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 08/ ...

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 08/ ...

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]

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 October 31, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5220 and 5250 respectively, with daily changes of 50 and 50, and weekly changes of 40 and 50. The latest prices of the main contracts (01 contracts) were 5550, with daily and weekly changes of -44 and -24 [2]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy were 1055 and 1105 US dollars respectively, with no daily or weekly changes [2]. - For silicon manganese, on October 31, 2025, the factory - ex - works prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5680, 5600, 5650, 5600, and 5600 respectively, with different daily and weekly changes [2]. Supply - The report shows the production volume of 136 silicon ferroalloy enterprises in China (monthly and weekly), and the capacity utilization rates of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 - 2025 [4][5]. - It also presents the production volume of silicon manganese in China (weekly) from 2021 - 2025 [7]. Demand - It shows the estimated and actual production volumes of crude steel in China (monthly), the production volume of stainless - steel crude steel in China (monthly), and the demand volume of silicon manganese in China (in ten thousand tons, according to Steel Union's data) from 2021 - 2025 [5][8]. - The procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) from 2021 - 2025 are also provided [5]. Inventory - The inventory of 60 sample silicon ferroalloy enterprises in China (weekly), the inventory of silicon ferroalloy in Ningxia, Inner Mongolia, and Shaanxi (weekly), and the inventory of silicon ferroalloy in CZCE (daily) from 2021 - 2025 are presented [6]. - For silicon manganese, the inventory data such as the total number of warehouse receipts in CZCE (daily), effective forecasts (daily), and the inventory of 63 sample enterprises in China (weekly) from 2021 - 2025 are shown [8]. Cost and Profit - The report includes the electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia (daily), the market price of small - sized blue charcoal in Shaanxi (daily), and the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025 [6]. - For silicon manganese, the profit data in Inner Mongolia, Guangxi, the northern and southern regions (according to Steel Union's data), and the profit of Guangxi silicon manganese converted to the main contract price from 2021 - 2025 are provided [8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon iron on October 28, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 are 5170 and 5220 respectively, with a daily change of -30 and a weekly change of 40. The latest prices of the main contract and 01 contract are 5564, with a daily change of 22 and a weekly change of 128 [2]. - For silicon manganese on the same day, the factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 are 5680, 5580, 5650, 5600, and 5600 respectively. The latest price of the main contract is 5802, with a daily change of 30 and a weekly change of 64 [2]. Supply - The report presents historical production data of 136 silicon - iron enterprises in China from 2021 - 2025, including monthly and weekly production and capacity utilization in different regions such as Inner Mongolia, Ningxia, and Shaanxi [5]. - It also shows the historical production data of silicon manganese in China from 2021 - 2025, including weekly production and enterprise operating rates [7]. Demand - The report shows historical data of demand - related indicators for silicon iron and silicon manganese in China from 2021 - 2025, such as the demand volume of silicon manganese (Steel Union caliber), and the procurement volume and price of silicon iron and silicon manganese by Hebei Iron and Steel Group [5][7][8]. Inventory - For silicon iron, it shows the historical inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi) from 2021 - 2025, as well as the historical data of CZCE silicon - iron warehouse receipts, effective forecasts, and the sum of the two [6]. - For silicon manganese, it presents the historical data of CZCE silicon - manganese warehouse receipts, effective forecasts, the sum of the two, and the inventory of 63 sample enterprises in China from 2021 - 2025 [8]. Cost and Profit - The report shows the historical data of electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) for ferroalloys from 2021 - 2025, as well as the historical data of prices, operating rates, production gross profits of related raw materials such as semi - carbonated manganese ore, manganese ore, and blue carbon [6]. - It also presents the historical cost and profit data of silicon iron and silicon manganese in different regions (Ningxia, Inner Mongolia, Guangxi) from 2021 - 2025, including production costs, profits converted to the main contract, and spot profits [6][8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Related Catalogs Price - For silicon ferroalloy, on October 24, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5180 yuan, unchanged from the previous day and up 50 yuan from the previous week; the latest price of Inner Mongolia 72 was 5200 yuan, unchanged from the previous day and up 20 yuan from the previous week; the latest price of Qinghai 72 was 5200 yuan, up 30 yuan from the previous day and up 50 yuan from the previous week; the latest price of Shaanxi 72 was 5200 yuan, unchanged from the previous day and up 100 yuan from the previous week; the latest price of Shaanxi 75 was 5800 yuan, unchanged from the previous day and down 300 yuan from the previous week. The latest price of Jiangsu 72 silicon ferroalloy qualified block was 5650 yuan, up 50 yuan from the previous day and up 80 yuan from the previous week; the latest price of Tianjin 72 (trader price) was 5650 yuan, unchanged from the previous day and the previous week. The latest price of Tianjin 72 silicon ferroalloy export was 1055 US dollars, unchanged from the previous day and down 5 US dollars from the previous week; the latest price of Tianjin 75 was 1105 US dollars, unchanged from the previous day and down 5 US dollars from the previous week [2]. - For silicon manganese, on October 24, 2025, the latest price of Inner Mongolia 6517 silicon manganese (factory - ex price) was 5680 yuan, unchanged from the previous day and the previous week; the latest price of Ningxia 6517 was 5580 yuan, unchanged from the previous day and down 20 yuan from the previous week; the latest price of Guangxi 6517 was 5650 yuan, unchanged from the previous day and the previous week; the latest price of Guizhou 6517 was 5600 yuan, unchanged from the previous day and the previous week; the latest price of Yunnan 6517 was 5600 yuan, unchanged from the previous day and the previous week; the latest price of Guangxi 6014 was 5100 yuan, unchanged from the previous day and the previous week. The latest price of Ningxia 6517 silicon manganese (trader price) was 5580 yuan, unchanged from the previous day and down 20 yuan from the previous week; the latest price of Jiangsu 6517 was 5750 yuan, unchanged from the previous day and up 50 yuan from the previous week [2]. Supply - For silicon ferroalloy, the content shows the production data of 136 silicon ferroalloy enterprises in China, including monthly production, weekly production (with a capacity - share of 95%), and the capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi on a monthly basis from 2021 - 2025 [4]. - For silicon manganese, the content shows the weekly production data of silicon manganese in China from 2021 - 2025, as well as the procurement price and quantity of silicon manganese 6517 by Hebei Iron and Steel Group on a monthly basis [6]. Demand - For silicon ferroalloy, the demand - related data includes China's estimated and revised monthly production of crude steel, the production of magnesium metal, the production of stainless - steel crude steel, the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group, and the export volume of silicon ferroalloy from 2021 - 2025 [4]. - For silicon manganese, the demand - related data includes China's estimated and revised monthly production of crude steel, the demand for silicon manganese in China (according to Steel Union's data), and the export volume of silicon manganese from 2021 - 2025 [4][7]. Inventory - For silicon ferroalloy, the inventory data includes the weekly inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the daily total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on the CZCE from 2021 - 2025. It also shows the monthly average available inventory days in East China, South China, and the North region, as well as the daily average available inventory days in China [5]. - For silicon manganese, the inventory data includes the daily total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on the CZCE, the daily single - sided trading position, the weekly inventory of 63 sample enterprises in China, and the monthly average available inventory days in China from 2021 - 2025 [7]. Cost and Profit - For silicon ferroalloy, the cost - related data includes electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized semi - coke in Shaanxi, the market price of 98% silica in the Northwest region, and the market price of 70% Fe iron oxide scale in Shijiazhuang. The profit - related data includes the production cost, the profit after converting to the main contract, and the spot profit of silicon ferroalloy in Ningxia, as well as the production cost and the profit after converting to the main contract of silicon ferroalloy in Inner Mongolia, and the export profit of 75 silicon ferroalloy from 2021 - 2025 [5]. - For silicon manganese, the profit - related data includes the profit of silicon manganese in Inner Mongolia, Guangxi, the North region, and the South region (according to Steel Union's data), the profit after converting to the main contract of silicon manganese in Guangxi and Ningxia from 2021 - 2025 [7].

Report Industry Investment Rating - Not provided in the document Core Viewpoint - Not provided in the document Summary by Relevant Catalogs Price - For silicon ferroalloy on October 23, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 are 5180 and 5200 respectively, with daily changes of 50 and 50, and weekly changes of 50 and 20. The latest prices of Qinghai 72, Shaanxi 72, and Shaanxi 75 are 5170, 5200, and 5800 respectively, with different daily and weekly changes. The export prices of Tianjin 72 and Tianjin 75 are 1055 and 1105 respectively [2]. - For silicon manganese on October 23, 2025, the factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 vary, and the trading prices of Ningxia 6517 and Jiangsu 6517 also have different changes [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China, including monthly production, weekly production (with a capacity share of 95%), and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are presented. Also, the production data of silicon manganese in China, such as weekly production and the procurement volume and price of Hebei Iron and Steel Group from 2021 - 2025 are shown [4][5][7]. Demand - The demand - related data include the estimated and actual production of crude steel in China, the production and price of metal magnesium, the export volume of silicon ferroalloy, the production of stainless - steel crude steel, the procurement volume and price of silicon ferroalloy by Hebei Iron and Steel Group, and the demand for silicon manganese in China from 2021 - 2025 [4][5][8]. Inventory - The inventory data of silicon ferroalloy, including the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions from 2021 - 2025 are provided. For silicon manganese, the inventory - related data such as the number of warehouse receipts, effective forecasts, and the inventory of 63 sample enterprises in China from 2021 - 2025 are presented [6][8]. Cost and Profit - The cost - related data of ferroalloys include electricity prices in different regions, the market price of semi - carbonated manganese ore, and the price of chemical coke. The profit - related data include the production profit of silicon ferroalloy in Ningxia and Inner Mongolia, the export profit of 75% silicon ferroalloy, and the profit of silicon manganese in different regions from 2021 - 2025 [6][7][8].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs Price - For silicon ferroalloy on October 9, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5230, with a daily change of -20 and a weekly change of -100; the latest price of Inner Mongolia 72 was 5250, with a daily change of -50 and a weekly change of -100; the latest price of Shaanxi 75 was 6100, with a weekly change of 100. The latest price of Jiangsu 72 silicon ferroalloy qualified block was 5750, with a weekly change of -150; the latest price of Tianjin 72 was 5700, with a daily change of -50 and a weekly change of -100. The latest export prices of Tianjin 72 and 75 silicon ferroalloy were 1025 and 1105 respectively, with no daily or weekly changes [2] - For silicon manganese on October 9, 2025, the latest factory - ex prices of Inner Mongolia 6517 and Ningxia 6517 silicon manganese were 5680 and 5620 respectively, with weekly changes of -50 and -80; the latest price of Guangxi 6517 was 5700, with a weekly change of -50; the latest price of Guizhou 6517 was 5680, with a weekly change of -20; the latest price of Yunnan 6517 was 5650, with a weekly change of -50; the latest price of Guangxi 6014 was 5100, with a weekly change of -100. The latest trading prices of Ningxia 6517 and Jiangsu 6517 silicon manganese were 5620 and 5750 respectively, with weekly changes of -80 and -100 [2] Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi. The production data of silicon manganese in China from 2021 - 2025 are also presented, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [4][6] Demand - The demand - related data include the estimated and actual monthly production of crude steel in China from 2021 - 2025, the production and export price of magnesium metal, the demand for silicon manganese in China, and the procurement volume and price of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group [4][6][7] Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 are presented, as well as the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions. For silicon manganese, the inventory data of 63 sample enterprises in China from 2021 - 2025 are presented, as well as the number of warehouse receipts, effective forecasts, and the average available days of inventory in China [5][7] Cost - profit - For silicon ferroalloy, the cost - profit data include electricity prices in different regions, the market price and production profit of semi - coke, the market price of silica, the production cost and profit in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon ferroalloy. For silicon manganese, the cost - profit data include the ex - factory price of chemical coke, the price of manganese ore, and the profit in Inner Mongolia, Guangxi, and other regions [5][6][7]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Relevant Catalogs Price - On September 12, 2025, for silicon iron, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5310 respectively, with no daily change but weekly changes of 50 and 90 [2]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5680, 5600, and 5680 respectively, with daily changes of 0, 50, and 0, and weekly changes of 0, 100, and 0 [2]. Supply - There are data on the production and capacity utilization of 136 silicon iron production enterprises in China, including monthly production and weekly production with a 95% capacity - occupancy ratio [4]. - Data on the production of silicon manganese in China on a weekly basis are also provided [7]. Inventory - For silicon iron, there are data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis [6]. - For silicon manganese, there are data on the inventory of 63 sample enterprises in China on a weekly basis, as well as data on warehouse receipts, effective forecasts, and the sum of them [8]. Cost and Profit - Information on the electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia is provided, which affects the production cost of ferroalloys [6]. - There are data on the production cost and profit of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions [6][8].

Core Insights - The World Stainless Steel Association reported that the crude stainless steel production for the first half of 2025 reached 31.9 million tons [1] Group 1: Regional Production Data - Europe produced 1.542 million tons in Q2 2025, showing a decrease of 5.1% compared to Q1 2025 and a decrease of 4.1% year-on-year [2] - The United States produced 0.518 million tons in Q2 2025, reflecting an increase of 7.8% compared to Q1 2025 and a slight increase of 1.1% year-on-year [2] - China produced 10.544 million tons in Q2 2025, marking a 3.9% increase from Q1 2025 and a significant 9.6% increase year-on-year [2] - Other Asian countries (excluding China) produced 3.491 million tons in Q2 2025, which is a decrease of 2.2% from Q1 2025 but a 4.1% increase year-on-year [2] - New Zealand's production was 0.225 million tons in Q2 2025, showing a 2.9% increase from Q1 2025 and a 1.0% increase year-on-year [2] - Total production across all regions was 16.361 million tons in Q2 2025, reflecting a 3.1% increase year-on-year and a 5.0% increase from Q1 2025 [2]