1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The ferroalloy futures prices rebounded slightly on September 23. There is still high supply pressure on both ferrosilicon and silicomanganese, and short - side operations are recommended after rebounds [6]. - For trading strategies, it is suggested to take short - side operations on rallies due to high supply pressure, hold off on arbitrage, and sell straddle option combinations [7]. 3. Summary by Relevant Sections 3.1 Market Information - **Futures Data**: The closing price of the SF main contract was 5698, with a daily increase of 50 and a weekly decrease of 2. The trading volume was 244,716, down 37,133, and the open interest was 200,009, down 12,607. The SM main contract closed at 5882, up 12 daily and down 62 weekly. The trading volume was 246,470, unchanged, and the open interest was 335,174, unchanged [4]. - **Spot Prices**: Ferrosilicon spot prices showed mixed trends, with some regions down 20 - 50 yuan/ton and Jiangsu up 100 yuan/ton. Silicomanganese spot prices were generally stable [4][6]. - **Basis/Spreads**: Ferrosilicon basis and spreads changed, with the SF - SM spread at - 184, up 38 daily and 60 weekly. Silicomanganese basis and spreads also had corresponding changes [4]. - **Raw Materials**: Manganese ore spot prices in Tianjin Port were slightly weaker, and the prices of semi - carbonate and Australian lumps decreased by 0.1 - 0.2 yuan/ton degree. The prices of blue charcoal small materials in some regions increased [4]. 3.2 Market Judgment - **Trading Strategies** - **Ferrosilicon**: After a sharp decline, it rebounded, but there is still high supply pressure. Short - side operations are recommended when approaching the resistance range of 5700 - 5800 [6]. - **Silicomanganese**: Although the cost side provides support, there is high supply pressure. Short - side operations are recommended when approaching the resistance range of 5900 - 6000 after the rebound [6]. - **Overall**: High supply pressure persists, short - side operations on rallies are recommended; hold off on arbitrage; sell straddle option combinations [7]. - **Important Information** - On the 23rd, the quotes of some manganese ores in Tianjin Port were provided [8]. - According to CME "FedWatch", the probability of the Fed keeping interest rates unchanged in October is 7%, and the probability of a 25 - basis - point rate cut is 93% [8]. 3.3 Relevant Attachments - Multiple charts are provided, including the price trends of ferroalloy main contracts, basis, cost - profit, and monthly spreads, showing the historical data and changes of relevant indicators [9][11][13][15][16][21].

Group 1: Report Overview - Report title: Black Metal Daily Report (Ferroalloy Daily) [2] - Report date: September 18, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF main contract: closing price 5756, daily change -10, weekly change 130, trading volume 319809, daily change 154140, open interest 207907, daily change 5613 [4] - SM main contract: closing price 5970, daily change -20, weekly change 132, trading volume 246049, daily change 76765, open interest 335397, daily change 8548 [4] Spot - Silicon ferro - different regions' prices and their daily/weekly changes are presented, e.g., 72%FeSi Inner Mongolia 5450 (0 daily, 40 weekly) [4] - Manganese silicon - different regions' prices and their daily/weekly changes are presented, e.g., silicon manganese 6517 Inner Mongolia 5730 (0 daily, 50 weekly) [4] Basis/Spread - Silicon ferro basis and spreads: Inner Mongolia - main contract -306 (10 daily, -90 weekly), SF - SM spread -214 (10 daily, -2 weekly) [4] - Manganese silicon basis and spreads: Inner Mongolia - main contract -240 (20 daily, -82 weekly) [4] Raw Materials - Manganese ore (Tianjin): Australian lump 40.2 (0.2 daily, 0.4 weekly), South African semi - carbonate 34.3 (0 daily, 0.3 weekly), Gabon lump 40 (0 daily, 0 weekly) [4] - Blue charcoal small materials: different regions' prices and their daily/weekly changes are presented, e.g., Shaanxi 660 (0 daily, 10 weekly) [4] Group 3: Market Judgment Trading Strategy - Unilateral: Bottom - oscillating; Arbitrage: Wait - and - see; Options: Sell straddle option combinations [7] Silicon Ferro - On September 18, the spot price was stable. Supply rumors were false, and the supply remained high. Demand had rigid support from steel production. Market sentiment was affected by the Fed's interest - rate cut and domestic asset price adjustments, with a recent bottom - oscillating trend [6] Manganese Silicon - On September 18, manganese ore spot was stable with a slight upward trend, and the manganese silicon spot price was stable. Supply was high, demand was affected by reduced rebar production, and the cost was supported by high - priced manganese ore. It was in a short - term bottom - oscillating state [6] Group 4: Important Information - On September 18, Tianjin Port's semi - carbonate Mn36.02% was quoted at 34.5 yuan/ton degree, Gabon lump Mn47% at 40.5 yuan/ton degree, and Australian lump Mn41.7% at 40.5 yuan/ton degree [8] - Jupiter announced the October 2025 manganese ore shipment price to China: Mn36.5% South African semi - carbonate block at 4.05 US dollars/ton degree (unchanged) [9] Group 5: Related Attachments Figures - Figures show ferroalloy main contract trends, basis, spreads, production costs, and profits in different regions and time periods, such as silicon ferro and manganese silicon monthly spreads, cost - profit analysis in various regions [10][14][16][21][26] Cost - Profit Tables - Silicon ferro cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu [21] - Manganese silicon cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Guangxi, and Guizhou [26]

Group 1: Report Overview - Report title: "Black Metal Research Report" and "Black Metal Daily - Ferroalloy Daily" [1][2] - Date: September 17, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF主力合约: closed at 5766, up 66 for the day and 138 for the week, with a trading volume of 165,669 (down 45,267) and an open interest of 212,449 (down 4,542) [4] - SM主力合约: closed at 5990, up 46 for the day and 136 for the week, with a trading volume of 169,284 (down 50,960) and an open interest of 326,849 (down 8,872) [4] Spot - Silicon - iron: prices in some regions decreased by 30 - 50 yuan/ton on September 17, e.g., 72%FeSi in Inner Mongolia was 5450 yuan/ton (down 50 for the day, up 40 for the week) [4] - Manganese - silicon: prices in some regions decreased by 20 yuan/ton on September 17, e.g., silicon - manganese 6517 in Inner Mongolia was 5730 yuan/ton (unchanged for the day, up 50 for the week) [4] Basis/Spread - Silicon - iron: Inner Mongolia - main contract basis was - 316 (down 116 for the day, down 98 for the week) [4] - Manganese - silicon: Inner Mongolia - main contract basis was - 260 (down 46 for the day, down 86 for the week) [4] - SF - SM spread was - 224 (up 20 for the day, up 2 for the week) [4] Raw Materials - Manganese ore (Tianjin): Australian lump was 40 yuan/ton degree (unchanged for the day, up 0.2 for the week) [4] - Semi - carbonated South African ore was 34.3 yuan/ton degree (unchanged for the day, up 0.3 for the week) [4] - Gabon lump was 40 yuan/ton degree (unchanged for the day, up 0.2 for the week) [4] - Blue charcoal small pieces: in Shaanxi, it was 660 yuan/ton (unchanged for the day, up 10 for the week) [4] Group 3: Market Judgment Trading Strategy - Unilateral: With a warm macro - sentiment, prices are short - term strong, but the pressure of high supply remains, so the target should not be set too high [6] - Arbitrage: Wait and see [6] - Options: Sell a straddle option combination [6] Silicon - iron - On September 17, spot prices were stable to weak, with some regions seeing a 30 - 50 yuan/ton drop. Supply decreased slightly but remained high. Demand data was average, increasing expectations of domestic stimulus policies after the Fed's potential rate cut. Market sentiment was boosted by Sino - US trade talks. It rebounded but faced high - supply pressure [5] Manganese - silicon - On September 17, manganese ore spot prices were stable, and manganese - silicon spot prices were stable to weak, with some regions seeing a 20 yuan/ton drop. Supply increased slightly and remained high. Demand was dragged down by the decline in electric furnace operating rates. Cost was supported by low port inventories of manganese ore. It will fluctuate at the bottom in the short term [5] Group 4: Important Information - On September 17, Tianjin Port manganese ore spot prices: Australian lump (Mn41.5%) was 40.2 yuan/ton degree, South African medium - iron lump (Mn42%Fe17%) was 36.5 yuan/ton degree, Gabon lump (Mn47%) was 40.3 yuan/ton degree, and Australian seed (Mn39.8%Fe7.6%) was 36 yuan/ton degree [7] - From January to August 2025, enterprise income tax revenue was 3.1477 trillion yuan, up 0.3% year - on - year, and individual income tax revenue was 1.0547 trillion yuan, up 8.9% year - on - year [7] Group 5: Cost and Profit Silicon - iron - Inner Mongolia: production cost was 5550 yuan/ton, profit was - 150 yuan/ton [16] - Ningxia: production cost was 5603 yuan/ton, profit was - 203 yuan/ton [16] - Shaanxi: production cost was 5615 yuan/ton, profit was - 235 yuan/ton [16] - Qinghai: production cost was 5568 yuan/ton, profit was - 288 yuan/ton [16] - Gansu: production cost was 5618 yuan/ton, profit was - 318 yuan/ton [16] Manganese - silicon - Inner Mongolia: production cost was 5807 yuan/ton, profit was - 127 yuan/ton [21] - Ningxia: production cost was 5918 yuan/ton, profit was - 318 yuan/ton [21] - Guangxi: production cost was 6381 yuan/ton, profit was - 701 yuan/ton [21] - Guizhou: production cost was 6120 yuan/ton, profit was - 470 yuan/ton [21]

Report Overview - The report is a black metal research report on ferroalloys, dated September 16, 2025, from the Commodity Research Institute of Galaxy Futures [2] Core Views - On September 16, ferroalloy futures prices fluctuated strongly. The silicon ferroalloy main - contract closed at 5700, with no change in price and a decrease of 810 in positions; the manganese silicon main - contract closed at 5944, up 0.64% with an increase of 7995 in positions [7] - Silicon ferroalloy: Spot prices rose by 50 - 120 yuan/ton on the 16th. Supply decreased slightly but remained high. Market expectations for domestic stimulus policies increased. Short - term prices rebounded but high - supply pressure persisted, so the target should not be set too high [7] - Manganese silicon: Manganese ore spot prices in Tianjin Port rose on the 16th, and manganese silicon spot prices increased by 20 - 100 yuan/ton. Supply increased slightly and remained high, demand was under pressure, but cost support from low manganese ore port inventories existed. In the short - term, it will oscillate at the bottom [7] Market Information Futures - SF main - contract closed at 5700, with 0 daily change, 80 weekly change, 210936 in volume (up 10793), and 213259 in positions (down 810) - SM main - contract closed at 5944, up 38 daily, up 106 weekly, with 220244 in volume (up 36188), and 335721 in positions (up 7995) [4] Spot - Silicon ferroalloy: 72% FeSi prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin changed by 0 - 120 yuan/ton daily and 90 - 150 yuan/ton weekly - Manganese silicon: The prices of manganese silicon 6517 in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin changed by 20 - 100 yuan/ton daily and 50 - 130 yuan/ton weekly [4] Basis/Spread - Silicon ferroalloy: Inner Mongolia - main contract basis changed by 100 daily and 10 weekly; Ningxia - main contract basis changed by 120 daily and 40 weekly; SF - SM spread changed by - 38 daily and - 26 weekly - Manganese silicon: Inner Mongolia - main contract basis changed by 12 daily and - 56 weekly; Ningxia - main contract basis changed by 62 daily and 24 weekly [4] Raw Materials - Manganese ore (Tianjin): Australian lump, South African semi - carbonate, and Gabon lump prices changed by 0.1 - 0.2 yuan/ton degree daily and 0.2 - 0.3 yuan/ton degree weekly - Blue charcoal small materials: Prices in Shaanxi, Ningxia, and Inner Mongolia changed by 0 - 20 yuan/ton weekly [4] Market Judgement Trading Strategy - Unilateral: Anti - involution trading is heating up again. In the short - term, it follows a strong trend, but high - supply pressure persists, so the target should not be set too high - Arbitrage: Wait and see - Options: Sell a straddle option combination [8] Important Information - On the 16th, Tianjin Port manganese ore spot prices: Australian lump Mn46% quoted at 42 (up 0.5), traded around 41.5; Australian lump Mn42% quoted at 40 - 40.5, traded around 40; South African lump quoted at 34.5, traded at 34 - 34.5; Gabon lump quoted at 40 - 40.5, traded at 39.5 - 40 (up 0.2) (unit: yuan/ton degree) - China - US economic and trade teams held talks in Madrid, Spain. The two sides actively implemented the important consensus of the phone call between the two heads of state and had in - depth and constructive communication on economic and trade issues [9] Related Attachments Cost and Profit - Silicon ferroalloy: Production costs in Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu were 5550, 5603, 5615, 5568, and 5618 yuan/ton respectively, with corresponding losses of 150, 203, 235, 288, and 318 yuan/ton - Manganese silicon: Production costs in Inner Mongolia, Ningxia, Guangxi, and Guizhou were 5807, 5918, 6381, and 6120 yuan/ton respectively, with corresponding losses of 127, 318, 701, and 470 yuan/ton [17][22]

Group 1: Report Overview - Report Title: Black Metal R & D Report - Ferrous Alloys Daily [2] - Date: September 3, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF Main Contract: Closing price 5520, daily change -8, weekly change -114, trading volume 111,272, daily change -44,885, open interest 237,691, daily change 758 [4] - SM Main Contract: Closing price 5732, daily change -12, weekly change -100, trading volume 102,788, daily change -48,551, open interest 336,722, daily change 3008 [4] Spot - Silicon Iron: Prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin remained stable on the day, with weekly decreases ranging from 50 to 150 yuan [4] - Manganese Silicon: Prices in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin were flat on the day, with weekly drops from 70 to 150 yuan [4] Basis/Spread - Silicon Iron: Inner Mongolia - Main Contract basis was -170, with a daily increase of 8 and a weekly increase of 44; SF - SM spread was -212, with a daily increase of 4 and a weekly decrease of 14 [4] - Manganese Silicon: Inner Mongolia - Main Contract basis was -52, with a daily increase of 12 and a weekly increase of 30 [4] Raw Materials - Manganese Ore (Tianjin): South African semi - carbonate was 34 yuan/ton degree, unchanged on the day and week; Australian block was 40 yuan/ton degree, daily unchanged and weekly down 0.5 [4] - Lanthanum Coke Small Material: Prices in Shaanxi, Ningxia, and Inner Mongolia were stable on the day and week [4] Group 3: Market Judgement Trading Strategy - Unilateral: Bottom - side oscillation [7] - Arbitrage: Gradually stop profit on spot - futures positive arbitrage [7] - Options: Sell straddle option combinations on rallies [7] Key Analysis - Silicon Iron: On September 3, spot prices were stable. Supply growth slowed but remained high; demand may face risks from poor steel destocking in September. Short - term supply - demand is stable, with bottom - side oscillation expected [6] - Manganese Silicon: On September 3, manganese ore and manganese silicon spot prices were stable. Supply growth narrowed but production was high; demand may have marginal improvement in September but faces risks from poor steel destocking. Cost is relatively firm, and short - term bottom - side oscillation is expected [6] Group 4: Important Information - On September 3, Tianjin Port's South African semi - carbonate Mn36.6% was quoted at 34 yuan/ton degree, South32 Australian block Mn41% at 39.8 yuan/ton degree, and Gabon block Mn50% at 40 yuan/ton degree [8] - The preliminary statistics from the Passenger Car Association showed that the retail sales of new - energy passenger vehicles in China in August were 1.079 million, a year - on - year increase of 5% [9] Group 5: Related Attachments - The report includes multiple charts such as the trend of ferrous alloy main contracts, the spread between SF and SM main contracts, the basis of silicon iron and manganese silicon, and the cost and profit of silicon iron and manganese silicon [15][17][21]

Group 1: Report General Information - The report is a black metal research report from the Commodity Research Institute, dated August 26, 2025 [1][2] - The researcher is Zhou Tao, with a futures practice certificate number F03134259 and an investment consulting certificate number Z0021009 [3] Group 2: Market Information Futures - SF主力合约 closed at 5656, down 24 for the day and 22 for the week, with a trading volume of 158,229 (down 42,351) and an open interest of 224,602 (down 4,847) [4] - SM主力合约 closed at 5862, down 36 for the day and 52 for the week, with a trading volume of 165,527 (down 61,753) and an open interest of 299,744 (down 683) [4] Spot - For silicon iron, 72%FeSi in Inner Mongolia was priced at 5420, up 50 for the day and down 80 for the week; in Ningxia, it was 5450, up 70 for the day and down 50 for the week; in Qinghai, it was 5400, unchanged for the day and down 100 for the week; in Jiangsu, it was 5600, unchanged for the day and down 50 for the week; in Tianjin, it was 5880, unchanged for the day and down 50 for the week [4] - For silicon - manganese, silicon manganese 6517 in Inner Mongolia was priced at 5750, unchanged for the day and down 50 for the week; in Ningxia, it was 5620, unchanged for the day and down 210 for the week; in Guangxi, it was 5780, unchanged for the day and down 90 for the week; in Jiangsu, it was 5800, unchanged for the day and down 100 for the week; in Tianjin, it was 5700, unchanged for the day and down 100 for the week [4] Basis/Spread - For silicon iron, the Inner Mongolia - main contract basis was - 236, up 74 for the day and down 58 for the week; the Ningxia - main contract basis was - 206, up 94 for the day and down 28 for the week; the Qinghai - main contract basis was - 256, up 24 for the day and down 78 for the week; the Jiangsu - Inner Mongolia spread was 180, down 50 for the day and up 30 for the week; the SF - SM spread was - 206, up 12 for the day and up 30 for the week [4] - For silicon - manganese, the Inner Mongolia - main contract basis was - 112, up 36 for the day and up 2 for the week; the Ningxia - main contract basis was - 242, up 36 for the day and down 158 for the week; the Guangxi - main contract basis was - 82, up 36 for the day and down 38 for the week; the Guangxi - Inner Mongolia spread was 30, unchanged for the day and down 40 for the week [4] Raw Materials - For manganese ore in Tianjin, Australian lump was priced at 40.5, unchanged for the day and the week; South African semi - carbonate was 34, unchanged for the day and down 0.7 for the week; Gabon lump was 39.5, unchanged for the day and down 0.5 for the week [4] - For blue charcoal small pieces, in Shaanxi, it was 650, unchanged for the day and up 20 for the week; in Ningxia, it was 685, unchanged for the day and the week; in Inner Mongolia, it was 630, unchanged for the day and the week [4] Group 3: Market Judgment Trading Strategy - On August 26, ferroalloy futures prices declined slightly. The silicon iron main contract closed at 5656, down 0.42%, with an open interest decrease of 4847 lots; the manganese silicon main contract closed at 5862, down 0.61%, with an open interest decrease of 683 lots [8] - For silicon iron, on the 26th, spot prices were stable with a slight upward trend, rising 50 - 70 yuan/ton in some regions. On the supply side, last week's output growth slowed down. On the demand side, sample steel output remained high, supporting raw material demand. The sharp decline in coking coal futures dragged down the overall black metal, but silicon iron had adjusted earlier. Now the futures price is close to the cost in some production areas, and the high - premium risk has been largely released, so it will mainly fluctuate at the bottom recently [8] - For manganese silicon, on the 26th, both manganese ore and manganese silicon spot prices were stable. On the supply side, the output growth of alloy plants also slowed down last week. On the demand side, the sample apparent demand for rebar increased slightly, not showing a downward trend yet. On the cost side, manganese ore port spot prices were stable, supporting manganese silicon. The sharp decline in coking coal futures on the 26th dragged down the overall black metal, but the high - premium risk of manganese silicon at the current price has been largely released, so it is expected to fluctuate at the bottom [8] - Unilateral: Futures prices are close to the cost in some production areas, and the high - premium risk has been largely released. It will mainly fluctuate at the bottom recently [9] - Arbitrage: Gradually take profit on cash - and - carry arbitrage [9] - Options: Sell straddle option combinations on rallies [9] Important Information - On the 26th, the price of semi - carbonate Mn36.5% at Tianjin Port was 34.5 yuan/ton degree, Gabon lump Mn46% was 39.8 yuan/ton degree, and Australian lump Mn46% was 42 yuan/ton degree [10] - Rwood Resources FZE announced the CIF offer price of Ivorian manganese ore for shipments to China before September 20, 2025, with a typical Mn content of 34 - 35% at 4.3 US dollars/ton degree [10] Group 4: Related Attachments Cost and Profit - For silicon iron, in Qinghai, the production cost was 5457 yuan/ton, with a profit of - 157 yuan/ton; in Gansu, the production cost was 5609 yuan/ton, with a profit of - 309 yuan/ton [20] - For silicon manganese, in Inner Mongolia, the production cost was 5831 yuan/ton, with a profit of - 81 yuan/ton; in Ningxia, the production cost was 5939 yuan/ton, with a profit of - 339 yuan/ton; in Guangxi, the production cost was 6424 yuan/ton, with a profit of - 624 yuan/ton; in Guizhou, the production cost was 6168 yuan/ton, with a profit of - 418 yuan/ton [25] Electricity Price - Ferroalloy electricity prices in different regions: in Gansu, it was 0.4 yuan/kWh today; in Guangxi, 0.515 yuan/kWh; in Guizhou, 0.475 yuan/kWh; in Hunan, 0.5 yuan/kWh; in Inner Mongolia, 0.42 yuan/kWh; in Ningxia, 0.38 yuan/kWh; in Qinghai, 0.375 yuan/kWh; in Shanxi, 0.51 yuan/kWh; in Shaanxi, 0.425 yuan/kWh; in Sichuan, 0.435 yuan/kWh; in Yunnan, 0.37 yuan/kWh [19]

Group 1: Market Information - SF主力合约收盘价5680，日变动38，周变动 -200，成交量200580，日变化53577，持仓量227550，日变化 -2948；SM主力合约收盘价5898，日变动66，周变动 -128，成交量227280，日变化42416，持仓量300427，日变化 -2245 [4] - 72%FeSi内蒙现货价格5370，日变动0，周变动 -180；72%FeSi宁夏现货价格5380，日变动0，周变动 -220等；硅锰6517内蒙现货价格5750，日变动0，周变动 -70；硅锰6517宁夏现货价格5620，日变动70，周变动 -230等 [4] - 硅铁内蒙 - 主力基差 -310，日变动 -38，周变动20；锰硅内蒙 - 主力基差 -148，日变动 -66，周变动58等；SF - SM价差 -218，日变动 -28，周变动 -72 [4] - 锰矿（天津）澳块当日40.5，日变动0，周变动 -0.2；南非半碳酸当日34，日变动 -0.5，周变动 -0.8等；兰炭小料陕西当日650，日变动20，周变动20；宁夏当日685，日变动0，周变动0等 [4] Group 2: Market Analysis - 8月25日，铁合金期货价格小幅上涨，硅铁主力合约收盘5680，上涨0.67%，持仓减少2948手；锰硅主力合约收盘5898，上涨1.13%，持仓减少2245手 [6] - 硅铁25日现货价格稳中偏弱，部分区域现货上涨50元/吨；供应端上周产量继续小幅增加，但增幅放缓；需求端样本钢材产量维持高位，对原料需求有支撑；期货价格临近部分产区成本，高升水风险大幅释放，近期底部震荡为主 [6] - 锰硅25日锰矿现货稳中偏弱，天津港半碳酸下跌0.5元/吨度，锰硅现货稳中偏强，部分区域现货上涨70元/吨；供应端上周产量增幅放缓；需求端螺纹样本表需小幅回升，未形成下行趋势；当前价格下高升水风险大幅释放，预计底部震荡为主 [6] Group 3: Trading Strategies - 单边：期货价格临近部分产区成本，高升水风险大幅释放，近期底部震荡为主 [7] - 套利：期现正套逐步止盈 [7] - 期权：逢高卖出跨式期权组合 [7] Group 4: Important Information - Mysteel煤焦：邢台市场焦炭价格计划提涨，捣固湿熄焦上调50元/吨、捣固干熄焦上调55元/吨，调整后捣固准一干熄报价1675元/吨，出厂价现金含税，自8月26日0时起执行 [8] - 上海6部门联合印发《关于优化调整本市房地产政策措施的通知》，明确进一步调减住房限购政策，符合条件居民家庭在外环外购房不限套数，成年单身人士按居民家庭执行住房限购政策 [8] Group 5: Cost and Profit - 硅铁青海生产成本5457元/吨，利润 -157元/吨；甘肃生产成本5609元/吨，利润 -309元/吨 [16] - 硅锰内蒙生产成本5831元/吨，利润 -81元/吨；宁夏生产成本5939元/吨，利润 -339元/吨等 [21]

Group 1: Report General Information - Report title: Black Metal R & D Report, Ferroalloy Daily [1][2] - Report date: August 21, 2025 [2] - Researcher: Zhou Tao [3] - Futures practice certificate number: F03134259 [3] - Investment consulting certificate number: Z0021009 [3] - Contact information: zhoutao_qh1@chinastock.com.cn [3] Group 2: Market Information Futures Market - SF main contract: closing price 5638, daily change +16, weekly change -280, trading volume 234,935, daily change -32,976, open interest 228,094, daily change +3,215 [4] - SM main contract: closing price 5838, daily change +2, weekly change -212, trading volume 161,343, daily change -70,832, open interest 288,840, daily change +6,712 [4] Spot Market - Silicon iron: spot prices in Inner Mongolia, Ningxia, and Qinghai decreased by 30 - 50 yuan/ton, while prices in Jiangsu and Tianjin remained stable; weekly changes were -50 to -200 yuan/ton [4] - Manganese silicon: spot prices in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin decreased by 20 - 100 yuan/ton; weekly changes were -50 to -300 yuan/ton [4] Basis/Spread - Silicon iron: basis between Inner Mongolia and the main contract was -238, daily change -66, weekly change +130; SF - SM spread was -200, daily change +14, weekly change -68 [4] - Manganese silicon: basis between Inner Mongolia and the main contract was -88, daily change -2, weekly change +162 [4] Raw Materials - Manganese ore (Tianjin): Australian lump remained stable at 40.5 yuan/ton degree, South African semi - carbonate remained stable at 34.7 yuan/ton degree, Gabonese lump decreased by 0.1 yuan/ton degree to 39.7 yuan/ton degree [4] - Blue charcoal small pieces: prices in Shaanxi, Ningxia, and Inner Mongolia remained stable [4] Group 3: Market Analysis and Trading Strategies Market Analysis - Silicon iron: on August 21, spot prices were stable with a weak trend, and production increased recently. Steel output remained high, supporting raw material demand. After a sharp price drop this week, futures prices were close to production costs in some regions, and high - premium risks were largely released. Prices were expected to fluctuate at the bottom in the near term [6] - Manganese silicon: on August 21, manganese ore spot prices were stable with a weak trend, and manganese silicon spot prices generally decreased. Whether the current resumption of production would be interrupted after the price drop needed attention. The apparent demand for threaded steel samples increased slightly this week, and no downward trend had formed yet. High - premium risks were largely released at current prices, and prices were expected to fluctuate at the bottom in the near term [6] Trading Strategies - Unilateral trading: futures prices were close to production costs in some regions, high - premium risks were largely released, and prices were expected to fluctuate at the bottom in the near term [7] - Arbitrage: when the basis was low, cash - and - carry arbitrage could be considered [7] - Options: sell straddle option combinations at high prices [7] Group 4: Important Information - From January to July 2025, the total domestic billet export volume was 7472,000 tons, a year - on - year increase of 309.72%; in July, the total domestic billet export volume was 1,579,800 tons, a month - on - month increase of 34.37% and a year - on - year increase of 349.07% [8] - On August 21, the quotation for semi - carbonate at Tianjin Port was 34.5 yuan/ton degree, Gabonese lump was 39.5 yuan/ton degree, CML Australian lump was 41.5 - 42 yuan/ton degree, South32 Australian lump was 40.5 yuan/ton degree, South African high - iron was 29.8 yuan/ton degree, and South African medium - iron lump was 36.5 yuan/ton degree [8] Group 5: Cost and Profit Silicon Iron - Inner Mongolia: production cost 5535 yuan/ton, profit - 135 yuan/ton [19] - Qinghai: production cost 5457 yuan/ton, profit - 57 yuan/ton [19] - Gansu: production cost 5609 yuan/ton, profit - 159 yuan/ton [19] Manganese Silicon - Inner Mongolia: production cost 5853 yuan/ton, profit - 33 yuan/ton [22] - Ningxia: production cost 5958 yuan/ton, profit - 108 yuan/ton [22] - Guangxi: production cost 6430 yuan/ton, profit - 530 yuan/ton [22] - Guizhou: production cost 6176 yuan/ton, profit - 326 yuan/ton [22]

大宗商品研究所 黑色金属研发报告 黑色金属日报 2025 年 8 月 20 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： F03134259 投资咨询证号： Z0021009 联系方式： | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 | 收盘价 | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 | 5622 | -56 | -172 | 267911 | -104641 | 233070 | -4976 | | SM主力合约 | 5836 | -78 | -238 | 232175 | 39082 | 282128 | 167243 | | 现 货 | | | | | | | | | 硅铁 现货价格 | | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5450 | -50 | -100 | 硅锰6517内蒙 | 5750 | -50 | -50 | | 72%FeSi宁夏 | 54 ...

Report Overview - The report is a black metal R & D report focusing on ferroalloys, including market information, market analysis, and relevant charts, dated August 19, 2025 [2] 1. Market Information Futures - SF main contract closed at 5678, down 202 for the day and 142 for the week, with a trading volume of 372,552 (up 155,765) and an open interest of 214,474 (up 18,596) [4] - SM main contract closed at 5914, down 206 for the day and 196 for the week, with a trading volume of 193,093 (up 80,701) and an open interest of 114,885 (down 27,813) [4] Spot - For ferrosilicon, 72%FeSi in Inner Mongolia, Ningxia, and Qinghai decreased by 50 - 100 yuan/ton, while in Jiangsu and Tianjin it remained stable or increased slightly [4] - For silicomanganese, 6517 silicomanganese in most regions decreased by 20 - 100 yuan/ton [4] Basis/Spread - Ferrosilicon basis in Inner Mongolia, Ningxia, and Qinghai improved, while the SF - SM spread was -236, up 4 for the day and 54 for the week [4] Raw Materials - Manganese ore prices in Tianjin decreased slightly, and the price of semi - coke small materials in some regions increased [4] 2. Market Analysis Trading Strategy - On August 19, ferroalloy futures prices dropped significantly. The SF main contract fell 3.44%, and the SM main contract fell 3.37% [7] - For ferrosilicon, spot prices were weak on the 19th. Supply increased rapidly, while steel output growth was limited. After the sharp drop, the futures price is close to the cost in some regions, and short - selling profit - loss ratio is not high, so short positions can be partially reduced [7] - For silicomanganese, manganese ore and spot prices decreased. Supply also increased rapidly, and there are risks on the demand side. Similar to ferrosilicon, short - selling profit - loss ratio is not high, and short positions can be partially reduced [7] - Unilateral: Short positions can be partially reduced; Arbitrage: Consider cash - and - carry arbitrage when the basis is low; Options: Sell straddle option combinations on rallies [8] Important Information - Starting from August 19, 2025, Shagang reduced the scrap steel price by 30 yuan/ton [9] - On the 19th, the quotes of manganese ore in Tianjin Port were announced [9] 3. Relevant Attachments - The report includes multiple charts showing ferroalloy main contract trends, spreads, basis, spot prices, electricity prices, production costs, and production profits [11][15][19][24]