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/ ...

濮耐股份（002225.SZ）9月24日在投资者互动平台表示，公司金属镁项目近期没有新进展，仍在改进设 计思路，未来是否会加大金属镁领域的研发和投资目前不能确定。 （记者 谭玉涵） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司金属镁示范线项目有进展吗？未来是否会 加大金属镁领域的研发和投资？ ...

1. Report Industry Investment Rating - The investment ratings for silicon manganese and silicon iron are generally neutral, with some specific aspects having a "bullish" or "bearish" tendency. For example, the "Steel & Metal Magnesium Production" aspect of silicon iron is rated as bullish, while the "Inventory" aspect is rated as bearish [3][4] 2. Report's Core Views Silicon Manganese - The market is currently characterized by a slight decline in weekly production, with steel mills resuming production and molten iron output basically recovering. The combined quantity of warehouse receipts and valid forecasts for manganese silicon is decreasing, and the proportion of hidden inventory is increasing. On the cost side, there is an obvious upward trend in the spot price of manganese ore at northern ports, while the price of chemical coke has decreased by 50 yuan/ton. The overall market sentiment is neutral [3] Silicon Iron - The market sentiment is average, with the market referring to HBIS's tender price. The production of silicon iron is relatively stable. On the demand side, blast furnaces of northern steel mills are gradually resuming production, molten iron output is rising, and the output of metal magnesium is continuing to increase slightly. It is expected that the demand for silicon iron will increase in the future. Currently, the immediate-profit situation in the main production areas is poor, and the price of semi-coke has risen slightly [4] 3. Summary by Relevant Catalogs Silicon Manganese Manganese Ore - The total port inventory of manganese ore is 4.525 million tons, showing a slight increase compared to the previous period. Among them, the inventory at Tianjin Port has increased slightly to 3.803 million tons, still lower than the same period last year, while the inventory at Qinzhou Port has decreased slightly to 717,000 tons, approaching the level of the same period last year [12] - The inventory of South African ore at Tianjin Port is 2.698 million tons, showing a slight increase. The inventory of Gabon ore is 293,000 tons, showing a slight decrease compared to the previous period and far lower than the same period last year. The inventory of Australian ore is 362,000 tons, showing a slight increase and approaching the level of the same period last year [15] - The price of Gabon lumps at Tianjin Port is 40 yuan/ton-degree, Australian lumps are 40.2 yuan/ton-degree, and South African semi-carbonate is 34.3 yuan/ton-degree, showing a slight increase. The actual transaction price of manganese ore is slightly lower than the quoted price [17] Supply - As of September 19, the weekly output of silicon manganese has increased to 208,800 tons. The daily average output in Inner Mongolia has decreased to 14,440 tons/day, in Ningxia has decreased significantly to 6,530 tons/day, in Yunnan has increased slightly to 2,700 tons/day, in Guizhou has increased slightly to 1,900 tons/day, and in Guangxi is 1,345 tons/day [30] Demand - As of September 19, the weekly demand of Mysteel sample enterprises is 121,400 tons, and the weekly output of the five major steel products has decreased to 855,460 tons. The proportion of rebar output in the total output of the five major steel products has decreased [40] Price - The market price in Inner Mongolia is around 5,730 yuan/ton, and in Tianjin it is 5,820 yuan/ton. HBIS's tender price is 6,000 yuan/ton [48] Cost and Profit - As of September 19, the price of chemical coke has decreased by 50 yuan/ton compared to the previous period. The ex-factory prices of 25 - 40mm chemical coke in Yinchuan, Ordos, and Alxa are 1,140 yuan/ton, 1,060 yuan/ton, and 1,090 yuan/ton respectively. The second round of price cuts for coke has been implemented [51] - The immediate profit of silicon manganese is low, but the loss situation has improved. The market is fluctuating upwards, the price of manganese ore is firm, and the price of chemical coke has decreased slightly [53] Month Spread - As of September 18, the 1 - 5 month spread of silicon manganese is -44 yuan/ton, showing a low-level fluctuation [56] Basis and Inventory - The market is fluctuating upwards, the spot price has increased slightly, and the basis has weakened slightly. As of September 18, the combined quantity of warehouse receipts and valid forecasts for silicon manganese is 319,950 tons, showing a slight increase compared to the previous period but still maintaining a downward trend. Attention should be paid to the recovery situation after the concentrated cancellation of warehouse receipts in October [59] Silicon Iron Supply - As of September 12, the weekly output is 113,100 tons. The daily average output in Inner Mongolia is 5,190 tons, in Qinghai is 2,360 tons, in Ningxia is 3,920 tons, and in Shaanxi is 2,580 tons [73] Demand - The demand for silicon iron from steel mills has decreased, but the total consumption of silicon iron by Mysteel sample steel mills is still significantly higher than the same period last year. Blast furnaces of northern steel mills are gradually resuming production, molten iron output is rising significantly, and it is expected that the demand for silicon iron will increase in the future [77] - As of September 19, the export price of metal magnesium at Tianjin Port is 2,435 US dollars/ton, and the market price has decreased slightly to 16,750 yuan/ton, remaining relatively stable overall. The weekly output of metal magnesium is 17,241 tons, showing a slight increase compared to the previous period. The supply side of magnesium ingots has raised the quoted price, but the actual market follow - up and trading volume are insufficient, and most buyers are cautiously waiting and watching. Real - order purchases are scarce, and low - price sources are also hard to find, resulting in a stalemate in supply - demand trading [86] Price - As of September 19, the overseas FOB price of 75 - grade silicon iron is 1,105 US dollars/ton, and that of 72 - grade silicon iron is 1,025 US dollars/ton, showing a slight increase compared to the previous period. In July, the import volume of silicon iron decreased significantly compared to the previous period, while the export volume increased slightly and is higher than the same period last year [90] Cost and Profit - As of September 19, the prices of small - sized semi - coke in the main production areas have increased slightly. The current prices in Shaanxi, Ningxia, and Inner Mongolia are 660 yuan/ton, 695 yuan/ton, and 650 yuan/ton respectively. The price of oxidized iron scale remains at 830 yuan/ton [97] - As of September 18, the point - to - point profit loss of silicon iron has narrowed slightly. The loss in Shaanxi is relatively large, while that in Inner Mongolia is relatively small. The production profits in Inner Mongolia, Ningxia, Shaanxi, and Qinghai are -209 yuan/ton, -262 yuan/ton, -274 yuan/ton, and -213 yuan/ton respectively [106] Month Spread - As of September 18, the 11 - 1 month spread of silicon iron is 12 yuan/ton, showing a slight weakening compared to the previous period and lower than the same period last year [108] Basis and Inventory - The market is fluctuating upwards, the basis of silicon iron has weakened slightly, and as of September 18, the basis is -394 yuan/ton. As of September 18, the combined quantity of warehouse receipts and valid forecasts for silicon iron is 94,780 tons, showing a significant increase compared to the previous period [111] Balance Sheet - The balance sheets for silicon manganese and silicon iron from January to December 2025 show the supply, demand, production, import, export, and surplus/deficit situations for each month, as well as the year - on - year cumulative changes in production and consumption [113][114]

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/ ...

Core Insights - The commercial aerospace industry in Hebi is experiencing robust growth, with the establishment of the Aerospace Hongtu Central Satellite Operation Center, which serves as a regional hub for satellite data reception, processing, and application [1] - The city is also witnessing a transformation in its industrial landscape, highlighted by the successful production of qualified metallic magnesium products at the China Aluminum (Hebi) magnesium-based new materials pilot base, utilizing innovative clean magnesium smelting technology [2] - Hebi's industrial transformation is marked by the development of a modern industrial system focused on three advantageous industries: functional new materials, electronics, and magnesium-based new materials, alongside three emerging industries: commercial aerospace, biomanufacturing, and semiconductors [2] - The innovation ecosystem in Hebi is being optimized with the establishment of the Hebi Science and Innovation City, which includes 27 pilot bases and over 75 high-tech enterprises [3] - Urban-rural integration is being promoted through new urbanization initiatives, with significant investments in community development and rural revitalization projects [3] - Governance efficiency is enhanced through a smart city operation center that integrates various departmental systems, improving public service responsiveness and satisfaction [3] Industry Developments - The Aerospace Hongtu Central Satellite Operation Center has become a key player in the satellite application ecosystem, contributing to sectors such as smart agriculture and environmental monitoring [1] - The successful launch of the metallic magnesium production project signifies a breakthrough in green manufacturing for magnesium-based materials, addressing traditional high energy consumption and emissions issues [2] - The establishment of a comprehensive industrial chain in commercial aerospace, including satellite manufacturing and rocket development, positions Hebi as a significant player in the national aerospace sector [1][2] - The city's focus on innovation and technology is reflected in the achievements of local companies, such as Longxin Zhongke's chip testing and packaging production line and the global market leadership of Shijia Photonics [2]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Relevant Catalogs Price - On September 12, 2025, for silicon iron, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5250 and 5310 respectively, with no daily change but weekly changes of 50 and 90 [2]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5680, 5600, and 5680 respectively, with daily changes of 0, 50, and 0, and weekly changes of 0, 100, and 0 [2]. Supply - There are data on the production and capacity utilization of 136 silicon iron production enterprises in China, including monthly production and weekly production with a 95% capacity - occupancy ratio [4]. - Data on the production of silicon manganese in China on a weekly basis are also provided [7]. 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 [6]. - For silicon manganese, there are data on the inventory of 63 sample enterprises in China on a weekly basis, as well as data on warehouse receipts, effective forecasts, and the sum of them [8]. Cost and Profit - Information on the electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia is provided, which affects the production cost of ferroalloys [6]. - There are data on the production cost and profit of silicon iron in Ningxia and Inner Mongolia, and the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions [6][8].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Categories Price - **Silicon Iron**: On September 4, 2025, the latest prices of 72 silicon iron in Ningxia and Inner Mongolia were 5200 and 5250 respectively, with no daily change but a weekly decrease of 150 and 100. The export price of 72 silicon iron in Tianjin was 1055 US dollars, with no daily or weekly change. The latest price of 75 silicon iron in Shaanxi was 5950, with no daily change but a weekly increase of 50 [2]. - **Silicon Manganese**: On September 4, 2025, the latest factory - ex prices of 6517 silicon manganese in Inner Mongolia, Ningxia, Guangxi, Guizhou, and Yunnan were 5680, 5500, 5700, 5650, and 5650 respectively, with no daily change but weekly decreases ranging from 70 to 120 [2]. Supply - **Silicon Iron**: The production data of 136 silicon iron enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and the monthly capacity utilization rates of enterprises in Inner Mongolia, Ningxia, and Shaanxi [4]. - **Silicon Manganese**: The weekly production data of silicon manganese in China from 2021 - 2025 are shown, as well as the monthly procurement prices and quantities of 6517 silicon manganese by HeSteel Group [6]. Demand - **Silicon Iron**: Related demand indicators such as China's estimated and statistical monthly crude steel production, national magnesium production, and the procurement prices and quantities of FeSi75 - B by HeSteel Group from 2021 - 2025 are provided [4]. - **Silicon Manganese**: The demand indicators of silicon manganese in China from 2021 - 2025, including estimated crude steel production, silicon manganese demand, and export volume, are presented [4][7]. Inventory - **Silicon Iron**: The weekly inventory data of 60 sample silicon iron enterprises in China, including those in Ningxia, Inner Mongolia, and Shaanxi, from 2021 - 2025 are provided, as well as daily warehouse receipt and effective forecast data [5]. - **Silicon Manganese**: The daily warehouse receipt, effective forecast, and total inventory data of silicon manganese from 2021 - 2025, as well as the weekly inventory data of 63 sample enterprises in China, are presented [7]. Cost and Profit - **Silicon Iron**: The cost - related data such as electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia, and the market price of semi - coke in Shaanxi from 2021 - 2025 are provided. The profit data include the production cost, spot profit, and export profit of silicon iron in Ningxia and Inner Mongolia [5]. - **Silicon Manganese**: The cost - related data such as the factory - ex price of chemical coke in Ordos and the prices of various manganese ores at ports from 2021 - 2025 are provided. The profit data include the profits of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions [6][7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy on August 27, 2025, the latest price of Ningxia 72 silicon ferroalloy natural lump is 5350 yuan, with a daily increase of 50 yuan and a weekly decrease of 50 yuan; the factory - price converted to the futures market is 5650 yuan. The price of Inner Mongolia 72 is 5350 yuan, with a daily increase of 50 yuan and a weekly decrease of 50 yuan, and the factory - price converted to the futures market is 5700 yuan. The export price of Tianjin 72 silicon ferroalloy is 1055 US dollars, with a weekly increase of 30 US dollars [2]. - For silicon manganese on August 27, 2025, the factory - price of Inner Mongolia 6517 silicon manganese is 5750 yuan, with a weekly decrease of 50 yuan, and the factory - price converted to the futures market is 6050 yuan; the price of Ningxia 6517 is 5620 yuan, with a weekly decrease of 210 yuan, and the factory - price converted to the futures market is 6020 yuan [2]. Supply - The production data of 136 silicon ferroalloy production enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production (with a capacity share of 95%), and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are also provided, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - The demand data of silicon ferroalloy and silicon manganese in China from 2021 - 2025 are shown, such as the demand volume of silicon manganese (in ten thousand tons, according to the Steel Union's caliber), and the procurement volume of Hebei Iron and Steel Group for silicon ferroalloy and silicon manganese [4][6][7]. Inventory - The inventory data of 60 sample enterprises of silicon ferroalloy in China from 2021 - 2025 are provided, including weekly inventory in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts [5]. - The inventory data of silicon manganese from 2021 - 2025 are presented, including the number of warehouse receipts, effective forecasts, the sum of warehouse receipts and effective inventory, and the inventory of 63 sample enterprises in China (in tons, weekly) [7]. Cost and Profit - The cost and profit data of silicon ferroalloy from 2021 - 2025 are shown, including electricity prices in different regions, the market price of semi - coke, the production cost in Ningxia and Inner Mongolia, and the profit converted to the main futures contract and the spot profit in Ningxia [5]. - The cost and profit data of silicon manganese from 2021 - 2025 are provided, including the profit in Inner Mongolia, Guangxi, the northern and southern regions (according to the Steel Union's caliber), and the profit of Guangxi silicon manganese converted to the main futures contract [7].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View No clear core view can be extracted from the provided data, which mainly consists of price, supply, demand, inventory, and cost - profit data of ferrous alloys. 3. Summary by Relevant Catalogs Price - For silicon - iron, on August 25, 2025, the latest price of Ningxia 72 silicon - iron natural block was 5300, with a daily change of - 30 and a weekly change of - 150; the export price of Tianjin 72 silicon - iron was 1055 (USD), with a daily change of 0 and a weekly change of 30 [2]. - For silicon - manganese, on the same day, the latest price of Inner Mongolia 6517 silicon - manganese at the production area was 5750, with a daily change of 0 and a weekly change of - 50; the trading price of Ningxia 6517 silicon - manganese was 5550, with a daily change of - 20 and a weekly change of - 250 [2]. Supply - The data shows the production and capacity utilization of 136 silicon - iron production enterprises in China from 2021 to 2025, including monthly production, weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - It also presents the production of silicon - manganese in China from 2021 to 2025, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - The demand - related data includes the estimated corrected monthly production of crude steel in China from 2021 to 2025, the monthly production of stainless - steel crude steel in China, and the demand for silicon - manganese in China (in ten thousand tons) [4][6][7]. Inventory - For silicon - iron, it shows the weekly inventory of 60 sample enterprises in China from 2021 to 2025, including the inventory in Ningxia, Inner Mongolia, and Shaanxi, as well as the daily warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5]. - For silicon - manganese, it presents the daily warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective inventory in China from 2021 to 2025, as well as the weekly inventory of 63 sample enterprises in China [7]. Cost and Profit - For silicon - iron, it shows the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi from 2021 to 2025, the market price of small - sized semi - coke in Shaanxi, and the production cost, disk - based profit, and spot profit of silicon - iron in Ningxia and Inner Mongolia [5]. - For silicon - manganese, it shows the profit of silicon - manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 to 2025, as well as the disk - based profit of silicon - manganese in Ningxia and Guangxi [7].

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]