Report Title - "Iron Alloy Morning Report" [1] Report Date - August 22, 2025 [2] Key Information on Silicon Iron Price - For natural silicon iron blocks: in Ningxia 72, the spot price is 5330 with no daily change and a weekly decrease of 170; in Inner Mongolia 72, it's 5300, down 50 daily and 150 weekly; in Qinghai 72, 5300, down 50 daily and 200 weekly; in Shaanxi 72, 5300, no daily change and a 150 weekly decrease; in Shaanxi 75, 5900, no daily change and a 100 weekly increase [2]. - For qualified silicon iron blocks in Jiangsu 72, the spot price is 5600, with no daily change and a 50 weekly decrease [2]. - For silicon iron export prices in Tianjin 72, it's 1055, no daily change and a 30 weekly increase; in Tianjin 75, it's 1110, up 10 daily and 35 weekly [2]. Futures - The main contract price of silicon iron is 5638, up 16 daily and down 106 weekly; the 01 contract is 5614, up 14 daily and down 290 weekly; the 05 contract is 5734, up 6 daily and down 304 weekly; the 09 contract is 5454, up 8 daily and down 290 weekly [2]. Spreads - The main - month basis is - 8, down 16 daily and 64 weekly; the 1 - 5 month spread is - 120, up 8 daily and 14 weekly; the 5 - 9 month spread is 280, down 2 daily and 14 weekly; the 9 - 1 month spread is - 160, down 6 daily and no weekly change; the double - silicon main spread is - 200, up 14 daily and 106 weekly [2]. Key Information on Silicon Manganese Price - For silicon manganese production areas: in Inner Mongolia 6517, the ex - factory price is 5750, no daily change and a 50 weekly decrease; in Ningxia 6517, it's 5570, down 30 daily and 300 weekly; in Guangxi 6517, 5780, down 20 daily and 120 weekly; in Guizhou 6517, 5730, down 20 daily and 140 weekly; in Yunnan 6517, 5730, down 20 daily and 140 weekly; in Guangxi 6014, 5250, down 50 daily and 50 weekly [2]. Futures - The main contract price of silicon manganese is 5838, up 2 daily and down 212 weekly; the 01 contract is 5838, up 2 daily and down 306 weekly; the 05 contract is 5888, up 2 daily and down 290 weekly; the 09 contract is 5746, down 10 daily and 304 weekly [2]. Spreads - The main - month basis is 132, down 32 daily and up 82 weekly; the 1 - 5 month spread is - 50, no daily change and a 16 weekly decrease; the 5 - 9 month spread is 142, up 12 daily and 14 weekly; the 9 - 1 month spread is - 92, down 12 daily and up 2 weekly [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Price - For silicon ferroalloy, the latest prices for different regions and types on August 19, 2025, are presented, including natural blocks in Ningxia (72 at 5480 yuan), Inner Mongolia (72 at 5450 yuan), etc., with corresponding daily and weekly changes. For silicon manganese, the prices of different regions and types are also given, such as Inner Mongolia 6517 at 5820 yuan, with price changes [2]. - Multiple price - related historical data charts for silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including market prices, export prices, and contract closing prices [3][4][6]. Supply - For silicon ferroalloy, data on the production of 136 enterprises in China (monthly and weekly), capacity utilization in Inner Mongolia, Ningxia, and Shaanxi, and the export volume of China are provided. For silicon manganese, the production in China (weekly), procurement volume and price of Hebei Iron and Steel Group are presented [4][6]. Demand - Data on the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber), the production forecast of crude steel in China (monthly, in ten thousand tons), and the procurement volume of silicon ferroalloy by Hebei Iron and Steel Group are provided [4][7]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China (weekly), warehouse receipt quantity, effective forecast, and inventory average available days in different regions are provided. For silicon manganese, the warehouse receipt quantity, effective inventory, and inventory of 63 sample enterprises in China (weekly, in tons) are presented [5][7]. Cost and Profit - For silicon ferroalloy, data on electricity prices in different regions, the market price of semi - coke, production cost in Ningxia and Inner Mongolia, and corresponding profits are provided. For silicon manganese, the profits in Inner Mongolia, Guangxi, and different regions, as well as the profit of Guangxi silicon manganese converted to the main contract are presented [5][7].

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/ ...

仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5500 100 -200 5800 主力合约 5908 192 -100 内蒙#72 5500 100 -150 5850 01合约 6068 212 -72 青海#72 5450 50 -250 5780 05合约 6134 190 -26 陕西#72 5450 100 -200 5750 09合约 5908 192 -100 陕西#75 5850 0 -150 主力月基差 -108 -92 -100 现货 盘面 最新 硅铁自然块 产区汇总价 品种 项目 铁合金早报 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 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 2 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - For silicon iron, prices vary by region and grade, with different daily and weekly changes. For example, the latest price of 72 silicon iron in Ningxia is 5500, with a daily change of 0 and a weekly change of 270 [1]. - For silicon manganese, there are also price differences across regions and varieties, and price trends are presented over different time periods [5]. Supply - The production of silicon iron by 136 Chinese enterprises (with a capacity - share of 95%) shows different trends from 2021 - 2025, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi also vary [3]. - The weekly production of silicon manganese in China from 2021 - 2025 is provided, and the procurement volume and price of silicon manganese by Hebei Iron and Steel Group are also presented [5]. Demand - The demand for silicon manganese in China (in ten thousand tons) from 2021 - 2025 is shown, and the relationship between silicon iron demand and factors such as steel production is also reflected in related data [3][6]. Inventory - The inventory of 60 sample silicon - iron enterprises in China shows different trends from 2021 - 2025, and the inventory situation of silicon manganese also has corresponding data [4][6]. Cost and Profit - The cost and profit of silicon iron and silicon manganese in different regions are presented, including production costs, spot profits, and export profits [4][6].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy on July 24, 2025, the latest price of Ningxia 72 natural block was 5550, with a daily change of 250 and a weekly change of 350; the price of Inner Mongolia 72 was 5500, with a daily change of 200 and a weekly change of 250; the price of Qinghai 72 was 5500, with a daily change of 150 and a weekly change of 300; the price of Shaanxi 72 was 5500, with a daily change of 200 and a weekly change of 350; the price of Shaanxi 75 was 5750, with a daily change of 50 and a weekly change of 100; the price of Jiangsu 72 qualified block was 5800, with a daily change of 50 and a weekly change of 200; the price of Tianjin 72 for traders was 5750, with a daily change of 50 and a weekly change of 300; the export price of Tianjin 72 was 1025 (USD), with a daily change of 20 and a weekly change of 20; the export price of Tianjin 75 was 1070 (USD), with a daily change of 15 and a weekly change of 15 [2] - For silicon manganese on July 24, 2025, the ex - factory price of Inner Mongolia 6517 was 5750, with a daily change of 50 and a weekly change of 150; the price of Ningxia 6517 was 5800, with a daily change of 100 and a weekly change of 200; the price of Guangxi 6517 was 5720, with a daily change of 20 and a weekly change of 70; the price of Guizhou 6517 was 5700, with a daily change of 50 and a weekly change of 100; the price of Yunnan 6517 was 5700, with a daily change of 50 and a weekly change of 100; the price of Guangxi 6014 was 5100, with no daily or weekly change; the price of Ningxia 6517 for traders was 5800, with a daily change of 100 and a weekly change of 200; the price of Jiangsu 6517 was 5940, with a daily change of - 40 and a weekly change of 170 [2] Supply - For silicon ferroalloy, data on the production of 136 enterprises in China (monthly), the production of 136 silicon ferroalloy enterprises in China (weekly, capacity accounting for 95%), the capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia (monthly), Ningxia (monthly), Shaanxi (monthly), and the start - up rate of 136 silicon ferroalloy production enterprises (weekly, capacity accounting for 95%) from 2021 - 2025 are presented [5] - For silicon manganese, data on the production of silicon manganese in China (weekly), the procurement price and quantity of silicon manganese 6517 by Hebei Iron and Steel Group (monthly), and the start - up rate of silicon manganese enterprises in China (%) from 2021 - 2025 are presented [7] Demand - For silicon ferroalloy, data on the estimated and revised production of crude steel in China (monthly, in 10,000 tons), the production of metal magnesium (Mg99.9%) in China (tons), the start - up rate of 87 independent electric arc furnace steel mills in China (weekly, sample accounting for 60.45%), the export quantity of silicon ferroalloy in China (monthly), the production of stainless - steel crude steel in China (monthly, in 10,000 tons), the procurement quantity and price of FeSi75 - B by Hebei Iron and Steel Group (monthly), and the demand for silicon manganese in China (in 10,000 tons, according to Steel Union) from 2021 - 2025 are presented [5] - For silicon manganese, data on the demand for silicon manganese in China (in 10,000 tons, according to Steel Union), the estimated and revised production of crude steel in China (monthly, in 10,000 tons), and the export quantity of silicon manganese in China (monthly) from 2021 - 2025 are presented [5][8] Inventory - For silicon ferroalloy, data on the inventory of 60 sample enterprises in China (weekly), in Ningxia (weekly), in Inner Mongolia (weekly), in Shaanxi (weekly), the total number of warehouse receipts on CZCE (daily), the valid forecast (daily), the sum of warehouse receipts and valid forecast (daily), the average available days of inventory in East China (monthly), in South China (monthly), in the North region (monthly), and in China (days) from 2021 - 2025 are presented [6] - For silicon manganese, data on the total number of warehouse receipts on CZCE (daily), the total valid forecast (daily), the sum of warehouse receipts and valid inventory (daily), the single - side trading position on CZCE (daily, in lots), the inventory of 63 sample enterprises in China (weekly, in tons), and the average available days of inventory in China (monthly) from 2021 - 2025 are presented [8] Cost and Profit - For silicon ferroalloy, data on electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market mainstream price of small - sized blue coke in Shaanxi, the start - up rate of blue coke in China (weekly), the production profit of blue coke in China (daily), the market price of 98% silica in Northwest China, the market price of 70% Fe iron oxide scale in Shijiazhuang, the production cost of silicon ferroalloy in Ningxia, the profit of Ningxia silicon ferroalloy converted to the main contract on the disk, the spot profit of Ningxia silicon ferroalloy, the single - side trading position on CZCE (daily, in lots), the export profit of 75 silicon ferroalloy, the production cost of silicon ferroalloy in Inner Mongolia, and the profit of Inner Mongolia silicon ferroalloy converted to the main contract on the disk from 2021 - 2025 are presented [6] - For silicon manganese, data on the profit of silicon manganese in Inner Mongolia, Guangxi, the North region, the South region, the profit of Guangxi silicon manganese converted to the main contract on the disk, and the profit of Ningxia silicon manganese converted to the disk from 2021 - 2025 are presented [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 July 22, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5280 and 5300 respectively, with daily changes of 50 and weekly changes of 80 and 100 [2]. - The latest price of Qinghai 72 silicon ferroalloy natural block was 5300, with a daily change of 50 and a weekly change of 100 [2]. - The latest price of Shaanxi 72 silicon ferroalloy was 5230, with a daily change of 50 and a weekly change of 80; the price of Shaanxi 75 was 5650, with no daily change and a weekly change of 50 [2]. - The latest price of Jiangsu 72 silicon ferroalloy qualified block was 5600, with no daily or weekly change; the price of Tianjin 72 for traders was 5600, with a daily change of 100 and a weekly change of 70 [2]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy were 1005 and 1055 respectively, with no daily change and a weekly change of -5 [2]. - For silicon manganese on July 22, 2025, the ex - factory prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5680, 5680, 5700, 5650, and 5650 respectively, with daily changes of 50, 50, 30, 30, 30 and weekly changes of 80, 130, 50, 50, 50 [2]. - The price of Guangxi 6014 silicon manganese was 5100, with no daily or weekly change; the prices of Ningxia 6517 and Jiangsu 6517 for traders were 5680 and 5880 respectively, with daily changes of 50 and 90 and weekly changes of 130 and 130 [2]. Supply - Information on the production and capacity utilization of 136 silicon ferroalloy enterprises in China is provided, including monthly production, weekly production (with a capacity share of 95%), and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production and capacity utilization of silicon manganese enterprises in China are also presented, such as weekly production and enterprise - level capacity utilization [7]. Demand - Data on the demand for silicon ferroalloy and silicon manganese in China are provided, including the demand for silicon manganese (in ten thousand tons, according to the Steel Union's caliber), and the procurement volume and price of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group [4][7][8]. - Information on the production of related downstream products such as crude steel, metal magnesium, and stainless - steel crude steel is also included, which reflects the demand for ferroalloys [4]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis are provided, as well as the daily data of CZCE silicon ferroalloy warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [6]. - For silicon manganese, the daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts, as well as the inventory data of 63 sample enterprises in China on a weekly basis are presented [8]. Cost and Profit - For silicon ferroalloy, data on electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia, the market price and production profit of semi - coke, and the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia are provided [6]. - For silicon manganese, the cost - related data such as the ex - factory price of chemical coke and the price of manganese ore, and the profit data in Inner Mongolia, Guangxi, the northern region, and the southern region are presented [7][8].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - On July 14, 2025, the latest price of silicon - iron natural block (Ningxia 72) was 5200 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan; the latest price of silicon - iron qualified block (Jiangsu 72) was 5600 yuan, with a daily change of 0 yuan and a weekly change of 100 yuan; the latest price of silicon - manganese产区出厂价 (Inner Mongolia 6517) was 5600 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan [2] - There are long - term price trend charts for various silicon - iron and silicon - manganese products from 2021 - 2025, including market prices, export and import prices, and contract closing prices [3][4][6] Supply - There are data on the production volume of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate and start - up rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly and weekly) from 2021 - 2025 [4] - The weekly production volume data of silicon - manganese in China from 2021 - 2025 are provided [6] Demand - There are data on the estimated and actual production volume of crude steel in China (monthly, in ten thousand tons), the production volume of stainless - steel crude steel in China (monthly, in ten thousand tons), and the demand volume of silicon - manganese in China (in ten thousand tons) from 2021 - 2025 [4][6][7] - Data on the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) and the procurement volume and price of FeMn65Si17 by Hebei Iron and Steel Group (monthly) are provided [4][6] Inventory - There are data on the inventory of 60 sample silicon - iron enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), and the inventory data of silicon - iron in CZCE (including warehouse receipts, effective forecasts, and their sum, daily) from 2021 - 2025 [5] - There are data on the inventory of silicon - manganese in CZCE (including warehouse receipts, effective forecasts, and their sum, daily), and the inventory data of 63 sample silicon - manganese enterprises in China (weekly, in tons) from 2021 - 2025 [7] Cost and Profit - There are data on the electricity price of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia (daily), the market price of small - sized semi - coke in Shaanxi (daily), the start - up rate of semi - coke in China (weekly), and the production profit of semi - coke in China (daily) from 2021 - 2025 [5] - Data on the production cost, profit from converting to the main contract, and spot profit of silicon - iron in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon - iron are provided [5] - Data on the profit of silicon - manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit from converting Guangxi silicon - manganese to the main contract are provided [7]

Report Industry Investment Rating - Not provided in the given content Core Views - Not provided in the given content Summary by Relevant Catalogs Price - The latest prices of silicon ferroalloy in different regions and varieties are presented, such as the latest price of Ningxia 72 silicon ferroalloy natural block is 5100, with a daily change of -50 and a weekly change of 0 [1]. - The prices of silicon manganese in different regions and varieties are also shown, like the latest price of Inner Mongolia 6517 silicon manganese is 5500, with a daily change of -50 and a weekly change of 0 [1]. - The prices of silicon ferroalloy and silicon manganese in different contracts and their changes are provided, including the price of the silicon ferroalloy main contract is 5350, with a daily change of -14 and a weekly change of 80 [1]. Supply - The production data of 136 silicon ferroalloy enterprises in China are shown, including monthly and weekly production, as well as the capacity utilization rate in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese, including weekly production and the purchase volume and price of Hebei Iron and Steel Group, are presented [6]. Demand - The demand data of silicon manganese in China (Steel Union caliber) and the export quantity of silicon ferroalloy and silicon manganese are provided [4][7]. - The production data of related industries such as crude steel, stainless - steel crude steel, and metal magnesium are presented, which may affect the demand for ferroalloys [4]. Inventory - The inventory data of 60 sample enterprises of silicon ferroalloy in China and different regions (Ningxia, Inner Mongolia, Shaanxi) are shown, as well as the inventory data of silicon manganese, including warehouse receipts, effective forecasts, and the sum of them [5][7]. - The average available days of silicon ferroalloy inventory in different regions (East China, South China, North China) and in China are presented [5]. Cost and Profit - The cost - related data of silicon ferroalloy and silicon manganese, such as electricity prices in different regions, the market price of semi - carbon manganese ore, and the price of chemical coke, are provided [5][6]. - The profit - related data of silicon ferroalloy and silicon manganese in different regions, including the profit of silicon ferroalloy export, the profit of silicon manganese in Inner Mongolia and Guangxi, are presented [5][7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - For silicon ferroalloy, the latest prices, daily and weekly changes of different grades in various regions (such as Ningxia 72, Inner Mongolia 72) are presented, along with the prices of different contracts (like the main contract, 01 contract) and related price differences (e.g., main month basis, 1 - 5 month spread) [1]. - For silicon manganese, the latest prices, daily and weekly changes of different grades in various regions (such as Inner Mongolia 6517, Ningxia 6517) are shown, as well as the prices of different contracts and related price differences [1]. Supply - The monthly and weekly production data of 136 silicon ferroalloy enterprises in China, and the monthly capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi are provided [4]. - The weekly production data of silicon manganese in China is presented [6]. Demand - The demand data of silicon manganese in China (in ten thousand tons, according to the Steel Union's caliber), and the monthly production forecast and statistical data of crude steel in China are provided [4][7]. - The procurement prices and quantities of silicon ferroalloy and silicon manganese by Hebei Iron and Steel Group are given [4][6]. Inventory - The weekly inventory data of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the daily data of CZCE silicon ferroalloy warehouse receipts, effective forecasts, and their sum are presented [5]. - The daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and their sum, and the weekly inventory data of 63 sample silicon manganese enterprises in China are provided [7]. Cost - Profit - The electricity prices in regions such as Inner Mongolia, Qinghai, Ningxia, and Shaanxi, and the market prices of raw materials like blue carbon, silica dioxide, and oxidized iron scale are presented [5]. - The production costs, spot profits, and profits after converting to the main contract in Ningxia and Inner Mongolia for silicon ferroalloy are given [5]. - The profits of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region (according to the Steel Union's caliber), and the profits after converting to the main contract in Guangxi and Ningxia for silicon manganese are provided [7].