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） 2022 2023 2024 2025 2026 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 2022 2023 2024 2025 2026 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 2022 2023 2024 2025 2026 4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/0 ...

同时公布的钢材库存旬报显示，2025年12月下旬，重点统计钢铁企业钢材库存量1414万吨，环比上一旬 减少187万吨，下降11.7%；比2025年初增加177万吨，增长14.3%；比上月同旬减少14万吨，下降 1.0%；比2024年同旬增加177万吨，增长14.3%，比2023年同旬增加178万吨，增长14.4% 中国钢铁工业协会7日发布旬报称，2025年12月下旬，重点统计钢铁企业共生产粗钢1807万吨，平均日 产164.3万吨，日产环比下降11.0%；生铁1837万吨，平均日产167.0万吨，日产环比下降0.6%；钢材 2081万吨，平均日产189.2万吨，日产环比增长4.9%。 据此估算，本旬全国日产粗钢202万吨、环比下降11.0%，日产生铁201万吨、环比下降0.6%，日产钢材 392万吨、环比增长2.0%。 （文章来源：新华财经） ...

根据国家统计局数据显示：2025年11月中国粗钢产量为0.7亿吨，同比下降10.9%；2025年1-11月中国粗 钢累计产量为8.9亿吨，累计下降4%。 2020-2025年1-11月中国粗钢产量统计图 上市企业：宝钢股份（600019）,鞍钢股份（000898）,马钢股份（600808）,沙钢股份（002075）,首钢股 份（000959）,包钢股份（600010）,太钢不锈（000825）,华菱钢铁（000932）,河钢股份（000709）,八 一钢铁（600581） 相关报告：智研咨询发布的《2026-2032年中国粗钢行业市场运行态势及发展趋势分析报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

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） 2022 2023 2024 2025 2026 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 2022 2023 2024 2025 2026 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 2022 2023 2024 2025 2026 4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/0 ...

河北省首批水资源税改革受益者出炉 敬业钢铁的节水窍门由来已久。近年来，该公司大力推广节水技术，提高用水效能：将炼钢厂转炉一次 除尘由湿法改为干法，年节水超35万立方米；引进高压反渗透技术处理浓水，日产除盐水4300立方米回 用于生产…… 措施落地，节水成效凸显。2024年，敬业钢铁在实现粗钢产量927万吨的规模下，总取水量控制在1131 万立方米，吨钢取水量降至1.22立方米，远低于国家标准中吨钢取水量2.3立方米的先进值。正是凭借这 一节水成绩，企业享受到2025年度37.27万元的水资源税减免。 企业切实受益，来自政策精准引导。2024年12月，河北省在总结前期试点经验的基础上，进一步完善并 出台《河北省水资源税改革试点实施办法》，明确对工业用水前一年度用水效率达到国家用水定额先进 值的纳税人，减征该年度20%的水资源税。 政策春风激发了企业技术革新的热情。近日，在敬业钢铁动力事业部的供水车间内，公司能源环保部水 务科科长范浩鹏正与同事专注地检测新水水质。在钢铁生产过程中，水中的钙、镁离子容易形成水垢， 直接影响换热效率和设备稳定运行。"如果水质不达标，需要适当添加药剂，进一步深化水质处理。"范 浩鹏介绍 ...

Report Information - Report Title: Ferroalloy Morning Report - Report Date: December 30, 2025 [1] Price Information Ferrosilicon - Latest prices of natural lump ferrosilicon in different regions: Ningxia 72 at 5250, Inner Mongolia 72 at 5270, Qinghai 72 at 5250, Shaanxi 72 at 5220, Shaanxi 75 at 5650 [2] - Latest prices of qualified lump ferrosilicon: Jiangsu 72 at 5700, Tianjin 72 at 5750 [2] - Export prices of ferrosilicon in Tianjin: 72 at 1020 (USD), 75 at 1070 (USD) [2] - Changes in ferrosilicon prices: Some prices have weekly changes, e.g., Ningxia 72 up 30, Inner Mongolia 72 up 20 [2] - Basis, spreads, and price differences: Such as the main - month basis at - 126, 1 - 5 month spread at - 98, etc. [2] Silicomanganese - Latest factory - ex prices in different regions: Inner Mongolia 6517 at 5590, Ningxia 6517 at 5520, Guangxi 6517 at 5700, etc. [2] - Latest trader prices: Ningxia 6517 at 5520, Jiangsu 6517 at 5750 [2] - Changes in silicomanganese prices: Some prices have weekly changes, e.g., Inner Mongolia 6517 up 40, Ningxia 6517 down 20 [2] - Basis, spreads, and price differences: Such as the main - month basis at 28, 1 - 5 month spread at - 68, etc. [2] Supply - related Information Ferrosilicon - Production volume and capacity utilization data are presented in long - term trends, including 136 - company monthly production, weekly production of 136 companies (95% capacity), and monthly capacity utilization in different regions [4] Silicomanganese - Weekly production volume data and long - term trends are shown [6] Demand - related Information Ferrosilicon - Data on export prices, import prices, and related demand - side indicators such as steel production forecasts and metal magnesium production are presented in long - term trends [3][4] Silicomanganese - Data on demand in China (in million tons) and related demand - side indicators like steel production forecasts are presented in long - term trends [4][7] Inventory - related Information Ferrosilicon - Inventory data of 60 sample enterprises in China and different regions, as well as warehouse receipt and effective forecast data, are presented in long - term trends [5] Silicomanganese - Warehouse receipt, effective forecast, and inventory data, as well as inventory average available days in China, are presented in long - term trends [7] Cost - profit - related Information Ferrosilicon - Data on electricity prices in different regions, market prices of raw materials like semi - coke, semi - coke production profit, and ferrosilicon production cost and profit in different regions are presented in long - term trends [5] Silicomanganese - Data on raw material prices such as chemical coke and manganese ore, and silicomanganese production profit in different regions are presented in long - term trends [6][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 December 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5270 respectively, with daily changes of 0 and weekly changes of 50 and 20. The export price of Tianjin 72 was 1020 (USD) with no daily or weekly changes [2]. - For silicon manganese, on the same day, the latest prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, and Guizhou 6517 were 5590, 5520, 5700, and 5650 respectively, with daily changes of 20, 0, 30, and 30, and weekly changes of 50, 20, 80, and 80 [2]. Supply - The monthly production of 136 silicon ferroalloy enterprises in China from 2021 - 2025 is presented, as well as the weekly production of 136 silicon ferroalloy enterprises (with a 95% capacity share) [5]. - The monthly production of silicon manganese in China from 2021 - 2025 is shown, along with the procurement volume and price of Hebei Iron and Steel Group for silicon manganese 6517 [7]. Demand - The monthly estimated and actual production of crude steel in China from 2021 - 2025 is provided, and the demand for silicon manganese in China (in ten thousand tons) from 2021 - 2025 is also given [5][8]. Inventory - The weekly inventory of 60 sample silicon ferroalloy enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025 is presented, as well as the daily number of silicon ferroalloy warehouse receipts and effective forecasts [6]. - The daily warehouse receipts, effective forecasts, and total inventory of silicon manganese in China from 2021 - 2025 are shown, along with the inventory of 63 sample silicon manganese enterprises in China (in tons) [8]. Cost - Profit - The electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia for ferroalloys from 2021 - 2025 are presented, as well as the market price of semi - coke small materials in Shaanxi and its production profit in China [6]. - The profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions from 2021 - 2025 is shown, along with the profit of silicon manganese converted to the main contract in Guangxi and Ningxia [8].

Investment Rating - The report rates the steel industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights that the Chinese government is committed to controlling crude steel production, which is expected to improve the supply-demand dynamics in the steel industry. The Ministry of Industry and Information Technology has emphasized the need to curb low-quality competition and regulate production capacity [2]. - In the first eleven months of 2025, China's crude steel production was 892 million tons, a decrease of 4.0% year-on-year, while steel product output increased by 4.0% to 1.333 billion tons. This suggests a shift in production focus and an anticipated improvement in the supply side of the market [2]. - The report notes that the commissioning of the Simandou iron ore mine is expected to contribute significantly to iron ore supply, which may lead to a decline in iron ore prices and reduce cost pressures on steel companies [2]. - Demand is expected to show structural differentiation, with resilient demand in the manufacturing sector supporting the profitability of plate and special steel segments, while the construction sector remains weak [2]. - The report suggests that as the steel consumption structure shifts from construction to manufacturing, investors should focus on undervalued, high-dividend stocks in the plate sector, such as Baosteel, Nanjing Steel, and Hualing Steel, as well as high-end stainless steel and special steel companies like Jiuli Special Materials and CITIC Special Steel [2]. Summary by Sections Production Control - The government has announced ongoing measures to control crude steel production and prevent the addition of new capacity, which is expected to optimize the supply side of the steel market [2]. Raw Material Supply - The Simandou iron ore mine has commenced production, with an expected annual capacity of 12 million tons, contributing to a more favorable pricing environment for iron ore [2]. Demand Dynamics - The report anticipates a divergence in demand, with manufacturing-related sectors showing resilience, while construction demand remains weak [2]. Investment Recommendations - The report recommends focusing on low-valuation, high-dividend stocks in the manufacturing-oriented steel sector and highlights the importance of special steel in emerging sectors like energy and defense [2].

Supply Side - The steel industry is expected to see an increase in valuation driven by supply-side production regulation and more proactive fiscal policies [1] - By 2025, ongoing regulatory policies will focus on innovative capacity governance, emphasizing quality and structure over mere capacity reduction, marking a shift towards more refined and long-term industry governance [1] - As of November 2025, the cumulative crude steel production in China is projected to be 890 million tons, a year-on-year decrease of 4.04%, indicating an increase in industry self-discipline and a tightening supply trend expected to continue into 2026 [1] Demand Side - Steel exports are anticipated to play a crucial role in alleviating domestic supply-demand imbalances, with cumulative steel exports reaching approximately 110 million tons by October 2025, a year-on-year increase of 13.29 million tons [2] - Although the demand for construction steel is still facing a downward trend, the rate of decline is narrowing, indicating that demand is nearing its bottom [2] - The demand for steel in manufacturing is expected to remain stable, driven by sectors such as automotive, home appliances, and new infrastructure projects like wind power and 5G, which are increasing consumption of various steel products [2] Cost Side - Global iron ore demand is expected to decline overall, with China's structural upgrades and capacity replacements leading to a gradual decrease in steel demand, while growth in other emerging markets is insufficient to offset this reduction [3] - In the first half of 2025, supply easing is expected to suppress coking coal prices, with price drivers primarily influenced by supply adjustments rather than strong demand growth [3] - The price of scrap steel is projected to remain stable with no significant fluctuations, indicating a low probability of drastic price changes in 2026 [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint No relevant information provided. 3. Summary by Related Catalogs Price - The price of silicon - iron and silicon - manganese in different regions and varieties is presented, including spot prices, factory - to - futures prices, and futures prices of different contracts [2]. - The price trends of silicon - iron and silicon - manganese in different regions from 2021 to 2025 are shown through multiple price charts, such as market prices, export and import prices, basis differences, and inter - month spreads [3][6]. Supply - The supply data of silicon - iron includes the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), capacity utilization rates of enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly), and the production volume of Chinese stainless - steel crude steel (monthly) [4]. - The supply data of silicon - manganese includes the weekly production volume of Chinese silicon - manganese, procurement prices and quantities of Hebei Iron and Steel Group (monthly), and the market prices of related products like high - carbon ferromanganese and electrolytic manganese [6]. Demand - The demand - related data of silicon - iron includes the estimated and actual production volume of Chinese crude steel (monthly), the price and production volume of metal magnesium, the export volume of silicon - iron (monthly), and the procurement volume of Hebei Iron and Steel Group (monthly) [4]. - The demand - related data of silicon - manganese includes the demand volume of Chinese silicon - manganese (in ten thousand tons, Steel Union's caliber), the export volume of silicon - manganese (monthly), and the estimated production volume of Chinese crude steel (monthly) [4][7]. Inventory - The inventory data of silicon - iron includes the inventory of 60 sample enterprises in China and different regions (weekly), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in different regions (monthly) [5]. - The inventory data of silicon - manganese includes the inventory of 63 sample enterprises in China (weekly, in tons), the number of warehouse receipts, effective forecasts, and the sum of them (daily), and the average available inventory days in China (monthly) [7]. Cost and Profit - For silicon - iron, the cost - related factors include electricity prices in different regions, the market price of semi - coke, the production cost in Ningxia and Inner Mongolia, and the profit includes the profit of 75 - grade silicon - iron exports, the profit of Ningxia silicon - iron in the spot and futures markets [5]. - For silicon - manganese, the cost - related factors include the prices of chemical coke and various manganese ores, and the profit includes the profit in Inner Mongolia, Guangxi, and different regions, and the profit of Guangxi and Ningxia silicon - manganese in the futures market [6][7].