1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price - For silicon iron, on February 11, 2026, the latest price for Ningxia 72 was 5270, with a daily change of 0 and a weekly change of -80; the latest price for Inner Mongolia 72 was 5320, with a daily change of 0 and a weekly change of -30; the latest price for Qinghai 72 was 5250, with a daily change of -50 and a weekly change of -50; the latest price for Shaanxi 72 was 5250, with a daily change of 0 and a weekly change of -50; the latest price for Shaanxi 75 was 6000, with no daily or weekly change. The export price of Tianjin 72 was 1055, and Tianjin 75 was 1115, both with no daily or weekly change [1]. - For silicon manganese, on February 11, 2026, the latest price for Inner Mongolia 6517 was 5650, with a daily change of 0 and a weekly change of -30; the latest price for Ningxia 6517 was 5570, with a daily change of -20 and a weekly change of -40; the latest price for Guangxi 6517 was 5750, with no daily or weekly change; the latest price for Guizhou 6517 was 5700, with no daily or weekly change; the latest price for Yunnan 6517 was 5700, with no daily or weekly change; the latest price for Guangxi 6014 was 5050, with a daily change of -50 and a weekly change of -50 [1]. Supply - For silicon iron, data on the production volume of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) are presented from 2022 - 2026 [4]. - For silicon manganese, data on the production volume of silicon manganese in China (weekly) and the capacity utilization rate of silicon manganese enterprises in China (monthly) from 2022 - 2026 are provided [6]. Demand - For silicon iron, data on the estimated and actual production volume of crude steel in China (monthly), the production volume of metal magnesium in China (monthly), the production volume of stainless - steel crude steel in China (monthly), the procurement volume and price of FeSi75 - B by HeSteel Group (monthly) from 2022 - 2026 are shown [4]. - For silicon manganese, data on the demand volume of silicon manganese in China (monthly), the export volume of silicon manganese in China (monthly), and the estimated production volume of crude steel in China (monthly) from 2022 - 2026 are provided [7]. Inventory - For silicon iron, data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts and effective forecasts of silicon iron on CZCE (daily), and the average available days of inventory in East China, South China, and the Northern region (monthly) from 2022 - 2026 are presented [5]. - For silicon manganese, data on the total number of warehouse receipts and effective forecasts of silicon manganese on CZCE (daily), the inventory of 63 sample enterprises in China (weekly), and the average available days of inventory in China (monthly) from 2022 - 2026 are provided [7]. Cost and Profit - For silicon iron, data on electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi (daily), the market price of small - sized semi - coke in Shaanxi (daily), the production cost and profit of silicon iron in Ningxia and Inner Mongolia (monthly), and the export profit of 75 - grade silicon iron (monthly) from 2022 - 2026 are shown [5]. - For silicon manganese, data on the cost of raw materials such as chemical coke, manganese ore, etc., and the profit of silicon manganese production in Inner Mongolia, Guangxi, the Northern region, and the Southern region (monthly) from 2022 - 2026 are provided [6][7].

Core Insights - The Chinese steel industry is projected to see a profit total of 115.1 billion yuan in 2025, a year-on-year increase of 140%, with the steel main business turning a profit of 44.5 billion yuan [1] - The average profit margin for the industry is expected to rise to 1.9%, an increase of 1.13 percentage points year-on-year [1] - The steel market is anticipated to maintain a strong supply and weak demand dynamic, with crude steel production expected to decline by 4.4% to 961 million tons in 2025 [1][2] Group 1: Industry Performance - In 2021, the profit total for key statistical enterprises reached a historical high of 345.9 billion yuan, but it declined to 48.3 billion yuan in 2024, an 86% drop from 2021 [1] - The crude steel output is projected to decrease from 1.065 billion tons in 2020 to 961 million tons in 2025, a decline of 9.8% [2] - The apparent consumption of crude steel is expected to drop by 20.9% from its peak of 1.048 billion tons in 2020 to 829 million tons in 2025 [2] Group 2: Structural Changes - The demand structure for steel has shifted significantly, with the proportion of steel used in the construction industry decreasing from 58% in 2020 to 49% in 2025, while the manufacturing sector's share increased from 42% to 51% [2] - Major steel companies are adapting to demand changes by enhancing product quality and upgrading technology, with Baosteel launching over 40 new products and achieving significant technological advancements [3] - Xingtai Special Steel has become a key supplier for international bearing manufacturers, holding over 80% market share in high-end passenger vehicle segments [3][4] Group 3: Environmental Initiatives - The steel industry has invested over 370 billion yuan in ultra-low emission transformation projects, with more than 80% of crude steel capacity achieving ultra-low emissions by the end of 2025 [5] - The "Three-Year Action Plan for Extreme Energy Efficiency Benchmarking" initiated in 2022 involves 143 enterprises, leading to significant energy savings and carbon dioxide emissions reductions [5] - The industry plans to implement three major transformation projects focusing on quality improvement, energy efficiency, and digital transformation to support high-quality development in the upcoming years [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Price - For silicon iron, different regions have varying prices and price changes. For example, the latest price of 72 silicon iron in Ningxia is 5350, with a daily change of 100 and a weekly change of 100. The price of the main contract is 5736, with a daily change of 104 and a weekly change of 126 [1]. - For silicon manganese, the closing price of the main contract on CZCE, the basis in different regions, and the price differences between different grades and regions are presented. For example, the closing price of the silicon manganese main contract on CZCE shows different trends from 2022 - 2026 [6]. Supply - The production volume and capacity utilization rate of silicon iron in 136 Chinese enterprises (monthly and weekly), and the production volume of silicon manganese in China (weekly) are provided. For example, the monthly production volume of silicon iron by 136 Chinese enterprises shows different trends from 2022 - 2026 [4][6]. - The production volume and procurement volume of silicon iron and silicon manganese by Hebei Iron and Steel Group are also included. For example, the monthly procurement volume of FeSi75 - B silicon iron by Hebei Iron and Steel Group shows different trends from 2022 - 2026 [4]. Demand - The demand - related data of silicon iron and silicon manganese in China are presented, such as the estimated and actual production volume of crude steel in China, the production volume of stainless - steel crude steel in China, and the demand for silicon manganese in China (in ten thousand tons) [4][7]. Inventory - The inventory data of silicon iron and silicon manganese are provided, including the inventory of 60 sample enterprises of silicon iron in different regions (weekly), the total number of silicon iron and silicon manganese warehouse receipts on CZCE (daily), and the inventory average available days in different regions [5][7]. Cost and Profit - The cost and profit data of silicon iron and silicon manganese are provided, such as the production cost of silicon iron in Ningxia and Inner Mongolia (yuan/ton), the profit of silicon iron and silicon manganese in different regions (yuan/ton), and the export profit of 75 - grade silicon iron (yuan) [5][7].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - **Silicon Iron**: The latest prices of silicon iron in different regions and varieties are presented, including spot prices, warehouse receipt prices, and futures prices. For example, the cash price of Ningxia 72 silicon iron natural block is 5320, with a weekly increase of 50, and the main contract price is 5698, with a daily increase of 66 and a weekly increase of 74 [2]. - **Silicon Manganese**: Similar price information for silicon manganese is provided, such as the factory - ex price of Inner Mongolia 6517 silicon manganese is 5700, with a weekly increase of 50, and the main contract price is 5930, with a daily increase of 26 and a weekly increase of 56 [2]. Supply - **Silicon Iron**: The production data of 136 silicon iron enterprises in China are shown, including monthly and weekly production, and capacity utilization rates in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Silicon Manganese**: The weekly production of silicon manganese in China and the procurement volume and price of Hebei Iron and Steel Group are presented [6]. Demand - **Silicon Iron**: The demand - related data include the estimated production of crude steel in China, the production of stainless - steel crude steel, and the procurement volume of Hebei Iron and Steel Group [4]. - **Silicon Manganese**: The demand data involve the estimated production of crude steel in China, the demand volume in China (Steel Union caliber), and the export volume [7]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in different regions (China, Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions are provided [5]. - **Silicon Manganese**: The inventory data include the number of warehouse receipts, effective forecasts, the sum of warehouse receipts and effective inventory, the inventory of 63 sample enterprises in China, and the average available days of inventory in China [7]. Cost and Profit - **Silicon Iron**: The cost - related data include electricity prices in different regions, the market price of semi - coke, and the production cost of silicon iron in Ningxia and Inner Mongolia. The profit data involve the profit of silicon iron in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon iron [5]. - **Silicon Manganese**: The profit data of silicon manganese in different regions (Inner Mongolia, Guangxi, northern and southern regions) and the profit of Guangxi silicon manganese converted to the main contract are presented [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 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]

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 22, 2025, the latest spot price of Ningxia 72 is 5200 with a daily change of 0 and a weekly change of 100; Inner Mongolia 72 is 5250 with a daily change of 0 and a weekly change of 130; the latest price of the main contract is 5640 with a daily change of 48 and a weekly change of 170 [2]. - For silicon manganese on December 22, 2025, the latest ex - factory price of Inner Mongolia 6517 is 5540 with a daily change of 0 and a weekly change of 20; the main contract price is 5808 with a daily change of 28 and a weekly change of 78 [2]. Supply - The content shows the historical production data of 136 silicon ferroalloy enterprises in China (monthly and weekly), and the capacity utilization rate data of silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 - 2025 [5]. - It also shows the historical production data of silicon manganese in China (weekly) from 2021 - 2025 [7]. Demand - The content presents data on the estimated and actual production of crude steel in China (monthly, in ten thousand tons), the production of stainless - steel crude steel in China (monthly, in ten thousand tons), and the demand for silicon manganese in China (in ten thousand tons) from 2021 - 2025 [5][8]. - It also shows the procurement volume and price data of silicon ferroalloy (FeSi75 - B) and silicon manganese (6517) by HeSteel Group (monthly) from 2021 - 2025 [5][7]. Inventory - For silicon ferroalloy, it includes data on the inventory of 60 sample enterprises in China (weekly), CZCE silicon ferroalloy warehouse receipt quantity (daily), effective forecast (daily), and inventory average available days in different regions (monthly) from 2021 - 2025 [5]. - For silicon manganese, it includes data on CZCE silicon manganese warehouse receipt quantity (daily), effective forecast (daily), warehouse receipt + effective inventory (daily), inventory of 63 sample enterprises in China (weekly, in tons), and inventory average available days in China (monthly) from 2021 - 2025 [8]. Cost and Profit - For silicon ferroalloy, it shows data on production costs and profits in Ningxia and Inner Mongolia from 2021 - 2025 [5]. - For silicon manganese, it shows profit data in Inner Mongolia, Guangxi, the northern region, and the southern region, as well as data on Guangxi silicon manganese converted to the main contract profit and Ningxia silicon manganese converted to the contract profit from 2021 - 2025 [8].

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]