Core Viewpoint - The silicon manganese market is currently characterized by "cost-driven enhancement, increased supply-demand dynamics, and price fluctuations with a wait-and-see attitude" [1] Group 1: Market Dynamics - Cost support for silicon manganese is continuously strengthening [1] - The improvement in the supply-demand structure of silicon manganese itself is limited [1] - As steel procurement gradually unfolds, market sentiment remains cautious [1] Group 2: Price Changes - The price range for silicon manganese 6517 increased from 5350-5500 to 5450-5550 in the northern market and from 5400-5550 to 5550-5650 in the southern market between November 28 and December 6 [2] - The alloy index for silicon manganese 6517 rose from 2555 to 5685 in Hebei region, cash inclusive [2] - Prices for Australian Mn42-43% and Mn45-46% increased from 40.5-43 to 41.5-44.5 at Tianjin Port [2] - Gabonese Mn45% prices rose from 42-43 to 43-44 at Tianjin Port [2] - South African semi-carbonate Mn36-37% prices remained stable at 34.5 at Tianjin Port [2]

Report on Steel Union's 15-Port Imported Ore Inventory (November 19, 2025) 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Steel Union's 15-port ore inventory has been continuously increasing, with a week-on-week increase of 6060 tons and a narrowing decline, mainly due to the decrease in arrivals [1]. - The inventory of mainstream varieties shows a mixed trend. Among them, the inventory of Brazilian iron ore fines increased by 52,450 tons week-on-week, while the inventory of medium-grade Australian iron ore fines decreased by 61,450 tons, and the pellet inventory continued to decline slightly [1]. - In general, the port inventory of iron ore continues to increase, and industrial contradictions continue to accumulate without structural contradictions [1]. 3. Summary According to Related Catalogs Inventory Quantity and Change - **Total Inventory**: The total inventory is 11,832,910 tons, with a week-on-week increase of 6,060 tons (0.05%), a month-on-month increase of 585,130 tons (5.20%), and a year-on-year decrease of 909,000 tons (-7.13%) [1]. - **High-Grade Australian Iron Ore Fines**: The inventory is 1,576,950 tons, with a week-on-week decrease of 17,900 tons (-1.12%), a month-on-month decrease of 76,730 tons (-4.64%), and a year-on-year decrease of 648,300 tons (-29.13%) [1]. - **Brazilian Iron Ore Fines**: The inventory is 2,165,780 tons, with a week-on-week increase of 52,450 tons (2.48%), a month-on-month increase of 100,040 tons (4.84%), and a year-on-year increase of 419,920 tons (24.05%) [1]. - **Medium-Grade Australian Iron Ore Fines**: The inventory is 670,560 tons, with a week-on-week decrease of 61,450 tons (-8.39%), a month-on-month increase of 70,390 tons (11.73%), and a year-on-year increase of 60,920 tons (9.99%) [1]. - **Australian Iron Ore Lumps**: The inventory is 966,430 tons, with a week-on-week increase of 680 tons (0.07%), a month-on-month increase of 3,210 tons (0.33%), and a year-on-year increase of 148,350 tons (18.13%) [1]. - **Pellets**: The inventory is 29,630 tons, with a week-on-week decrease of 2,130 tons (-6.71%), a month-on-month increase of 3,560 tons (13.66%), and a year-on-year decrease of 75,280 tons (-71.76%) [1].

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]