1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - For silicon iron, the latest prices of 72 silicon iron in different regions on February 6, 2026, are as follows: 5300 yuan in Ningxia, 5370 yuan in Inner Mongolia, 5300 yuan in Qinghai, 5300 yuan in Shaanxi, and 5750 yuan in Jiangsu and Tianjin. The price of 75 silicon iron in Shaanxi is 6000 yuan, and the export price of 72 silicon iron in Tianjin is 1055 US dollars, while that of 75 silicon iron is 1115 US dollars. There are also price changes on a daily and weekly basis [1]. - For silicon manganese, the latest prices of 6517 silicon manganese in different regions on February 6, 2026, are: 5650 yuan in Inner Mongolia, 5610 yuan in Ningxia, 5750 yuan in Guangxi, and 5700 yuan in Guizhou and Yunnan. The price of 6014 silicon manganese in Guangxi is 5100 yuan. There are corresponding daily and weekly price changes [1]. - The report also shows the historical price trends of silicon iron and silicon manganese from 2022 - 2026, including market prices in different regions, export and import prices, and prices of related contracts [2][6]. Supply - For silicon iron, the production data of 136 silicon - iron enterprises in China, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi from 2022 - 2026 are presented. The production of silicon iron in China shows certain trends over time [4]. - For silicon manganese, the weekly production of silicon manganese in China from 2022 - 2026 is shown, as well as the procurement volume and price of 6517 silicon manganese by Hebei Iron and Steel Group on a monthly basis [6]. Demand - For silicon iron, factors related to demand include the production of crude steel in China, the production of stainless - steel crude steel, the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, and the export volume of silicon iron. These data are presented from 2022 - 2026 [4]. - For silicon manganese, the demand data include the estimated demand in China (Steel Union's caliber), the production of crude steel in China, and the export volume of silicon manganese from 2022 - 2026 [4][7]. Inventory - For silicon iron, the inventory data of 60 sample enterprises in China, including inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as the inventory average available days in different regions and the total inventory (including warehouse receipts and effective forecasts) are presented from 2022 - 2026 [5]. - For silicon manganese, the inventory data include the total warehouse receipts, effective forecasts, and the sum of them, as well as the inventory of 63 sample enterprises in China on a weekly basis and the inventory average available days in China from 2022 - 2026 [7]. Cost and Profit - For silicon iron, the cost - related factors include electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke in Shaanxi, etc. The profit data include the production cost and profit in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon iron from 2022 - 2026 [5]. - For silicon manganese, the profit data include the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the disk - based profit in Guangxi and Ningxia from 2022 - 2026 [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon iron, prices vary by region and type. For example, the latest price of Ningxia 72 silicon iron natural block is 5350, with a weekly increase of 50; the latest price of Tianjin 72 silicon iron export is 1055 (in US dollars), with a weekly increase of 10. For silicon manganese, the latest price of Inner Mongolia 6517 silicon manganese is 5700, with a daily increase of 30 and a weekly increase of 20 [1]. - Multiple charts show the price trends of different types of silicon iron and silicon manganese in various regions from 2022 - 2026, including market prices, export and import average prices, and contract closing prices [2][5]. Supply - Charts display the production and capacity utilization of 136 silicon - iron enterprises in China from 2022 - 2026, including monthly production, weekly production (with a capacity share of 95%), and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi. Also shows the production of silicon manganese in China from 2022 - 2026 [3][5]. - The production of silicon iron and silicon manganese is affected by factors such as enterprise capacity utilization and production scale [3][5]. Demand - Charts present the demand - related data of silicon iron and silicon manganese from 2022 - 2026, including the estimated and actual production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume and price of silicon iron and silicon manganese by Hebei Iron and Steel Group, and the demand for silicon manganese in China (according to Steel Union's data) [3][6]. - The demand for silicon iron and silicon manganese is related to the steel industry and other downstream industries [3][6]. Inventory - For silicon iron, charts show the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2022 - 2026, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions. For silicon manganese, it shows the warehouse receipt quantity, effective forecast, warehouse receipt + effective inventory, and inventory average available days in China from 2022 - 2026 [4][6]. - Inventory levels are affected by production, demand, and market trading activities [4][6]. Cost and Profit - For silicon iron, the cost and profit data include electricity prices in different regions, the market price of semi - coke, the production cost and profit in Ningxia and Inner Mongolia. For silicon manganese, it includes the cost of raw materials such as chemical coke, manganese ore, and the profit in Inner Mongolia, Guangxi, and other regions [4][6]. - Cost and profit are affected by factors such as raw material prices, electricity prices, and market selling prices [4][6].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon iron (FeSi), prices vary by region and grade, e.g., Ningxia 72 is 5320, Inner Mongolia 72 is 5320, and Shaanxi 75 is 5850 [1] - For silicon manganese (SiMn), the closing price of the main contract on CZCE, basis, spreads between regions and grades are presented, along with prices of related materials like chemical coke and manganese ore [6] Supply - For silicon iron, the monthly and weekly production of 136 Chinese enterprises, and the capacity utilization rate in Inner Mongolia, Ningxia, and Shaanxi are shown [4] - For silicon manganese, the weekly production in China, and the purchase volume and price of Hebei Steel Group are provided [6] Demand - For silicon iron, factors related to demand include the production of crude steel, metal magnesium, and stainless - steel in China, as well as the purchase volume of Hebei Steel Group [4] - For silicon manganese, the demand in China (in ten thousand tons, according to Steel Union's data), and the export volume are presented [7] Inventory - For silicon iron, the inventory of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), CZCE's warehouse receipt quantity, effective forecast, and inventory available days in different regions are given [5] - For silicon manganese, CZCE's warehouse receipt quantity, effective forecast, total inventory, inventory available days in China, and the inventory of 63 sample enterprises in China are shown [7] Cost and Profit - For silicon iron, costs such as electricity prices in different regions, the market price of semi - coke, and profits including production cost, discount to the main contract profit, and export profit are presented [5] - For silicon manganese, profits in different regions (Inner Mongolia, Guangxi, North and South regions), and the discount to the main contract profit in Guangxi and Ningxia are provided [7]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - The report presents the latest prices, daily and weekly changes of silicon - iron and silicon - manganese in different regions, including spot prices, factory - price converted to futures prices, and futures contract prices. For example, the latest price of Ningxia 72 silicon - iron is 5320, with a weekly increase of 50 [1]. - It also shows historical price trends of silicon - iron and silicon - manganese from 2022 to 2026, covering various regions and contract types [2][6]. Supply - For silicon - iron, it shows the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), and the capacity utilization rate of silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) [4]. - For silicon - manganese, it presents the weekly production volume in China and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - The report shows the estimated and actual production volume of Chinese crude steel (monthly), the production volume of Chinese stainless - steel crude steel (monthly), and the demand volume of Chinese silicon - manganese (in ten thousand tons) [4][7]. - It also includes the procurement volume and price of Hebei Iron and Steel Group for silicon - iron and silicon - manganese [4][6]. Inventory - For silicon - iron, it presents the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts and effective forecasts (daily), and the average available days of inventory in different regions (monthly) [5]. - For silicon - manganese, it shows the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory (daily), the inventory of 63 sample enterprises in China (weekly), and the average available days of inventory in China (monthly) [7]. Cost and Profit - For silicon - iron, it shows the electricity prices in different regions (daily), the market price of semi - coke in Shaanxi (daily), and the production cost, futures - contract - converted profit, and spot profit in Ningxia and Inner Mongolia [5]. - For silicon - manganese, it shows the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the futures - contract - converted profit in Guangxi and Ningxia [7].

Core Insights - The industrial structure of Qiannan Prefecture is undergoing a profound transformation driven by coupling, with traditional fertilizer's share in phosphate chemical products decreasing from 42.9% in 2018 to 20.5% in 2024, while the share of new energy battery materials like iron phosphate and lithium iron phosphate has surged to 35% from nearly zero [1] - The economic value created from phosphate resources has significantly increased, with the production capacity of iron phosphate and lithium iron phosphate accounting for over 50% of the province's total, and the added value per ton of phosphate rock rising from approximately 2500 yuan to around 6000 yuan, effectively doubling [1] - The new energy battery materials industry in Qiannan is expected to exceed 20 billion yuan by 2025 [1] Industry Transformation - The utilization rate of phosphogypsum in Qiannan has reached an industry-leading 97%, transforming environmental burdens into a green building materials industry with an annual output value exceeding 500 million yuan [2] - Qiannan's industrial development strategy emphasizes a clear focus on diverse industries, not solely reliant on phosphate [3] Regional Development - Under the "coupling symbiosis" model, various counties in Qiannan are identifying unique industrial rhythms, leading to complementary advantages and distinctive development [4] - The independent county of Dushan has become the largest production base for micro and small bearings in Guizhou, with 28 bearing and supporting enterprises and over 1500 production lines, capable of producing 1.1 billion sets of deep groove ball bearings annually [4] Technological Innovation - Qiannan is leveraging technological innovation to convert resource advantages into developmental strengths, with companies like Qixin focusing on high-sulfur coal processing to produce valuable chemical products [16] - The region is fostering a "government-industry-university-research-application" innovation ecosystem, with 219 innovative SMEs and 137 provincial-level specialized enterprises [18] Economic Growth - Qiannan has established a modern industrial system characterized by a "2+4+4" framework, with phosphate chemical and new energy battery materials as core engines, contributing over 650 billion yuan and accounting for more than 54% of industrial output [13] - The industrial value added in Qiannan has grown by 14% year-on-year from January to November, ranking first in the province, with industrial investment contributing significantly to economic growth [21]

Report Information - Report Title: Ferroalloy Morning Report - Report Date: December 18, 2025 Report Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Category Price - **Silicon Iron**: The latest price of Ningxia 72 silicon iron natural block is 5120 yuan, with a daily change of -30 yuan and a weekly change of 20 yuan; the main contract price is 5546 yuan, with a daily change of 64 yuan and a weekly change of 112 yuan [2]. - **Silicon Manganese**: The latest price of Inner Mongolia 6517 silicon manganese is 5540 yuan, with a daily change of 0 yuan and a weekly change of 20 yuan; the main contract price is 5758 yuan, with a daily change of 22 yuan and a weekly change of 34 yuan [2]. Supply - **Silicon Iron**: The monthly production of 136 silicon - iron enterprises in China from 2021 - 2025 is presented, and their weekly production (with a capacity share of 95%) is also shown [4]. - **Silicon Manganese**: The weekly production of silicon manganese in China from 2021 - 2025 is provided [6]. Demand - **Silicon Iron**: The demand - related data includes the estimated 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), etc. [4]. - **Silicon Manganese**: The demand - side data shows the demand for silicon manganese in China (in ten - thousand tons, according to Steel Union's statistics), and the estimated production of crude steel in China (monthly, in ten - thousand tons) [4][7]. Inventory - **Silicon Iron**: The weekly inventory data of 60 sample enterprises in China, including those in Ningxia, Inner Mongolia, and Shaanxi, are given, as well as the daily data of CZCE silicon iron warehouse receipts, effective forecasts, etc. [5]. - **Silicon Manganese**: The daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and the weekly inventory data of 63 sample enterprises in China are presented [7]. Cost and Profit - **Silicon Iron**: The cost - related data includes the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, and the market price of semi - coke small materials in Shaanxi. The profit data includes the production profit of semi - coke in China, the export profit of 75 - grade silicon iron, etc. [5]. - **Silicon Manganese**: The cost - related data involves the ex - factory price of chemical coke in Ordos, and the summary prices of various manganese ores. The profit data includes the profit of silicon manganese in Inner Mongolia, Guangxi, etc. [6][7].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the report 3. Summary by Related Catalogs Price - For silicon ferroalloy on December 17, 2025, the prices of宁夏72 and 内蒙72 were 5150 and 5200 respectively, with daily changes of -50 and -20, and weekly changes of 50 and 80. The prices of different contracts on the disk also had corresponding changes [2] - For silicon manganese, the prices of different regions such as 内蒙6517, 宁夏6517, etc. had different daily and weekly changes on the same day [2] Supply - The report presents the historical production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly and weekly production, as well as the capacity utilization rate of enterprises in different regions [5] - It also shows the historical production data of silicon manganese in China from 2021 - 2025, and the procurement volume and price data of HeSteel Group [7] Demand - The report provides historical data on the demand volume of silicon manganese in China from 2021 - 2025, and also shows the production data of related products such as crude steel, stainless - steel crude steel, etc., which are related to the demand for ferroalloys [5][8] Inventory - For silicon ferroalloy, it shows the inventory data of 60 sample enterprises in different regions (China, Ningxia, Inner Mongolia, Shaanxi) from 2021 - 2025, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions [6] - For silicon manganese, it presents the warehouse receipt quantity, effective forecast, inventory average available days, and inventory data of 63 sample enterprises in China from 2021 - 2025 [8] Cost and Profit - For silicon ferroalloy, it shows the electricity price data in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of raw materials such as semi - coke, and the production cost, disk profit, and spot profit in Ningxia and Inner Mongolia from 2021 - 2025 [6] - For silicon manganese, it shows the profit data of different regions (Inner Mongolia, Guangxi, North Region, South Region) from 2021 - 2025, as well as the profit of Guangxi silicon manganese converted to the main contract on the disk [8]

Report Summary 1. Industry Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - **Manganese Silicon**: The core view on manganese silicon is bullish. The weekly futures price trended down in a volatile manner, with a slight increase in weekly output and a continued decline in demand. Mainstream steel mills in China have entered the market for procurement. The price set by a large Hebei mill is 5,770 yuan/ton, and prices in the East China region generally hover around 5,750 yuan/ton, with the downside space gradually narrowing. The low-price quotes in the futures and spot markets have decreased, and the basis of the Inner Mongolia delivery price remains at around 220, narrowing the gap with the factory spot price. On the cost side, high-grade oxidized ores at the northern and southern ports of manganese ore have risen and remained firm, and the quotes of overseas mines have increased slightly. On the morning of December 12, the price of chemical coke dropped by 50 yuan/ton. The market is watching the subsequent spot price game of coke, and the alloy profit is poor [3]. - **Silicon Iron**: The core view on silicon iron is also bullish. The weekly futures price trended down in a volatile manner. The market prices of 72 and 75 silicon iron are 5,050 - 5,200 yuan/ton and 5,550 - 5,700 yuan/ton respectively for cash natural lump ex - factory, showing little change from last week. The price set by HBIS is 5,660 yuan/ton, and the steel tender prices range from 5,650 to 5,700 yuan/ton. Silicon iron output has decreased, with a factory in Ulanqab and a factory in Zhongwei suspending production. The demand from steel mills has declined, while the output of magnesium metal has slightly increased. In terms of cost and profit, the current immediate profitability of the main production areas is poor, and coal prices have shown signs of loosening. Attention is paid to the subsequent impact on the price transmission of semi - coke [4]. 3. Summary by Directory Manganese Silicon - **Manganese Ore Inventory**: The total manganese ore port inventory is 451.3 tons, showing a slight increase compared to the previous period. Among them, the inventory at Tianjin Port has slightly increased to 3.771 million tons, still significantly lower than the same period last year, and the inventory at Qinzhou Port has slightly decreased to 737,000 tons, exceeding the level of the same period last year. In terms of different varieties, the South African ore inventory at Tianjin Port is 2.478 million tons, showing a slight increase; the Gabonese ore inventory is 288,000 tons, showing a significant increase compared to the previous period and far lower than the same period last year; the Australian ore inventory is 369,000 tons, showing a slight decrease and lower than the same period last year [10][14]. - **Manganese Ore Price**: At Tianjin Port, the price of Gabonese lumps is 43 yuan/ton - degree, Australian lumps are 41.5 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 have remained firm, and the transaction prices are slightly lower than the quotes [17]. - **Manganese Silicon Production**: As of December 12, the weekly output of silicon manganese has increased to 189,000 tons. The daily average output in Inner Mongolia has slightly increased to 13,840 tons/day; in Ningxia, it has increased to 6,190 tons/day; in Yunnan, it remains at 970 tons/day; in Guizhou, it remains at 1,735 tons/day; in Guangxi, it has slightly decreased to 1,320 tons/day [27]. - **Manganese Silicon Demand**: As of December 12, the weekly demand of Mysteel sample enterprises is 112,800 tons, and the weekly output of the five major steel products has decreased to 806,220 tons. The proportion of rebar in the five major steel products in the Mysteel sample data continues to decline, lower than the historical average [31]. - **Manganese Silicon Price**: The market price in Inner Mongolia is around 5,520 yuan/ton, and in Tianjin it is 5,700 yuan/ton. The tender price set by HBIS is 5,770 yuan/ton [40]. - **Chemical Coke Price**: As of December 11, the ex - factory prices of 25 - 40mm chemical coke in Yinchuan, Ordos, and Alxa are 1,240 yuan/ton, 1,180 yuan/ton, and 1,190 yuan/ton respectively [43]. - **Manganese Silicon Production Profit**: The immediate profit of manganese silicon is low, and the point - to - point profit loss has intensified [47]. - **Manganese Silicon Month Spread**: As of December 11, the 1 - 5 month spread of manganese silicon is - 60 yuan/ton, showing continuous low - level fluctuations [52]. - **Manganese Silicon Basis and Warehouse Receipts**: The futures price is fluctuating, and the basis is slightly volatile. As of December 11, the total of manganese silicon warehouse receipts and valid notices is 128,700 tons. Attention is paid to the subsequent recovery situation [54][55]. Silicon Iron - **Silicon Iron Production**: As of December 12, the weekly output of silicon iron is 106,300 tons, showing a slight decrease compared to the previous period. The daily average output in Inner Mongolia is 5,155 tons, in Qinghai it is 1,845 tons, in Ningxia it is 3,880 tons, and in Shaanxi it is 2,750 tons [70]. - **Silicon Iron Demand**: - **From Steel Mills**: The demand for silicon iron from steel mills has slightly decreased. The total consumption of silicon iron by Mysteel sample steel mills is 18,000 tons, significantly lower than the same period last year [75]. - **From Magnesium Metal**: The export price of magnesium metal at Tianjin Port is 2,270 US dollars/ton, and the market price is 15,650 yuan/ton, showing a slight overall decrease. The weekly output of magnesium metal is 21,357 tons, showing a slight increase compared to the previous period. The magnesium metal market is running weakly and stably. Affected by the previous low - price stimulation and the decline in raw material coal prices, the inquiry atmosphere in the retail market has cooled down. A small number of purchasers are making tentative offers, and most downstream buyers are hesitant and observing cautiously. There are differences in the supply - end shipments. Currently, medium - and large - scale manufacturers in the main production areas of Shaanxi have no intention to further reduce prices, while small factories are adjusting flexibly according to the market [79]. - **Silicon Iron Export**: As of December 11, the overseas FOB price of 75 silicon iron is 1,070 US dollars/ton, and that of 72 silicon iron is 1,020 US dollars/ton, remaining stable compared to the previous period. The import volume of silicon iron in October has increased slightly compared to the previous month, while the export volume has decreased significantly compared to the previous month and is lower than the same period last year [81]. - **Silicon Iron Raw Materials**: As of December 11, the quotes of mainstream small - sized semi - coke in different regions have remained stable. The current prices are 820 yuan/ton in Shaanxi, 920 yuan/ton in Ningxia, and 810 yuan/ton in Inner Mongolia. The price of oxidized iron scale is 730 yuan/ton [98]. - **Silicon Iron Production Profit**: As of December 11, the point - to - point profit of silicon iron is in a loss state, with significant losses in Shaanxi and Qinghai regions. The production profits in Inner Mongolia, Ningxia, Shaanxi, and Qinghai are - 444 yuan/ton, - 565 yuan/ton, - 569 yuan/ton, and - 833 yuan/ton respectively [104]. - **Silicon Iron Month Spread**: As of December 11, the 1 - 5 month spread of silicon iron is - 30 yuan/ton, showing a slight strengthening compared to the previous period [112]. - **Silicon Iron Basis and Warehouse Receipts**: The futures price is fluctuating, and the basis of silicon iron is slightly volatile. As of December 11, the total of silicon iron warehouse receipts and valid notices is 67,000 tons. Attention is paid to the subsequent recovery of warehouse receipts [117]. Balance Sheet - **Manganese Silicon**: The balance sheet shows the supply and demand situation from June 2025 to May 2026, including total supply, production, imports, total demand, steel consumption, exports, net exports, surplus/deficit, cumulative year - on - year production growth, and cumulative year - on - year consumption growth [119]. - **Silicon Iron**: Similar to manganese silicon, it shows the supply - demand balance situation from June 2025 to May 2026, covering various aspects such as total supply, production, imports, total demand, domestic consumption (including crude steel and magnesium metal consumption), exports, net exports, surplus/deficit, cumulative year - on - year production growth, and cumulative year - on - year consumption growth [120].

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 9, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5100 yuan, unchanged from the previous day and week; Inner Mongolia 72 was 5150 yuan, down 20 yuan from the previous day and week; the export price of Tianjin 72 was 1020 US dollars, unchanged from the previous day and down 10 US dollars from the previous week [2]. - For silicon manganese, on December 9, 2025, the latest price of Inner Mongolia 6517 silicon manganese alloy was 5530 yuan, unchanged from the previous day and week; Ningxia 6517 was 5510 yuan, down 10 yuan from the previous day and unchanged from the previous week [2]. Supply - The report presents historical data on the output of 136 silicon - ferroalloy enterprises in China (monthly and weekly, with a capacity share of 95%), and the capacity utilization rate of 136 silicon - ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) [4]. - It also shows historical data on the weekly output of silicon manganese in China [6]. Demand - The report provides historical data on the estimated and revised 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 other data related to the demand for ferroalloys [4]. Inventory - For silicon ferroalloy, it includes historical data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts of silicon ferroalloy on CZCE (daily), and the average available inventory days in different regions [5]. - For silicon manganese, it shows historical data on the total number of warehouse receipts of silicon manganese on CZCE (daily), the total number of valid forecasts (daily), and the inventory of 63 sample enterprises in China (weekly, in tons) [7]. Cost and Profit - For silicon ferroalloy, the report presents historical data on electricity prices in different regions, the market mainstream price of semi - coking coal, and the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia [5]. - For silicon manganese, it shows historical data on the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions (in yuan per ton) and other related cost - profit data [7].

Report Information - Report Title: Ferroalloy Morning Report - Report Date: November 25, 2025 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - No clear core view is presented in the provided content. The report mainly offers price, supply, demand, inventory, and cost - profit data for ferroalloys such as ferrosilicon and ferromanganese. 3. Summary by Relevant Catalogs Price - **Ferrosilicon**: - Spot prices vary by region and type. For example, Ningxia 72 natural block ferrosilicon is 5130 yuan, with a weekly change of - 20 yuan; Tianjin 72 ferrosilicon export price is 1020 US dollars, with a weekly change of - 10 US dollars [2]. - Futures prices also show differences among different contracts. The main contract of ferrosilicon is 5456 yuan, down 16 yuan daily and 206 yuan weekly [2]. - **Ferromanganese**: - Spot prices of ferromanganese in different regions have different changes. Inner Mongolia 6517 ferromanganese has an ex - factory price of 5520 yuan, with a weekly change of - 80 yuan [2]. - Futures prices of different contracts also fluctuate. The main contract of ferromanganese is 5630 yuan, up 24 yuan daily and down 162 yuan weekly [2]. Supply - **Ferrosilicon**: - The production data of 136 ferrosilicon enterprises in China are presented, including monthly output, weekly output, and capacity utilization in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Ferromanganese**: - The weekly production volume of ferromanganese in China and the procurement volume and price of Hebei Iron and Steel Group are provided [6]. Demand - **Ferrosilicon**: - Related to the production of products such as crude steel, stainless - steel crude steel, and metal magnesium. For example, the estimated monthly production of crude steel in China and the production of stainless - steel crude steel are shown [4]. - **Ferromanganese**: - The demand data of ferromanganese in China (according to Steel Union's caliber) are given, and it is also related to the production of crude steel [4][7]. Inventory - **Ferrosilicon**: - The inventory data of 60 sample enterprises in China, including total inventory and inventory in different regions like Ningxia, Inner Mongolia, and Shaanxi, are provided. Also, data on warehouse receipts, effective forecasts, and inventory average available days in different regions are presented [5]. - **Ferromanganese**: - The inventory data of 63 sample enterprises in China, warehouse receipts, effective forecasts, and inventory average available days in China are shown [7]. Cost and Profit - **Ferrosilicon**: - Cost - related data include electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) and the market price of semi - coke in Shaanxi. Profit - related data include the profit of ferrosilicon in Ningxia (converted to the main contract and spot profit) and the export profit of 75% ferrosilicon [5]. - **Ferromanganese**: - Profit data in different regions such as Inner Mongolia, Guangxi, the northern region, and the southern region are provided, as well as the profit of Guangxi ferromanganese converted to the main contract [7].