2025 年 11 月 24 日 品 研 底部支撑 宽幅 李亚飞 投资咨询从业资格号:Z0021184 liyafei2@gtht.com 金园园(联系人) 期货从业资格号: F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2603 | 5472 | 26 | 335.582 | 205.123 | | 期货 | 硅铁2605 | 5416 | 16 | 8.747 | 27,632 | | | 锰硅2601 | ૨૨૦૨ | -8 | 138, 033 | 439, 441 | | | 锰硅2605 | 5674 | -6 | 28. 184 | 102, 756 | | 项目 | | | 价格 | 较前一交易日 | 单位 | | --- | --- | --- | --- | --- | --- | | 现货 | 硅铁:FeSi75-B:汇总价格:内蒙 | | 5200 | | 元/吨 | ...

2025 年 11 月 18 日 硅铁：主产区持续减产，偏强震荡 锰硅：板块情绪扰动，偏强震荡 | | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | --- | | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | | 【基本面跟踪】 | | | | 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2601 | 5566 | 7 6 | 169,534 | 147,744 | | 期 货 | 硅铁2605 | 5616 | 114 | 14,363 | 13,015 | | | 锰硅2601 | 5792 | 4 4 | 207,209 | 359,008 | | | 锰硅2605 | 5860 | 5 2 | 19,877 | 60,698 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | --- ...

2025 年 11 月 12 日 | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | | | 硅铁:FeSi75-B:汇总价格:内蒙 | | 5250 | +30.0 | 元/吨 | | 现 货 | 硅锰:FeMn65Si17:内蒙 | | 5620 | - | 元/吨 | | | 锰矿:Mn44块 | | 40.2 | +0.2 | 元/吨度 | | | 兰炭:小料:神木 | | 820 | - | 元/吨 | | | 期现价差 | 硅铁 （现货-01期货） | -238 | +130 | 元/吨 | | | | 锰硅 （现货-01期货） | -144 | +56 | 元/吨 | | 价 差 | 近远月价差 | 硅铁2601-2605 | -38 | 2 8 | 元/吨 | | | | 锰硅2601-2605 | -58 | 0 | 元/吨 | | | 跨品种价差 | 锰硅2601-硅铁2601 | 276 | 4 4 | 元/吨 | | | | 锰硅2605-硅铁2605 | 296 | 7 2 | 元/吨 | | ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemicals and oil and gas sectors [5]. Core Views - The overall price spread in the industry continues to bottom out, with a CCPI-raw material price spread of 2381 at the end of October, the lowest since 2012, influenced by reduced real estate demand [1][9]. - The industry is expected to see a recovery in profitability as supply-side adjustments accelerate, driven by policies against "involution" and a gradual recovery in demand from consumption, infrastructure, and emerging technologies [2][4]. - The capital expenditure growth rate in the chemical industry has been declining since June 2025, indicating a potential turning point in supply-side adjustments and an expected upturn in industry prosperity in 2026 [2][21]. Summary by Sections Demand Side - The domestic PMI for October 2025 is reported at 49.0, indicating a weakening traditional peak season due to reduced real estate demand, with the demand engine shifting towards consumer goods, infrastructure, and emerging technologies [2][13]. - Exports have become an important source of demand growth, with a cumulative export amount of 30,847 billion USD from January to October 2025, reflecting a year-on-year increase of 5.3% [18]. Supply Side - The fixed asset completion amount in the chemical raw materials and products industry from January to September 2025 has a cumulative year-on-year decline of 5.6%, indicating a negative growth trend in capital expenditure since June 2025 [21]. - The report suggests that the supply-side is nearing a self-adjustment phase, with the potential for improved profitability in bulk chemicals as supply-side adjustments accelerate [2][4]. Price Movements - Prices for certain chemical products have increased due to rising prices of non-ferrous metals and coal, while others have decreased due to seasonal demand weakness and falling oil prices [3][42]. - The report highlights specific products experiencing price increases, such as lithium hexafluorophosphate and sulfur, while products like refrigerant R22 and butadiene have seen price declines [3][42]. Investment Strategy - The report recommends focusing on companies with strong dividend capabilities and cost advantages, such as China Petroleum and various chemical firms, as the industry is expected to recover in 2026 [4][41]. - Specific stocks recommended include Yuntianhua, Senqilin, and Juhua Co., among others, with a focus on those benefiting from supply-side improvements and demand recovery [6][41].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Silicon ferroalloy (silicon iron and ferromanganese) is expected to experience wide - range oscillations, with Silicon iron affected by sector sentiment resonance and ferromanganese supported by price - holding sentiment at the ore end [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data** - Silicon iron 2601 closed at 5588, up 62 from the previous trading day, with a trading volume of 165,588 and an open interest of 162,088. Silicon iron 2605 closed at 5654, up 62, with a trading volume of 3,798 and an open interest of 10,807 [1] - Ferromanganese 2601 closed at 5820, up 60, with a trading volume of 213,766 and an open interest of 354,763. Ferromanganese 2605 closed at 5878, up 64, with a trading volume of 15,756 and an open interest of 45,381 [1] - **Spot Data** - The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5220 yuan/ton, and the price of ferromanganese (FeMn65Si17) in Inner Mongolia was 5620 yuan/ton. The price of manganese ore (Mn44 block) was 40.0 yuan/ton - degree, and the price of semi - coke (small material) in Shenmu was 820 yuan/ton [1] - **Spread Data** - The spot - futures spread of silicon iron (spot - 01 futures) was - 368 yuan/ton, down 62. The spot - futures spread of ferromanganese (spot - 01 futures) was - 200 yuan/ton, down 60 [1] - The near - far month spread of silicon iron 2601 - 2605 was - 66 yuan/ton, unchanged. The near - far month spread of ferromanganese 2601 - 2605 was - 58 yuan/ton, down 4 [1] - The cross - variety spread of ferromanganese 2601 - silicon iron 2601 was 232 yuan/ton, down 2. The cross - variety spread of ferromanganese 2605 - silicon iron 2605 was 224 yuan/ton, up 2 [1] 3.2 Macro and Industry News - **Coal and Coke News** - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 tons, down 2.8 tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1] - **Ferroalloy Price News** - On November 10th, the price of 72 silicon iron in Shaanxi was 5100 - 5200 (+50), in Ningxia 5200 - 5250, in Qinghai 5200 - 5250 (+25), in Gansu 5150 - 5250, and in Inner Mongolia 5150 - 5250. The price of 75 silicon iron in Shaanxi was 5700, in Ningxia 5650 - 5700, in Qinghai 5600 - 5700, in Gansu 5650 - 5700, and in Inner Mongolia 5650 - 5700. The FOB price of 72 silicon iron was 1020 - 1040 (-10), and that of 75 was 1110 - 1130 dollars/ton. The northern quotation of 6517 ferromanganese was 5550 - 5600 yuan/ton, and the southern quotation was 5600 - 5650 yuan/ton [2] - **Ferroalloy Tendering News** - A large steel group in Hebei tendered 16,000 tons of ferromanganese in November, 500 tons less than in October. The tender notice for 75B silicon iron was for 2716 tons, 240 tons less than in October [3] - **Ferroalloy Production News** - From January to October 2025, the total national production of ferromanganese was 903.96 million tons, with Inner Mongolia producing 438.51 million tons, accounting for 48.5% of the national total. There are currently 28 operating factories in Inner Mongolia, and 13 have new production capacities, which are expected to be launched from November 2025 to the first three quarters of 2026. The current monthly production of ferromanganese in the factories to be put into operation from the end of 2025 to the first three quarters of 2026 is about 16.1 million tons, and the subsequent new monthly production is expected to be about 25.9 million tons. Over 90% of the new production capacity is for 6517 [3] 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and that of ferromanganese is 0, indicating a neutral view on both [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PVC is prone to decline but has limited downside space in the short term, with support at the 4600 price level. The v2601 contract is the focus. The supply and demand of PVC continue to weaken, with high production, weak domestic and export demand, and high social inventory. However, the current cost support is strengthening, and the profit compression is obvious, which restricts the downward space [3]. - Different market participants are given corresponding operation suggestions, such as traders and terminal customers with inventory are recommended to do short - futures hedging, and those in need of procurement are recommended to buy out - of - the - money call options to prevent price increases [3]. - Attention should be paid to data such as the PVC powder overall operating load rate on November 7, the total inventory of sample warehouses in East and South China, the PVC weekly operating rate on November 14, and the total inventory of sample warehouses in East and South China on November 14 [3]. Summary According to the Directory 1. Fundamental Supply and Demand Situation - **Supply**: As of October 2025, the newly put - into - operation capacity in the year was 1.9 million tons, and the withdrawn capacity was 200,000 tons, with a capacity growth rate of 6.08%. It is estimated that the total new capacity in 2025 will be 2 million tons, with a capacity growth rate of 7.15%. The overall operating load rate of PVC powder this week was 79.28%, a 2.19% increase from last week, and the annual cumulative output is expected to have a year - on - year growth rate of 4.04% [9]. - **Demand**: The downstream operation of hard products has improved, and most of the time, they purchase on demand, only increasing the replenishment volume appropriately at low prices and resisting high - price raw materials. The operation of soft product films is okay. The suspension of the 24% "reciprocal tariff" on Chinese goods by the United States for another year is beneficial to glove exports to some extent. The trading pick - up enthusiasm is average, and most maintain normal procurement [7]. - **Cost**: The increase in coal prices intensifies the loss pressure of semi - coke manufacturers, driving up the semi - coke price and strengthening the cost support for calcium carbide. The ex - factory price of calcium carbide may remain stable, and there is a possibility of an increase if the short - term cost pressure continues to increase, but the increase is restricted by the weak PVC market [8]. - **Caustic Soda**: Most chlor - alkali enterprises have sufficient supply, while the demand is weak, and the export market lacks substantial support. Some chlor - alkali enterprises still face shipment pressure, and the price may remain weak. Some high - concentration liquid alkalis may stabilize their prices under the support of inventory and orders [8]. 2. Disk Data - **Price Trend**: This week, the PVC price fluctuated weakly. The supply was at a high level, the demand was mainly rigid, and the export had no bright performance. The social inventory remained at the highest level in the same period of history. The price trend was weak, but it was supported by cost to some extent. The upward movement of coal brought stronger cost support, and the weakness of caustic soda price weakened the "subsidy of alkali for chlorine", resulting in the comprehensive profit of northwest integrated enterprises approaching the break - even point [17]. - **Data Performance**: The basis was at a discount to the disk. The East China 01 basis strengthened to around - 130 this week; the 1 - 5 spread was weakly running at - 304. The position of the 01 contract was around 1.3389 million lots, and the number of warehouse receipts increased to around 121,500 lots (exceeding the level of the same period last year) [18]. 3. Regional and Quality Spreads - **Regional Spread**: The East - South China calcium carbide method spread fluctuated around - 139, and the East - North China calcium carbide method spread strengthened to 21. The ethylene - calcium carbide price spread narrowed to around 219 [29]. 4. Profit Performance - Different production processes have different profit situations. For the calcium carbide method, the comprehensive profit of northwest integrated chlor - alkali enterprises was - 345 yuan/ton; for the ethylene method, the comprehensive profit of enterprises purchasing ethylene externally in East China was 766 yuan/ton [41]. 5. Raw Material Situation - **Semi - coke**: The operating rate of semi - coke sample enterprises on November 7 was 64.5%, remaining the same as the previous period. Some semi - coke plants in Shaanxi have plans to resume production, but the operating rate is expected to decline due to intensified losses. The semi - coke price may still have the possibility of stabilizing and improving under cost support [65]. - **Calcium Carbide**: The ex - factory price of calcium carbide may remain stable, and there is a possibility of an increase if the cost pressure continues to increase, but the increase is restricted by the weak PVC market. The average operating load rate of the calcium carbide industry increased slightly to 75.23% this week, a 0.22% increase from last week [73][77]. - **Caustic Soda**: The liquid caustic soda market continued to operate weakly this week. The 32% ion - exchange membrane caustic soda locally decreased by 10 - 200 yuan/ton. The weekly operating rate of liquid caustic soda samples was 84.8%, a 0.5% increase from last week, and the weekly inventory was 414,800 tons, a 6.28% decrease from last week. In the future, the price may remain weak, and some high - concentration liquid alkalis may stabilize their prices [86]. 6. Supply - **Capacity Expansion**: As of October 2025, the newly put - into - operation capacity in the year was 1.9 million tons, and the withdrawn capacity was 200,000 tons, with a capacity growth rate of 6.08%. It is estimated that the total new capacity in 2025 will be 2 million tons, with a capacity growth rate of 7.15% [92][93]. - **Operation and Maintenance**: The overall operating load rate of PVC powder this week was 79.28%, a 2.1% increase from last week. The theoretical loss due to shutdown and maintenance this week was 53,490 tons, a 17,310 - ton decrease from last week. It is expected that the maintenance loss next week will increase slightly compared with this week [94][95]. 7. Import and Export - **Import**: In September 2025, the PVC import volume was 14,100 tons, and the cumulative import from January to September was 175,600 tons. The monthly import increased by 16.08% month - on - month and 7.73% year - on - year. The cumulative year - on - year increase was 0.76%. The imports mainly came from the United States and Northeast Asia, and the import dependence was about 1% [129]. - **Export**: In September 2025, the PVC export volume was 346,400 tons, and the cumulative export from January to September was 2.9216 million tons. The monthly export increased by 21.945% month - on - month and 24.53% year - on - year. The cumulative year - on - year increase was 50.63%. The main destinations were still India, followed by Southeast Asia, Central Asia, the Middle East, and Africa [129]. - **Export Outlook**: This week, the sample export order volume of PVC production enterprises decreased by 3.58% compared with last week and increased by 6.58% year - on - year. The volume to be delivered decreased by 8.76% compared with last week. It is estimated that the export will slow down in the fourth quarter, but the slowdown amplitude is limited, mainly due to India's anti - dumping tax policy and BIS certification [139]. 8. Demand - **Downstream Operating Load**: The downstream operation of hard products has improved, and most of the time, they purchase on demand, only increasing the replenishment volume appropriately at low prices and resisting high - price raw materials. The operation of soft product films is okay. The suspension of the 24% "reciprocal tariff" on Chinese goods by the United States for another year is beneficial to glove exports to some extent [153]. - **Terminal Situation**: From January to September, real estate investment decreased by 13.9% year - on - year, new construction area decreased by 18.9% year - on - year, construction area decreased by 9.4% year - on - year, completion area decreased by 15.3% year - on - year, and sales area decreased by 5.5% year - on - year. The real estate market is still in a downturn, and the demand for PVC may continue to shrink [172][174]. 9. Inventory - The inventory of PVC sample production enterprises' salable products increased this week, with an increase of 57,500 tons compared with the previous period. The factory inventory of sample production enterprises decreased by 2,500 tons compared with the previous period. The total inventory of sample warehouses in East and South China increased. The total inventory of the original sample warehouses in East and South China was 520,700 tons, a 0.04% increase from the previous period and an 18.15% increase year - on - year. The total inventory of the expanded sample warehouses in East and South China was 942,900 tons, a 1.07% increase from the previous period and a 19.55% increase year - on - year [188].

Group 1 - The core viewpoint of the article indicates that the silicon iron market is experiencing a downturn, with prices declining due to weak demand and slow progress in steel procurement [2][5][8] - Silicon iron futures showed a weak performance today, with the main contract closing at 5526 points, down 60 points from the previous day, reflecting a cautious market sentiment [5][8] - The main price for silicon iron 75B remains around 5300 yuan/ton, with regional prices ranging from 5475 to 5779 yuan/ton, indicating a stable but weak market [3][5] Group 2 - Steel mills are facing challenges, with some reporting production cuts, which adds to the negative sentiment in the market [2][8] - Recent increases in coal and raw material prices, along with rising electricity costs, are providing some support to silicon iron prices, although overall demand remains insufficient [2][5] - The market is expected to remain cautious, with attention on upcoming steel mill procurement prices and raw material trends, especially as winter approaches [8]

1. Report Industry Investment Rating - No information provided on the overall industry investment rating 2. Core Views Manganese Silicon - The overall view is neutral. This week, the market oscillated and consolidated. The weekly output of ferromanganese silicon decreased slightly, and demand declined marginally. The fluctuations in both the futures and spot markets were small recently. With high production costs, it's difficult for steel mills to purchase at low prices. The price in the northern market is 5550 - 5600 yuan/ton, and 5580 - 5620 yuan/ton in the southern market. A large steel mill in Hebei tendered at 5820 yuan/ton. The manganese ore market is firm, and the alloy profit is poor [3]. Ferrosilicon - The overall view is neutral. This week, the market oscillated upwards. The ferrosilicon market was stable, mainly fulfilling orders. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas is 5150 - 5250 yuan/ton, and 75 - grade ferrosilicon is reported at 5700 yuan/ton. Hebei Steel priced it at 5660 yuan/ton. Production increased slightly, steel mill demand declined marginally, and metal magnesium production increased slightly. The current profitability in the main production areas is poor, and overall costs have risen [4]. 3. Summary by Relevant Catalogs Manganese Silicon Manganese Ore Inventory - The total port inventory of manganese ore is 431.4 tons, with a slight de - stocking compared to the previous period. Tianjin Port's inventory increased slightly to 383.9 tons, still significantly lower than the same period last year. Qinzhou Port's inventory decreased slightly to 47 tons, at a historically low level in recent years [15]. - In Tianjin Port, the inventory of South African ore is 263.9 tons with a slight de - stocking, Gabonese ore is 29 tons with a marginal de - stocking and far lower than last year, and Australian ore is 44.6 tons with a slight de - stocking, slightly higher than last year [19]. Manganese Ore Port Price - The price of Gabonese lumps in Tianjin Port is 40 yuan/ton - degree, Australian lumps are 38.8 yuan/ton - degree, and South African semi - carbonate is 34.2 yuan/ton - degree. The supply - demand game in the manganese ore market has intensified, quotes remain firm, and transactions are adjusted within a narrow range [22]. Manganese Silicon Production - As of November 7, the weekly output of ferromanganese silicon decreased to 20.19 tons. The daily average output in Inner Mongolia decreased to 13850 tons/day, remained stable at 6785 tons/day in Ningxia, decreased significantly to 1410 tons/day in Yunnan, decreased slightly to 2300 tons/day in Guizhou, and decreased slightly to 1535 tons/day in Guangxi [32]. Manganese Silicon Demand - As of November 7, the weekly demand of Mysteel sample enterprises is 12.11 tons. The weekly production of the five major steel products decreased to 856.74 tons. The proportion of rebar in the five major steel products in Mysteel sample data decreased slightly, slightly lower than the historical average [41]. Manganese Silicon Price - The price in the Inner Mongolia market is around 5620 yuan/ton, and 5680 yuan/ton in Tianjin. Hebei Steel's tender price is 5820 yuan/ton [54]. Chemical Coke Price - As of November 6, the chemical coke price remained stable. The ex - factory prices of 25 - 40mm coke in Yinchuan, Ordos, and Alxa are 1240, 1160, and 1190 yuan/ton respectively. The third round of coke price increase has been implemented, and the market is watching for the fourth round [57]. Manganese Silicon Production Profit - The immediate profit of ferromanganese silicon is low, and the north - south differentiation has intensified [61]. Manganese Silicon Month - to - Month Spread - As of November 6, the 1 - 5 month - to - month spread of ferromanganese silicon is - 50 yuan/ton, oscillating at a low level [66]. Manganese Silicon Basis and Warehouse Receipts - The market oscillated and consolidated, and the basis did not change significantly. As of November 6, the total of warehouse receipts and valid forecasts of ferromanganese silicon is 8.03 tons. Attention should be paid to the subsequent recovery [70]. Ferrosilicon Ferrosilicon Weekly Production - As of November 7, the weekly supply increased slightly to 11.41 tons. The daily average output in Inner Mongolia is 5260 tons, 2315 tons in Qinghai, 4250 tons in Ningxia, and 2630 tons in Shaanxi [78][79]. Ferrosilicon Demand - Steel Mills - The demand for ferrosilicon from steel mills decreased slightly. The total consumption of ferrosilicon by Mysteel sample steel mills is 1.98 tons, lower than the same period last year [83]. Ferrosilicon Demand - Metal Magnesium - As of November 6, the export price of metal magnesium at Tianjin Port is 2345 US dollars/ton, and the market price is 16250 yuan/ton, showing a slight increase. The weekly production of metal magnesium is 18410 tons, continuing to increase slightly. Due to rising coal prices, the cost of magnesium plants has increased. Most factories in Fugu have suspended quotes, waiting and watching the market. Factories have a strong willingness to raise prices, and the supply - demand game is obvious. The short - term market is expected to remain strong and stable [91]. Ferrosilicon Export - As of November 7, the overseas FOB price of 75 - grade ferrosilicon is 1100 US dollars/ton, and 1045 US dollars/ton for 72 - grade ferrosilicon, showing a slight decline. In September, the import volume of ferrosilicon increased slightly month - on - month, and the export volume increased significantly, higher than the same period last year [96]. Ferrosilicon Raw Materials - As of November 7, the quotes of small - sized blue charcoal in the mainstream regions increased slightly month - on - month. The current prices are 820 yuan/ton in Shaanxi, 810 yuan/ton in Ningxia, and 800 yuan/ton in Inner Mongolia. The price of oxidized iron scale is 750 yuan/ton [107]. Ferrosilicon Production Profit - As of November 7, the point - to - point profit of ferrosilicon is in the red. The loss is relatively large in Shaanxi, and the loss in Qinghai has increased significantly. The production profits in Inner Mongolia, Ningxia, Shaanxi, and Qinghai are - 336, - 509, - 543, and - 547 yuan/ton respectively [119]. Ferrosilicon Month - to - Month Spread - As of November 6, the 1 - 5 month - to - month spread of ferrosilicon is - 64 yuan/ton, strengthening slightly compared to the previous period [122]. Ferrosilicon Basis and Warehouse Receipts - The market oscillated upwards, and the basis of ferrosilicon weakened slightly. As of November 6, the basis is - 366 yuan/ton. As of November 6, the total of warehouse receipts and valid forecasts of ferrosilicon is 4.72 tons. Attention should be paid to the recovery of warehouse receipts [126]. Balance Sheet Manganese Silicon - The total supply from June 2025 to May 2026 ranges from 83.6 to 98.8 tons, with production being the main component and imports remaining stable at 0.2 tons. The total demand ranges from 82.4 to 93.9 tons, mainly for steel consumption. There are periods of surplus and deficit, and the cumulative year - on - year growth rates of production and consumption show different trends [128]. Ferrosilicon - The total supply from June 2025 to May 2026 ranges from 45.0 to 51.0 tons, with production and imports contributing. The total demand ranges from 45.9 to 52.1 tons, including domestic consumption and exports. The consumption is mainly for crude steel and metal magnesium. There are also periods of surplus and deficit, and the cumulative year - on - year growth rates of production and consumption vary [129].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Silicon ferroalloy is expected to experience wide - range fluctuations due to the potential increase in cost - end factors. - Manganese ferroalloy will have wide - range fluctuations due to sector sentiment resonance [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: - Silicon ferroalloy 2601 closed at 5586 yuan/ton, up 26 yuan from the previous trading day, with a trading volume of 160,696 and an open interest of 169,595. Silicon ferroalloy 2605 closed at 5650 yuan/ton, up 40 yuan, with a trading volume of 2,153 and an open interest of 9,414. - Manganese ferroalloy 2601 closed at 5798 yuan/ton, up 22 yuan, with a trading volume of 148,442 and an open interest of 351,061. Manganese ferroalloy 2605 closed at 5848 yuan/ton, up 26 yuan, with a trading volume of 8,599 and an open interest of 43,675 [1]. - **Spot Data**: - The aggregated price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5220 yuan/ton. The price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5620 yuan/ton. - The price of manganese ore Mn44 block was 40.0 yuan/ton - degree, up 0.2 yuan. The price of small - sized semi - coke in Shenmu was 760 yuan/ton. - The spot - futures price difference of silicon ferroalloy (spot - 01 futures) was - 366 yuan/ton, down 26 yuan. The spot - futures price difference of manganese ferroalloy (spot - 01 futures) was - 178 yuan/ton, down 22 yuan [1]. - **Spread Data**: - The near - far month spread of silicon ferroalloy 2601 - 2605 was - 64 yuan/ton, down 14 yuan. The near - far month spread of manganese ferroalloy 2601 - 2605 was - 50 yuan/ton, down 4 yuan. - The cross - variety spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 was 212 yuan/ton, down 4 yuan. The cross - variety spread of manganese ferroalloy 2605 - silicon ferroalloy 2605 was 198 yuan/ton, down 14 yuan [1]. 3.2 Macro and Industry News - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 million tons, down 2.8 million tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton from the previous average price. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1]. - On November 6th, the price of 72 silicon ferroalloy in Shaanxi was 5000 - 5200 yuan/ton, in Ningxia was 5200 - 5250 yuan/ton (up 25 yuan), in Qinghai was 5150 - 5250 yuan/ton, in Gansu was 5150 - 5250 yuan/ton, and in Inner Mongolia was 5150 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi was 5700 yuan/ton, in Ningxia was 5650 - 5700 yuan/ton (down 50 yuan), in Qinghai was 5600 - 5700 yuan/ton (down 75 yuan), in Gansu was 5650 - 5700 yuan/ton, and in Inner Mongolia was 5650 - 5700 yuan/ton. The FOB price of 72 silicon ferroalloy was 1020 - 1040 US dollars/ton (down 10 US dollars), and the FOB price of 75 silicon ferroalloy was 1110 - 1130 US dollars/ton. The northern quotation of 6517 silicon - manganese was 5550 - 5650 yuan/ton, and the southern quotation was 5600 - 5700 yuan/ton [2]. - A steel mill in Shandong set the price of silicon - manganese at 5720 yuan/ton (cash - inclusive delivered to the factory) and the purchase volume was 1000 tons. A steel mill in Jiangsu set the price of silicon - manganese at 5800 yuan/ton (acceptance - inclusive delivered to the factory) and the purchase volume was 3000 tons. Xinyu Iron and Steel set the purchase price of silicon ferroalloy at 5770 yuan/ton, down 30 yuan/ton from the previous round, with a purchase volume of 600 tons [3]. 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, representing weak, relatively weak, neutral, relatively strong, and strong, where - 2 is the most bearish and 2 is the most bullish [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, on November 6, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5150 yuan, with no daily change and a weekly decrease of 20 yuan; the latest price of Inner Mongolia 72 was 5220 yuan, a daily decrease of 30 yuan and a weekly increase of 20 yuan. For silicon manganese, the latest price of Inner Mongolia 6517 silicon manganese alloy was 5620 yuan, with no daily change and a weekly decrease of 60 yuan [2]. - The report also presents historical price trends of various silicon ferroalloy and silicon manganese products from 2021 - 2025, including market prices in different regions, export and import prices, and contract closing prices [3][6]. Supply - The report shows the production and capacity utilization data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly production, weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - It also provides the weekly production data of silicon manganese in China from 2021 - 2025, as well as the monthly procurement volume and price data of Hebei Iron and Steel Group for silicon manganese [6]. Demand - The report includes the demand data of silicon manganese in China from 2021 - 2025 (in accordance with the Steel Union's caliber), and also presents data on the production of crude steel, metal magnesium, and the opening rate of 87 independent electric arc furnace steel mills in China [4][7]. Inventory - For silicon ferroalloy, it shows the weekly inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, it presents the daily warehouse receipt quantity, effective forecast quantity, warehouse receipt + effective inventory, and daily unilateral trading position data from 2021 - 2025, along with the weekly inventory data of 63 sample enterprises in China [7]. Cost and Profit - For silicon ferroalloy, it shows the electricity price data of different regions from 2021 - 2025, the market price and opening rate data of semi - coke, and the production cost, profit from converting to the main contract, and spot profit data of Ningxia and Inner Mongolia [5]. - For silicon manganese, it presents the profit data of different regions (Inner Mongolia, Guangxi, northern and southern regions) from 2021 - 2025, as well as the profit data of Guangxi and Ningxia when converted to the main contract [7].