Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on December 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5270 respectively, with daily changes of 0 and weekly changes of 50 and 20. The export price of Tianjin 72 was 1020 (USD) with no daily or weekly changes [2]. - For silicon manganese, on the same day, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, and Guizhou 6517 were 5590, 5520, 5700, and 5650 respectively, with daily changes of 20, 0, 30, and 30, and weekly changes of 50, 20, 80, and 80 [2]. Supply - The monthly production of 136 silicon ferroalloy enterprises in China from 2021 - 2025 is presented, as well as the weekly production of 136 silicon ferroalloy enterprises (with a 95% capacity share) [5]. - The monthly production of silicon manganese in China from 2021 - 2025 is shown, along with the procurement volume and price of Hebei Iron and Steel Group for silicon manganese 6517 [7]. Demand - The monthly estimated and actual production of crude steel in China from 2021 - 2025 is provided, and the demand for silicon manganese in China (in ten thousand tons) from 2021 - 2025 is also given [5][8]. Inventory - The weekly inventory of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 is presented, as well as the daily number of silicon ferroalloy warehouse receipts and effective forecasts [6]. - The daily warehouse receipts, effective forecasts, and total inventory of silicon manganese in China from 2021 - 2025 are shown, along with the inventory of 63 sample silicon manganese enterprises in China (in tons) [8]. Cost - Profit - The electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia for ferroalloys from 2021 - 2025 are presented, as well as the market price of semi - coke small materials in Shaanxi and its production profit in China [6]. - The profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions from 2021 - 2025 is shown, along with the profit of silicon manganese converted to the main contract in Guangxi and Ningxia [8].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint No relevant information provided. 3. Summary by Related Catalogs Price - The price of silicon - iron and silicon - manganese in different regions and varieties is presented, including spot prices, factory - to - futures prices, and futures prices of different contracts [2]. - The price trends of silicon - iron and silicon - manganese in different regions from 2021 to 2025 are shown through multiple price charts, such as market prices, export and import prices, basis differences, and inter - month spreads [3][6]. Supply - The supply data of silicon - iron includes the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates of enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly), and the production volume of Chinese stainless - steel crude steel (monthly) [4]. - The supply data of silicon - manganese includes the weekly production volume of Chinese silicon - manganese, procurement prices and quantities of Hebei Iron and Steel Group (monthly), and the market prices of related products like high - carbon ferromanganese and electrolytic manganese [6]. Demand - The demand - related data of silicon - iron includes the estimated and actual production volume of Chinese crude steel (monthly), the price and production volume of metal magnesium, the export volume of silicon - iron (monthly), and the procurement volume of Hebei Iron and Steel Group (monthly) [4]. - The demand - related data of silicon - manganese includes the demand volume of Chinese silicon - manganese (in ten thousand tons, Steel Union's caliber), the export volume of silicon - manganese (monthly), and the estimated production volume of Chinese crude steel (monthly) [4][7]. Inventory - The inventory data of silicon - iron includes the inventory of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in different regions (monthly) [5]. - The inventory data of silicon - manganese includes the inventory of 63 sample enterprises in China (weekly, in tons), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in China (monthly) [7]. Cost and Profit - For silicon - iron, the cost - related factors include electricity prices in different regions, the market price of semi - coke, the production cost in Ningxia and Inner Mongolia, and the profit includes the profit of 75 - grade silicon - iron exports, the profit of Ningxia silicon - iron in the spot and futures markets [5]. - For silicon - manganese, the cost - related factors include the prices of chemical coke and various manganese ores, and the profit includes the profit in Inner Mongolia, Guangxi, and different regions, and the profit of Guangxi and Ningxia silicon - manganese in the futures market [6][7].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - No information provided in the content 3. Summary by Relevant Catalogs Price - **Silicon Iron**: On December 24, 2025, the latest price of Ningxia 72 silicon iron was 5250, with a daily change of 30 and a weekly change of 100; Inner Mongolia 72 was 5270, with a daily change of 20 and a weekly change of 70; Qinghai 72 was 5200, unchanged daily and with a weekly increase of 50; Shaanxi 72 was 5220, with a daily change of 20 and a weekly change of 120; Shaanxi 75 was 5650, unchanged daily and with a weekly increase of 50. The export price of Tianjin 72 was 1020, and Tianjin 75 was 1070, both unchanged [2] - **Silicon Manganese**: On December 24, 2025, the latest price of Inner Mongolia 6517 silicon manganese was 5570, with a daily change of 20 and a weekly change of 30; Ningxia 6517 was 5540, unchanged daily and with a weekly increase of 50; Guangxi 6517 was 5670, with a daily change of 20 and a weekly change of 70; Guizhou 6517 was 5620, with a daily change of 20 and a weekly change of 70; Yunnan 6517 was 5620, with a daily change of 20 and a weekly change of 70; Guangxi 6014 was 5050, unchanged daily and with a weekly increase of 50 [2] Supply - **Silicon Iron**: The production data of 136 silicon - iron enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [5] - **Silicon Manganese**: The weekly production of silicon manganese in China from 2021 - 2025 is shown, along with the procurement price and quantity of Hebei Iron and Steel Group [7] Demand - **Silicon Iron**: The demand - related data include the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the procurement volume and price of Hebei Iron and Steel Group, and the export volume of silicon iron [5] - **Silicon Manganese**: The demand - related data include the estimated production of crude steel in China, the demand in China, and the export volume [8] Inventory - **Silicon Iron**: It shows the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions [6] - **Silicon Manganese**: It presents the warehouse receipt quantity, effective forecast, total inventory, inventory average available days in China, and the inventory of 63 sample enterprises [8] Cost and Profit - **Silicon Iron**: The cost - related data involve electricity prices in different regions, the market price of semi - coke, and the production cost in Ningxia and Inner Mongolia. The profit data include the profit of 75 - grade silicon - iron export, the profit of Ningxia silicon - iron converted to the main contract, and the spot profit [6] - **Silicon Manganese**: The profit data include the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon - manganese converted to the main contract [8]

价格 供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：75%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 -2500 -1500 -500 500 1500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁-硅锰主力合约价差（元/吨） 2021 2022 2023 2024 2025 2000 3000 4000 5000 6000 7000 8000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 ...

Report Information - Report Date: December 12, 2025 [1] - Report Type: Ferroalloy Morning Report Price Summary Ferrosilicon (FeSi) - Spot prices for FeSi 72% in different regions: Ningxia at 5100 yuan, Inner Mongolia at 5120 yuan, Qinghai at 5150 yuan, and Shaanxi at 5080 yuan [2] - FeSi 75% in Shaanxi is priced at 5600 yuan [2] - Export prices for FeSi 72% and 75% in Tianjin are 1020 and 1070 US dollars respectively [2] - Futures prices for different contracts show various changes, with the main contract at 5418 yuan, showing a daily change of -16 yuan and a weekly change of -128 yuan [2] Silicomanganese (SiMn) - Spot prices for SiMn 6517 in different regions: Inner Mongolia at 5520 yuan, Ningxia at 5490 yuan, Guangxi at 5600 yuan, Guizhou at 5550 yuan, and Yunnan at 5550 yuan [2] - Futures prices for different contracts also have different changes, with the main contract at 5712 yuan, showing a daily change of -12 yuan and a weekly change of -84 yuan [2] Supply and Demand Supply - The monthly output of FeSi from 136 Chinese enterprises (with a 95% capacity share) shows trends from 2021 to 2025 [4] - The capacity utilization rates of 136 FeSi production enterprises in Inner Mongolia, Ningxia, and Shaanxi are presented from 2021 to 2025 [4] - The weekly output of SiMn in China from 2021 to 2025 is shown [6] Demand - The estimated monthly output of crude steel in China from 2021 to 2025 is given [4][7] - The monthly production of stainless - steel crude steel in China from 2021 to 2025 is presented [4] - The monthly procurement volume and price of FeSi FeSi75 - B by HeSteel Group from 2021 to 2025 are shown [4] - The monthly procurement volume and price of SiMn 6517 by HeSteel Group from 2021 to 2025 are presented [6] Inventory Ferrosilicon - The weekly inventory of 60 sample FeSi enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 to 2025 is shown [5] - The daily total number of FeSi warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on CZCE from 2021 to 2025 are presented [5] - The monthly average available days of FeSi inventory in East China, South China, and the North region from 2021 to 2025 are shown [5] Silicomanganese - The daily total number of SiMn warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on CZCE from 2021 to 2025 are presented [7] - The weekly inventory of 63 sample SiMn enterprises in China from 2021 to 2025 is shown [7] - The monthly average available days of SiMn inventory in China from 2021 to 2025 are presented [7] Cost and Profit Ferrosilicon - The electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi for ferroalloys from 2021 to 2025 are shown [5] - The market price of small - sized semi - coke in Shaanxi from 2021 to 2025 is presented [5] - The production costs and profits of FeSi in Ningxia and Inner Mongolia from 2021 to 2025 are shown [5] Silicomanganese - The profits of SiMn in Inner Mongolia, Guangxi, the North region, and the South region from 2021 to 2025 are presented [7] - The profits of Guangxi SiMn converted to the main contract price and Ningxia SiMn converted to the contract price from 2021 to 2025 are shown [7]

Core Viewpoint - The steel industry in China is currently facing supply-demand contradictions, but with the implementation of "stabilizing growth" policies, steel demand is expected to remain stable or slightly increase, supported by real estate stabilization, steady infrastructure investment, continuous manufacturing development, and high steel exports [1] Group 1: Production and Demand - In October, China's stainless steel crude steel production reached 3.6244 million tons, an increase of 78,700 tons month-on-month, representing a growth of 2.22% [1] - The overall profit of the steel industry is declining, but the total steel demand is anticipated to remain stable due to various supportive factors [1] Group 2: Supply and Industry Structure - The supply side is expected to tighten under the influence of policy expectations, leading to increased industry concentration [1] - The macro trend of high-quality economic development and new productive forces is expected to benefit high-end steel products, particularly those with high barriers and added value [1] Group 3: Investment Opportunities - The steel industry is expected to see a stable and improving industrial pattern, with some companies currently undervalued, presenting structural investment opportunities [1] - Companies with high gross margins and strong cost control, as well as leading steel enterprises benefiting from economies of scale, are likely to have valuation recovery opportunities in the future [1] Group 4: Long-term Outlook - Under the ongoing supply-side "anti-involution," steel production capacity is concentrating on quality leading companies [1] - On the demand side, special steel is expected to benefit from manufacturing upgrades and AI transformation, while leading companies in the ordinary steel sector may benefit from improvements in the industry supply-demand structure in the medium to long term [1]

Group 1 - The core point of the article highlights that in October, China's stainless steel crude steel production reached 3.6244 million tons, representing a month-on-month increase of 78,700 tons, or 2.22% growth [1]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Not provided in the content 3. Summary by Relevant Catalogs Price - For silicon ferroalloy, the latest prices of natural lumps in different regions are as follows: Ningxia 72 is 5150, Inner Mongolia 72 is 5200, Qinghai 72 is 5200, and Shaanxi 72 is 5130. The latest price of Shaanxi 75 is 5700. The prices of qualified lumps in Jiangsu 72 and Tianjin 72 are 5550 and 5500 respectively. The export prices of Tianjin 72 and Tianjin 75 are 1030 and 1080 (in US dollars) [2]. - For silicon - manganese ferroalloy, the factory - ex prices in different regions are: Inner Mongolia 6517 is 5600, Ningxia 6517 is 5480, Guangxi 6517 is 5570, Guizhou 6517 is 5550, and Yunnan 6517 is 5550. The price of Guangxi 6014 is 5000. The trader prices of Ningxia 6517 and Jiangsu 6517 are 5480 and 5670 respectively [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China shows monthly and weekly production trends from 2021 - 2025. The monthly production of 136 silicon ferroalloy enterprises in China ranges from 350,000 to 550,000 tons, and the weekly production of 136 silicon ferroalloy enterprises (with a capacity share of 95%) shows fluctuations [4]. - The production of silicon - manganese ferroalloy in China shows weekly production trends from 2021 - 2025, with the weekly production ranging from 5500 to 9000 [6]. Demand - The demand data of silicon - manganese ferroalloy in China (according to Steelhome's statistics) shows trends from 2021 - 2025, with the demand ranging from 120,000 to 280,000 tons [7]. - The demand - related data such as the purchase volume and price of silicon ferroalloy by HBIS Group from 2021 - 2025 are also presented, with the purchase volume of FeSi75 - B by HBIS Group ranging from 5000 to 12000 tons per month [4]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi shows weekly trends from 2021 - 2025. The total inventory of 60 sample enterprises in China ranges from 30,000 to 110,000 tons [5]. - For silicon - manganese ferroalloy, the inventory data such as the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory on CZCE show daily trends from 2021 - 2025. The total number of warehouse receipts on CZCE ranges from 0 to 140,000 [7]. Cost and Profit - For silicon ferroalloy, the cost and profit data such as the production cost in Ningxia and Inner Mongolia, the profit converted to the main contract in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon ferroalloy show trends from 2021 - 2025 [5]. - For silicon - manganese ferroalloy, the profit data in Inner Mongolia, Guangxi, the northern region, and the southern region (according to Steelhome's statistics) show trends from 2021 - 2025 [7].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Relevant Catalogs Price - For silicon iron, on November 19, 2025, the latest spot prices of Ningxia 72 and Inner Mongolia 72 were 5150 and 5200 respectively, with daily changes of 0 and weekly changes of -30 and -50. The latest prices of the main contract and 01 contract were 5474, with daily changes of -92 and weekly changes of -14 [2]. - For silicon manganese, on November 19, 2025, the latest ex - factory prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5600, 5500, 5600, 5580, and 5580 respectively. The latest price of the main contract was 5680, with a daily change of -112 and a weekly change of -84 [2]. Supply - The monthly production of 136 silicon iron enterprises in China from 2021 - 2025 is presented, and the weekly production of 136 silicon iron enterprises in China (with a capacity share of 95%) from 2021 - 2025 is also shown [5]. - The weekly production of silicon manganese in China from 2021 - 2025 is provided. The capacity utilization rates of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are also given [5][7]. Demand - The monthly production forecast of crude steel in China from 2021 - 2025, the monthly production of stainless - steel crude steel in China from 2021 - 2025, and the monthly procurement volume of FeSi75 - B by HeSteel Group from 2021 - 2025 are presented [5]. - The monthly procurement volume and price of 6517 silicon manganese by HeSteel Group from 2021 - 2025 are provided. The demand for silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber) from 2021 - 2025 is also shown [7][8]. Inventory - The weekly inventory of 60 sample silicon - iron enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 is presented. The daily inventory - related data of silicon iron on CZCE, including the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts from 2021 - 2025, are also shown [6]. - The daily inventory - related data of silicon manganese on CZCE, including the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts from 2021 - 2025, are provided. The weekly inventory of 63 sample silicon - manganese enterprises in China from 2021 - 2025 is also shown [8]. Cost Profit - The electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi for ferroalloys from 2021 - 2025 are presented. The market prices of raw materials such as semi - carbonated manganese ore, manganese ore, and chemical coke from 2021 - 2025 are also shown [6][7]. - The production costs in Ningxia and Inner Mongolia, the profits of silicon iron converted to the main contract in Ningxia and Inner Mongolia, and the spot profit of silicon iron in Ningxia from 2021 - 2025 are provided. The profits of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 are also shown [6][8].

Report Title - Iron Alloy Morning Report [1] Report Date - November 4, 2025 [2] Price Information Silicon Ferrosilicon - Spot prices vary by region and grade, e.g., Ningxia 72 is 5150 yuan, with a daily change of -30 yuan and a weekly change of -20 yuan; Tianjin 72 export price is 1055 US dollars, with no daily or weekly change [2] - Futures prices also show different trends for different contracts, such as the main contract at 5526 yuan, up 26 yuan daily and down 38 yuan weekly [2] - Basis, spreads between different contracts, and the spread between silicon ferrosilicon and silicon manganese are provided [2] Silicon Manganese - Spot prices vary by region, e.g., Inner Mongolia 6517 is 5650 yuan, down 10 yuan daily and 30 yuan weekly; the main futures contract is 5794 yuan, up 22 yuan daily and down 8 yuan weekly [2] - Similar to silicon ferrosilicon, basis, spreads between different contracts are presented [2] Historical Price Trends - Multiple charts show the historical price trends of silicon ferrosilicon and silicon manganese in different regions, including market prices, export and import prices, and basis, from 2021 to 2025 [3][4][6] Supply - Related Information Silicon Ferrosilicon - Production data includes monthly and weekly production volumes of 136 sample enterprises in China, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4] - Export prices at Tianjin Port for different grades are shown over the years [4] Silicon Manganese - Production data includes weekly production volumes in China and purchasing volumes and prices from HeSteel Group [6] - The opening rate of silicon manganese enterprises in China is also provided [6] Demand - Related Information - Demand - related data includes estimated and actual production volumes of crude steel in China, production volumes of stainless - steel crude steel, production and price data of metal magnesium, and the opening rate of 87 independent electric arc furnace steel mills in China [4] - The demand volume of silicon manganese in China is presented [4][7] Inventory - Related Information Silicon Ferrosilicon - Inventory data includes weekly inventories of 60 sample enterprises in China and different regions, as well as daily warehouse receipt quantities, effective forecasts, and the sum of warehouse receipts and effective forecasts [5] - Average available inventory days in different regions of China are provided [5] Silicon Manganese - Inventory data includes daily warehouse receipt quantities, effective forecasts, and the sum of warehouse receipts and effective forecasts, as well as weekly inventories of 63 sample enterprises in China [7] - Average available inventory days in China are presented [7] Cost and Profit - Related Information Silicon Ferrosilicon - Cost - related data includes electricity prices in different regions, market prices of raw materials such as blue charcoal and silica dioxide [5] - Profit data includes production costs, profits from converting to the main futures contract, and spot profits in Ningxia and Inner Mongolia [5] Silicon Manganese - Cost - related data includes prices of raw materials such as chemical coke and manganese ore [6] - Profit data includes profits in Inner Mongolia, Guangxi, and different regions in China, as well as profits from converting to the main futures contract [7]