Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price - **Silicon Iron**: The latest prices of 72% FeSi in different regions vary, with prices in Ningxia, Inner Mongolia, Qinghai, and Shaanxi at 5600, 5600, 5600, and 5550 respectively, and prices of 75% FeSi in Shaanxi at 5950. There are also price differences among different contracts and bases, such as the main contract at 5696, and the main monthly basis at 204 [1]. - **Silicon Manganese**: The closing price of the main contract of CZCE silicon manganese, basis differences in different regions, and price differences between different varieties are presented, like the main contract closing price, Jiangsu basis, and north - south price difference [5]. Supply - **Silicon Iron**: The production of 136 silicon - iron enterprises in China, their capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and the export prices of 72% and 75% FeSi at Tianjin Port are shown. The production of 136 silicon - iron enterprises in China has different trends from 2021 - 2025 [3]. - **Silicon Manganese**: The production of silicon manganese in China, the procurement price and quantity of Hebei Iron and Steel Group, and the prices of manganese ores from different origins are included. The production of silicon manganese in China has shown different values from 2021 - 2025 [5]. Demand - **Silicon Iron**: The demand - related data includes the production of crude steel in China, the price and production of metal magnesium, the export quantity of silicon iron, and the procurement of Hebei Iron and Steel Group. The production of crude steel in China has different pre - estimated values from 2021 - 2025 [3]. - **Silicon Manganese**: The demand data involves the demand in China (by Steel Union's caliber), the export quantity, and the production of crude steel in China. The demand in China has been changing from 2021 - 2025 [6]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipts, effective forecasts, and inventory average available days in different regions are provided. The inventory of 60 sample enterprises in China has different values from 2021 - 2025 [4]. - **Silicon Manganese**: The warehouse receipts, effective forecasts, and inventory data of 63 sample enterprises in China, as well as the inventory average available days in China are presented. The warehouse receipts of silicon manganese in China have shown different trends from 2021 - 2025 [6]. Cost and Profit - **Silicon Iron**: The cost - related data includes electricity prices in different regions, the market price of semi - coke, and the production cost and profit in Ningxia and Inner Mongolia. The electricity price in Inner Mongolia has changed from 2021 - 2025 [4]. - **Silicon Manganese**: The profit data in Inner Mongolia, Guangxi, and different regions, as well as the profit of Guangxi silicon manganese converted to the main contract, are shown. The profit in Inner Mongolia has different values from 2021 - 2025 [6].

Core Viewpoint - The recent fluctuations in chemical coke and manganese ore prices are impacting the cost structure and market performance of manganese silicon production, with expectations of significant price volatility in the near future [1] Price Changes and Cost Analysis - Chemical coke prices increased by 100 yuan/ton, while port manganese ore prices saw a slight uptick, leading to higher immediate costs [1] - Estimated production costs as of July 25 are approximately 5710 yuan/ton in Ningxia, 5800 yuan/ton in Inner Mongolia (with a loss of about 100 yuan/ton), and 6460 yuan/ton in Guangxi (with a loss of about 740 yuan/ton) [1] - Actual costs in production areas may be reduced by 100-200 yuan/ton due to adjustments in manganese ore ratios and tail gas power generation [1] Supply and Demand Dynamics - From July 19 to July 24, Tianjin Port received 451,924 tons of manganese ore, with a slight inventory increase of 989.7 tons, totaling 3,336,474 tons, which is below expectations [1] - Anticipated arrivals from July 25 to July 31 are 607,041 tons, with an estimated inventory increase of 100,000 to 200,000 tons based on typical outflow rates [1] - National daily production of silicon manganese as of July 25 is reported at 26,640 tons, with increases noted in regions such as Inner Mongolia, Guangxi, Guizhou, and Yunnan [1] Market Pricing and Export Data - Hebei Steel Group set the silicon manganese price at 5,850 yuan/ton for July, with the first round of inquiries at 5,600 yuan/ton and a purchase volume of 14,600 tons, an increase from June [1] - In June 2025, China exported 1,151.6 tons of silicon manganese alloy and imported 685.73 tons [1] Market Sentiment and Future Outlook - The black metal sector is experiencing upward pressure due to rising coking coal prices, while manganese silicon prices have shown mixed reactions, with significant inflows of capital observed [1] - The market is currently driven more by speculative factors rather than fundamental changes, with profit margins encouraging manufacturers and traders to hedge [1] - The overall market sentiment remains uncertain, with expectations of significant price fluctuations for manganese silicon on July 28, necessitating caution among investors [1]

价格 供应 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：主力合约：收盘价（日） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：基差（江苏）（钢联口径） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅锰主力月 内蒙基差（日） 2021 2022 2023 2024 2025 -200 -100 0 100 200 300 400 500 600 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1 ...

价格 供应 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：主力合约：收盘价（日） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：基差（江苏）（钢联口径） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅锰主力月 内蒙基差（日） 2021 2022 2023 2024 2025 -200 -100 0 100 200 300 400 500 600 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1 ...