1. Report Industry Investment Rating - Not provided in the given content 2. Core Views Manganese Silicon - The manganese silicon market is expected to be weak. The market anticipates significant production cuts in the future. This week, production decreased month - on - month, demand declined slightly, and the overall supply - demand remains in an oversupply state. There are concerns about the supply of raw materials for overseas mines, which may affect the mining rhythm in the long term. The price of port manganese ore has risen significantly, and the immediate production profit of alloy plants has been mostly consumed by manganese ore. It is recommended to pay attention to the reverse arbitrage strategy of near - weak and far - strong [3]. Ferrosilicon - The ferrosilicon market is also expected to be weak. The tight balance of supply and demand has eased, the overall production cost is relatively firm, production has decreased slightly, and the production of magnesium metal has declined significantly from its high level. Factory quotes have increased, and low - priced goods are hard to find in the market. The market still has expectations of cost increases in the coal - related industrial chain due to crude oil shortages, and price fluctuations are relatively large. Fundamentally, it is recommended to take a bearish stance, but be vigilant about future coal - related prices [4]. 3. Summary by Directory Manganese Silicon Manganese Ore Inventory - The total port inventory of manganese ore is 474.5 tons, with a slight increase month - on - month. Tianjin Port's inventory increased slightly to 341.4 tons, significantly higher than the same period last year, and Qinzhou Port's inventory increased slightly to 132.6 tons, also significantly higher than the same period last year [14]. - In Tianjin Port, the inventory of South African ore decreased slightly to 237.2 tons, the inventory of Gabon ore decreased significantly to 21.9 tons, far lower than the same period last year, and the inventory of Australian ore decreased significantly to 43.7 tons, still higher than the same period last year [18]. Manganese Ore Price - In Tianjin Port, the price of Gabon lumps is 48 yuan/ton - degree, Australian lumps are 47 yuan/ton - degree, and South African semi - carbonate is 44 yuan/ton - degree. The manganese ore market is running strongly, and most market transactions are of a trading nature, while factories are cautious in purchasing and mostly only replenish a small amount of essential inventory [20]. Production - As of March 27, the weekly production of silicon - manganese increased to 19.17 tons. The daily average production in Inner Mongolia decreased slightly to 14,460 tons/day, in Ningxia decreased slightly to 5,705 tons/day, in Yunnan increased to 890 tons/day, in Guizhou increased to 1,905 tons/day, and in Guangxi increased to 1,970 tons/day [32]. Demand - As of March 27, the weekly demand of Mysteel sample enterprises was 11.88 tons, and the weekly production of the five major steel products decreased to 839.58 tons. The proportion of rebar in the five major steel products in Mysteel sample data increased significantly month - on - month [37]. Price - The market price in Inner Mongolia is around 6,230 yuan/ton, and in Tianjin it is 6,300 yuan/ton. A large steel group in Hebei set the purchase price at 6,150 yuan/ton in March and replenished 5,100 tons this week [50]. Chemical Coke Price - This week, the price of chemical coke increased slightly by 50 yuan/ton. The ex - factory prices of 25 - 40mm in Yinchuan, Ordos, and Alxa are 1,190, 1,140, and 1,140 yuan/ton respectively [53]. Production Profit - The point - to - point profit of manganese silicon has improved significantly [57]. Month - Spread - As of March 26, the 5 - 9 month - spread of manganese silicon was - 58 yuan/ton, continuing to fluctuate at a low level [60]. Basis and Warehouse Receipts - The futures price is fluctuating and consolidating, and the basis has strengthened slightly. As of March 26, the total of manganese silicon warehouse receipts and valid forecasts was 28.85 tons [64]. Ferrosilicon Production - As of March 27, on the supply side, the weekly production was 10.21 tons, slightly decreasing month - on - month. The daily average production in Inner Mongolia was 5,275 tons, in Qinghai was 1,535 tons, in Ningxia was 4,080 tons, and in Shaanxi was 2,210 tons [76]. Demand - The consumption of ferrosilicon by Mysteel sample steel mills totaled 1.93 tons, lower than the same period last year [80]. - The export price of magnesium metal at Tianjin Port is 2,515 US dollars/ton, and the market price is 17,050 yuan/ton, increasing slightly month - on - month. The weekly production of magnesium metal was 19,446 tons, decreasing slightly month - on - month but higher than the same period last year. Recently, the prices of raw materials such as coal and ferrosilicon have been high, and the price of magnesium ingots has increased accordingly. Low - priced goods in the market are hard to find. Some traders said they are mainly inquiring and not in a hurry to stock up [84]. Export - As of March 27, the overseas FOB price of 75 ferrosilicon was 1,205 US dollars/ton, and that of 72 ferrosilicon was 1,135 US dollars/ton, increasing significantly month - on - month. The export volume of ferrosilicon decreased in February [87]. Raw Material Situation - As of March 27, the quotes of mainstream regional semi - coke small materials remained stable. The current prices are 705 yuan/ton in Shaanxi, 805 yuan/ton in Ningxia, and 695 yuan/ton in Inner Mongolia. The price of iron oxide scale is 730 yuan/ton [95]. Production Profit - As of March 26, the point - to - point profit of ferrosilicon has improved significantly. The production profits in Inner Mongolia, Ningxia, Shaanxi, and Qinghai are 156, 225, 101, and - 193 yuan/ton respectively [110]. Month - Spread - As of March 26, the 5 - 9 month - spread of ferrosilicon was - 80 yuan/ton, weakening significantly month - on - month [113]. Basis and Warehouse Receipts - The futures price is fluctuating and consolidating, and the basis of ferrosilicon fluctuates slightly. As of March 26, the total of ferrosilicon warehouse receipts and valid forecasts was 5.81 tons, higher than the same period last year [116]. Balance Sheet Manganese Silicon - From July 2025 to June 2026, the total supply and demand of manganese silicon show different trends. There are periods of oversupply and tight supply. The cumulative year - on - year growth rates of production and consumption also change over time [119]. Ferrosilicon - From July 2025 to June 2026, the total supply and demand of ferrosilicon also show different trends. There are periods of oversupply and tight supply. The cumulative year - on - year growth rates of production and consumption also change over time [120].

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]

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 Directory Price - For silicon iron, the latest prices and their daily and weekly changes are provided for different regions and grades. For example, the latest price of Ningxia 72 silicon iron is 5620, with a daily change of 20 and a weekly change of 140. The prices of different contracts and spreads are also given, such as the主力合约 price of 5982, with a daily change of -106 and a weekly change of 158 [1]. - For silicon manganese, the closing price of the main contract, basis, spreads between different months, and prices of raw materials like chemical coke and manganese ore are presented, along with their historical trends from 2022 - 2026 [5]. Supply - For silicon iron, the production data of 136 silicon iron enterprises in China (monthly and weekly), capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and export prices at Tianjin Port are provided [3]. - For silicon manganese, the production volume in China (weekly), procurement prices and quantities by Hebei Iron and Steel Group, and the opening rates of silicon manganese enterprises in China are presented [5]. Demand - For silicon iron, factors related to demand include the production of crude steel, metal magnesium, and stainless - steel in China, as well as the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group [3]. - For silicon manganese, the demand in China (in ten thousand tons, according to Steel Union's caliber), and the export quantity in China are provided [6]. Inventory - For silicon iron, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions are presented [4]. - For silicon manganese, the warehouse receipt quantity, effective forecast, inventory + effective inventory, and the inventory of 63 sample enterprises in China (weekly) are provided, along with the inventory average available days in China [6]. Cost and Profit - For silicon iron, the electricity prices in different regions, the market price of semi - coke, and the production cost and profit in Ningxia and Inner Mongolia are presented [4]. - For silicon manganese, the profit 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 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 - No relevant information provided. 2. Core Viewpoints - No clear core viewpoints are presented in the given reports. 3. Summaries by Relevant Catalogs Price - **Silicon Iron**: The latest prices of 72% FeSi in different regions are as follows: 5500 in Ningxia, 5550 in Inner Mongolia, 5480 in Qinghai, and 5480 in Shaanxi. The 75% FeSi in Shaanxi is 6050. The主力合约 price is 5796, with a daily change of -132 and a weekly change of -88. There are also price data for different contracts and spreads such as 1 - 5 month spread, 5 - 9 month spread, etc. [1] - **Silicon Manganese**: The closing price of the main contract of silicon manganese on CZCE, its basis in different regions, and price differences between regions and grades are presented, along with the prices of related raw materials like manganese ore and chemical coke. [6] Supply - **Silicon Iron**: The production data of 136 silicon - iron enterprises in China, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are provided. [4] - **Silicon Manganese**: The weekly production of silicon manganese in China, and the procurement volume and price of 6517 silicon manganese by Hebei Iron and Steel Group are given. [6] Demand - **Silicon Iron**: The demand - related data includes the production of crude steel in China, 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 iron. [4] - **Silicon Manganese**: The demand data shows the estimated demand for silicon manganese in China, and the export volume of silicon manganese. [7] Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in different regions (Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts and effective forecasts on CZCE, and the average available inventory days in different regions are presented. [5] - **Silicon Manganese**: The inventory data includes the number of warehouse receipts, effective forecasts, and the sum of them on CZCE, the inventory of 63 sample enterprises in China, and the average available inventory days in China. [7] Cost and Profit - **Silicon Iron**: The cost and profit data involve electricity prices in different regions, the market price of semi - coke, the production cost and profit of silicon iron in Ningxia and Inner Mongolia, and the export profit of 75 silicon iron. [5] - **Silicon Manganese**: The profit data of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of silicon manganese converted to the main contract in Guangxi and Ningxia are provided. [7]

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].