1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views Steel Industry - Currently, the supply and demand of steel are seasonally recovering, with both production and demand on the rise but not yet peaking. Last week, the increase in production was relatively slow, with an increase of 30,000 tons in hot metal production and stable production of the five major steel products. The increase in the production of off - balance - sheet steel products was also not significant, and the production increment may have flowed more to steel billets. The apparent demand has increased, and the increase in apparent demand is greater than that in production, so the inventory continues to decline. Currently, the demand for hot - rolled coils is slightly better than that for rebar, and the domestic demand expectation is still weak, while the export orders remain stable. Affected by the environmental protection - related production cuts of steel mills in the first quarter, although the demand is weak, the inventory reduction is acceptable, and the supply - demand contradiction is not significant. From the perspective of the steel supply - demand situation, there is insufficient upward driving force, and the upward elasticity of steel prices mainly comes from the raw material side. Recently, crude oil has strengthened again, and the expected production cut of BHP has made raw materials stronger, which supports steel prices [1]. Iron Ore Industry - Yesterday, the main iron ore contract fluctuated weakly. Geopolitical conflicts have caused market sentiment to fluctuate. The sharp decline in energy products such as crude oil and coal has led to a weakening of commodities. Currently, geopolitical games continue, the BHP negotiation is undetermined, and the resumption of hot metal production is the focus of future iron ore trading. In terms of fundamentals, on the supply side, the global iron ore shipment volume has decreased significantly on a week - on - week basis, with the reduction concentrated in the three major Australian mines due to the impact of a super typhoon on the shipment of some Australian ports. On the demand side, the hot metal production has increased slightly on a week - on - week basis, slightly lower than expected. Some steel mills have carried out rational maintenance, and the profitability of steel mills has improved. Currently, the recovery of terminal demand is slow, domestic demand is relatively weak, and the situation of steel exports is acceptable, with the reduction in the Middle East being offset by the increase in Southeast Asia. In the inventory aspect, the inventories of steel mills and ports have both decreased slightly. With the recent decline in the arrival volume and the high - level continuous port clearance under the resumption of production of steel mills, the port inventory is expected to decrease slightly or remain unchanged. Looking forward to the future, under the influence of factors such as escalating geopolitical conflicts, changeable market sentiment, the resumption of production of steel mills, and the undetermined BHP negotiation, the main iron ore contract will oscillate at a high level in the short term, with the reference range of the main contract being 780 - 830 [3]. Coke and Coking Coal Industry - **Coke**: Yesterday, the coke futures showed a weak downward trend. In the spot market, the mainstream coke enterprises initiated the first - round price increase on March 23, which is expected to be implemented on April 1. The increase in coking coal prices provides cost support for the coke price increase, and the port price fluctuates with the futures. On the supply side, the coke price adjustment lags behind that of coking coal, the sharp increase in chemical product prices makes up for the coke losses, and the coking operation starts to increase. On the demand side, steel mills are actively resuming production, the hot metal production is increasing, the steel price has rebounded at a low level, and the restocking demand has recovered but resists high - priced raw materials. In the inventory aspect, coking plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory has increased slightly. The coke supply and demand are basically balanced in the short term. Trump's statement that the war will end soon has caused a sharp decline in energy, natural gas, and downstream chemical products at a high level. The continuous conflict affects the macro - sentiment. The coking coal spot has cooled down and declined, and the coke futures had fully anticipated the coke price increase before, and now there is an expectation of a peak - to - decline. It is recommended to wait and see on a single - side basis, and the reference range of the coke 2605 contract is 1600 - 1800 [5]. - **Coking Coal**: Yesterday, the coking coal futures showed a weak downward trend. In the spot market, the auction transactions of Shanxi spot have started to decline, and the Mongolian coal quotation has followed the futures down. After the price increase, the restocking demand has weakened, and downstream enterprises with low profits are more resistant to high - priced resources. On the supply side, coal mines are gradually resuming production, and the daily coal production is gradually increasing. In terms of imported coal, the port inventory continues to accumulate, and the customs clearance remains at a high level, with a slight decline recently. On the demand side, steel mills are actively resuming production, the hot metal production is increasing, and the restocking demand has recovered but resists high - priced raw materials. In the inventory aspect, washing plants, coke enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory has started to show a change of active restocking by downstream enterprises. Trump's statement that the war will end soon has caused a sharp decline in energy, natural gas, and downstream chemical products at a high level. The continuous conflict affects the macro - sentiment. The coking coal spot has cooled down and declined. It is necessary to focus on the macro - impact and industrial supply - demand changes. It is recommended to wait and see on a single - side basis, and the reference range of the coking coal 2605 contract is 1050 - 1250 [5]. Ferrosilicon and Silicomanganese Industry - **Ferrosilicon**: Yesterday, the main ferrosilicon contract declined significantly, mainly due to the repeated geopolitical conflicts and the sharp decline in energy costs such as crude oil and coal. In terms of fundamentals, last week, the ferrosilicon production decreased slightly on a week - on - week basis, and the production area's operating rate also declined. Only Inner Mongolia and Ningxia have better profits under the repair of manufacturers' profits, but Qinghai and Gansu still have serious losses. In terms of steel - making demand, the hot metal production increased slightly on a week - on - week basis, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills has improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In terms of non - steel demand, the daily production of magnesium ingots is at a relatively high level, and the market sentiment has improved significantly compared with the previous period. The ferrosilicon export orders are not good, and the cancellation of orders has also weakened. In terms of cost, the price of semi - coke has been slightly adjusted upwards. Pay attention to the settlement electricity price changes in the production areas in March. The cost side of ferrosilicon has certain support. Looking forward to the future, in the short term, the market sentiment is changeable due to international geopolitical conflicts. The supply and demand of ferrosilicon both increase, and the cost is affected by coal. However, the current supply growth rate is relatively slow, and the supply and demand are still in a balanced state. Pay attention to the subsequent production and cost changes. The short - term price is expected to fluctuate widely, and it is recommended to operate within the range of 5800 - 6200 [6]. - **Silicomanganese**: Yesterday, the main silicomanganese contract declined significantly, mainly due to the repeated geopolitical conflicts and the sharp decline in energy costs such as crude oil and coal. In terms of fundamentals, last week, the silicomanganese supply continued to decline on a week - on - week basis, and the operating rate has declined for several consecutive weeks. The production pressure in the southern region is still relatively high, and the loss amplitude has decreased compared with the previous period. Only the immediate profit of Inner Mongolia in the northern production area is on the verge of profit and loss, but the manganese ore cost of manufacturers is mostly the ore at the previous low price, so the profit should be better than the calculation. Pay attention to the implementation of silicomanganese production cuts in the future. In terms of demand, the hot metal production increased slightly on a week - on - week basis, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills has improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In terms of cost, the supply and demand of manganese ore may become marginally looser in the near future. With the increase in arrivals and the expected contraction in demand, the port inventory has started to increase. However, due to the continuous geopolitical conflicts, the impact of energy prices on the comprehensive costs of shipping and mining still exists, and the manganese ore price may run at a high level. In general, in the short term, the market sentiment is changeable due to international geopolitical conflicts. There is an expectation of silicomanganese production cuts, which may weaken the demand for manganese ore. Pay attention to the supply change of silicomanganese in April. It is expected that the price will oscillate strongly, with the reference range of 5700 - 6800 [6]. 3. Summaries According to Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China decreased by 10 yuan/ton compared with the previous value, and the prices of rebar 05, 10, and 01 contracts also decreased, with decreases of 18 yuan/ton, 22 yuan/ton, and 20 yuan/ton respectively. Hot - rolled coil spot prices in East China, North China, and South China decreased by 10 yuan/ton compared with the previous value, and the prices of hot - rolled coil 05, 10, and 01 contracts also decreased, with decreases of 14 yuan/ton, 13 yuan/ton, and 11 yuan/ton respectively [1]. Cost and Profit - The steel billet price remained unchanged at 2980 yuan/ton, and the slab price remained unchanged at 3730 yuan/ton. The cost of Jiangsu electric - furnace rebar increased by 2 yuan/ton, and the cost of Jiangsu converter rebar decreased by 1 yuan/ton. The profits of East China hot - rolled coils, North China hot - rolled coils, East China rebar, North China rebar, and South China rebar increased by 11 yuan/ton, 21 yuan/ton, 21 yuan/ton, 21 yuan/ton, and 11 yuan/ton respectively [1]. Production - The daily average hot metal production increased by 3.1 tons to 231.1 tons, with a growth rate of 1.4%. The production of the five major steel products decreased slightly by 0.2 tons to 839.6 tons, with a decrease rate of 0.0%. The rebar production decreased by 5.5 tons to 197.9 tons, with a decrease rate of 2.7%, among which the electric - furnace production decreased by 1.5 tons to 32.7 tons, with a decrease rate of 4.3%, and the converter production decreased by 4.0 tons to 165.2 tons, with a decrease rate of 2.4%. The hot - rolled coil production increased by 5.4 tons to 305.6 tons, with a growth rate of 1.8% [1]. Inventory - The inventory of the five major steel products decreased by 48.4 tons to 1897.8 tons, with a decrease rate of 2.5%. The rebar inventory decreased by 27.5 tons to 861.9 tons, with a decrease rate of 3.1%. The hot - rolled coil inventory decreased by 8.0 tons to 453.3 tons, with a decrease rate of 1.7% [1]. Transaction and Demand - The building materials trading volume increased by 1.0 to 10.4, with a growth rate of 10.4%. The apparent demand of the five major steel products increased by 19.5 to 888.0, with a growth rate of 2.2%. The apparent demand of rebar increased by 17.3 to 225.4, with a growth rate of 8.3%. The apparent demand of hot - rolled coils increased by 3.1 to 313.6, with a growth rate of 1.0% [1]. Iron Ore Industry Futures - The warehouse - receipt costs of various iron ore powders such as Coking Fine, PB Fine, etc. decreased to varying degrees, and the 05 - contract basis of some iron ore powders also changed. The 5 - 9 spread decreased by 0.5 to 21.5, with a decrease rate of 2.3%, and the 9 - 1 spread decreased by 2.0 to 17.5, with a decrease rate of 10.3% [3]. Spot Prices and Price Indexes - The spot prices of various iron ore powders at Rizhao Port decreased to varying degrees, and the price of the Singapore Exchange 62% Fe swap remained unchanged [3]. Supply - The 45 - port arrival volume increased by 154.7 tons to 2426.3 tons, with a growth rate of 6.8%. The global shipment volume decreased by 671.9 tons to 2472.4 tons, with a decrease rate of 21.4%. The national monthly import volume decreased by 2200.9 tons to 9763.8 tons, with a decrease rate of 18.4% [3]. Demand - The daily average hot metal production of 247 steel mills increased by 2.9 tons to 231.1 tons, with a growth rate of 1.3%. The 45 - port daily average port clearance volume decreased by 7.8 tons to 313.2 tons, with a decrease rate of 2.4%. The national monthly pig iron production decreased by 6072.2 tons to 0.0 tons, with a decrease rate of 100.0%, and the national monthly crude steel production decreased by 6817.7 tons to 0.0 tons, with a decrease rate of 100.0% [3]. Inventory Changes - The 45 - port inventory decreased by 98.1 tons to 17000.31 tons, with a decrease rate of 0.6%. The imported iron ore inventory of 247 steel mills decreased by 55.5 tons to 8978.6 tons, with a decrease rate of 0.6%. The inventory available days of 64 steel mills increased by 2.0 to 23.0, with a growth rate of 9.5% [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi first - grade wet - quenched coke (warehouse - receipt) and Rizhao Port quasi - first - grade wet - quenched coke (warehouse - receipt) remained unchanged. The coke 05 and 09 contracts decreased by 52 yuan/ton and 55 yuan/ton respectively, with decrease rates of 3.0% and 3.0% respectively [5]. Coking Coal - Related Prices and Spreads - The prices of Shanxi medium - sulfur main coking coal (warehouse - receipt) and Mongolian 5 raw coal (warehouse - receipt) decreased by 0 yuan/ton and 19 yuan/ton respectively, with decrease rates of 0.0% and 1.5% respectively. The coking coal 05 and 09 contracts decreased by 66 yuan/ton and 75 yuan/ton respectively, with decrease rates of 5.4% and 5.5% respectively [5]. Supply - The daily average production of all - sample coking plants increased by 0.5 tons to 64.8 tons, with a growth rate of 0.8%. The daily average production of 247 steel mills remained unchanged at 47.3 tons, with a decrease rate of 0.1%. The production of raw coal decreased by 5.6 tons to 875.3 tons, with a decrease rate of 0.64%, and the production of clean coal decreased by 2.7 tons to 445.9 tons, with a decrease rate of 0.6% [5]. Demand - The hot metal production of 247 steel mills increased by 2.9 tons to 231.1 tons, with a growth rate of 1.3%. The daily average production of all - sample coking plants increased by 0.5 tons to 64.8 tons, with a growth rate of 0.8% [5]. Inventory Changes - The total coke inventory increased by 16.3 tons to 997.8 tons, with a growth rate of 1.7%. The coke inventory of all - sample coking plants decreased by 4.2 tons to 90.1 tons, with a decrease rate of 4.4%. The coke inventory of 247 steel mills increased by 3.5 tons to 691.7 tons, with a growth rate of 0.5%. The coking coal inventory of all - sample coking plants increased by 42.5 tons to 1047.5 tons, with a growth rate of 4.2%. The coking coal inventory of 247 steel mills increased by 8.5 tons to 782.4 tons, with a growth rate of 1.1%. The port inventory increased by 8.5 tons to 216.1 tons, with a growth rate of 4.2% [5]. Ferrosilicon and Silicomanganese Industry Futures and Spot - The closing price of the fer

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Directory Price - The latest prices of 72% FeSi in different regions vary, with prices in Ningxia, Inner Mongolia, Qinghai, and Shaanxi at 5600, 5630, 5600, and 5580 respectively, and the price of 75% FeSi in Shaanxi at 6100 [1] - The latest prices of 6517 FeSi in different regions are also presented, such as 6330 in Inner Mongolia, 6170 in Ningxia, etc [1] - The prices of silicon manganese and related products, including the closing price of the main contract, basis, and price differences between regions and varieties, are provided [4] Supply - The production and capacity utilization of 136 silicon - iron production enterprises in different regions (Inner Mongolia, Ningxia, Shaanxi) are shown, as well as the production of silicon - manganese in China [2][4] - The export prices of 72% and 75% FeSi at Tianjin Port are presented [2] Demand - The demand for silicon - manganese in China (in ten thousand tons) is provided, along with the production of crude steel and stainless - steel crude steel in China [2][5] - The procurement volume and price of FeSi75 - B by HeSteel Group are also given [2] Inventory - The inventory data of 60 sample silicon - iron enterprises in different regions (China, Ningxia, Inner Mongolia, Shaanxi) are presented, as well as the inventory - related data of silicon - manganese, including warehouse receipts, effective forecasts, and inventory average available days [3][5] Cost and Profit - The electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) for ferroalloys are provided, along with the market prices of raw materials such as semi - carbonated manganese ore and manganese ore [3][4] - The production costs and profits of silicon - iron and silicon - manganese in different regions (Ningxia, Inner Mongolia, Guangxi) are presented [3][5]

Group 1: Steel Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Currently, the supply and demand of steel are seasonally recovering, with both production and demand on the rise but not peaking yet. The increase in production last week was relatively slow, and the increase in apparent demand was greater than that in production, leading to inventory depletion. The demand for hot-rolled coils is slightly better than that for rebar, but the domestic demand outlook remains weak, and export orders are stable. Due to the environmental protection production cuts in steel mills in the first quarter, although demand is weak, inventory depletion is acceptable, and the supply-demand contradiction is not significant. The upward drive for steel prices is insufficient, and the elasticity for upward breakthroughs mainly comes from the raw material side. Recently, crude oil has strengthened again, and the expected production cut by BHP has made raw materials stronger, providing support for steel prices [1]. Summary by Directory - **Steel Prices and Spreads**: The prices of rebar and hot-rolled coil spot and futures contracts all declined. For example, the rebar spot price in East China dropped from 3230 yuan/ton to 3220 yuan/ton, and the rebar 10 contract price fell from 3168 yuan/ton to 3146 yuan/ton [1]. - **Cost and Profit**: The steel billet price remained unchanged at 2980 yuan/ton. The profits of hot-rolled coils in different regions increased to varying degrees, while the profit of rebar in North China improved from -18 yuan/ton to 3 yuan/ton [1]. - **Production**: The daily average pig iron production increased by 3.1 tons to 231.1 tons, a rise of 1.4%. The production of five major steel products remained stable, with a slight decrease of 0.2 tons to 839.6 tons. Rebar production decreased by 5.5 tons to 197.9 tons, a decline of 2.7%, while hot-rolled coil production increased by 5.4 tons to 305.6 tons, a rise of 1.8% [1]. - **Inventory**: The inventory of five major steel products decreased by 48.4 tons to 1897.8 tons, a decline of 2.5%. Rebar inventory decreased by 27.5 tons to 861.9 tons, a decline of 3.1%, and hot-rolled coil inventory decreased by 8.0 tons to 453.3 tons, a decline of 1.7% [1]. - **Transaction and Demand**: The building materials transaction volume increased by 1.0 to 10.4, a rise of 10.4%. The apparent demand for five major steel products increased by 19.5 to 888.0, a rise of 2.2%. The apparent demand for rebar increased by 17.3 to 225.4, a rise of 8.3%, and the apparent demand for hot-rolled coils increased by 3.1 to 313.6, a rise of 1.0% [1]. Group 2: Iron Ore Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Yesterday, the main iron ore contract fluctuated weakly. Geopolitical conflicts have caused market sentiment to fluctuate. The sharp decline in energy products such as crude oil and coal has led to a weakening of commodities. Currently, geopolitical games continue, the BHP negotiation is undecided, and pig iron production is recovering. The global iron ore shipment volume decreased significantly this period, with the reduction concentrated in the three major Australian mines due to the impact of a super typhoon on some Australian ports. On the demand side, pig iron production increased slightly month-on-month, slightly lower than expected. Some steel mills carried out rational maintenance, and the profitability of steel mills improved. Currently, the recovery of terminal demand is slow, domestic demand is relatively weak, and steel export orders are acceptable, with the reduction in the Middle East offset by the increase in Southeast Asia. In the future, the focus of iron ore trading will be on the height and sustainability of pig iron production recovery. In terms of inventory, the inventory of steel mills and ports decreased slightly month-on-month. Recently, the central value of arrivals has declined, and the port inventory is expected to decrease slightly or remain stable. Looking ahead, affected by factors such as escalating geopolitical conflicts, changing market sentiment, steel mill复产, and the undecided BHP negotiation, the main iron ore contract is expected to fluctuate at a high level in the short term, with the contract range referring to 780 - 830 [3]. Summary by Directory - **Futures**: The warehouse receipt costs of various iron ore powders decreased, including a 0.4% decline in the warehouse receipt cost of Carajás fines to 916.6 yuan/ton. The 05 contract basis of some iron ore powders changed, with the 05 contract basis of Carajás fines increasing by 1.7 to 108.6 yuan/ton [3]. - **Spot Price and Price Index**: The spot prices of various iron ore powders in Rizhao Port decreased, such as a 0.9% decline in the price of PB fines to 777.0 yuan/wet ton. The price of the Singapore Exchange 62% Fe swap remained unchanged at 106.4 dollars/ton [3]. - **Supply**: The 45-port arrivals volume increased by 154.7 tons to 2426.3 tons, a rise of 6.8%. The global shipment volume decreased by 671.9 tons to 2472.4 tons, a decline of 21.4%. The national monthly import volume decreased by 2200.9 tons to 9763.8 tons, a decline of 18.4% [3]. - **Demand**: The daily average pig iron production of 247 steel mills increased by 2.9 tons to 231.1 tons, a rise of 1.3%. The 45-port daily average desilting volume decreased by 7.8 tons to 313.2 tons, a decline of 2.4%. The national monthly pig iron production and crude steel production both dropped to 0 [3]. - **Inventory Change**: The 45-port inventory decreased by 98.1 tons to 17000.31 tons, a decline of 0.6%. The imported iron ore inventory of 247 steel mills decreased by 55.5 tons to 8978.6 tons, a decline of 0.6%. The inventory available days of 64 steel mills increased by 2.0 to 23.0 days, a rise of 9.5% [3]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Yesterday, both the coke and coking coal futures showed a weak downward trend. In terms of coke, the mainstream coke enterprises initiated the first round of price increases on March 23, which is expected to be implemented on April 1. The increase in coking coal prices provides cost support for coke price increases, and port prices fluctuate with futures. On the supply side, coke price adjustments lag behind coking coal, and with the significant increase in chemical product prices offsetting coke losses, coke oven operation has started to increase. On the demand side, steel mills are actively resuming production, pig iron production is increasing, steel prices are rebounding at a low level, and the demand for replenishment is improving but resistant to high-priced raw materials. In terms of inventory, coke plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory is slightly increasing, with the short-term supply and demand of coke basically balanced. In terms of coking coal, the spot coking coal market has cooled down and prices have declined. The demand for replenishment has weakened after price increases, and downstream enterprises with low profits are resistant to high-priced resources. On the supply side, coal mines are gradually resuming production, and coal daily production is gradually increasing. In terms of imports, port inventories continue to accumulate, and customs clearance remains at a high level, with a slight recent decline. On the demand side, steel mills are actively resuming production, pig iron production is increasing, and coke production is also increasing. In terms of inventory, coal washing plants, coke enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory is showing a change of downstream enterprises actively replenishing inventory. Strategically, due to Trump's statement that the war will end soon, which has caused a sharp decline in energy, natural gas, and downstream chemical products, and the continuous conflict affecting macro sentiment, the coking coal spot market has cooled down and prices have declined. The coke futures had fully anticipated the price increase in the early stage and are now expected to peak and decline. It is recommended to wait and see for unilateral trading. The reference range for the coke 2605 contract is 1600 - 1800, and the reference range for the coking coal 2605 contract is 1050 - 1250 [5]. Summary by Directory - **Coke - Related Prices and Spreads**: The prices of coke futures contracts decreased, such as a 3.0% decline in the coke 05 contract price to 1702 yuan/ton. The 05 basis of coke was 52 yuan/ton [5]. - **Coking Coal - Related Prices and Spreads**: The prices of coking coal futures contracts also decreased, with a 5.4% decline in the coking coal 05 contract price to 1149 yuan/ton. The 05 basis of coking coal was 47 yuan/ton [5]. - **Supply**: The daily average coke production of all - sample coking plants increased by 0.5 tons to 64.8 tons, a rise of 0.8%. The raw coal production of Fenwei sample coal mines decreased by 5.6 tons to 875.3 tons, a decline of 0.64%, and the clean coal production decreased by 2.7 tons to 445.9 tons, a decline of 0.6% [5]. - **Demand**: The pig iron production of 247 steel mills increased by 2.9 tons to 231.1 tons, a rise of 1.3%. The daily average coke production of all - sample coking plants increased by 0.5 tons to 64.8 tons, a rise of 0.8% [5]. - **Inventory Change**: The total coke inventory increased by 16.3 tons to 997.8 tons, a rise of 1.7%. The coking coal inventory of all - sample coking plants increased by 42.5 tons to 1047.5 tons, a rise of 4.2%, and the coking coal inventory of 247 steel mills increased by 8.5 tons to 782.4 tons, a rise of 1.1% [5]. Group 4: Silicon Manganese and Silicon Iron Industry Report Industry Investment Rating No relevant information provided. Core Viewpoint Yesterday, both the silicon manganese and silicon iron main contracts declined significantly, mainly due to the repeated geopolitical conflicts and the sharp decline in energy costs such as crude oil and coal. In terms of silicon manganese, the supply decreased continuously last week, and the operating rate has been declining for several weeks. The production pressure in the South is still relatively high, and the loss has decreased compared with the previous period. Only the immediate profit of Inner Mongolia in the northern region is at the break - even point, but the actual profit of manufacturers may be better than the calculation because of the lower - priced ore purchased earlier. In the future, attention should be paid to the implementation of silicon manganese production cuts. On the demand side, pig iron production increased slightly month - on - month, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In the future, attention should be paid to the height and sustainability of pig iron production recovery. In terms of cost, the supply and demand of manganese ore may be marginally relaxed in the near future, and the port inventory has begun to increase due to the expected increase in arrivals and contraction in demand. However, due to the continuous geopolitical conflicts, the impact of energy prices on comprehensive costs such as shipping and mining still exists, and the manganese ore price may remain at a high level. Overall, in the short term, the market sentiment is changeable due to international geopolitical conflicts, there is a production cut expectation for silicon manganese, which may reduce the demand for manganese ore. Attention should be paid to the supply change of silicon manganese in April, and the price is expected to fluctuate strongly, with the reference range of 5700 - 6800. In terms of silicon iron, the production decreased slightly last week, and the operating rate in the production areas also declined. Only Inner Mongolia and Ningxia have better profits under the profit recovery of manufacturers, but the losses in Qinghai and Gansu are still serious. On the demand side for steelmaking, pig iron production increased slightly month - on - month, slightly lower than expected. Some steel mills carried out routine maintenance, and the profitability of steel mills improved. Currently, the recovery of terminal demand is slow, and domestic demand is relatively weak. In the future, attention should be paid to the height and sustainability of pig iron production recovery. On the non - steel demand side, the daily production of magnesium ingots is at a relatively high level, and the market sentiment has improved significantly compared with the previous period, and it is not easy to inquire about goods at low prices. The silicon iron export orders are not good, and the cancellation of orders has also weakened. In terms of cost, the price of semi - coke has been slightly adjusted upwards, and attention should be paid to the settlement electricity price change in the production areas in March. There is certain support on the cost side of silicon iron. Looking ahead, in the short term, the market sentiment is changeable due to international geopolitical conflicts. The supply and demand of silicon iron are both increasing, and the cost is affected by coal. However, the current supply growth rate is relatively slow, and the supply and demand are still in balance. Attention should be paid to the subsequent production and cost changes. The short - term price is expected to fluctuate widely, and it is recommended to operate within the range, with the reference range of 5800 - 6200 [6]. Summary by Directory - **Futures and Spot**: The closing prices of the silicon manganese and silicon iron main contracts decreased, with the silicon manganese main contract closing price dropping from 6588 yuan/ton to 6444 yuan/ton, and the silicon iron main contract closing price dropping from 5874 yuan/ton to 5630 yuan/ton. The spot prices of silicon manganese and silicon iron in different regions also changed to varying degrees [6]. - **Cost and Profit**: The production cost of silicon manganese in Inner Mongolia increased slightly by 0.1%, and the production profit decreased by 770.6%. The production cost of silicon iron in Inner Mongolia decreased slightly by 0.1%, and the production profit increased [6]. - **Supply**: The silicon iron production decreased by 0.2 tons to 10.2 tons, a decline of 2.2%. The manganese ore shipment volume decreased by 30.9 tons to 63.8 tons, a decline of 32.6% [6]. - **Demand**: The silicon iron demand decreased by 0.6%, and the silicon manganese demand decreased slightly. The pig iron production of 247 steel mills increased by 2.9 tons to 231.1 tons, a rise of 1.3% [6]. - **Inventory Change**: The silicon iron inventory of 60 sample enterprises decreased by 0.4 tons to 5.5 tons, a decline of 7.5%. The inventory of 63 sample enterprises decreased by 1.2 tons to 37.3 tons, a decline of 3.1% [6].

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - Iron ore: Slow resumption of hot metal production, and ore prices are under pressure [2][4] - Rebar and hot-rolled coil: Weak market sentiment, with repeated fluctuations [2][8] - Ferrosilicon: Fluctuations in market trading sentiment, with the futures market showing weak oscillations [2][13] - Silicomanganese: Tightening demand expectations at the ore end, with the futures market showing weak oscillations [2][13] - Coke and coking coal: Oscillating weakly [2][16][17] - Logs: Improving demand, with prices oscillating at a high level [2][20] 3. Summary by Category Iron Ore - **Fundamental Data**: The closing price of the I2605 futures contract was 808.0 yuan/ton, down 5.0 yuan or 0.62%. The trading volume was 353,624 lots, a decrease of 17,797 lots. Among spot prices, PB (61.5%) was 777.0 yuan/ton, down 9.0 yuan [4]. - **Macro and Industry News**: Previous structural contradictions drove iron ore prices to a relatively high level. Recently, there are expectations of easing in negotiations, and the driving force is expected to weaken, leading to a decline in ore prices. The 2026 government work report focuses on stabilizing expectations, with the GDP growth rate adjusted from "around 5%" to "4.5%-5.0%", and an increase in the scale of policy-based financial instruments. The daily average hot metal output of 247 steel enterprises was 231.09 tons, a month-on-month increase of 2.94 tons [4][5]. - **Trend Intensity**: -1, indicating a bearish outlook [6]. Rebar and Hot-Rolled Coil - **Fundamental Data**: The closing price of the RB2605 futures contract was 3,294 yuan/ton, down 11 yuan or 0.33%. The trading volume was 477,403 lots, and the open interest was 901,052 lots, a decrease of 75,389 lots. Among spot prices, the Shanghai rebar price was 3,220 yuan/ton, down 10 yuan [8]. - **Macro and Industry News**: In February 2026, China exported 783.8 tons of steel, a month-on-month increase of 1.1%, with an average export price of 729.0 US dollars/ton, a month-on-month increase of 6.7%. From January to February, the cumulative steel exports were 1,559.2 tons, a year-on-year decrease of 8.1%. In March, the output of rebar decreased by 5.46 tons, and the output of hot-rolled coil increased by 5.4 tons [9][10]. - **Trend Intensity**: 0, indicating a neutral outlook [10]. Ferrosilicon and Silicomanganese - **Fundamental Data**: The closing price of the ferrosilicon 2605 futures contract was 5,874 yuan/ton, down 192 yuan. The trading volume was 166,212 lots, and the open interest was 158,901 lots. The spot price of ferrosilicon FeSi75 - B in Inner Mongolia was 5,630 yuan/ton, down 30 yuan [13]. - **Macro and Industry News**: In March, the silicon - manganese production in Ningxia and Inner Mongolia increased. However, starting from April 1, many enterprises announced production cuts. A steel mill in Jiangsu set the silicon - manganese price at 6,580 yuan/ton in late March [13][15]. - **Trend Intensity**: -1 for both ferrosilicon and silicomanganese, indicating a bearish outlook [15]. Coke and Coking Coal - **Fundamental Data**: The closing price of the JM2605 coking coal futures contract was 1,148.5 yuan/ton, down 65.5 yuan or 5.4%. The trading volume was 863,734 lots, and the open interest was 396,170 lots, a decrease of 3,810 lots. The spot price of Linfen low - sulfur primary coking coal was 1,580 yuan/ton, unchanged [17]. - **Macro and Industry News**: On March 31, the CCI metallurgical coal index showed certain trends. The online auction of coking coal had a high rejection rate, and the market sentiment was weak [17]. - **Trend Intensity**: -1 for both coke and coking coal, indicating a bearish outlook [19]. Logs - **Fundamental Data**: The closing price of the 2605 contract was 820.5 yuan, with a daily decline of 0.7%. The trading volume was 4,637 lots, a decrease of 15.2%. The open interest was 11,027 lots, a decrease of 3.2%. The spot price of 3.9 - meter 30 + radiata pine in the Shandong market was 790 yuan/m³, unchanged [20]. - **Macro and Industry News**: The 2026 government work report focuses on stabilizing expectations, with the GDP growth rate adjusted from "around 5%" to "4.5%-5.0%", and an increase in the scale of policy - based financial instruments [22]. - **Trend Intensity**: 0, indicating a neutral outlook [23].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The current steel fundamentals are in a "weak balance" state. Although demand has marginally improved and inventories are gradually being reduced, there is no trend - upward driving force. Attention should be paid to the release rhythm of peak - season demand and the impact of raw material price fluctuations on the cost side [2]. - The iron ore price is expected to fluctuate at a high level in the short term. The bottom support of iron ore has been strengthened, but the negotiation issue causes repeated emotional disturbances [5]. - For manganese silicon and ferrosilicon, the future market is mainly affected by the overall sentiment of the black sector, the cost - push problem of manganese ore in the manganese silicon segment, and the supply contraction (or contraction expectation) in the ferrosilicon segment. It is recommended to focus on the situation of manganese ore and the progress of the "dual - carbon" policy [10]. - For coking coal and coke, there are insufficient fundamental factors to support a sharp short - term price rebound. Short - term operations or temporary waiting are recommended, while a long - term optimistic view is held for coking coal prices from June to October [14]. - The price of industrial silicon is expected to fluctuate. Supply is stable, demand is weak, and the upper and lower price limits are not fully opened [17]. - The price of polycrystalline silicon is expected to continue to oscillate and seek a bottom. The pattern of weak downstream feedback and high silicon material inventory remains unchanged [19]. - The glass market is expected to continue a narrow - range oscillation. Although there is supply contraction expectation and cost - side support, the actual recovery of terminal demand remains to be seen [22]. - The soda ash market shows a narrow - range consolidation trend under the game between short - term supply tightening and continuous weak demand [24]. 3. Key Points by Category Steel Market Quotes - The closing price of the rebar main contract was 3121 yuan/ton, down 18 yuan/ton (-0.57%) from the previous trading day. The registered warehouse receipts were 83113 tons, with no change. The main contract position was 901,100 lots, a decrease of 75,389 lots. The Tianjin aggregated price was 3200 yuan/ton, down 10 yuan/ton; the Shanghai aggregated price was 3220 yuan/ton, down 10 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3294 yuan/ton, down 14 yuan/ton (-0.42%) from the previous trading day. The registered warehouse receipts were 546,018 tons, with no change. The main contract position was 773,100 lots, a decrease of 73,740 lots. The Lecong aggregated price of hot - rolled coils was 3300 yuan/ton, down 10 yuan/ton; the Shanghai aggregated price was 3280 yuan/ton, down 10 yuan/ton [1]. Strategy Views - Macroscopically, new construction shows a large decline, and the real - estate investment repair momentum is insufficient. The short - term support of real estate for steel demand is limited, and terminal demand is likely to remain weak. Fundamentally, supply and demand both increase, and inventory is being reduced at an accelerated pace. The rebar demand is recovering, and the supply is marginally decreasing, with good inventory reduction, but the overall situation is still neutral [2]. Iron Ore Market Quotes - Yesterday, the main contract of iron ore (I2605) closed at 808.00 yuan/ton, with a change of - 0.62% (-5.00). The position changed by - 17,797 lots to 353,600 lots. The weighted position was 904,000 lots. The PB powder at Qingdao Port was 777 yuan/wet ton, with a basis of 17.07 yuan/ton and a basis rate of 2.07% [4]. Strategy Views - In terms of supply, the overseas ore shipments in the latest period significantly declined. Australian shipments were affected by cyclones and have gradually recovered, while Brazilian shipments increased to a high level in the same period. Shipments from non - mainstream countries increased steadily. The near - term arrival volume increased month - on - month. In terms of demand, the average daily hot - metal production increased by 2.94 tons to 231.09 tons. It is expected that hot - metal production still has room to rise. The steel mills' profitability continued to rise slightly. In terms of inventory, the port inventory continued to decline from a high level, and the steel mills' imported ore inventory decreased from a low level [5]. Manganese Silicon and Ferrosilicon Market Quotes - On March 31, the manganese silicon main contract (SM605) closed down 2.19% at 644 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 6350 yuan/ton, with a conversion to the futures price of 6590 yuan/ton, a premium of 96 yuan/ton over the futures price. The ferrosilicon main contract (SF605) closed down 3.17% at 5874 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 6050 yuan/ton, a premium of 176 yuan/ton over the futures price [8]. Strategy Views - Geopolitical disturbances continue, and the market's trading on stagflation and recession persists. The black sector may be supported by the withdrawal of funds. The "energy substitution" property of coal may benefit the alloy cost side. The supply - demand pattern of manganese silicon is still not ideal, while that of ferrosilicon is good. The future market is mainly affected by the overall sentiment of the black sector, the cost - push problem of manganese ore in the manganese silicon segment, and the supply contraction (or contraction expectation) in the ferrosilicon segment [9][10]. Coking Coal and Coke Market Quotes - On March 31, the coking coal main contract (JM2605) closed down 5.40% at 1148.5 yuan/ton. The spot price of low - sulfur main - coking coal in Shanxi was 1562.6 yuan/ton, with a conversion to the futures price of 1372.5 yuan/ton, a premium of 224 yuan/ton over the futures price. The coke main contract (J2605) closed down 2.97% at 1701.5 yuan/ton. The spot price of quasi - first - grade wet - quenched coke at Rizhao Port was 1500 yuan/ton, with a conversion to the futures price of 1747 yuan/ton, a premium of 45.5 yuan/ton over the futures price [12]. Strategy Views - Geopolitical disturbances continue, and the black sector may be supported by the withdrawal of funds. The "energy substitution" property of coal may benefit coal prices. In terms of the varieties themselves, the short - term supply - demand structure of coking coal and coke is still relatively loose. There are insufficient fundamental factors to support a sharp short - term price rebound. Short - term operations or temporary waiting are recommended, while a long - term optimistic view is held for coking coal prices from June to October [14]. Industrial Silicon and Polycrystalline Silicon Market Quotes - Industrial silicon: The closing price of the main contract (SI2605) was 8355 yuan/ton, with a change of - 1.47% (-125). The weighted contract position changed by - 15,541 lots to 360,314 lots. The spot price of non - oxygen - blown 553 in East China was 9150 yuan/ton, unchanged month - on - month, with a basis of 795 yuan/ton for the main contract; the 421 spot price was 9600 yuan/ton, unchanged month - on - month, with a basis of 445 yuan/ton for the main contract after conversion to the futures price [16]. - Polycrystalline silicon: The closing price of the main contract (PS2605) was 35,200 yuan/ton, with a change of - 3.69% (-1350). The weighted contract position changed by - 34 lots to 53,472 lots. The average price of N - type granular silicon was 41.5 yuan/kg, unchanged month - on - month; the average price of N - type dense material was 37.5 yuan/kg, down 0.5 yuan/kg month - on - month; the average price of N - type recycled material was 38.5 yuan/kg, down 0.75 yuan/kg month - on - month. The basis of the main contract was 3300 yuan/ton [18]. Strategy Views - Industrial silicon: The supply is stable, and demand is weak. The price is expected to fluctuate as the upper and lower price limits are not fully opened [17]. - Polycrystalline silicon: The negative feedback adjustment continues. The factory inventory remains high, and downstream restocking willingness is low. The price is expected to continue to oscillate and seek a bottom [19]. Glass and Soda Ash Market Quotes - Glass: On Tuesday afternoon at 15:00, the glass main contract closed at 1019 yuan/ton, down 2.02% (-21). The North China large - plate price was 1060 yuan, unchanged from the previous day; the Central China price was 1080 yuan, unchanged from the previous day. On March 26, the weekly inventory of float - glass sample enterprises was 73.622 million boxes, down 814,000 boxes (-1.09%) month - on - month. In terms of positions, the top 20 long - position holders added 12,207 long positions, and the top 20 short - position holders added 24,029 short positions [21]. - Soda ash: On Tuesday afternoon at 15:00, the soda ash main contract closed at 1177 yuan/ton, down 2.49% (-30). The heavy - soda price in Shahe was 1157 yuan, down 30 from the previous day. On March 26, the weekly inventory of soda ash sample enterprises was 1.8519 million tons, down 0.0019 million tons (-1.09%) month - on - month. The heavy - soda inventory was 905,300 tons, up 14,600 tons month - on - month; the light - soda inventory was 946,600 tons, down 16,500 tons month - on - month. In terms of positions, the top 20 long - position holders reduced 17,206 long positions, and the top 20 short - position holders reduced 13,018 short positions [23]. Strategy Views - Glass: The spot trading atmosphere is weak, and terminal demand recovery is less than expected. The market is expected to continue a narrow - range oscillation. The reference range for the main contract is 1000 - 1050 yuan/ton [22]. - Soda ash: The industry's operating rate has declined, and local supply has tightened. Demand remains weak. The market shows a narrow - range consolidation trend. The reference range for the main contract is 1160 - 1210 yuan/ton [24].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On March 31, ferroalloy futures prices dropped significantly. The silicon - iron (SF) main contract closed at 5874, down 3.17% with a decrease of 12,660 in open interest; the manganese - silicon (SM) main contract closed at 6444, down 2.19% with a decrease of 13,279 in open interest [5]. - For silicon - iron, the spot price on March 31 was stable to weak, with prices in some regions dropping by 30 - 100 yuan/ton. Supply is currently at a low level, but production is expected to increase due to profit recovery. Demand from the steel industry is rising as steel inventories decline seasonally and steel apparent demand and hot metal production increase. The cost of electricity in major production areas is stable. The fundamentals of silicon - iron show both supply and demand increasing, and it is highly affected by crude oil price fluctuations, currently in high - level volatile operation [5]. - For manganese - silicon, manganese ore spot prices were stable to strong on March 31, with the semi - carbonate ore at Tianjin Port rising by 0.2 yuan/ton - degree, while manganese - silicon spot prices generally dropped by 50 - 100 yuan/ton. Supply may remain low in the short term due to new maintenance in some enterprises. Demand from the steel industry is still increasing. The cost is affected by high - level crude oil prices, which increase transportation costs and may affect mining and transportation. The bottom support for manganese ore remains until the energy crisis is resolved [5]. - Trading strategies: Unilateral trading should expect high - level volatility affected by sharp oil price fluctuations; for arbitrage, it is recommended to wait and see; for options, sell out - of - the - money put options [6]. 3. Summary by Directory 3.1 Market Information - **Futures Market** - SF main contract: closed at 5874, down 192 for the day and 226 for the week, with a trading volume of 166,212 (up 30,141) and an open interest of 171,561 (down 12,660) [3]. - SM main contract: closed at 6444, down 144 for the day and 36 for the week, with a trading volume of 359,939 (up 48,953) and an open interest of 353,594 (down 13,279) [3]. - **Spot Market** - Silicon - iron: 72% FeSi prices in Inner Mongolia, Ningxia, and Qinghai dropped by 30 - 50 yuan/ton, while prices in Jiangsu remained unchanged and in Tianjin dropped by 100 yuan/ton [3]. - Manganese - silicon: 6517 manganese - silicon prices in Inner Mongolia rose by 30 yuan/ton, in Ningxia dropped by 50 yuan/ton, in Guangxi remained unchanged, in Jiangsu dropped by 100 yuan/ton, and in Tianjin dropped by 50 yuan/ton [3]. - **Basis/Spread** - Silicon - iron: Inner Mongolia - main contract basis was - 174 (up 162 for the day and 176 for the week); SF - SM spread was - 570 (down 48 for the day and 190 for the week) [3]. - Manganese - silicon: Inner Mongolia - main contract basis was - 114 (up 174 for the day and 166 for the week) [3]. - **Raw Materials** - Manganese ore: Australian lump remained at 47 yuan/ton - degree (down 0.5 for the week), South African semi - carbonate rose by 0.2 yuan/ton - degree, and Gabonese lump remained at 47.5 yuan/ton - degree (down 0.5 for the week) [3]. - Blue charcoal small materials: prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged for the day, with increases of 65, 10, and 65 yuan/ton respectively for the week [3]. 3.2 Market Judgement - **Trading Strategies** - Unilateral: High - level volatility affected by sharp oil price fluctuations [6]. - Arbitrage: Wait and see [6]. - Options: Sell out - of - the - money put options [6]. - **Important Information** - A steel mill in Jiangsu set the price of manganese - silicon at 6580 yuan/ton, with a tender quantity of 2000 tons, delivered to the factory including acceptance and tax [7]. - Inner Mongolia Baite Metallurgical Building Materials Co., Ltd. reduced production of one 42000KVA manganese - silicon alloy submerged arc furnace from the night of March 31, actually affecting the daily output of manganese - silicon by 300 tons [7]. 3.3 Related Attachments - **Price Difference Diagrams** - Silicon - iron monthly spread: The current 1 - 2 spread is 40, 2 - 3 spread is - 126, etc. [11]. - Manganese - silicon monthly spread: The current 1 - 2 spread is - 32, 2 - 3 spread is - 64, etc. [13]. - **Basis Diagrams** - Silicon - iron basis (main contract - Inner Mongolia) and other related basis diagrams [16]. - Manganese - silicon basis (main contract - Inner Mongolia) and other related basis diagrams [16]. - **Spot Price Diagrams** - 72% silicon - iron spot prices in Inner Mongolia, Ningxia, and Qinghai [16]. - 6517 manganese - silicon spot prices in Inner Mongolia, Ningxia, and Guangxi [16]. - **Electricity Price Diagram** - Ferroalloy electricity prices in Gansu, Guangxi, and other regions, with little change recently [17]. - **Cost and Profit Diagrams** - Silicon - iron production cost and profit in Inner Mongolia, Ningxia, etc. [18]. - Manganese - silicon production cost and profit in Inner Mongolia, Ningxia, etc. [21].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the reports. Group 2: Core Views of Reports Steel Industry - The steel industry's production has a seasonal rebound, but last week's rebound was slow. Iron - water production increased by 30,000 tons, the output of five major steel products remained stable, and the output of surface - free steel products did not increase significantly. The increase in production might have flowed more to steel billets. Apparent demand rebounded more than production, and inventory continued to decline. Currently, the demand for hot - rolled coils is slightly better than that for rebar, domestic demand expectations are still weak, and export orders are stable. Due to steel mills' production cuts in the first quarter, although demand is weak, inventory reduction is normal, and the supply - demand contradiction is not significant. The upward drive mainly comes from the raw material end. Recently, crude oil has strengthened again, and the expected production cut by BHP has made raw materials stronger, supporting steel prices [1]. Iron Ore Industry - The main iron ore contract oscillated at a high level. Geopolitical games, undecided BHP negotiations, and hot - metal复产 are the main trading focuses. On the supply side, the global iron ore shipment volume decreased significantly compared to the previous period, mainly due to the impact of a super typhoon on the shipments of some ports in Australia. On the demand side, hot - metal output increased slightly but was less than expected, some steel mills carried out rational maintenance, and the profitability rate of steel mills improved. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. In terms of inventory, both steel mill and port inventories decreased slightly. It is expected that port inventories will either decrease slightly or remain unchanged under the background of a decline in the arrival volume and high - level port clearance [3]. Coke and Coking Coal Industry - Coke futures oscillated. Spot - end mainstream coke enterprises initiated the first price increase after the Chinese New Year on March 23, which is expected to be implemented soon. The increase in coking coal price provides cost support for coke, and port prices fluctuate with futures. On the supply side, coke price adjustment lags behind coking coal, and the sharp increase in chemical product prices makes up for coke losses, leading to an increase in coking plant operations. On the demand side, steel mills are resuming production rapidly, hot - metal output is increasing, steel prices are rebounding at a low level, and restocking demand will pick up in the near future. In terms of inventory, coking plants are reducing inventory, while steel mills and ports are increasing inventory, and the overall inventory is slightly increasing at a medium level, with short - term supply - demand basically balanced. - Coking coal futures oscillated downward. In the spot market, the auction of Shanxi coking coal has cooled down, and Mongolian coal prices fluctuate with futures. After the price increase, restocking demand has weakened. On the supply side, coal mines are resuming production, and daily coal production is gradually increasing; in terms of imported coal, port inventory accumulation has slowed down, and after the resumption of customs clearance, it has remained at a relatively high level, with a slight decline in customs clearance last week. On the demand side, steel mills are actively resuming production, hot - metal output is increasing, coking production is increasing synchronously, and the first - round price increase expectation for coke is expected to be implemented soon. In terms of inventory, coal washing plants, coke enterprises, steel mills, ports, and ports are all increasing inventory, while coal mines are reducing inventory, and the overall inventory is showing downstream active restocking changes [5]. Ferrosilicon and Ferromanganese Industry - Ferrosilicon futures oscillated moderately. The Shaanxi Shenmu ferrosilicon plant is overhauling a 40,500 kva ferrosilicon furnace, and the overhaul duration is uncertain. Last week, ferrosilicon production decreased slightly, and the operating rate also declined. Only Inner Mongolia and Ningxia have good profits, while Qinghai and Gansu still have serious losses. In terms of demand, hot - metal output increased slightly but was less than expected. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. Ferrosilicon export orders are poor, and inquiries have weakened. The cost of ferrosilicon is supported to some extent. In the short term, affected by international geopolitical conflicts, market sentiment is changeable, ferrosilicon supply and demand both increase, and the cost is affected by coal, but the supply growth rate is slow, and the supply is still in a tight balance. The short - term price is expected to fluctuate widely, and it is recommended to operate within the range of 5,800 - 6,200. - Ferromanganese futures strengthened slightly, mainly boosted by production - cut news. In March, more manufacturers jointly cut production, and alloy plants in Inner Mongolia and other places began to implement production cuts. In the spot market, the steelmaking procurement price of East China steel plants is 6,670 yuan/ton. After the production cuts are implemented, the spot price increases, and traders are eager to follow the price increase. Last week, ferromanganese supply continued to decline, and the operating rate has declined for several consecutive weeks, with a joint production - cut expectation in April. The production pressure in the South is still high, and the loss has decreased. Only Inner Mongolia in the North is on the verge of profit and loss, but the manganese ore cost of manufacturers is mostly from previously low - priced ores, so the actual profit is better. In terms of demand, hot - metal output increased slightly but was less than expected. Terminal demand recovery is slow, domestic demand is weak, and steel exports are uncertain. Recently, the port inventory of manganese ore has increased, but due to the increase in overseas energy costs, the price of manganese ore is expected to remain high. In the short term, affected by international geopolitical conflicts, market sentiment is changeable, and there is a production - cut expectation for ferromanganese. It is expected that the price will oscillate strongly, and the range is 5,700 - 6,800 [6]. Group 3: Summaries by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar spot prices in East, North, and South China increased by 10 - 20 yuan/ton compared to the previous day. Rebar futures prices for 05, 10, and 01 contracts increased. Hot - rolled coil spot prices in East and North China increased by 0 - 10 yuan/ton, and in South China by 20 yuan/ton. Hot - rolled coil futures prices for 05, 10, and 01 contracts also increased [1]. Cost and Profit - Steel billet price increased by 20 yuan/ton, and slab price remained unchanged. The cost of Jiangsu electric - furnace rebar and converter rebar decreased by 15 yuan/ton. The profits of East and North China hot - rolled coils and rebar decreased, while the profit of South China rebar decreased by 12 yuan/ton [1]. Production - Daily average hot - metal output increased by 3.1 tons to 231.1 tons, a 1.4% increase. The output of five major steel products decreased slightly by 0.2 tons to 839.6 tons, a 0.0% change. Rebar output decreased by 5.5 tons to 197.9 tons, a 2.7% decrease, with electric - furnace output decreasing by 1.5 tons and converter output decreasing by 4.0 tons. Hot - rolled coil output increased by 5.4 tons to 305.6 tons, a 1.8% increase [1]. Inventory - The inventory of five major steel products decreased by 48.4 tons to 1,897.8 tons, a 2.5% decrease. Rebar inventory decreased by 27.5 tons to 861.9 tons, a 3.1% decrease. Hot - rolled coil inventory decreased by 8.0 tons to 453.3 tons, a 1.7% decrease [1]. Transaction and Demand - Building material trading volume increased by 1.0 tons to 10.4 tons, a 10.4% increase. The apparent demand for five major steel products increased by 19.5 tons to 888.0 tons, a 2.2% increase. The apparent demand for rebar increased by 17.3 tons to 225.4 tons, an 8.3% increase. The apparent demand for hot - rolled coils increased by 3.1 tons to 313.6 tons, a 1.0% increase [1]. Iron Ore Industry Futures - The warehouse - receipt costs of various iron ore powders increased slightly by 0.1%. The 05 - contract basis of various powders also increased slightly. The 5 - 9 spread decreased by 2.0 yuan/ton to 22.0 yuan/ton, a - 8.3% change, and the 9 - 1 spread increased by 1.0 yuan/ton to 19.5 yuan/ton, a 5.4% increase [3]. Spot Prices and Price Indexes - Spot prices of various iron ores in Rizhao Port increased slightly by about 0.1%. The Singapore Exchange 62% Fe swap price remained unchanged [3]. Supply - The global iron ore shipment volume decreased by 671.9 tons to 2,472.4 tons, a 21.4% decrease. The national monthly import volume decreased by 2,200.9 tons to 9,763.8 tons, an 18.4% decrease. The 45 - port arrival volume increased by 154.7 tons to 2,426.3 tons, a 6.8% increase, and the 45 - port daily average clearance volume decreased by 7.8 tons to 313.2 tons, a 2.4% decrease [3]. Demand - The daily average hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [3]. Inventory - The inventory of 247 steel mills' imported iron ore decreased by 55.5 tons to 8,978.6 tons, a 0.6% decrease [3]. Coke and Coking Coal Industry Coke - Related Prices and Spreads - The prices of Shanxi first - class wet - quenched coke and Rizhao Port quasi - first - class wet - quenched coke remained unchanged. Coke futures prices for 05 and 09 contracts increased slightly by 0.1%. The 05 and 09 basis decreased [5]. Coking Coal - Related Prices and Spreads - The price of Shanxi medium - sulfur primary coking coal remained unchanged, while the price of Mongolian 5 raw coal decreased by 19 yuan/ton, a 1.4% decrease. Coking coal futures prices for 05 and 09 contracts decreased slightly. The 05 and 09 basis decreased [5]. Supply - The daily average output of all - sample coking plants increased by 0.5 tons to 64.8 tons, a 0.8% increase, and the daily average output of 247 steel mills remained unchanged. The raw coal output of sample coal mines decreased by 5.6 tons to 875.3 tons, a 0.6% decrease, and the clean coal output decreased by 2.7 tons to 445.9 tons, a 0.6% decrease [5]. Demand - The hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [5]. Inventory - Coke total inventory increased by 16.3 tons to 997.8 tons, a 1.7% increase. The inventory of all - sample coking plants decreased by 4.2 tons to 90.1 tons, a 4.4% decrease, and the inventory of 247 steel mills increased by 3.5 tons to 691.7 tons, a 0.5% increase. Coking coal inventory in Fenxi coal mines decreased by 11.0 tons to 97.2 tons, a 10.2% decrease, and the inventory of all - sample coking plants increased by 42.5 tons to 1,047.5 tons, a 4.2% increase [5]. Ferrosilicon and Ferromanganese Industry Futures and Spot - Ferrosilicon and ferromanganese futures prices increased. Spot prices of ferrosilicon and ferromanganese in various regions also increased to different degrees [6]. Cost and Profit - The production cost of ferrosilicon in Inner Mongolia, Qinghai, and Ningxia decreased slightly, and the production profit in Inner Mongolia and Ningxia increased. The production cost of ferromanganese in Inner Mongolia and Guangxi increased slightly [6]. Supply - Ferrosilicon production decreased by 0.2 tons to 10.2 tons, a 2.2% decrease, and the operating rate decreased by 1.0 to 27.3%. Ferromanganese production decreased by 0.5 tons to 19.2 tons, a 2.3% decrease, and the operating rate decreased by 4.1 to 32.0% [6]. Demand - Ferrosilicon demand remained unchanged at 1.9 tons, and ferromanganese demand decreased by 0.1 tons to 12.0 tons. The daily average hot - metal output of 247 steel mills increased by 2.9 tons to 231.1 tons, a 1.3% increase [6]. Inventory - The inventory of 60 sample ferrosilicon enterprises decreased by 0.4 tons to 5.5 tons, a 7.5% decrease, and the inventory of 63 sample ferromanganese enterprises decreased by 1.2 tons to 37.3 tons, a 3.1% decrease [6].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - No clear core viewpoints presented in the given content Summary by Directory Price - For silicon iron, the latest prices of 72% FeSi in different regions vary, with daily and weekly changes. For example, in Ningxia, the price is 5650 with a daily change of 50 and a weekly change of 100. The prices of 75% FeSi in Shaanxi and other grades in different regions also have corresponding price and change data [1]. - For silicon manganese, the closing price of the main contract, basis, and price differences between regions and grades are presented, such as the CZCE silicon manganese main - contract closing price, and the basis in Jiangsu and Inner Mongolia [4]. Supply - For silicon iron, the production data of 136 silicon - iron enterprises in China, including monthly production and weekly production with a 95% capacity - share, are provided. The capacity utilization rates of silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also shown [2]. - For silicon manganese, the weekly production in China, the procurement price and quantity of HeSteel Group, and the prices of related raw materials like manganese ore are presented [4]. Demand - For silicon iron, the demand - related data include the estimated production of crude steel in China, the production of stainless - steel crude steel, the procurement volume of HeSteel Group, and the export quantity [2]. - For silicon manganese, the demand in China (in ten thousand tons), the export quantity, and the estimated production of crude steel are provided [5]. Inventory - For silicon iron, the inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), the CZCE silicon - iron warehouse - receipt quantity, effective forecast, and inventory average available days in different regions are presented [3]. - For silicon manganese, the CZCE silicon - manganese warehouse - receipt quantity, effective forecast, inventory + effective inventory, and the inventory of 63 sample enterprises in China are provided [5]. Cost and Profit - For silicon iron, the electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke in Shaanxi, and the production cost, profit of silicon iron in Ningxia and Inner Mongolia are presented [3]. - For silicon manganese, the profit data in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main - contract are provided [5].

Group 1: Report Overview - Report Title: "Industry Calls for Production Cuts, Manganese Silicon Trends Strongly - Ferroalloy Weekly Report 20260330" [1] - Researcher: Peng Bohan [2] - Contact Information: Phone 0371 - 58630083, Email pengbh_qh@ccnew.com, Professional Certificate No. F3076814, Investment Consultation No. Z0016415 [2] Group 2: Silicon Iron Analysis Current Views - Supply: Production first increased and then decreased. 136 independent silicon iron enterprises had a weekly output of 10.21 tons (a 2.2% week - on - week decrease and an 8.8% year - on - year decrease), and the February 2025 output was 39.39 tons (a 9.9% month - on - month decrease and a 12.1% year - on - year decrease) [5][7] - Demand: The output of finished steel stopped increasing and declined. Silicon iron consumption in five major steel products was 1.92 tons (a 0.65% week - on - week decrease and a 4.4% year - on - year decrease), and the weekly output of five major steel products was 839.6 tons (a 0.03% week - on - week decrease and a 3.4% year - on - year decrease) [5][9] - Inventory: The decline in factory inventory widened. Enterprise inventory was 5.49 tons (a 7.5% week - on - week decrease and a 34.3% year - on - year decrease), and the March steel mill inventory days were 16.82 days (a 1.9 - day month - on - month decrease and a 0.5 - day year - on - year increase) [5][11] - Cost: Coal and electricity prices stabilized. Some raw material prices had small changes, and the silicon iron cost in different regions increased slightly [5][15] - Basis: The futures price had a slight premium. The silicon iron basis in Ningxia for the 05 contract was - 62 yuan/ton, a 68 - yuan/ton week - on - week decrease [5][18] - Strategy: The short - term trend is strong. The strategy is to buy on dips, with resistance at 6300 [5] Group 3: Manganese Silicon Analysis Current Views - Supply: Production decreased slightly. 121 independent silicon manganese enterprises had a weekly output of 19.16 tons (a 2.3% week - on - week decrease and a 3.9% year - on - year decrease), and the February national silicon manganese output was 77.36 tons (a 9.4% month - on - month decrease and a 3.8% year - on - year decrease) [23][26] - Demand: The output of finished steel stopped increasing and declined. Silicon manganese weekly consumption was 11.88 tons (a 0.75% week - on - week decrease and a 5.6% year - on - year decrease), and the weekly output of five major steel products was 839.6 tons (a 0.03% week - on - week decrease and a 3.4% year - on - year decrease) [23][28] - Inventory: Factory inventory decreased slightly from a high level. Enterprise sample inventory was 37.2 tons (a 3.1% week - on - week decrease and a 105% year - on - year increase), and the March steel mill inventory days were 17.08 days (a 1.5 - day month - on - month decrease and a 0.47 - day year - on - year increase) [23][30] - Cost: Manganese ore port prices continued to rise, and the May CML quotation to China increased by 0.4 dollars to 6 dollars/ton - degree. The cost of silicon manganese in different regions increased [23][37] - Basis: The basis was at par. The silicon manganese basis in Inner Mongolia for the 05 contract was 0 yuan/ton, a 82 - yuan/ton week - on - week decrease [23][32] - Strategy: For the 05 contract, observe the pressure around last week's high. The short - term trend is to buy on dips [23]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - For manganese - silicon, the Middle - East situation disturbs market sentiment, cost support is strong, and the upside space depends on the implementation of emission reduction. The short - term fundamentals have some upward support, and the manganese - silicon futures price in the second quarter is expected to be slightly bullish with oscillations [6]. - For silicon - iron, the news stimulates market sentiment, but the driving force for the fundamental resonance to rise is limited. The silicon - iron futures price is expected to maintain an oscillating trend in the second quarter, and external situation changes, Middle - East geopolitical trends, and the overall sentiment of the black market all have certain impacts [8]. 3. Summary According to Relevant Catalogs 3.1 Futures Prices - In the first quarter, the prices of both manganese - silicon and silicon - iron futures oscillated upward, and the increase of manganese - silicon futures price was greater than that of silicon - iron. From December 29, 2025, to March 27, 2026, the closing price of the manganese - silicon main contract increased from 5,862 yuan/ton to 6,580 yuan/ton, with a quarterly increase of 718 yuan/ton and a growth rate of 12.25%; the closing price of the silicon - iron main contract increased from 5,676 yuan/ton to 6,012 yuan/ton, with a quarterly increase of 336 yuan/ton and a growth rate of 5.92% [9][13]. 3.2 Manganese - Silicon Supply - The weekly output of manganese - silicon decreased month - on - month. On March 27, 2026, the weekly output was 191,660 tons, with a daily average output of 27,380 tons and a month - on - month decrease of 2.32% [28][31]. - Manganese - based industries issued an independent emission reduction plan. The monthly emission reduction of the Inner Mongolia ferroalloy industry is expected to be 94,600 tons, the annual emission reduction of the Ningxia ferroalloy industry is expected to be 66,250 tons, the monthly emission reduction of the national manganese - based ferroalloy industry is 221,000 tons, and the annual cumulative emission reduction is 2.652 million tons [5]. - The startup rates of manganese - silicon production enterprises in Inner Mongolia and Ningxia decreased week - on - week [36]. - Ningxia's manganese - silicon output in February hit a new low in the same period in recent years [39]. 3.3 Manganese - Silicon Demand - The weekly demand of manganese - silicon by sample enterprises continued to increase, but the absolute value was still low. On March 27, 2026, the demand was 118,832 tons, with a month - on - month increase of 6,179 tons and a growth rate of 5.48% [43][44]. - The output of rebar was at a relatively low level, and the proportion of rebar in the total output of the five major steel products showed a gradually decreasing trend. On March 27, 2026, the weekly output of rebar was 197.87 tons, with a month - on - month increase of 13.48 tons and a growth rate of 7.31% [45][49]. 3.4 Manganese - Silicon Inventory - The inventory of manganese - silicon sample enterprises increased significantly year - on - year. As of March 27, 2026, the total inventory of 63 sample enterprises was 372,800 tons, an increase of 212,300 tons compared with September 5, 2025 [50][53]. - The average available days of manganese - silicon inventory in March 2026 were 17.08 days, an increase of 0.47 days compared with the same period last year [5]. 3.5 Manganese Ore - The inventory of manganese ore at ports was higher than the same period last year. As of March 20, 2026, the total inventory of manganese ore at ports was 4.745 million tons, a quarterly increase of 207,000 tons [57][59]. - The prices of manganese ore increased significantly. From December 23, 2025, to March 27, 2026, the price of South African Mn36.5% manganese ore increased from 35 yuan/dry ton degree to 43.8 yuan/dry ton degree, with a quarterly increase of 9.3 yuan/dry ton degree and a growth rate of 27.0% [63][66]. 3.6 Manganese - Silicon Options - The historical volatility of manganese - silicon options rebounded from a low level [67]. - The put - call ratio of the trading volume of manganese - silicon options oscillated at a low level [70]. 3.7 Silicon - Iron Supply - The weekly output of silicon - iron decreased month - on - month and was at a medium - low level in recent years. On March 27, 2026, the weekly output was 102,100 tons, with a daily average output of 14,590 tons, a month - on - month increase of 3,600 tons and a growth rate of 3.65% [73][75]. - The national silicon - iron output in February decreased month - on - month, and the output in Qinghai decreased significantly [81]. 3.8 Silicon - Iron Demand - The weekly demand of silicon - iron increased. On March 27, 2026, the demand was 19,290.2 tons, with a month - on - month increase of 1,784.4 tons and a growth rate of 10.19% [91][92]. - The apparent consumption of silicon - iron in February 2026 was 376,000 tons, a month - on - month decrease of 39,000 tons and a decline rate of 9.35% [93][94]. 3.9 Silicon - Iron Inventory - The inventory of silicon - iron sample enterprises decreased continuously month - on - month, and the absolute value was low. As of March 27, 2026, the total inventory of 60 sample enterprises was 54,950 tons, a quarterly decrease of 5,000 tons [100][102]. - The average available days of silicon - iron inventory in March 2026 were 16.82 days, an increase of 0.56 days compared with the same period last year and a month - on - month decrease of 1.9 days [8]. 3.10 Silicon - Iron Options - The historical volatility of silicon - iron options was still at a relatively low level [107]. - The put - call ratio of the position and trading volume of silicon - iron options rebounded slightly from a low level [110].