese: Oscillating [2][5] - Silicon iron: Oscillating [2][5] Core Viewpoints Market Analysis - **Silicon Manganese**: This week, market sentiment was pessimistic, with silicon manganese futures prices showing an oscillating downward trend. As of Friday, the main silicon manganese contract closed at 5,796 yuan/ton, a weekly decline of 1.66%. Spot prices remained stable, with downstream procurement mainly for rigid demand and a relatively quiet market. Supply - the开工 rate of 187 independent silicon manganese enterprises was 41.59%, a decrease of 2.63% from last week, and the daily output was 26,580 tons, a decrease of 365 tons. Last week's national silicon manganese output was 186,100 tons, a 1.35% decrease from the previous week. Demand - the weekly demand for silicon manganese in five major steel products was 126,700 tons, a 0.34% increase from last week. Affected by industry profits, silicon manganese output continued to decline, while iron - water output increased month - on - month, indicating resilient demand. With sufficient production capacity, output can quickly increase once profits improve. Low manganese ore port inventories support alloy costs, so attention should be paid to the supply side of manganese ore [3]. - **Silicon Iron**: This week, silicon iron futures prices oscillated. As of Friday, the main silicon iron contract closed at 5,640 yuan/ton, a weekly decline of 0.49%. Spot prices were weakly stable, with general overall transactions. As of Friday, the ex - factory price of 72 - grade silicon iron natural lumps in the main production areas was 5,500 - 5,600 yuan/ton, and the price of 75 - grade silicon iron was 6,050 - 6,100 yuan/ton. Supply - the silicon iron enterprise's开工 rate was 30.91%, a week - on - week decrease of 1.48%, and the output was 98,900 tons, a 1.4% decrease from the previous week. Demand - the weekly demand for silicon iron in five major steel products was 20,600 tons, a 0.08% increase from last week. Overall, despite improving demand, silicon iron output declined from its high due to losses, while manufacturer inventories increased month - on - month and downstream enterprise inventories remained low. With relatively loose production capacity, prices will be suppressed by weak demand, and attention should be paid to the impact of industrial policies on the black sector [4]. Strategy - Silicon manganese: Oscillating [5] - Silicon iron: Oscillating [5] Cross - Variety and Cross - Period - Cross - variety: None [6] - Cross - period: None [6]

2025 年 4 月 27 日 锰硅：成本支撑减弱，锰硅偏弱震荡 硅铁：黑色板块共振，硅铁偏弱震荡 | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei029984@gtjas.com | | --- | --- | --- | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan029838@gtjas.com | 报告导读： 【走势回顾】本周硅铁 2506 合约走势震荡偏弱，收于 5,640 元/吨，周环比变化-42 元/吨，成交 523,015 手，持仓 168,404 手，持仓环比变化-57,792 手。本周锰硅 2509 合约价格走势震荡偏弱， 收于 5,796 元/吨，周环比变化-100 元/吨，成交 226995 手，持仓 87763 手，持仓环比变化 54,077 手。 【供应】硅铁本周产量为 9.89 万吨，产量较上周环比变化-0.14 万吨，环比变化率为-1.4%。周开工 率为 30.91%，较上周变动-1.49 个百分点。锰硅本周产量 18.61 万吨，产量较上周环比变化-0.26 万吨，环比变化率为-1.4%，周开工率为 41.5 ...

首席点评： 原油反弹，黄金回落 特朗普称或将"大幅降低"对华关税，中国外交部：打，奉陪到底；谈，大门敞开。中国外交部发言人郭 嘉昆强调，如果美方真的想通过对话谈判解决问题，就应该停止威胁讹诈，在平等、尊重、互惠的基础 上同中方对话。一边说要同中方达成协议，一边不断搞极限施压，这不是同中方打交道的正确方式，也 是行不通的。美国 4 月 Markit 综合 PMI 超预期下降创 16 个月新低，信心挫、价格涨，制造业 PMI 不 降反升好于预期。数据表明， 4 月美国商业活动增长降至 16 个月低点，对未来一年商业前景的预期也 下降至自疫情以来最低之一；商品和服务的销售价格上涨幅度为一年多来最大，尤其是制造品价格大幅 上涨，与关税有关。就业指数低迷。 重点品种：原油、贵金属、橡胶 原油 ： SC 夜盘回落 2.25% 。有消息援引哈萨克新任命的能源部长的话说，在决定石油产量水平时， 哈萨克斯坦将优先考虑国家利益，而非欧佩克及其减产同盟国的利益。他还表示，该国未能减少三大产 油项目的石油产量，因为这些项目为海外巨头控制。路透社援引三位熟悉欧佩克及其减产同盟国会谈的 消息人士的话说，一些成员国将建议该集团在 6 月份 ...

最新：西南某钢厂最新硅铁招标价格敲定为6130/6140元/吨，相较上轮定价下调100元/吨，采购总量900吨；江苏某钢厂最新硅铁招标 启动，采购数量1550吨，后期最终定价情况本网站相关人员将会继续跟踪报道。 期货：震荡整理！ （转自：合金现货网） 现货：暂稳运行！！ 有明显波动，买卖双方僵持，整体暂呈观望态势。就本网站相关人员表示，今日硅铁75B主流报价仍在5600元/吨上下，整体报价相较 上一交易日变化不大。另，合金宝指数显示，截止上午九点，今日合金宝指数相较上一交易日暂稳运行，市场报价未有明显波动。其 中，河南、河北、山东、江苏等地硅铁75B现金含税包到价格在5755-6059元/吨之间，具体如下图所示： 综合来看 综合而言，短期硅铁行情或延续窄幅震荡，市场等待钢招定价指引，预计价格大幅调整的可能性不大。若招标价持平或小幅上移，可 能带动现货企稳；若招标价显著低于预期，则价格或再度承压。另，若供应收缩力度超预期或需求边际改善，市场或迎来阶段性反弹 机会，反之亦然。因此，综合各种情况分析，建议密切关注钢招定价、主产区减产执行情况及电价政策变动。且下周即将迎来五一小 长假，届时或迎来一波节前补库，但最终能 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For ferrosilicon, the weekly output continued to decline, consumption slightly rebounded, traders were cautious with low - inventory. Steel mills pressured prices during procurement, and the game continued. Although the approaching Politburo meeting improved the market atmosphere and provided some support at low prices, the medium - term bearish pattern remained unchanged, and prices were expected to fluctuate at a low level. Strategies could be bearish on rebounds [4]. - For silicomanganese, the mills' losses persisted, production continued to decline slightly on a weekly basis, weekly consumption decreased, and the pressure from high - level warehouse receipts remained. The price of manganese ore weakened, and port inventory was at a low level. The supply - demand fundamentals of silicomanganese remained loose, and prices were expected to oscillate weakly at a low level [28]. 3. Summary According to Related Catalogs 3.1 Ferrosilicon 3.1.1 Supply - The output of 136 independent ferrosilicon enterprises was 10030 tons last week, a week - on - week decrease of 2.72% and a year - on - year increase of 9.02%. In March 2025, the ferrosilicon output was 50270 tons, a month - on - month increase of 3.85% and a year - on - year increase of 18.02% [7]. 3.1.2 Demand - The consumption of ferrosilicon in five major steel products was 2050 tons, a week - on - week increase of 0.11% and a year - on - year increase of 3.45%. The weekly output of five major steel products was 872710 tons, a week - on - week increase of 0.19% and a year - on - year increase of 1.42% [9]. 3.1.3 Inventory - The enterprise inventory (bi - weekly data) was 9490 tons, a week - on - week increase of 19.15% and a year - on - year increase of 50.45%. The steel mill inventory days in March were 16.26 days, a month - on - month increase of 0.26 days and a year - on - year increase of 0.42 days. The number of ferrosilicon warehouse receipts was 13757, a week - on - week increase of 2552 and a year - on - year decrease of 1587 [12][20]. 3.1.4 Cost - The electricity price in Inner Mongolia decreased, and the price of oxidized iron scale dropped, leading to a slight decline in costs. Although the profit in Inner Mongolia improved, overall losses still existed [4][17]. 3.1.5 Basis - The basis of the main contract was 218 yuan/ton, a week - on - week increase of 146 yuan/ton [4]. 3.1.6 Position - The total position of ferrosilicon increased [21]. 3.2 Silicomanganese 3.2.1 Supply - The weekly output of 121 independent silicomanganese enterprises was 18860 tons, a week - on - week decrease of 1.62% and a year - on - year increase of 18.57%. In March 2025, the national silicomanganese output was 89910 tons, a month - on - month increase of 3.68% and a year - on - year increase of 6.52% [31]. 3.2.2 Demand - The weekly consumption of silicomanganese was 12630 tons, a week - on - week decrease of 0.23% and a year - on - year increase of 3.44%. The weekly output of five major steel products was 872710 tons, a week - on - week increase of 0.19% and a year - on - year increase of 1.42% [34]. 3.2.3 Inventory - The enterprise inventory (bi - weekly data) was 15760 tons, a week - on - week increase of 6.06% and a year - on - year decrease of 49.57%. The steel mill inventory days in March were 16.61 days, a month - on - month increase of 0.34 days and a year - on - year increase of 0.58 days. The number of silicomanganese warehouse receipts was 119504, a week - on - week increase of 2003 and a year - on - year increase of 67274 [37][38]. 3.2.4 Cost - The prices of manganese ore in Tianjin Port and Qinzhou Port continued to decline, and the cost of silicomanganese kept moving down. Although the electricity price in Inner Mongolia decreased and the profit improved, losses still persisted [28][44]. 3.2.5 Basis - The basis of the main contract was +154 yuan/ton, a week - on - week decrease of 40 yuan/ton [28]. 3.2.6 Position - The total position of silicomanganese increased on a weekly basis [45].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Related Catalogs Price - On April 21, 2025, the latest price of silicon - iron natural block (Ningxia 72) was 5550, with no daily change and a weekly decrease of 50; the latest price of silicon - iron qualified block (Jiangsu 72) was 5850, with no daily change and a weekly decrease of 50; the latest price of silicon - manganese产区出厂价 (Inner Mongolia 6517) was 5700, with no daily change and a weekly decrease of 100 [2] - The report also presents historical price trends of various silicon - iron and silicon - manganese products from 2021 to 2025, including market prices in different regions, export and import prices, and contract prices [3][4][6] Supply - There are data on the production volume of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 to 2025 [4] - The production volume and enterprise start - up rate of silicon - manganese in China from 2021 to 2025 are also provided [6] Demand - Data on the demand for silicon - manganese in China (in ten thousand tons, steel - union caliber) from 2021 to 2025 are presented, as well as the production volume of crude steel and stainless - steel crude steel in China, and the procurement volume and price of silicon - iron by Hebei Iron and Steel Group [4][7] Inventory - Information on the inventory of 60 sample silicon - iron enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), as well as CZCE silicon - iron warehouse receipts, effective forecasts, and inventory average available days in different regions from 2021 to 2025 are provided [5] - For silicon - manganese, data on CZCE warehouse receipts, effective forecasts, inventory average available days in China, and the inventory of 63 sample enterprises in China (weekly) from 2021 to 2025 are given [7] Cost and Profit - The report shows the electricity prices of ferroalloys in different regions (such as Inner Mongolia, Qinghai, Ningxia, and Shaanxi), the market price of blue - carbon, start - up rate, production profit, and the cost and profit of silicon - iron and silicon - manganese in different regions from 2021 to 2025 [5][7]