Report Industry Investment Rating No relevant information provided. Core Viewpoints No relevant information provided. Summary by Related Catalogs 1. Price - The latest prices of 72% FeSi in different regions are: 5270 in Ningxia, 5320 in Inner Mongolia, 5250 in Qinghai, 5250 in Shaanxi, 5750 in Jiangsu, and 5700 in Tianjin [1] - The latest prices of 75% FeSi in Shaanxi and Tianjin are 6000 and 1115 respectively [1] - The latest prices of 6517 FeMn in different regions are: 5650 in Inner Mongolia, 5570 in Ningxia, 5750 in Guangxi, 5700 in Guizhou, 5700 in Yunnan, and 5780 in Jiangsu [1] - The latest price of 6014 FeMn in Guangxi is 5050 [1] 2. Supply - The production data of ferrosilicon and ferromanganese from 2022 - 2026 are presented, including the monthly production of 136 ferrosilicon enterprises in China, weekly production of 136 ferrosilicon enterprises in China (with a 95% capacity - share), and weekly production of ferromanganese in China [4][6] - The capacity utilization rates of 136 ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi from 2022 - 2026 are shown [4] - The开工率 of 87 independent electric - arc furnace steel mills in China (with a 60.45% sample - share) from 2022 - 2026 is provided [4] 3. Demand - The demand - side data include the estimated and actual monthly production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume and price of FeSi75 - B by HeSteel Group, the procurement volume and price of 6517 FeMn by HeSteel Group, and the demand for ferromanganese in China (from the Steel Union's perspective) from 2022 - 2026 [4][6][7] - The export - related data such as the export price and quantity of ferrosilicon, and the export quantity of ferromanganese from 2022 - 2026 are also presented [4][7] 4. Inventory - The inventory data of ferrosilicon and ferromanganese from 2022 - 2026 are provided, including the weekly inventory of 60 sample ferrosilicon enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, the total daily warehouse - receipt quantity of CZCE ferrosilicon, the daily effective forecast of ferrosilicon, the total daily warehouse - receipt quantity of CZCE ferromanganese, the total daily effective forecast of ferromanganese, and the inventory of 63 sample ferromanganese enterprises in China [5][7] - The average available inventory days of ferrosilicon in East China, South China, North China, and China, and the average available inventory days of ferromanganese in China from 2022 - 2026 are shown [5][7] 5. Cost and Profit - The cost - related data include the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized semi - coke in Shaanxi, the开工率 of semi - coke in China, the production profit of semi - coke in China, the market price of 98% silica in Northwest China, the market price of 70% Fe iron oxide scale in Shijiazhuang from 2022 - 2026 [5] - The profit - related data include the production cost and the profit converted to the main contract price of ferrosilicon in Ningxia and Inner Mongolia, the spot profit of ferrosilicon in Ningxia, the export profit of 75% ferrosilicon, the profit of ferromanganese in Inner Mongolia, Guangxi, North China, and South China, the profit of Guangxi ferromanganese converted to the main contract price, and the profit of Ningxia ferromanganese converted to the contract price from 2022 - 2026 [5][7]

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Not provided in the given content 3. Summary by Relevant Catalogs Price - For silicon iron, on February 11, 2026, the latest price for Ningxia 72 was 5270, with a daily change of 0 and a weekly change of -80; the latest price for Inner Mongolia 72 was 5320, with a daily change of 0 and a weekly change of -30; the latest price for Qinghai 72 was 5250, with a daily change of -50 and a weekly change of -50; the latest price for Shaanxi 72 was 5250, with a daily change of 0 and a weekly change of -50; the latest price for Shaanxi 75 was 6000, with no daily or weekly change. The export price of Tianjin 72 was 1055, and Tianjin 75 was 1115, both with no daily or weekly change [1]. - For silicon manganese, on February 11, 2026, the latest price for Inner Mongolia 6517 was 5650, with a daily change of 0 and a weekly change of -30; the latest price for Ningxia 6517 was 5570, with a daily change of -20 and a weekly change of -40; the latest price for Guangxi 6517 was 5750, with no daily or weekly change; the latest price for Guizhou 6517 was 5700, with no daily or weekly change; the latest price for Yunnan 6517 was 5700, with no daily or weekly change; the latest price for Guangxi 6014 was 5050, with a daily change of -50 and a weekly change of -50 [1]. Supply - For silicon iron, data on the production volume of 136 silicon - iron enterprises in China (monthly and weekly), and the capacity utilization rate of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) are presented from 2022 - 2026 [4]. - For silicon manganese, data on the production volume of silicon manganese in China (weekly) and the capacity utilization rate of silicon manganese enterprises in China (monthly) from 2022 - 2026 are provided [6]. Demand - For silicon iron, data on the estimated and actual production volume of crude steel in China (monthly), the production volume of metal magnesium in China (monthly), the production volume of stainless - steel crude steel in China (monthly), the procurement volume and price of FeSi75 - B by HeSteel Group (monthly) from 2022 - 2026 are shown [4]. - For silicon manganese, data on the demand volume of silicon manganese in China (monthly), the export volume of silicon manganese in China (monthly), and the estimated production volume of crude steel in China (monthly) from 2022 - 2026 are provided [7]. Inventory - For silicon iron, data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts and effective forecasts of silicon iron on CZCE (daily), and the average available days of inventory in East China, South China, and the Northern region (monthly) from 2022 - 2026 are presented [5]. - For silicon manganese, data on the total number of warehouse receipts and effective forecasts of silicon manganese on CZCE (daily), the inventory of 63 sample enterprises in China (weekly), and the average available days of inventory in China (monthly) from 2022 - 2026 are provided [7]. Cost and Profit - For silicon iron, data on electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi (daily), the market price of small - sized semi - coke in Shaanxi (daily), the production cost and profit of silicon iron in Ningxia and Inner Mongolia (monthly), and the export profit of 75 - grade silicon iron (monthly) from 2022 - 2026 are shown [5]. - For silicon manganese, data on the cost of raw materials such as chemical coke, manganese ore, etc., and the profit of silicon manganese production in Inner Mongolia, Guangxi, the Northern region, and the Southern region (monthly) from 2022 - 2026 are provided [6][7].

1. Report Industry Investment Rating - Not provided 2. Core Views Manganese Silicon - The overall view is bearish. The weekly price fluctuated sharply and returned to the level at the beginning of the week. The weekly production of silicon - manganese decreased, demand declined slightly, and the oversupply situation was difficult to improve. The cost of downstream factories' pre - holiday stockpiling was completed, but the ore price remained firm. After the Spring Festival, there was still an upward expectation for manganese ore spot due to the increase in foreign - market costs. The coking coal and coke market fluctuated violently, and the first round of coke price increase was implemented [3]. Ferrosilicon - The overall view is neutral. The weekly price fluctuated sharply and returned to the beginning - of - week level. Before the Spring Festival, the market price was expected to remain stable with limited adjustment. Currently, the supply - demand situation of 75 ferrosilicon was better than that of 72. The production of ferrosilicon decreased slightly, the demand from steel mills declined, the production of magnesium metal continued to rise, and the inventory decreased slightly month - on - month. The price difference between 75 and 72 ferrosilicon continued to widen to a high level. The price of semi - coke remained stable, and attention should be paid to the progress of differential electricity prices in Shaanxi [4]. 3. Summary by Directory Manganese Ore - **Inventory**: The total port inventory of manganese ore was 4.357 million tons, showing a slight continuous increase week - on - week. Tianjin Port's inventory increased slightly to 3.325 million tons, still lower than the same period last year; Qinzhou Port's inventory decreased slightly to 1.027 million tons, significantly higher than the same period last year [14]. - **Inventory by Variety**: In Tianjin Port, the inventory of South African ore was 2.173 million tons, showing a slight increase week - on - week; the inventory of Gabon ore was 0.194 million tons, showing a slight decrease week - on - week and much lower than the same period last year; the inventory of Australian ore was 0.528 million tons, continuing to increase and higher than the same period last year [18]. - **Port Price**: The price of Gabon lumps at Tianjin Port was 42.8 yuan/ton - degree, Australian lumps were 41.5 yuan/ton - degree, and South African semi - carbonate was 36.3 yuan/ton - degree. Traders' willingness to offer discounts before the Spring Festival decreased, and some quotes increased by about 0.5 yuan/ton - degree. As the holiday approached, market merchants gradually closed for the holiday [22]. Manganese Silicon - **Production**: As of February 6, the weekly production of silicon - manganese decreased to 191,000 tons. The daily average production in Inner Mongolia increased slightly to 14,340 tons/day; that in Ningxia decreased to 5,935 tons/day; that in Yunnan remained stable at 640 tons/day; that in Guizhou decreased to 1,680 tons/day; and that in Guangxi decreased to 1,630 tons/day [32]. - **Demand**: As of February 6, the weekly demand of Mysteel sample enterprises was 116,100 tons, and the weekly production of the five major steel products decreased to 8.199 million tons. The proportion of rebar in the five major steel products in Mysteel sample data decreased slightly week - on - week [37]. - **Price**: The price in the Inner Mongolia market was around 5,650 yuan/ton, and that in Tianjin was 5,750 yuan/ton. The tender price of HBIS was 5,920 yuan/ton [50]. - **Chemical Coke Price**: The price of chemical coke remained stable this week. As of February 5, the ex - factory prices of 25 - 40mm chemical coke in Yinchuan, Ordos, and Alxa were 1,190, 1,140, and 1,140 yuan/ton respectively [53]. - **Production Profit**: The immediate profit of silicon - manganese was low, and the loss of point - to - point profit narrowed slightly [57]. - **Month - to - Month Spread**: As of February 5, the 5 - 9 month - to - month spread of manganese silicon was - 48 yuan/ton, continuing to fluctuate at a low level [62]. - **Basis and Warehouse Receipts**: The futures price fluctuated, and the basis strengthened slightly. As of February 5, the total of manganese silicon warehouse receipts and valid forecasts was 207,800 tons [65]. Ferrosilicon - **Production**: As of February 6, the weekly production was 99,200 tons, showing a slight increase week - on - week. The daily average production in Inner Mongolia was 5,165 tons, in Qinghai was 1,310 tons, in Ningxia was 3,760 tons, and in Shaanxi was 2,680 tons [76]. - **Demand**: - **Steel Mills**: The total consumption of ferrosilicon by Mysteel sample steel mills was 18,500 tons, higher than the same period last year [81]. - **Magnesium Metal**: The export price of magnesium metal at Tianjin Port was 2,440 US dollars/ton; the market price was 16,450 yuan/ton, showing a slight decrease week - on - week. The weekly production of magnesium metal was 20,671 tons, continuing to increase slightly. The magnesium metal market showed a weak pattern, and the market price of magnesium ingots still decreased slightly; the purchasing sentiment of end - user factories and traders was low, and even for small - quantity restocking orders, the inquiry prices continued to decline [88]. - **Export**: As of February 5, the overseas FOB price of 75 ferrosilicon was 1,115 US dollars/ton, and that of 72 ferrosilicon was 1,055 US dollars/ton, remaining stable week - on - week. In December, the import volume of ferrosilicon decreased slightly month - on - month, and the export volume increased month - on - month [97]. - **Raw Material Situation**: As of February 6, the quoted prices of semi - coke small materials in the mainstream regions remained stable. The current prices were 755 yuan/ton in Shaanxi, 805 yuan/ton in Ningxia, and 745 yuan/ton in Inner Mongolia. The price of iron oxide scale was 750 yuan/ton [106]. - **Production Profit**: As of February 6, the loss of point - to - point profit of ferrosilicon expanded slightly. The production profits in Inner Mongolia, Ningxia, Shaanxi, and Qinghai were - 70, - 81, - 265, and - 599 yuan/ton respectively [120]. - **Month - to - Month Spread**: As of February 5, the 5 - 9 month - to - month spread of ferrosilicon was - 62 yuan/ton, showing a slight weakening week - on - week [122]. - **Basis and Warehouse Receipts**: The futures price fluctuated, and the basis of ferrosilicon fluctuated slightly. As of February 5, the total of ferrosilicon warehouse receipts and valid forecasts was 42,300 tons [125]. Balance Sheet - **Manganese Silicon**: From July 2025 to June 2026, the total supply and demand showed different trends. There were periods of oversupply and tight supply. The year - on - year cumulative growth rate of production and consumption also changed over time [128]. - **Ferrosilicon**: From July 2025 to June 2026, the total supply and demand also showed different trends, with periods of oversupply and tight supply. The year - on - year cumulative growth rate of production and consumption also changed over time [129].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 Price - For silicon iron, on February 9, 2026, the latest price of Ningxia 72 was 5300 with no daily change and a weekly change of -50; Inner Mongolia 72 was 5370 with no daily change and a weekly change of 40; etc [1]. - For silicon manganese, on the same day, the latest price of Inner Mongolia 6517 was 5650 with no daily change and a weekly change of -50; Ningxia 6517 was 5610 with no daily change and a weekly change of -10; etc [1]. 3.2 Supply - There are data on the production volume of silicon iron and silicon manganese in China over the years, including monthly production of 136 silicon - iron enterprises in China, weekly production of 136 silicon - iron enterprises in China (with a capacity share of 95%), and weekly production of silicon manganese in China [4][6]. - Capacity utilization rates of 136 silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are also provided [4]. 3.3 Demand - There are data on the demand for silicon iron and silicon manganese in China over the years, such as the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber) [4][7]. - Data on the production of related products like crude steel, stainless - steel crude steel, and metal magnesium are also presented to reflect the demand situation [4]. 3.4 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, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, there are data on warehouse receipts, effective forecasts, inventory + effective inventory, and the inventory of 63 sample enterprises in China on a weekly basis [7]. 3.5 Cost and Profit - For silicon iron, there are data on electricity prices in different regions, the market price of semi - coke, the production cost and profit of silicon iron in Ningxia and Inner Mongolia [5]. - For silicon manganese, there are data on the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon manganese converted to the main contract [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Directory Price - The latest prices of 72% FeSi in different regions are as follows: 5300 in Ningxia, 5350 in Inner Mongolia, 5300 in Qinghai, 5300 in Shaanxi, 5750 in Jiangsu, and 5750 in Tianjin. The latest price of 75% FeSi in Shaanxi is 6000, and in Tianjin is 1115. The latest price of 6517 FeSi in Inner Mongolia is 5650, in Ningxia is 5610, in Guangxi is 5750, in Guizhou is 5700, and in Yunnan is 5700. The latest price of 6014 FeSi in Guangxi is 5100 [1]. - The closing prices of silicon - manganese and silicon - iron futures contracts in different years from 2022 - 2026 are presented, including主力合约, 01, 05, 09 contracts, etc. [1][2][5] - The price differences between different grades and regions of silicon - iron and silicon - manganese are also provided, such as the basis, month - to - month spreads, and the spread between silicon - iron and silicon - manganese [1][2][5] Supply - The production data of 136 silicon - iron enterprises in China are shown, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi from 2022 - 2026 [3]. - The production data of silicon - manganese in China, including weekly production, and the procurement data of HeSteel Group (quantity and price) from 2022 - 2026 are presented [5] Demand - The demand - related data of silicon - iron and silicon - manganese are provided, such as the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the export volume of silicon - iron, and the demand for silicon - manganese in China from 2022 - 2026 [3][5][6] Inventory - The inventory data of silicon - iron and silicon - manganese are provided, including the inventory of 60 sample enterprises in different regions, the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions from 2022 - 2026 [4][6] Cost and Profit - The cost - related data of silicon - iron and silicon - manganese are provided, such as electricity prices in different regions, the market price of semi - coke, and the market price of manganese ore from 2022 - 2026 [4][5] - The profit - related data of silicon - iron and silicon - manganese are provided, including the production profit, the profit converted to the main contract, and the export profit from 2022 - 2026 [4][6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Manganese Silicon**: The core view is bearish. This week, the futures market fluctuated sharply. After a significant rally following the overall commodity sentiment, the price started to decline and returned to the level at the beginning of the week. The weekly production of silicon - manganese increased month - on - month, and the demand slightly rebounded. Some factories hedged at high levels. Recently, some factories in Inner Mongolia plan to start new production around the Spring Festival. The northern offer is around 5,600 - 5,700 yuan/ton, and the southern offer is 5,750 - 5,850 yuan/ton. Some factories in Guizhou and Guilin, Guangxi stopped or reduced production due to the increase in single - shift production electricity prices. The tender price of HBIS is 5,920 yuan/ton. In terms of cost, South32 announced the offer of South African semi - carbonate lump (typical value Mn36.9%) for March 2026 at 4.5 dollars/ton degree, a month - on - month increase of 0.1 dollars/ton degree; the offer of Australian lump (typical value Mn42%) is 5.2 dollars/ton degree, a month - on - month increase of 0.1 dollars/ton degree. The coking coal and coke futures fluctuated sharply, and the first round of coke price increase was implemented [3]. - **Ferrosilicon**: The core view is neutral. This week, the futures market fluctuated sharply. After a significant rally following the overall commodity sentiment, the price started to decline and returned to the level at the beginning of the week. The ferrosilicon market adjusted upwards, and the market was filled with a strong sense of cautious waiting - and - seeing. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas is 5,250 - 5,350 yuan/ton (cash and tax included), and the price of 75 - grade ferrosilicon is 5,750 - 5,950 yuan/ton. The production of ferrosilicon increased slightly. On the demand side, the demand from steel mills increased in the short term, and the production of magnesium continued to rise. Currently, the price difference between 75 - grade and 72 - grade ferrosilicon continues to widen. In terms of cost and profit, the price of semi - coke decreased slightly. Continued attention should be paid to the implementation of differential electricity prices in Shaanxi [4]. 3. Summary by Directory Manganese Silicon - **Manganese Ore Inventory**: The total port inventory of manganese ore is 4.248 million tons, continuing to accumulate slightly month - on - month. Among them, the inventory at Tianjin Port increased slightly to 3.23 million tons, still significantly lower than the same period last year; the inventory at Qinzhou Port decreased slightly to 1.013 million tons, significantly higher than the same period last year. In terms of different varieties at Tianjin Port, the inventory of South African ore is 2.037 million tons, with a slight decrease; the inventory of Gabonese ore is 245,000 tons, with a significant increase, far lower than the same period last year; the inventory of Australian ore is 483,000 tons, with a slight increase, higher than the same period last year [9][13]. - **Manganese Ore Price**: The price of Gabonese lump at Tianjin Port is 42.7 yuan/ton degree, Australian lump is 41.5 yuan/ton degree, and South African semi - carbonate is 36 yuan/ton degree. Traders reduced low - price shipments, and the quotes became slightly firmer. However, the pre - holiday procurement demand from factories gradually weakened, and the overall trading remained light [15]. - **Manganese Silicon Production**: As of January 30, the weekly production of silicon - manganese increased to 192,400 tons. The daily average production in Inner Mongolia increased slightly to 14,240 tons/day; that in Ningxia remained stable at 6,030 tons/day; that in Yunnan remained stable at 640 tons/day; that in Guizhou remained stable at 1,825 tons/day; and that in Guangxi decreased to 1,690 tons/day [25]. - **Manganese Silicon Demand**: As of January 30, the weekly demand of Mysteel sample enterprises is 117,200 tons, and the weekly production of the five major steel products decreased to 801,740 tons. The proportion of rebar in the five major steel products in Mysteel sample data decreased slightly month - on - month [30]. - **Manganese Silicon Price**: The price in the Inner Mongolia market is around 5,700 yuan/ton, and that in Tianjin is 5,780 yuan/ton. The tender price of HBIS is 5,920 yuan/ton [42]. - **Chemical Coke Price**: This week, the price of chemical coke remained stable. As of January 30, the ex - factory prices of 25 - 40mm chemical coke in Yinchuan, Ordos, and Alxa are 1,190, 1,140, and 1,140 yuan/ton respectively [45]. - **Manganese Silicon Production Profit**: The immediate profit of manganese silicon is low, and the point - to - point profit loss narrowed slightly [52]. - **Manganese Silicon Month - Spread**: As of January 29, the 5 - 9 month - spread of manganese silicon is - 50 yuan/ton, continuing to fluctuate at a low level [56]. - **Manganese Silicon Basis and Warehouse Receipts**: The futures price fluctuated downward, and the basis strengthened slightly. As of January 29, the total of manganese silicon warehouse receipts and valid forecasts is 197,100 tons [59]. Ferrosilicon - **Ferrosilicon Production**: As of January 30, on the supply side, the weekly production is 98,500 tons, increasing slightly month - on - month. The daily average production in Inner Mongolia is 5,165 tons, in Qinghai is 1,310 tons, in Ningxia is 3,660 tons, and in Shaanxi is 2,680 tons [68]. - **Ferrosilicon Demand - Steel Mills**: The total consumption of ferrosilicon by Mysteel sample steel mills is 18,800 tons, higher than the same period last year [73]. - **Ferrosilicon Demand - Magnesium**: The export price of magnesium at Tianjin Port is 2,440 dollars/ton; the market price is 16,650 yuan/ton, increasing slightly month - on - month. The weekly production of magnesium is 20,321 tons, continuing to increase slightly. Most mainstream factories offer prices between 16,300 - 16,400 yuan/ton. Some magnesium enterprises reported that downstream inquiries offered 16,200 yuan, but factories are reluctant to lower prices. Affected by the difficult sales and slight price decline of semi - coke, manufacturers said that profits are meager, and most of them have a stable - price mentality. The emergence of low - price goods in trading areas has a certain impact on the stability of magnesium prices. Magnesium factories have difficulty in selling, downstream customers keep inquiring, and the market trading activity is average [77]. - **Ferrosilicon Export**: As of January 30, the overseas FOB price of 75 - grade ferrosilicon is 1,115 dollars/ton, and that of 72 - grade ferrosilicon is 1,055 dollars/ton, increasing slightly month - on - month. In December, the import volume of ferrosilicon decreased slightly month - on - month, and the export volume increased month - on - month [79]. - **Ferrosilicon Raw Materials**: As of January 30, the quotes of mainstream semi - coke small materials remained stable. The current prices are 755 yuan/ton in Shaanxi, 805 yuan/ton in Ningxia, and 745 yuan/ton in Inner Mongolia. The price of iron oxide scale is 730 yuan/ton [84][86]. - **Ferrosilicon Production Profit**: As of January 30, the point - to - point profit loss of ferrosilicon widened slightly. The production profits in Inner Mongolia, Ningxia, Shaanxi, and Qinghai are - 104, - 65, - 259, and - 513 yuan/ton respectively [89][90]. - **Ferrosilicon Month - Spread**: As of January 29, the 5 - 9 month - spread of ferrosilicon is - 44 yuan/ton, strengthening slightly month - on - month [95]. - **Ferrosilicon Basis and Warehouse Receipts**: The futures price fluctuated sharply, and the basis of ferrosilicon decreased slightly. As of January 29, the total of ferrosilicon warehouse receipts and valid forecasts is 43,700 tons [100]. Balance Sheet - **Manganese Silicon**: From July 2025 to June 2026, the total supply and demand of manganese silicon showed different trends. The total supply fluctuated between 85.1 - 98.0 million tons, and the total demand fluctuated between 74.8 - 94.0 million tons. The surplus volume also changed, with a maximum surplus of 10.3 million tons and a minimum deficit of 2.5 million tons. The cumulative year - on - year growth rate of production and consumption also showed different trends [102]. - **Ferrosilicon**: From July 2025 to June 2026, the total supply of ferrosilicon fluctuated between 43.0 - 52.0 million tons, and the total demand fluctuated between 43.1 - 51.4 million tons. The surplus volume also changed, with a maximum surplus of 4.9 million tons and a minimum deficit of 3.5 million tons. The cumulative year - on - year growth rate of production and consumption also showed different trends [103].

Core Viewpoint - In 2025, the Fugu County Taxation Bureau will innovate the "Addition, Subtraction, Multiplication, and Division" governance model to build a refined tax and fee management system that covers the entire chain and process, enhancing the tax business environment to accelerate the high-end, intelligent, and green development of the local magnesium industry [1] Group 1: Addition - The Fugu County Taxation Bureau has issued the "Standardized Management Guidelines for Tax and Fee Processes in the Metal Magnesium Industry" to ensure that policies benefit enterprises directly [2] - A joint meeting mechanism has been established with multiple departments to share industry data and accurately grasp development dynamics [2] - Differentiated services are implemented across various links of the industry chain to promote the transition from raw magnesium output to deep processing [2] Group 2: Subtraction - The bureau has innovated a "one-form integration" declaration process, reducing the average declaration time from 15 minutes to 7 minutes [3] - A closed-loop mechanism for policy implementation has been established, achieving same-day refunds for VAT credits [3] - The bureau has adopted "flexible law enforcement + precise supervision," resulting in a 40% year-on-year decrease in enterprise inspections, effectively reducing disruptions to normal business operations [3] Group 3: Multiplication - Since last year, the Fugu County Taxation Bureau has focused on building a digital service system that includes "intelligent push + remote consultation + online processing," further lowering tax compliance costs for enterprises [4] - Big data is utilized for comprehensive risk scanning, providing "health check" warnings and customized service plans for key enterprises to effectively address various tax-related issues [4] Group 4: Division - The bureau has introduced a "risk warning + policy guidance" pre-service to proactively assist enterprises in avoiding risks [5] - An innovative tax-enterprise communication model has been developed to resolve tax-related conflicts [5] - A "tax + bank" financing green channel has been established, helping enterprises secure over 150 million yuan in financing throughout the year, effectively alleviating financial pressures in the industry chain and stimulating innovation in the local magnesium industry [5]

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, different regions have varying prices and price changes. For example, the latest price of 72 silicon iron in Ningxia is 5350, with a daily change of 100 and a weekly change of 100. The price of the main contract is 5736, with a daily change of 104 and a weekly change of 126 [1]. - For silicon manganese, the closing price of the main contract on CZCE, the basis in different regions, and the price differences between different grades and regions are presented. For example, the closing price of the silicon manganese main contract on CZCE shows different trends from 2022 - 2026 [6]. Supply - The production volume and capacity utilization rate of silicon iron in 136 Chinese enterprises (monthly and weekly), and the production volume of silicon manganese in China (weekly) are provided. For example, the monthly production volume of silicon iron by 136 Chinese enterprises shows different trends from 2022 - 2026 [4][6]. - The production volume and procurement volume of silicon iron and silicon manganese by Hebei Iron and Steel Group are also included. For example, the monthly procurement volume of FeSi75 - B silicon iron by Hebei Iron and Steel Group shows different trends from 2022 - 2026 [4]. Demand - The demand - related data of silicon iron and silicon manganese in China are presented, such as the estimated and actual production volume of crude steel in China, the production volume of stainless - steel crude steel in China, and the demand for silicon manganese in China (in ten thousand tons) [4][7]. Inventory - The inventory data of silicon iron and silicon manganese are provided, including the inventory of 60 sample enterprises of silicon iron in different regions (weekly), the total number of silicon iron and silicon manganese warehouse receipts on CZCE (daily), and the inventory average available days in different regions [5][7]. Cost and Profit - The cost and profit data of silicon iron and silicon manganese are provided, such as the production cost of silicon iron in Ningxia and Inner Mongolia (yuan/ton), the profit of silicon iron and silicon manganese in different regions (yuan/ton), and the export profit of 75 - grade silicon iron (yuan) [5][7].

Core Viewpoint - The market for silicon iron shows slight price increases, but trading volume is low, with a focus on hedging orders for delivery [4] Supply - The operating rate of 136 independent silicon iron enterprises is 29.63%, a 0.09% increase from the previous week; daily output is 14,155 tons, up 0.14% week-on-week, with a weekly supply of 99,100 tons [3] Demand - Weekly demand for five major steel types is 18,508.8 tons, a 0.15% increase from the previous week; total production of five major materials is 8,185,900 tons, up by 34,100 tons week-on-week; total inventory is 12,539,200 tons, an increase of 217,700 tons [3] Pricing and Costs - Current prices in major production areas are Inner Mongolia at 5,300 yuan/ton, Ningxia at 5,320 yuan/ton, and Qinghai at 5,300 yuan/ton [1] - The production costs are reported as follows: Inner Mongolia at 5,492 yuan/ton, Qinghai at 5,831 yuan/ton, and Ningxia at 5,433 yuan/ton; current profits are negative in Inner Mongolia at -190 yuan/ton and Ningxia at -113 yuan/ton [2] Market Sentiment - The market atmosphere is generally subdued, with manufacturers primarily focused on fulfilling hedging orders; however, there is some support for demand due to seasonal factors and export controls [4] Future Outlook - The previous supply-demand imbalance has been priced in, with both demand and costs providing support; short-term focus should be on macroeconomic and policy narratives, with a recommendation to buy on dips, using 5,500 yuan as a reference for bottom support [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - **Silicon Iron**: The latest prices of silicon iron in different regions and varieties are presented, including spot prices, warehouse receipt prices, and futures prices. For example, the cash price of Ningxia 72 silicon iron natural block is 5320, with a weekly increase of 50, and the main contract price is 5698, with a daily increase of 66 and a weekly increase of 74 [2]. - **Silicon Manganese**: Similar price information for silicon manganese is provided, such as the factory - ex price of Inner Mongolia 6517 silicon manganese is 5700, with a weekly increase of 50, and the main contract price is 5930, with a daily increase of 26 and a weekly increase of 56 [2]. Supply - **Silicon Iron**: The production data of 136 silicon iron enterprises in China are shown, including monthly and weekly production, and capacity utilization rates in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Silicon Manganese**: The weekly production of silicon manganese in China and the procurement volume and price of Hebei Iron and Steel Group are presented [6]. Demand - **Silicon Iron**: The demand - related data include the estimated production of crude steel in China, the production of stainless - steel crude steel, and the procurement volume of Hebei Iron and Steel Group [4]. - **Silicon Manganese**: The demand data involve the estimated production of crude steel in China, the demand volume in China (Steel Union caliber), and the export volume [7]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in different regions (China, Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions are provided [5]. - **Silicon Manganese**: The inventory data include the number of warehouse receipts, effective forecasts, the sum of warehouse receipts and effective inventory, the inventory of 63 sample enterprises in China, and the average available days of inventory in China [7]. Cost and Profit - **Silicon Iron**: The cost - related data include electricity prices in different regions, the market price of semi - coke, and the production cost of silicon iron in Ningxia and Inner Mongolia. The profit data involve the profit of silicon iron in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon iron [5]. - **Silicon Manganese**: The profit data of silicon manganese in different regions (Inner Mongolia, Guangxi, northern and southern regions) and the profit of Guangxi silicon manganese converted to the main contract are presented [7].