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 Title - "Iron Alloy Morning Report" [1] Report Date - August 22, 2025 [2] Key Information on Silicon Iron Price - For natural silicon iron blocks: in Ningxia 72, the spot price is 5330 with no daily change and a weekly decrease of 170; in Inner Mongolia 72, it's 5300, down 50 daily and 150 weekly; in Qinghai 72, 5300, down 50 daily and 200 weekly; in Shaanxi 72, 5300, no daily change and a 150 weekly decrease; in Shaanxi 75, 5900, no daily change and a 100 weekly increase [2]. - For qualified silicon iron blocks in Jiangsu 72, the spot price is 5600, with no daily change and a 50 weekly decrease [2]. - For silicon iron export prices in Tianjin 72, it's 1055, no daily change and a 30 weekly increase; in Tianjin 75, it's 1110, up 10 daily and 35 weekly [2]. Futures - The main contract price of silicon iron is 5638, up 16 daily and down 106 weekly; the 01 contract is 5614, up 14 daily and down 290 weekly; the 05 contract is 5734, up 6 daily and down 304 weekly; the 09 contract is 5454, up 8 daily and down 290 weekly [2]. Spreads - The main - month basis is - 8, down 16 daily and 64 weekly; the 1 - 5 month spread is - 120, up 8 daily and 14 weekly; the 5 - 9 month spread is 280, down 2 daily and 14 weekly; the 9 - 1 month spread is - 160, down 6 daily and no weekly change; the double - silicon main spread is - 200, up 14 daily and 106 weekly [2]. Key Information on Silicon Manganese Price - For silicon manganese production areas: in Inner Mongolia 6517, the ex - factory price is 5750, no daily change and a 50 weekly decrease; in Ningxia 6517, it's 5570, down 30 daily and 300 weekly; in Guangxi 6517, 5780, down 20 daily and 120 weekly; in Guizhou 6517, 5730, down 20 daily and 140 weekly; in Yunnan 6517, 5730, down 20 daily and 140 weekly; in Guangxi 6014, 5250, down 50 daily and 50 weekly [2]. Futures - The main contract price of silicon manganese is 5838, up 2 daily and down 212 weekly; the 01 contract is 5838, up 2 daily and down 306 weekly; the 05 contract is 5888, up 2 daily and down 290 weekly; the 09 contract is 5746, down 10 daily and 304 weekly [2]. Spreads - The main - month basis is 132, down 32 daily and up 82 weekly; the 1 - 5 month spread is - 50, no daily change and a 16 weekly decrease; the 5 - 9 month spread is 142, up 12 daily and 14 weekly; the 9 - 1 month spread is - 92, down 12 daily and up 2 weekly [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Price - For silicon ferroalloy, the latest prices for different regions and types on August 19, 2025, are presented, including natural blocks in Ningxia (72 at 5480 yuan), Inner Mongolia (72 at 5450 yuan), etc., with corresponding daily and weekly changes. For silicon manganese, the prices of different regions and types are also given, such as Inner Mongolia 6517 at 5820 yuan, with price changes [2]. - Multiple price - related historical data charts for silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including market prices, export prices, and contract closing prices [3][4][6]. Supply - For silicon ferroalloy, data on the production of 136 enterprises in China (monthly and weekly), capacity utilization in Inner Mongolia, Ningxia, and Shaanxi, and the export volume of China are provided. For silicon manganese, the production in China (weekly), procurement volume and price of Hebei Iron and Steel Group are presented [4][6]. Demand - Data on the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber), the production forecast of crude steel in China (monthly, in ten thousand tons), and the procurement volume of silicon ferroalloy by Hebei Iron and Steel Group are provided [4][7]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China (weekly), warehouse receipt quantity, effective forecast, and inventory average available days in different regions are provided. For silicon manganese, the warehouse receipt quantity, effective inventory, and inventory of 63 sample enterprises in China (weekly, in tons) are presented [5][7]. Cost and Profit - For silicon ferroalloy, data on electricity prices in different regions, the market price of semi - coke, production cost in Ningxia and Inner Mongolia, and corresponding profits are provided. For silicon manganese, the profits in Inner Mongolia, Guangxi, and different regions, as well as the profit of Guangxi silicon manganese converted to the main contract are presented [5][7].

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 ...

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 Industry Investment Ratings - Manganese Silicide: Core view - Neutral; Month spread - Neutral; Spot - Bearish; Steel production - Bullish; Inventory - Bearish; Cost - profit - Neutral [3] - Ferrosilicon: Core view - Bearish; Month spread - Neutral; Spot - Neutral; Steel & Magnesium production - Neutral; Inventory - Bearish; Cost - profit - Neutral [4] Core Views - Manganese Silicide: This week, the market fluctuated after a rally. Supply increased, demand from the steel industry improved slightly, and the overall cost rose. The spot market had average trading volume, and the inventory of warehouse receipts and valid forecasts continued to decline [3]. - Ferrosilicon: The market fluctuated this week. The spot trading atmosphere was poor. Supply increased and was still in the process of resuming production. Demand from the steel industry increased slightly, while the production of magnesium decreased, and export volume remained weak. The cost was expected to rise in the long - term [4]. Summary by Directory Manganese Silicide Manganese Ore - Port inventory totaled 438.5 million tons, with a significant differentiation between northern and southern regions. Tianjin Port's inventory decreased to 353.5 million tons, lower than last year's level, while Qinzhou Port's inventory increased slightly to 84.5 million tons, higher than last year's level [10]. - Jupiter announced the shipment price for manganese ore to China in September 2025. Port manganese ore prices declined slightly [15]. Supply - As of August 8, the weekly production of manganese silicide increased to 195,800 tons, with daily average production rising in Inner Mongolia, Ningxia, Yunnan, Guizhou, and Guangxi [28]. Demand - As of August 8, the weekly demand of Mysteel sample enterprises increased slightly to 125,200 tons. The weekly production of five major steel products increased to 869,210 tons, and the proportion of rebar increased [38]. Price - The spot market had average trading volume, and prices fluctuated with the market. The price in Inner Mongolia was around 5,820 yuan/ton, and in Tianjin, it was 5,950 yuan/ton. HeSteel's first inquiry price for the tender was 6,000 yuan/ton [49]. Cost - Profit - As of August 7, the immediate profit of manganese silicide was low. Although the profit improved in the short - term after the market rally, the overall price fluctuated greatly, and the continuous increase in chemical coke compressed the profit margin [54]. Month Spread - As of August 8, the September - January spread of manganese silicide was - 80 yuan/ton, showing a significant decline compared to the previous period [61]. Warehouse Receipts - As of August 7, the total of manganese silicide warehouse receipts and valid forecasts was 387,000 tons, and the overall trend continued to decline [63]. Ferrosilicon Supply - As of August 8, the weekly production increased to 109,100 tons. The production in Inner Mongolia increased significantly, while that in Ningxia decreased slightly, and the production in Shaanxi remained unchanged [67]. Demand - The demand from steel mills increased slightly. The total consumption of ferrosilicon by Mysteel sample steel mills was 20,300 tons, slightly higher than the historical average [70]. - The production of magnesium decreased slightly, and the export price of magnesium remained stable [78]. Cost - Profit - As of August 7, the point - to - point profit of ferrosilicon worsened, but the overall profit was good. Only Shaanxi had significant losses, while Ningxia had relatively high profits [98]. Month Spread - As of August 7, the September - January spread of ferrosilicon was - 178 yuan/ton, showing a significant decline compared to the previous period and was at a historically low level [100]. Warehouse Receipts - As of August 7, the total of ferrosilicon warehouse receipts and valid forecasts was 107,300 tons, showing a significant decline compared to the previous period but still at a high level [103]. Supply - Demand Balance Forecast Manganese Silicide - From October 2024 to December 2025, the total supply and demand showed fluctuations. There were periods of surplus and shortage, and the year - on - year growth rates of production and consumption also changed over time [105]. Ferrosilicon - From October 2024 to December 2025, the total supply and demand also fluctuated. There were periods of surplus and shortage, and the year - on - year growth rates of production and consumption changed over time [106].

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/ ...

仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5500 100 -200 5800 主力合约 5908 192 -100 内蒙#72 5500 100 -150 5850 01合约 6068 212 -72 青海#72 5450 50 -250 5780 05合约 6134 190 -26 陕西#72 5450 100 -200 5750 09合约 5908 192 -100 陕西#75 5850 0 -150 主力月基差 -108 -92 -100 现货 盘面 最新 硅铁自然块 产区汇总价 品种 项目 铁合金早报 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 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 2 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Price - For silicon iron, prices vary by region and grade, with different daily and weekly changes. For example, the latest price of 72 silicon iron in Ningxia is 5500, with a daily change of 0 and a weekly change of 270 [1]. - For silicon manganese, there are also price differences across regions and varieties, and price trends are presented over different time periods [5]. Supply - The production of silicon iron by 136 Chinese enterprises (with a capacity - share of 95%) shows different trends from 2021 - 2025, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi also vary [3]. - The weekly production of silicon manganese in China from 2021 - 2025 is provided, and the procurement volume and price of silicon manganese by Hebei Iron and Steel Group are also presented [5]. Demand - The demand for silicon manganese in China (in ten thousand tons) from 2021 - 2025 is shown, and the relationship between silicon iron demand and factors such as steel production is also reflected in related data [3][6]. Inventory - The inventory of 60 sample silicon - iron enterprises in China shows different trends from 2021 - 2025, and the inventory situation of silicon manganese also has corresponding data [4][6]. Cost and Profit - The cost and profit of silicon iron and silicon manganese in different regions are presented, including production costs, spot profits, and export profits [4][6].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy on July 24, 2025, the latest price of Ningxia 72 natural block was 5550, with a daily change of 250 and a weekly change of 350; the price of Inner Mongolia 72 was 5500, with a daily change of 200 and a weekly change of 250; the price of Qinghai 72 was 5500, with a daily change of 150 and a weekly change of 300; the price of Shaanxi 72 was 5500, with a daily change of 200 and a weekly change of 350; the price of Shaanxi 75 was 5750, with a daily change of 50 and a weekly change of 100; the price of Jiangsu 72 qualified block was 5800, with a daily change of 50 and a weekly change of 200; the price of Tianjin 72 for traders was 5750, with a daily change of 50 and a weekly change of 300; the export price of Tianjin 72 was 1025 (USD), with a daily change of 20 and a weekly change of 20; the export price of Tianjin 75 was 1070 (USD), with a daily change of 15 and a weekly change of 15 [2] - For silicon manganese on July 24, 2025, the ex - factory price of Inner Mongolia 6517 was 5750, with a daily change of 50 and a weekly change of 150; the price of Ningxia 6517 was 5800, with a daily change of 100 and a weekly change of 200; the price of Guangxi 6517 was 5720, with a daily change of 20 and a weekly change of 70; the price of Guizhou 6517 was 5700, with a daily change of 50 and a weekly change of 100; the price of Yunnan 6517 was 5700, with a daily change of 50 and a weekly change of 100; the price of Guangxi 6014 was 5100, with no daily or weekly change; the price of Ningxia 6517 for traders was 5800, with a daily change of 100 and a weekly change of 200; the price of Jiangsu 6517 was 5940, with a daily change of - 40 and a weekly change of 170 [2] Supply - For silicon ferroalloy, data on the production of 136 enterprises in China (monthly), the production of 136 silicon ferroalloy enterprises in China (weekly, capacity accounting for 95%), the capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia (monthly), Ningxia (monthly), Shaanxi (monthly), and the start - up rate of 136 silicon ferroalloy production enterprises (weekly, capacity accounting for 95%) from 2021 - 2025 are presented [5] - For silicon manganese, data on the production of silicon manganese in China (weekly), the procurement price and quantity of silicon manganese 6517 by Hebei Iron and Steel Group (monthly), and the start - up rate of silicon manganese enterprises in China (%) from 2021 - 2025 are presented [7] Demand - For silicon ferroalloy, data on the estimated and revised production of crude steel in China (monthly, in 10,000 tons), the production of metal magnesium (Mg99.9%) in China (tons), the start - up rate of 87 independent electric arc furnace steel mills in China (weekly, sample accounting for 60.45%), the export quantity of silicon ferroalloy in China (monthly), the production of stainless - steel crude steel in China (monthly, in 10,000 tons), the procurement quantity and price of FeSi75 - B by Hebei Iron and Steel Group (monthly), and the demand for silicon manganese in China (in 10,000 tons, according to Steel Union) from 2021 - 2025 are presented [5] - For silicon manganese, data on the demand for silicon manganese in China (in 10,000 tons, according to Steel Union), the estimated and revised production of crude steel in China (monthly, in 10,000 tons), and the export quantity of silicon manganese in China (monthly) from 2021 - 2025 are presented [5][8] Inventory - For silicon ferroalloy, data on the inventory of 60 sample enterprises in China (weekly), in Ningxia (weekly), in Inner Mongolia (weekly), in Shaanxi (weekly), the total number of warehouse receipts on CZCE (daily), the valid forecast (daily), the sum of warehouse receipts and valid forecast (daily), the average available days of inventory in East China (monthly), in South China (monthly), in the North region (monthly), and in China (days) from 2021 - 2025 are presented [6] - For silicon manganese, data on the total number of warehouse receipts on CZCE (daily), the total valid forecast (daily), the sum of warehouse receipts and valid inventory (daily), the single - side trading position on CZCE (daily, in lots), the inventory of 63 sample enterprises in China (weekly, in tons), and the average available days of inventory in China (monthly) from 2021 - 2025 are presented [8] Cost and Profit - For silicon ferroalloy, data on electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market mainstream price of small - sized blue coke in Shaanxi, the start - up rate of blue coke in China (weekly), the production profit of blue coke in China (daily), the market price of 98% silica in Northwest China, the market price of 70% Fe iron oxide scale in Shijiazhuang, the production cost of silicon ferroalloy in Ningxia, the profit of Ningxia silicon ferroalloy converted to the main contract on the disk, the spot profit of Ningxia silicon ferroalloy, the single - side trading position on CZCE (daily, in lots), the export profit of 75 silicon ferroalloy, the production cost of silicon ferroalloy in Inner Mongolia, and the profit of Inner Mongolia silicon ferroalloy converted to the main contract on the disk from 2021 - 2025 are presented [6] - For silicon manganese, data on the profit of silicon manganese in Inner Mongolia, Guangxi, the North region, the South region, the profit of Guangxi silicon manganese converted to the main contract on the disk, and the profit of Ningxia silicon manganese converted to the disk from 2021 - 2025 are presented [8]