Report Information - Report Date: December 10, 2025 [1] - Report Type: Ferroalloy Morning Report Core Insights - The report presents the latest prices, price changes, and related data of ferroalloys such as ferrosilicon and ferromanganese, including spot prices, futures prices, basis, and spreads, to provide a comprehensive view of the ferroalloy market [2]. Summary by Category 1. Price - **Ferrosilicon**: Different regions have varying spot prices, with the latest prices for 72% ferrosilicon in Ningxia at 5100, Inner Mongolia at 5120, and Qinghai at 5150. Futures prices also show differences among different contracts, and there are changes in basis and spreads [2]. - **Ferromanganese**: The latest factory - ex prices for 6517 ferromanganese in Inner Mongolia, Ningxia, and other regions are 5510, 5490, etc. Futures prices and related basis and spreads also have specific values and changes [2]. 2. Supply - **Ferrosilicon**: The production volume and capacity utilization of 136 ferrosilicon enterprises in China are presented, and there are also data on production in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Ferromanganese**: The weekly production volume of ferromanganese in China is provided, along with procurement prices and quantities from Hebei Iron and Steel Group [6]. 3. Demand - **Ferrosilicon**: The demand is related to industries such as steelmaking and metal magnesium production. Data on the production of crude steel, stainless - steel crude steel, and metal magnesium are presented, which can reflect the demand for ferrosilicon [4]. - **Ferromanganese**: The demand for ferromanganese in China is shown, and it is also related to the steel industry, with data on crude steel production and ferromanganese procurement by Hebei Iron and Steel Group [6][7]. 4. Inventory - **Ferrosilicon**: The inventory data of 60 sample enterprises in China, including inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi, as well as warehouse receipt data and effective forecasts, are provided [5]. - **Ferromanganese**: The inventory data of 63 sample enterprises in China, warehouse receipt data, and effective forecasts are presented, along with the inventory average available days in China [7]. 5. Cost and Profit - **Ferrosilicon**: The cost is related to electricity prices and raw material prices such as semi - coke. Profit data include production profit, export profit, and profit after converting to the main futures contract in regions like Ningxia and Inner Mongolia [5]. - **Ferromanganese**: The profit data in different regions such as Inner Mongolia, Guangxi, the northern and southern regions are presented, along with the profit after converting to the main futures contract in Guangxi and Ningxia [7].

Core Viewpoint - Yulin's economy has shown a positive trend in the first three quarters of the year, supported by a series of policies aimed at stabilizing growth and enhancing market confidence [1][3]. Group 1: Policy Measures and Economic Environment - Yulin has implemented over 30 policy measures to stabilize growth, with more than 20 supporting details introduced by relevant departments, creating a synergistic effect between existing and new policies [1]. - The city's proactive measures have effectively boosted market confidence and stabilized development expectations, laying a solid foundation for healthy economic operation [1]. Group 2: Industrial Production and Energy Sector - Yulin has maintained stable growth in industrial production despite facing downward pressure, focusing on both optimizing existing resources and expanding new capacities [1]. - The city has successfully revived long-idle coal mines and facilitated the completion and trial operation of new coal mines, ensuring the orderly release of high-quality coal production capacity [1]. Group 3: Investment and Project Development - Yulin has accelerated project construction by reforming the approval system and implementing efficient mechanisms, resulting in high approval efficiency and project commencement rates [3]. - The city has introduced innovative measures to enhance the efficiency of preliminary project work, significantly improving the effectiveness of key construction projects [3]. Group 4: Consumer Market and Foreign Trade - Yulin has actively stimulated consumer potential through various initiatives, including consumption vouchers and major exhibitions, leading to a recovery in the consumer market [3]. - The successful hosting of significant events has promoted the integration of culture, commerce, and exhibitions, while efforts to expand international markets have improved the level of open economy [3]. Group 5: Cost Reduction and Business Support - Yulin has implemented tax and fee reduction policies to alleviate the financial burden on enterprises, enhancing their operational efficiency [5]. - The city has increased financial support for small and medium-sized enterprises through regular bank-enterprise matchmaking activities and innovative financial products [5].

Core Viewpoint - Fugu County is transforming from a resource-dependent economy to a green, sustainable model, exemplifying the concept that "lucid waters and lush mountains are invaluable assets" through ecological restoration and industrial restructuring [2][11]. Group 1: Ecological Restoration - Fugu County has initiated a comprehensive air quality improvement campaign, significantly reducing PM2.5 levels, with a 34.6% decrease compared to the previous year, achieving the best air quality in its history [6]. - The county has implemented a "full-area greening" project, planting 297,000 acres of trees and grass over three years, contributing to ecological protection and restoration [6]. - A multi-faceted pollution control system has been established, focusing on industrial, mobile, and dust sources, resulting in the environmental remediation of 76 enterprises and 9 coal transport routes [5][6]. Group 2: Urban Renewal - Urban renewal efforts have benefited 7,939 households through the renovation of old neighborhoods, with the addition of over 6,500 parking spaces and the implementation of a comprehensive green space strategy [7]. - The county has integrated green concepts into urban planning, achieving a significant increase in green coverage and improving the quality of life for residents [7][10]. - Initiatives promoting waste sorting and recycling have been introduced, fostering a culture of sustainability among residents [10]. Group 3: Industrial Transformation - Fugu County is focusing on enhancing the "green content" of its industries, particularly in the magnesium sector, by upgrading technology and implementing environmental standards [11][14]. - The establishment of a circular economy in the magnesium industry has been prioritized, creating a comprehensive industrial chain that promotes sustainable development [14]. - The county aims to demonstrate that resource-based cities can achieve economic growth while maintaining environmental protection through innovative practices [14][16].