Report Industry Investment Rating - No relevant information provided Core Viewpoints - No clear core viewpoints presented in the given content Summary by Directory Price - For silicon iron, the latest prices of 72% FeSi in different regions vary, with daily and weekly changes. For example, in Ningxia, the price is 5650 with a daily change of 50 and a weekly change of 100. The prices of 75% FeSi in Shaanxi and other grades in different regions also have corresponding price and change data [1]. - For silicon manganese, the closing price of the main contract, basis, and price differences between regions and grades are presented, such as the CZCE silicon manganese main - contract closing price, and the basis in Jiangsu and Inner Mongolia [4]. Supply - For silicon iron, the production data of 136 silicon - iron enterprises in China, including monthly production and weekly production with a 95% capacity - share, are provided. The capacity utilization rates of silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also shown [2]. - For silicon manganese, the weekly production in China, the procurement price and quantity of HeSteel Group, and the prices of related raw materials like manganese ore are presented [4]. Demand - For silicon iron, the demand - related data include the estimated production of crude steel in China, the production of stainless - steel crude steel, the procurement volume of HeSteel Group, and the export quantity [2]. - For silicon manganese, the demand in China (in ten thousand tons), the export quantity, and the estimated production of crude steel are provided [5]. Inventory - For silicon iron, the inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), the CZCE silicon - iron warehouse - receipt quantity, effective forecast, and inventory average available days in different regions are presented [3]. - For silicon manganese, the CZCE silicon - manganese warehouse - receipt quantity, effective forecast, inventory + effective inventory, and the inventory of 63 sample enterprises in China are provided [5]. Cost and Profit - For silicon iron, the electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke in Shaanxi, and the production cost, profit of silicon iron in Ningxia and Inner Mongolia are presented [3]. - For silicon manganese, the profit data in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main - contract are provided [5].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - No clear core viewpoints summarized from the given content 3. Summary by Related Catalogs Price - Silico - manganese主力合约收盘价在不同年份有波动，范围约5500 - 9500元/吨 [5] - 不同地区硅铁和硅锰的现货价格、基差、月差等数据都有呈现，如硅铁主力合约6012元，日变化30，周变化80；硅锰主力月内蒙基差在 - 200 - 600元/吨之间波动 [1][5] - 硅铁出口均价、进口均价等价格数据也有展示，硅铁出口均价在不同年份有不同表现 [1][3] Supply - 136家硅铁企业产量（周，产能占比95%）在不同年份有波动，范围约50 - 80 [3] - 硅锰产量（周）在不同年份也有波动，范围约5500 - 9000 [5] - 不同地区硅铁生产企业产能利用率有差异，如内蒙古、宁夏、陕西等地 [3] Demand - 粗钢产量预估值修正（月，万吨）在不同年份有变化，范围约6500 - 10000万吨 [3] - 硅铁和硅锰的需求量在不同年份有波动，硅铁出口数量合计（月）在210 - 330之间，硅锰需求量（钢联口径）在20 - 60万吨之间 [3][6] Inventory - 硅铁60家样本企业库存（周）在不同地区有不同表现，如中国、宁夏、内蒙古、陕西等地 [4] - 硅锰仓单数量合计、有效预报合计、仓单 + 有效库存（日）等库存数据在不同年份有波动 [6] - 硅铁和硅锰的库存平均可用天数在不同地区和不同年份有差异 [4][6] Cost and Profit - 铁合金电价在不同地区（青海、宁夏、陕西、内蒙古）有不同价格表现 [4] - 兰炭、二氧化硅、氧化铁皮等原材料价格在不同年份有波动 [4] - 硅铁和硅锰在不同地区的生产成本、折主力盘面利润、现货利润等数据有展示，如宁夏硅铁折主力盘面利润在 - 500 - 2000元/吨之间 [4][6]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Directory Price - The latest prices of 72% FeSi in different regions are as follows: 5650 in Ningxia, 5680 in Inner Mongolia, 5650 in Qinghai, 5630 in Shaanxi, 6200 in Jiangsu, and 6100 in Tianjin. The latest prices of 75% FeSi in Shaanxi and Tianjin are 6050 and 1205 respectively. The latest prices of 6517 FeSi in different regions are 6200 in Inner Mongolia, 6150 in Ningxia, 6350 in Guangxi, 6300 in Guizhou, and 6300 in Yunnan. The latest price of 6014 FeSi in Guangxi is 5700 [1] - The latest closing price of the silicon manganese main contract is shown in the report, and the price trends of silicon manganese in different regions and different varieties are also presented [4] Supply - The production and capacity utilization of 136 silicon - iron enterprises in China are presented, including monthly production, weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi. The production of silicon manganese in China is also shown [2][4] - The production of crude steel in China, including pre - estimated production and actual production, and the production of stainless - steel crude steel in China are presented [2] Demand - The demand for silicon manganese in China is presented, and the procurement volume and price of FeSi75 - B by HeSteel Group are also shown [2][4] - The export volume of silicon iron and silicon manganese in China is presented [2][5] Inventory - The inventory of 60 sample silicon - iron enterprises in China, including total inventory, inventory in Ningxia, Inner Mongolia, and Shaanxi, is presented. The inventory data of silicon manganese, including the number of warehouse receipts, effective forecasts, and inventory + effective inventory, are also shown [3][5] - The average available days of silicon - iron inventory in different regions of China and the average available days of silicon - manganese inventory in China are presented [3][5] Cost and Profit - The electricity prices in different regions for ferroalloy production, the market price of semi - coke in Shaanxi, the production cost and profit of silicon iron in Ningxia and Inner Mongolia, and the export profit of 75 silicon iron are presented [3] - The profit of silicon manganese in different regions, including Inner Mongolia, Guangxi, the northern region, and the southern region, and the profit of silicon manganese converted to the main contract in different regions are presented [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not provided in the given content 3. Summary by Relevant Catalogs Price - For silicon iron, the latest prices of different regions and grades vary, with daily and weekly changes. For example, the price of 72 silicon iron in Ningxia is 5550, with a daily change of 50 and a weekly change of 50. The price difference between different contracts and months, as well as the basis difference, also shows corresponding changes [1]. - For silicon manganese, prices of different regions and contracts also have their own fluctuations, such as the closing price of the main contract of CZCE silicon manganese, and the basis difference in different regions [4]. Supply - The production capacity utilization rate and production volume of 136 silicon iron production enterprises in different regions (Inner Mongolia, Ningxia, Shaanxi) show different trends over time. The estimated and actual production volume of crude steel in China is also presented. The production volume of silicon manganese in China and the procurement volume and price of Hebei Iron and Steel Group are provided [2][4]. Demand - The export price and quantity of silicon iron, the demand of silicon manganese in China, the production volume of stainless - steel crude steel in China, and the procurement volume of Hebei Iron and Steel Group for silicon iron and silicon manganese are included. The price and production volume of metal magnesium also reflect the demand situation in related industries [2][4][5]. Inventory - The inventory of 60 sample enterprises of silicon iron in different regions (China, Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts and effective forecasts of silicon iron and silicon manganese, and the average available days of inventory in different regions are presented [1][3][5]. Cost and Profit - The electricity price in different regions for ferroalloys, the market price and production profit of semi - coke, the market price of raw materials such as silicon dioxide and iron oxide scale, and the production cost and profit of silicon iron and silicon manganese in different regions (Ningxia, Inner Mongolia, Guangxi) are provided [3][4][5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are presented in the provided content 3. Summary by Related Catalogs Price - For silicon iron, the latest prices of different regions and grades are presented, such as the latest price of 72 silicon iron in Ningxia is 5500, with a daily change of 20 and a weekly change of -30; the price of 72 silicon iron in Inner Mongolia is 5600, with a daily change of 50 and a weekly change of 20. The prices of different contracts (主力合约, 01合约, 05合约, 09合约) are also given, along with the basis and spread data [1]. - For silicon manganese, the closing price of the main contract, basis, price differences between regions and grades are shown, like the closing price of the CZCE silicon manganese main contract, the basis in Jiangsu and Inner Mongolia, and the price difference between Guangxi and Ningxia [5]. Supply - For silicon iron, the production data of 136 silicon - iron enterprises in China (monthly and weekly), the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are provided, as well as the export prices at Tianjin Port [3]. - For silicon manganese, the production volume in China (weekly), the procurement prices and volumes of HeSteel Group are presented [5]. Demand - For silicon iron, the demand - related data include the output forecast of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume and price of HeSteel Group, and the export volume [3]. - For silicon manganese, the demand in China (in ten thousand tons), the export volume, and the output forecast of crude steel in China are shown [3][6]. Inventory - For silicon iron, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions are provided [4]. - For silicon manganese, the number of warehouse receipts, effective forecasts, the sum of warehouse receipts and effective inventory, the inventory of 63 sample enterprises in China (weekly), and the average available days of inventory in China are presented [6]. Cost and Profit - For silicon iron, the electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke in Shaanxi, the production cost and profit in Ningxia and Inner Mongolia are shown [4]. - For silicon manganese, the profit data in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main contract are provided [6].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Price - The latest prices of 72% FeSi in different regions vary, with prices in Ningxia at 5480, Inner Mongolia at 5550, Qinghai at 5500, and Shaanxi at 5460. The prices of 75% FeSi in Shaanxi is 6050. The prices of 6517 FeSi in Inner Mongolia, Ningxia, Guangxi, Guizhou, and Yunnan are 5920, 5860, 6050, 6000, and 6000 respectively. The prices of 6014 FeSi in Guangxi is 5500 [1]. - The latest prices of silicon manganese in different regions and contracts are also presented, including the closing price of the main contract, basis, and spreads between different contracts [1][5]. Supply - The production data of 136 silicon - iron enterprises in China, including monthly production, weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi, are provided. The production data of silicon manganese in China, including weekly production, are also presented [3][5]. Demand - The demand - related data include the estimated and actual production of crude steel in China, the production of stainless - steel crude steel in China, the purchase volume and price of FeSi75 - B by HeSteel Group, and the demand for silicon manganese in China [3][5][6]. Inventory - The inventory data of silicon - iron include the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipt quantity, effective forecast, and the sum of warehouse receipt and effective forecast. The inventory data of silicon manganese include the warehouse receipt quantity, effective forecast, and the sum of warehouse receipt and effective inventory, as well as the inventory of 63 sample enterprises in China [4][6]. Cost and Profit - The cost - related data include the electricity price in different regions, the market price of semi - coke, the market price of silica, and the market price of iron oxide scale. The profit - related data include the production cost, profit from converting to the main contract, and spot profit of silicon - iron in Ningxia and Inner Mongolia, as well as the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions [4][6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Price - For silicon iron, prices vary by region and grade, with daily and weekly changes. For example, the latest price of Ningxia 72 is 5500, with a daily change of -30 and a weekly change of -150 [1]. - For silicon manganese, prices also show different trends, such as the closing price of the main contract of CZCE silicon manganese having different values over time [5]. Supply - The production of silicon iron and silicon manganese has different trends over time. For example, the output of 136 silicon iron enterprises in China (weekly, with a capacity share of 95%) shows different values from 2022 - 2026 [3]. - The capacity utilization rates of silicon iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi also vary over time [3]. Demand - The demand for silicon iron and silicon manganese is related to factors such as the production of steel and metal magnesium. For example, the estimated production of crude steel in China (monthly, in ten thousand tons) affects the demand for these alloys [3][6]. - The export volume of silicon iron and silicon manganese also shows different trends over time [3][6]. Inventory - The inventory of silicon iron and silicon manganese is monitored in different regions and by different sample enterprises. For example, the inventory of 60 sample enterprises of silicon iron in China (weekly) shows different values from 2022 - 2026 [4]. - The inventory of silicon manganese, including warehouse receipts, effective forecasts, and the sum of them, also has different trends [6]. Cost and Profit - The cost and profit of silicon iron and silicon manganese are affected by factors such as electricity prices, raw material prices, and market prices. For example, the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi have different trends over time, which affect the production cost of silicon iron [4]. - The profit of silicon iron and silicon manganese in different regions, such as Inner Mongolia, Ningxia, and Guangxi, also shows different trends [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 - The latest prices of 72% FeSi in different regions vary, with prices in Ningxia, Inner Mongolia, Qinghai, Shaanxi, Jiangsu, and Tianjin at 5530, 5530, 5550, 5510, 5850, and 6150 respectively, and price changes on a daily and weekly basis are also presented [1]. - The prices of 75% FeSi in Shaanxi and Tianjin are 6100 and 1135 respectively, and their price changes are also shown [1]. - The prices of 6517 FeSi in Inner Mongolia, Ningxia, Guangxi, Guizhou, and Yunnan are 5850, 5800, 6000, 5900, and 5900 respectively, with corresponding price changes [1]. - The prices of 6014 FeSi in Guangxi are 5500 [1]. - The closing prices of silicon manganese's main contract, basis, and spreads between different months are presented, as well as the prices of related materials like chemical coke, manganese ore, etc. [4]. Supply - The production capacity utilization rates of silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are shown on a monthly basis for the years 2022 - 2026 [2]. - The production of 136 silicon - iron enterprises in China is presented on a monthly and weekly basis, with the weekly data having a capacity share of 95% [2]. - The production of silicon manganese in China is shown on a weekly basis from 2022 - 2026 [4]. Demand - The estimated and actual production of crude steel in China is presented on a monthly basis from 2022 - 2026, and the production of stainless - steel crude steel in China is also shown on a monthly basis [2]. - The demand for silicon manganese in China is presented on a monthly basis from 2022 - 2026 [2][5]. - The procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group are presented on a monthly basis [2]. - The procurement volume and price of 6517 silicon manganese by Hebei Iron and Steel Group are presented on a monthly basis [4]. Inventory - The inventory of 60 silicon - iron sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi is presented on a weekly basis from 2022 - 2026 [3]. - The inventory - related data of silicon manganese, including the number of warehouse receipts, effective forecasts, and the sum of them, as well as the inventory of 63 sample enterprises in China, are presented [5]. Cost and Profit - The electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi for ferroalloys are presented on a daily basis from 2022 - 2026 [3]. - The market prices of related raw materials such as semi - carbonated manganese ore, manganese ore, and chemical coke are presented on a daily basis [4]. - The production cost, profit from converting to the main contract price, and spot profit of silicon - iron in Ningxia and Inner Mongolia are presented from 2022 - 2026 [3]. - The profit of silicon manganese in Inner Mongolia, Guangxi, and different regions is presented from 2022 - 2026 [5].

Report Industry Investment Rating No relevant information provided. Core Viewpoints No relevant information provided. Summary by Related Catalogs 1. Price - The latest prices of 72% FeSi in different regions are: 5270 in Ningxia, 5320 in Inner Mongolia, 5250 in Qinghai, 5250 in Shaanxi, 5750 in Jiangsu, and 5700 in Tianjin [1] - The latest prices of 75% FeSi in Shaanxi and Tianjin are 6000 and 1115 respectively [1] - The latest prices of 6517 FeMn in different regions are: 5650 in Inner Mongolia, 5570 in Ningxia, 5750 in Guangxi, 5700 in Guizhou, 5700 in Yunnan, and 5780 in Jiangsu [1] - The latest price of 6014 FeMn in Guangxi is 5050 [1] 2. Supply - The production data of ferrosilicon and ferromanganese from 2022 - 2026 are presented, including the monthly production of 136 ferrosilicon enterprises in China, weekly production of 136 ferrosilicon enterprises in China (with a 95% capacity - share), and weekly production of ferromanganese in China [4][6] - The capacity utilization rates of 136 ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2022 - 2026 are shown [4] - The开工率 of 87 independent electric - arc furnace steel mills in China (with a 60.45% sample - share) from 2022 - 2026 is provided [4] 3. Demand - The demand - side data include the estimated and actual monthly production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume and price of FeSi75 - B by HeSteel Group, the procurement volume and price of 6517 FeMn by HeSteel Group, and the demand for ferromanganese in China (from the Steel Union's perspective) from 2022 - 2026 [4][6][7] - The export - related data such as the export price and quantity of ferrosilicon, and the export quantity of ferromanganese from 2022 - 2026 are also presented [4][7] 4. Inventory - The inventory data of ferrosilicon and ferromanganese from 2022 - 2026 are provided, including the weekly inventory of 60 sample ferrosilicon enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the total daily warehouse - receipt quantity of CZCE ferrosilicon, the daily effective forecast of ferrosilicon, the total daily warehouse - receipt quantity of CZCE ferromanganese, the total daily effective forecast of ferromanganese, and the inventory of 63 sample ferromanganese enterprises in China [5][7] - The average available inventory days of ferrosilicon in East China, South China, North China, and China, and the average available inventory days of ferromanganese in China from 2022 - 2026 are shown [5][7] 5. Cost and Profit - The cost - related data include the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized semi - coke in Shaanxi, the开工率 of semi - coke in China, the production profit of semi - coke in China, the market price of 98% silica in Northwest China, the market price of 70% Fe iron oxide scale in Shijiazhuang from 2022 - 2026 [5] - The profit - related data include the production cost and the profit converted to the main contract price of ferrosilicon in Ningxia and Inner Mongolia, the spot profit of ferrosilicon in Ningxia, the export profit of 75% ferrosilicon, the profit of ferromanganese in Inner Mongolia, Guangxi, North China, and South China, the profit of Guangxi ferromanganese converted to the main contract price, and the profit of Ningxia ferromanganese converted to the contract price from 2022 - 2026 [5][7]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Price - For silicon iron, on February 9, 2026, the latest price of Ningxia 72 was 5300 with no daily change and a weekly change of -50; Inner Mongolia 72 was 5370 with no daily change and a weekly change of 40; etc [1]. - For silicon manganese, on the same day, the latest price of Inner Mongolia 6517 was 5650 with no daily change and a weekly change of -50; Ningxia 6517 was 5610 with no daily change and a weekly change of -10; etc [1]. 3.2 Supply - There are data on the production volume of silicon iron and silicon manganese in China over the years, including monthly production of 136 silicon - iron enterprises in China, weekly production of 136 silicon - iron enterprises in China (with a capacity share of 95%), and weekly production of silicon manganese in China [4][6]. - Capacity utilization rates of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also provided [4]. 3.3 Demand - There are data on the demand for silicon iron and silicon manganese in China over the years, such as the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber) [4][7]. - Data on the production of related products like crude steel, stainless - steel crude steel, and metal magnesium are also presented to reflect the demand situation [4]. 3.4 Inventory - For silicon iron, there are data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, there are data on warehouse receipts, effective forecasts, inventory + effective inventory, and the inventory of 63 sample enterprises in China on a weekly basis [7]. 3.5 Cost and Profit - For silicon iron, there are data on electricity prices in different regions, the market price of semi - coke, the production cost and profit of silicon iron in Ningxia and Inner Mongolia [5]. - For silicon manganese, there are data on the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main contract [7].