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Core Viewpoint - The silicon manganese market remains in a wait-and-see mode, with both bullish and bearish forces competing amid cost support and weak demand, preventing effective price breakthroughs [1] Price Trends - The price of silicon manganese 6517 in the northern market ranges from 5500 to 5600, while in the southern market, it ranges from 2220 to 2620 [1] - The silicon manganese 6517 alloy index in Hebei region is reported at 5735, down from 5765 [1] - Prices for Australian Mn42-43% and Mn45-46% remain stable at 39-41, while Gabonese Mn45% is steady at 40 [1] - South African semi-carbonate Mn36-37% prices are unchanged at 34.5 [1] Market Dynamics - Steel procurement is gradually taking place, with limited price fluctuations and retail transactions showing little progress, awaiting the performance of major steel mills' tenders [1] - The manganese market is characterized by ongoing competition between different market forces, raising questions about when a turning point may occur [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The iron ore inventory at the 15 ports monitored by Steel Union has been continuously rising, with a week-on-week increase of 174,420 tons and an expanding growth rate [1]. - The inventory increase is mainly in mainstream varieties. Among them, the medium-grade Australian powder and Australian lump increased by 114,130 tons and 40,670 tons respectively, and the pellet ore increased by 10,660 tons, while the high-grade Australian powder decreased by 35,320 tons [1]. - In general, the iron ore port inventory continues to rise and the growth rate expands, indicating that industrial contradictions are accumulating and there are no structural contradictions [1]. Summary by Category Inventory Quantity and Change - **Total Inventory**: The current inventory is 11,422,200 tons, a week-on-week increase of 174,420 tons (1.55%), and a month-on-month decrease of 1,339,850 tons (-10.50%) [1]. - **High-grade Australian Powder**: The current inventory is 1,618,360 tons, a week-on-week decrease of 35,320 tons (-2.14%), and a year-on-year decrease of 719,490 tons (-30.78%) [1]. - **Brazilian Powder Ore**: The current inventory is 2,072,310 tons, a week-on-week increase of 6,570 tons (0.32%), and a year-on-year increase of 518,240 tons (33.35%) [1]. - **Medium-grade Australian Powder**: The current inventory is 714,300 tons, a week-on-week increase of 114,130 tons (19.02%), and a month-on-month decrease of 46,600 tons (-6.12%) [1]. - **Australian Lump**: The current inventory is 1,003,890 tons, a week-on-week increase of 40,670 tons (4.22%), and a year-on-year increase of 109,850 tons (12.29%) [1]. - **Pellet Ore**: The current inventory is 36,730 tons, a week-on-week increase of 10,660 tons (40.89%), and a year-on-year decrease of 76,810 tons (-67.65%) [1].

Group 1 - The Shanghai Export Container Freight Index reached 2240.35 points as of June 6, increasing by 167.64 points compared to the previous period, while the China Export Container Freight Index rose by 3.3% to 1154.98 points [1] - Major steel mills in Shandong reduced the procurement price of coking coal by 70 yuan/ton for wet quenching and 75 yuan/ton for dry quenching, effective from June 6, 2025 [1] - South32's Australian mine shipment delays are expected to lead to a decrease in the arrival of oxidized ore at Tianjin Port this month, with tight Australian ore supply anticipated to continue into next week, causing cml Australian block prices to rise [1] - The West Slope Iron Ore Project, a joint venture between Baowu and Rio Tinto, has commenced full operations with a total investment of approximately 2.4 billion AUD and an annual production capacity of 25 million tons [1] Group 2 - In June, China's soybean imports are expected to reach 12 million tons, followed by 9.5 million tons in July and 8.5 million tons in August, with domestic soybean commercial stocks projected to increase by 3 to 4 million tons by the end of August [2] - The FAO reported a decline in global food commodity prices in May, with the FAO Food Price Index averaging 127.7 points, down 0.8% from April [2] - The Dalian Commodity Exchange announced a reduction in the trading margin level for plywood futures contracts from 40% to 15%, effective from June 9, 2025 [2]