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 and their daily and weekly changes are presented for different types of ferrosilicon (FeSi) and silicomanganese (SiMn) in various regions such as Ningxia, Inner Mongolia, Qinghai, and Shaanxi. For example, the latest price of 72 FeSi in Ningxia is 5100 yuan, with a daily change of -30 yuan and a weekly change of -50 yuan [2]. - Price trends of different types of FeSi and SiMn from 2021 - 2025 are shown in graphs, including market prices, export and import prices, and basis differences [3][6]. Supply - Production - related data such as the output of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates in different regions (Inner Mongolia, Ningxia, Shaanxi), and the output of silicon - manganese in China (weekly) are presented [4][6]. - Data on the estimated and actual output of crude steel in China, metal magnesium production, and the procurement volume and price of FeSi and SiMn by Hebei Iron and Steel Group are also included [4][6]. Inventory - Inventory data of silicon - iron and silicon - manganese are provided, including the inventory of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia), CZCE's warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5][7]. - The average available days of inventory in different regions (East China, South China, North China) are also shown [5]. Cost and Profit - Cost - related data such as electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke, and the production cost of silicon - iron in Ningxia and Inner Mongolia are presented [5]. - Profit - related data including the production profit of semi - coke, the profit of silicon - iron and silicon - manganese in different regions (Ningxia, Inner Mongolia, Guangxi), and the export profit of 75% FeSi are provided [5][7].

Report Information - Report Title: Ferroalloy Morning Report - Report Date: November 26, 2025 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - **Silicon Iron (SiFe)**: The latest prices of SiFe natural lumps in different regions such as Ningxia 72 (5130), Inner Mongolia 72 (5150), etc., showed various daily and weekly changes. For example, Ningxia 72 had no daily change but a -20 weekly change [2]. - **Silicon Manganese (SiMn)**: The latest prices of SiMn in different regions like Inner Mongolia 6517 (5520), Ningxia 6517 (5480), etc., also had different daily and weekly changes. Inner Mongolia 6517 had no daily change but a -80 weekly change [2]. Supply - **Silicon Iron**: The production capacity utilization rates of 136 SiFe production enterprises in Inner Mongolia, Ningxia, and Shaanxi showed different trends over the years from 2021 - 2025 [4]. - **Silicon Manganese**: The weekly production of SiMn in China from 2021 - 2025 showed a certain range of values, from 5500 to 9000 [6]. Demand - **Silicon Iron**: The demand - related data included the export prices of SiFe 72% and 75% at Tianjin Port, and the demand was also related to the production of products such as crude steel and metal magnesium [4]. - **Silicon Manganese**: The demand for SiMn in China (in ten thousand tons, according to Steel Union's caliber) showed an increasing trend from 2021 - 2025, from around 20 to 70 [4]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the CZCE SiFe warehouse receipt quantity, effective forecast, etc., were presented over the years from 2021 - 2025 [5]. - **Silicon Manganese**: The inventory - related data included the CZCE SiMn warehouse receipt quantity, effective forecast, and the inventory of 63 sample enterprises in China from 2021 - 2025 [7]. Cost and Profit - **Silicon Iron**: The cost - related factors included electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), and the profit data included Ningxia SiFe's cost, profit from converting to the main contract on the disk, and spot profit [5]. - **Silicon Manganese**: The profit data of SiMn in Inner Mongolia, Guangxi, and other regions, as well as the profit from converting Guangxi SiMn to the main contract on the disk, were presented from 2021 - 2025 [7].

供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：75%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 -2500 -1500 -500 500 1500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁-硅锰主力合约价差（元/吨） 2021 2022 2023 2024 2025 2000 3000 4000 5000 6000 7000 8000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/ ...

供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：75%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 -2500 -1500 -500 500 1500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁-硅锰主力合约价差（元/吨） 2021 2022 2023 2024 2025 2000 3000 4000 5000 6000 7000 8000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/ ...

4500 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 72%FeSi：市场价：内蒙古（日） 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：青海 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：宁夏 2021 2022 2023 2024 2025 4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/0 ...

Report Date - The report is dated November 13, 2025 [1] Price Information Silicon Ferroalloy - Spot prices for different regions and grades vary, e.g., Ningxia 72 is 5150 with a daily change of -30 and weekly change of 0; Inner Mongolia 72 is 5200 with a daily change of -50 and weekly change of -20 [2] - Different contract prices on the futures market also show various changes, e.g., the main contract price is 5490 with a daily change of 2 and weekly change of -70 [2] - Export prices in Tianjin for 72 are 1045 and for 75 are 1100, both with no daily or weekly changes [2] Silicon Manganese Ferroalloy - Spot prices for different regions and grades also have differences, e.g., Inner Mongolia 6517 is 5600 with a daily change of -20 and weekly change of -20; Ningxia 6517 is 5560 with no daily or weekly changes [2] - Futures contract prices and their changes are presented, e.g., the main contract price is 5762 with a daily change of -2 and weekly change of -14 [2] Historical Price Trends - Multiple historical price trend charts are provided for silicon ferroalloy and silicon manganese ferroalloy, including market prices in different regions, export and import prices, and price differences between different contracts and regions from 2021 - 2025 [3][4][6] Supply - Related Information Silicon Ferroalloy - Production data of 136 silicon ferroalloy enterprises in China, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025 are shown [4] - Export - related data such as export prices in Tianjin and export quantity in China from 2021 - 2025 are presented [4] Silicon Manganese Ferroalloy - Production data like weekly production in China from 2021 - 2025 are provided [6] - Procurement data of Hebei Iron and Steel Group, including procurement prices and quantities of 6517 from 2021 - 2025 are given [6] Demand - Related Information Silicon Ferroalloy - Demand - related data such as the estimated production of crude steel in China, the production of metal magnesium, and the demand for silicon ferroalloy in China from 2021 - 2025 are shown [4] Silicon Manganese Ferroalloy - Demand - related data including the demand for silicon manganese in China from 2021 - 2025 are presented [4][7] Inventory - Related Information Silicon Ferroalloy - Inventory data of 60 sample enterprises in China, including inventory in different regions, and inventory - related data such as warehouse receipts, effective forecasts, and inventory average available days in different regions from 2021 - 2025 are provided [5] Silicon Manganese Ferroalloy - Inventory - related data such as warehouse receipts, effective forecasts, and inventory average available days in China from 2021 - 2025 are shown [7] Cost and Profit - Related Information Silicon Ferroalloy - Cost - related data such as electricity prices in different regions, prices of raw materials like blue charcoal and silica, and production costs and profits in Ningxia and Inner Mongolia from 2021 - 2025 are presented [5] Silicon Manganese Ferroalloy - Profit - related data in different regions such as Inner Mongolia, Guangxi, and the northern and southern regions from 2021 - 2025 are provided [7]

Report Information - Date: November 10, 2025 [1] - Type: Ferroalloy Morning Report Core Content Summary Price - **Silicon Ferroalloy**: - Spot prices of silicon ferroalloy in various regions have declined to different degrees. For example, the price of 72 silicon ferroalloy natural block in Ningxia is 5150 yuan/ton, with a weekly decrease of 30 yuan/ton; in Inner Mongolia, it is 5220 yuan/ton, also with a weekly decrease of 30 yuan/ton [2]. - The export price of 72 silicon ferroalloy in Tianjin is 1045 US dollars/ton, with a weekly decrease of 10 US dollars/ton; the export price of 75 silicon ferroalloy is 1100 US dollars/ton, with a weekly decrease of 5 US dollars/ton [2]. - The prices of silicon ferroalloy futures contracts have also declined. For example, the main contract price of silicon ferroalloy is 5526 yuan/ton, with a daily decrease of 60 yuan/ton and a weekly increase of 26 yuan/ton [2]. - **Silicon Manganese Alloy**: - The ex - factory prices of silicon manganese alloy in various regions have decreased. For example, the ex - factory price of 6517 silicon manganese alloy in Inner Mongolia is 5620 yuan/ton, with a weekly decrease of 40 yuan/ton; in Ningxia, it is 5560 yuan/ton, with a weekly decrease of 30 yuan/ton [2]. - The price of the main contract of silicon manganese alloy is 5760 yuan/ton, with a daily decrease of 38 yuan/ton and a weekly decrease of 12 yuan/ton [2]. Supply - **Silicon Ferroalloy**: - The production capacity utilization rates of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, Shaanxi and other regions have shown different trends in different periods from 2021 to 2025 [4]. - The weekly output of 136 silicon ferroalloy enterprises in China (with a production capacity accounting for 95%) has also fluctuated in different years [4]. - **Silicon Manganese Alloy**: - The weekly output of silicon manganese alloy in China has shown certain changes from 2021 to 2025 [6]. - The operating rates of silicon manganese alloy enterprises in China have also fluctuated [6]. Demand - **Silicon Ferroalloy**: - The demand for silicon ferroalloy is related to the production of products such as crude steel, stainless steel, and metal magnesium. For example, the production of crude steel in China has shown different trends in different months from 2021 to 2025, which will affect the demand for silicon ferroalloy [4]. - The procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group have also changed in different months from 2021 to 2025 [4]. - **Silicon Manganese Alloy**: - The demand for silicon manganese alloy in China (according to the Steel Union's caliber) has shown an upward trend from 2021 to 2025, and the export volume has also changed [7]. Inventory - **Silicon Ferroalloy**: - The inventories of 60 sample enterprises of silicon ferroalloy in China, Ningxia, Inner Mongolia, Shaanxi and other regions have fluctuated in different weeks from 2021 to 2025 [5]. - The total number of warehouse receipts and effective forecasts of silicon ferroalloy on the Zhengzhou Commodity Exchange (CZCE) has also changed [5]. - **Silicon Manganese Alloy**: - The total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventories of silicon manganese alloy on the CZCE have shown different trends from 2021 to 2025 [7]. - The inventories of 63 sample enterprises of silicon manganese alloy in China have also changed in different weeks [7]. Cost and Profit - **Silicon Ferroalloy**: - The production costs of silicon ferroalloy in Ningxia and Inner Mongolia have fluctuated from 2021 to 2025, which is related to factors such as electricity prices and raw material prices [5]. - The profits of silicon ferroalloy in Ningxia, including the profit of converting to the main contract on the futures market and the spot profit, have also changed [5]. - The export profit of 75 silicon ferroalloy has also shown different trends [5]. - **Silicon Manganese Alloy**: - The profits of silicon manganese alloy in Inner Mongolia, Guangxi, the northern region, and the southern region (according to the Steel Union's caliber) have fluctuated from 2021 to 2025 [7]. - The profit of converting Guangxi silicon manganese alloy to the main contract on the futures market has also changed [7].

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 October 31, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5220 and 5250 respectively, with daily changes of 50 and 50, and weekly changes of 40 and 50. The latest prices of the main contracts (01 contracts) were 5550, with daily and weekly changes of -44 and -24 [2]. - The export prices of Tianjin 72 and Tianjin 75 silicon ferroalloy were 1055 and 1105 US dollars respectively, with no daily or weekly changes [2]. - For silicon manganese, on October 31, 2025, the factory - ex - works prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5680, 5600, 5650, 5600, and 5600 respectively, with different daily and weekly changes [2]. Supply - The report shows the production volume of 136 silicon ferroalloy enterprises in China (monthly and weekly), and the capacity utilization rates of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 - 2025 [4][5]. - It also presents the production volume of silicon manganese in China (weekly) from 2021 - 2025 [7]. Demand - It shows the estimated and actual production volumes of crude steel in China (monthly), the production volume of stainless - steel crude steel in China (monthly), and the demand volume of silicon manganese in China (in ten thousand tons, according to Steel Union's data) from 2021 - 2025 [5][8]. - The procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) from 2021 - 2025 are also provided [5]. Inventory - The inventory of 60 sample silicon ferroalloy enterprises in China (weekly), the inventory of silicon ferroalloy in Ningxia, Inner Mongolia, and Shaanxi (weekly), and the inventory of silicon ferroalloy in CZCE (daily) from 2021 - 2025 are presented [6]. - For silicon manganese, the inventory data such as the total number of warehouse receipts in CZCE (daily), effective forecasts (daily), and the inventory of 63 sample enterprises in China (weekly) from 2021 - 2025 are shown [8]. Cost and Profit - The report includes the electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia (daily), the market price of small - sized blue charcoal in Shaanxi (daily), and the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025 [6]. - For silicon manganese, the profit data in Inner Mongolia, Guangxi, the northern and southern regions (according to Steel Union's data), and the profit of Guangxi silicon manganese converted to the main contract price from 2021 - 2025 are provided [8].

价格 供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：75%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 -2500 -1500 -500 500 1500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁-硅锰主力合约价差（元/吨） 2021 2022 2023 2024 2025 2000 3000 4000 5000 6000 7000 8000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Related Catalogs Price - For silicon ferroalloy, on October 24, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5180 yuan, unchanged from the previous day and up 50 yuan from the previous week; the latest price of Inner Mongolia 72 was 5200 yuan, unchanged from the previous day and up 20 yuan from the previous week; the latest price of Qinghai 72 was 5200 yuan, up 30 yuan from the previous day and up 50 yuan from the previous week; the latest price of Shaanxi 72 was 5200 yuan, unchanged from the previous day and up 100 yuan from the previous week; the latest price of Shaanxi 75 was 5800 yuan, unchanged from the previous day and down 300 yuan from the previous week. The latest price of Jiangsu 72 silicon ferroalloy qualified block was 5650 yuan, up 50 yuan from the previous day and up 80 yuan from the previous week; the latest price of Tianjin 72 (trader price) was 5650 yuan, unchanged from the previous day and the previous week. The latest price of Tianjin 72 silicon ferroalloy export was 1055 US dollars, unchanged from the previous day and down 5 US dollars from the previous week; the latest price of Tianjin 75 was 1105 US dollars, unchanged from the previous day and down 5 US dollars from the previous week [2]. - For silicon manganese, on October 24, 2025, the latest price of Inner Mongolia 6517 silicon manganese (factory - ex price) was 5680 yuan, unchanged from the previous day and the previous week; the latest price of Ningxia 6517 was 5580 yuan, unchanged from the previous day and down 20 yuan from the previous week; the latest price of Guangxi 6517 was 5650 yuan, unchanged from the previous day and the previous week; the latest price of Guizhou 6517 was 5600 yuan, unchanged from the previous day and the previous week; the latest price of Yunnan 6517 was 5600 yuan, unchanged from the previous day and the previous week; the latest price of Guangxi 6014 was 5100 yuan, unchanged from the previous day and the previous week. The latest price of Ningxia 6517 silicon manganese (trader price) was 5580 yuan, unchanged from the previous day and down 20 yuan from the previous week; the latest price of Jiangsu 6517 was 5750 yuan, unchanged from the previous day and up 50 yuan from the previous week [2]. Supply - For silicon ferroalloy, the content shows the production data of 136 silicon ferroalloy enterprises in China, including monthly production, weekly production (with a capacity - share of 95%), and the capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi on a monthly basis from 2021 - 2025 [4]. - For silicon manganese, the content shows the weekly production data of silicon manganese in China from 2021 - 2025, as well as the procurement price and quantity of silicon manganese 6517 by Hebei Iron and Steel Group on a monthly basis [6]. Demand - For silicon ferroalloy, the demand - related data includes China's estimated and revised monthly production of crude steel, the production of magnesium metal, the production of stainless - steel crude steel, the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group, and the export volume of silicon ferroalloy from 2021 - 2025 [4]. - For silicon manganese, the demand - related data includes China's estimated and revised monthly production of crude steel, the demand for silicon manganese in China (according to Steel Union's data), and the export volume of silicon manganese from 2021 - 2025 [4][7]. Inventory - For silicon ferroalloy, the inventory data includes the weekly inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the daily total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on the CZCE from 2021 - 2025. It also shows the monthly average available inventory days in East China, South China, and the North region, as well as the daily average available inventory days in China [5]. - For silicon manganese, the inventory data includes the daily total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts on the CZCE, the daily single - sided trading position, the weekly inventory of 63 sample enterprises in China, and the monthly average available inventory days in China from 2021 - 2025 [7]. Cost and Profit - For silicon ferroalloy, the cost - related data includes electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized semi - coke in Shaanxi, the market price of 98% silica in the Northwest region, and the market price of 70% Fe iron oxide scale in Shijiazhuang. The profit - related data includes the production cost, the profit after converting to the main contract, and the spot profit of silicon ferroalloy in Ningxia, as well as the production cost and the profit after converting to the main contract of silicon ferroalloy in Inner Mongolia, and the export profit of 75 silicon ferroalloy from 2021 - 2025 [5]. - For silicon manganese, the profit - related data includes the profit of silicon manganese in Inner Mongolia, Guangxi, the North region, and the South region (according to Steel Union's data), the profit after converting to the main contract of silicon manganese in Guangxi and Ningxia from 2021 - 2025 [7].