1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - For silicon iron, the latest prices of 72 silicon iron in different regions on February 6, 2026, are as follows: 5300 yuan in Ningxia, 5370 yuan in Inner Mongolia, 5300 yuan in Qinghai, 5300 yuan in Shaanxi, and 5750 yuan in Jiangsu and Tianjin. The price of 75 silicon iron in Shaanxi is 6000 yuan, and the export price of 72 silicon iron in Tianjin is 1055 US dollars, while that of 75 silicon iron is 1115 US dollars. There are also price changes on a daily and weekly basis [1]. - For silicon manganese, the latest prices of 6517 silicon manganese in different regions on February 6, 2026, are: 5650 yuan in Inner Mongolia, 5610 yuan in Ningxia, 5750 yuan in Guangxi, and 5700 yuan in Guizhou and Yunnan. The price of 6014 silicon manganese in Guangxi is 5100 yuan. There are corresponding daily and weekly price changes [1]. - The report also shows the historical price trends of silicon iron and silicon manganese from 2022 - 2026, including market prices in different regions, export and import prices, and prices of related contracts [2][6]. Supply - For 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 from 2022 - 2026 are presented. The production of silicon iron in China shows certain trends over time [4]. - For silicon manganese, the weekly production of silicon manganese in China from 2022 - 2026 is shown, as well as the procurement volume and price of 6517 silicon manganese by Hebei Iron and Steel Group on a monthly basis [6]. Demand - For silicon iron, factors related to demand include the production of crude steel in China, the production of stainless - steel crude steel, the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, and the export volume of silicon iron. These data are presented from 2022 - 2026 [4]. - For silicon manganese, the demand data include the estimated demand in China (Steel Union's caliber), the production of crude steel in China, and the export volume of silicon manganese from 2022 - 2026 [4][7]. Inventory - For silicon iron, the inventory data of 60 sample enterprises in China, including inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as the inventory average available days in different regions and the total inventory (including warehouse receipts and effective forecasts) are presented from 2022 - 2026 [5]. - For silicon manganese, the inventory data include the total warehouse receipts, effective forecasts, and the sum of them, as well as the inventory of 63 sample enterprises in China on a weekly basis and the inventory average available days in China from 2022 - 2026 [7]. Cost and Profit - For silicon iron, the cost - related factors include electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke in Shaanxi, etc. The profit data include the production cost and profit in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon iron from 2022 - 2026 [5]. - For silicon manganese, the profit data include the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the disk - based profit in Guangxi and Ningxia from 2022 - 2026 [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 iron, prices vary by region and type. For example, the latest price of Ningxia 72 silicon iron natural block is 5350, with a weekly increase of 50; the latest price of Tianjin 72 silicon iron export is 1055 (in US dollars), with a weekly increase of 10. For silicon manganese, the latest price of Inner Mongolia 6517 silicon manganese is 5700, with a daily increase of 30 and a weekly increase of 20 [1]. - Multiple charts show the price trends of different types of silicon iron and silicon manganese in various regions from 2022 - 2026, including market prices, export and import average prices, and contract closing prices [2][5]. Supply - Charts display the production and capacity utilization of 136 silicon - iron enterprises in China from 2022 - 2026, including monthly production, weekly production (with a capacity share of 95%), and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi. Also shows the production of silicon manganese in China from 2022 - 2026 [3][5]. - The production of silicon iron and silicon manganese is affected by factors such as enterprise capacity utilization and production scale [3][5]. Demand - Charts present the demand - related data of silicon iron and silicon manganese from 2022 - 2026, including the estimated and actual production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume and price of silicon iron and silicon manganese by Hebei Iron and Steel Group, and the demand for silicon manganese in China (according to Steel Union's data) [3][6]. - The demand for silicon iron and silicon manganese is related to the steel industry and other downstream industries [3][6]. Inventory - For silicon iron, charts show the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2022 - 2026, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions. For silicon manganese, it shows the warehouse receipt quantity, effective forecast, warehouse receipt + effective inventory, and inventory average available days in China from 2022 - 2026 [4][6]. - Inventory levels are affected by production, demand, and market trading activities [4][6]. Cost and Profit - For silicon iron, the cost and profit data include electricity prices in different regions, the market price of semi - coke, the production cost and profit in Ningxia and Inner Mongolia. For silicon manganese, it includes the cost of raw materials such as chemical coke, manganese ore, and the profit in Inner Mongolia, Guangxi, and other regions [4][6]. - Cost and profit are affected by factors such as raw material prices, electricity prices, and market selling prices [4][6].

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 iron (FeSi), prices vary by region and grade, e.g., Ningxia 72 is 5320, Inner Mongolia 72 is 5320, and Shaanxi 75 is 5850 [1] - For silicon manganese (SiMn), the closing price of the main contract on CZCE, basis, spreads between regions and grades are presented, along with prices of related materials like chemical coke and manganese ore [6] Supply - For silicon iron, the monthly and weekly production of 136 Chinese enterprises, and the capacity utilization rate in Inner Mongolia, Ningxia, and Shaanxi are shown [4] - For silicon manganese, the weekly production in China, and the purchase volume and price of Hebei Steel Group are provided [6] 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 purchase volume of Hebei Steel Group [4] - For silicon manganese, the demand in China (in ten thousand tons, according to Steel Union's data), and the export volume are presented [7] Inventory - For silicon iron, the inventory of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), CZCE's warehouse receipt quantity, effective forecast, and inventory available days in different regions are given [5] - For silicon manganese, CZCE's warehouse receipt quantity, effective forecast, total inventory, inventory available days in China, and the inventory of 63 sample enterprises in China are shown [7] Cost and Profit - For silicon iron, costs such as electricity prices in different regions, the market price of semi - coke, and profits including production cost, discount to the main contract profit, and export profit are presented [5] - For silicon manganese, profits in different regions (Inner Mongolia, Guangxi, North and South regions), and the discount to the main contract profit in Guangxi and Ningxia are provided [7]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - The report presents the latest prices, daily and weekly changes of silicon - iron and silicon - manganese in different regions, including spot prices, factory - price converted to futures prices, and futures contract prices. For example, the latest price of Ningxia 72 silicon - iron is 5320, with a weekly increase of 50 [1]. - It also shows historical price trends of silicon - iron and silicon - manganese from 2022 to 2026, covering various regions and contract types [2][6]. Supply - For silicon - iron, it shows the production volume of 136 Chinese silicon - iron enterprises (monthly and weekly), and the capacity utilization rate of silicon - iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) [4]. - For silicon - manganese, it presents the weekly production volume in China and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - The report shows the estimated and actual production volume of Chinese crude steel (monthly), the production volume of Chinese stainless - steel crude steel (monthly), and the demand volume of Chinese silicon - manganese (in ten thousand tons) [4][7]. - It also includes the procurement volume and price of Hebei Iron and Steel Group for silicon - iron and silicon - manganese [4][6]. Inventory - For silicon - iron, it presents the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts and effective forecasts (daily), and the average available days of inventory in different regions (monthly) [5]. - For silicon - manganese, it shows the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory (daily), the inventory of 63 sample enterprises in China (weekly), and the average available days of inventory in China (monthly) [7]. Cost and Profit - For silicon - iron, it shows the electricity prices in different regions (daily), the market price of semi - coke in Shaanxi (daily), and the production cost, futures - contract - converted profit, and spot profit in Ningxia and Inner Mongolia [5]. - For silicon - manganese, it shows the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the futures - contract - converted profit in Guangxi and Ningxia [7].

Report Information - Report Title: Ferroalloy Morning Report - Report Date: December 18, 2025 Report Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Category Price - **Silicon Iron**: The latest price of Ningxia 72 silicon iron natural block is 5120 yuan, with a daily change of -30 yuan and a weekly change of 20 yuan; the main contract price is 5546 yuan, with a daily change of 64 yuan and a weekly change of 112 yuan [2]. - **Silicon Manganese**: The latest price of Inner Mongolia 6517 silicon manganese is 5540 yuan, with a daily change of 0 yuan and a weekly change of 20 yuan; the main contract price is 5758 yuan, with a daily change of 22 yuan and a weekly change of 34 yuan [2]. Supply - **Silicon Iron**: The monthly production of 136 silicon - iron enterprises in China from 2021 - 2025 is presented, and their weekly production (with a capacity share of 95%) is also shown [4]. - **Silicon Manganese**: The weekly production of silicon manganese in China from 2021 - 2025 is provided [6]. Demand - **Silicon Iron**: The demand - related data includes the estimated production of crude steel in China (monthly, in ten - thousand tons), the production of stainless - steel crude steel in China (monthly, in ten - thousand tons), etc. [4]. - **Silicon Manganese**: The demand - side data shows the demand for silicon manganese in China (in ten - thousand tons, according to Steel Union's statistics), and the estimated production of crude steel in China (monthly, in ten - thousand tons) [4][7]. Inventory - **Silicon Iron**: The weekly inventory data of 60 sample enterprises in China, including those in Ningxia, Inner Mongolia, and Shaanxi, are given, as well as the daily data of CZCE silicon iron warehouse receipts, effective forecasts, etc. [5]. - **Silicon Manganese**: The daily data of CZCE silicon manganese warehouse receipts, effective forecasts, and the weekly inventory data of 63 sample enterprises in China are presented [7]. Cost and Profit - **Silicon Iron**: The cost - related data includes the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, and the market price of semi - coke small materials in Shaanxi. The profit data includes the production profit of semi - coke in China, the export profit of 75 - grade silicon iron, etc. [5]. - **Silicon Manganese**: The cost - related data involves the ex - factory price of chemical coke in Ordos, and the summary prices of various manganese ores. The profit data includes the profit of silicon manganese in Inner Mongolia, Guangxi, etc. [6][7].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the report 3. Summary by Related Catalogs Price - For silicon ferroalloy on December 17, 2025, the prices of宁夏72 and 内蒙72 were 5150 and 5200 respectively, with daily changes of -50 and -20, and weekly changes of 50 and 80. The prices of different contracts on the disk also had corresponding changes [2] - For silicon manganese, the prices of different regions such as 内蒙6517, 宁夏6517, etc. had different daily and weekly changes on the same day [2] Supply - The report presents the historical production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly and weekly production, as well as the capacity utilization rate of enterprises in different regions [5] - It also shows the historical production data of silicon manganese in China from 2021 - 2025, and the procurement volume and price data of HeSteel Group [7] Demand - The report provides historical data on the demand volume of silicon manganese in China from 2021 - 2025, and also shows the production data of related products such as crude steel, stainless - steel crude steel, etc., which are related to the demand for ferroalloys [5][8] Inventory - For silicon ferroalloy, it shows the inventory data of 60 sample enterprises in different regions (China, Ningxia, Inner Mongolia, Shaanxi) from 2021 - 2025, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions [6] - For silicon manganese, it presents the warehouse receipt quantity, effective forecast, inventory average available days, and inventory data of 63 sample enterprises in China from 2021 - 2025 [8] Cost and Profit - For silicon ferroalloy, it shows the electricity price data in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of raw materials such as semi - coke, and the production cost, disk profit, and spot profit in Ningxia and Inner Mongolia from 2021 - 2025 [6] - For silicon manganese, it shows the profit data of different regions (Inner Mongolia, Guangxi, North Region, South Region) from 2021 - 2025, as well as the profit of Guangxi silicon manganese converted to the main contract on the disk [8]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy, on December 9, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5100 yuan, unchanged from the previous day and week; Inner Mongolia 72 was 5150 yuan, down 20 yuan from the previous day and week; the export price of Tianjin 72 was 1020 US dollars, unchanged from the previous day and down 10 US dollars from the previous week [2]. - For silicon manganese, on December 9, 2025, the latest price of Inner Mongolia 6517 silicon manganese alloy was 5530 yuan, unchanged from the previous day and week; Ningxia 6517 was 5510 yuan, down 10 yuan from the previous day and unchanged from the previous week [2]. Supply - The report presents historical data on the output of 136 silicon - ferroalloy enterprises in China (monthly and weekly, with a capacity share of 95%), and the capacity utilization rate of 136 silicon - ferroalloy production enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) [4]. - It also shows historical data on the weekly output of silicon manganese in China [6]. Demand - The report provides historical data on the estimated and revised production volume of crude steel in China (monthly, in ten thousand tons), the production volume of stainless - steel crude steel in China (monthly, in ten thousand tons), and other data related to the demand for ferroalloys [4]. Inventory - For silicon ferroalloy, it includes historical data on the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi (weekly), the total number of warehouse receipts of silicon ferroalloy on CZCE (daily), and the average available inventory days in different regions [5]. - For silicon manganese, it shows historical data on the total number of warehouse receipts of silicon manganese on CZCE (daily), the total number of valid forecasts (daily), and the inventory of 63 sample enterprises in China (weekly, in tons) [7]. Cost and Profit - For silicon ferroalloy, the report presents historical data on electricity prices in different regions, the market mainstream price of semi - coking coal, and the production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia [5]. - For silicon manganese, it shows historical data on the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions (in yuan per ton) and other related cost - profit data [7].

Report Information - Report Title: Ferroalloy Morning Report - Report Date: November 25, 2025 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - No clear core view is presented in the provided content. The report mainly offers price, supply, demand, inventory, and cost - profit data for ferroalloys such as ferrosilicon and ferromanganese. 3. Summary by Relevant Catalogs Price - **Ferrosilicon**: - Spot prices vary by region and type. For example, Ningxia 72 natural block ferrosilicon is 5130 yuan, with a weekly change of - 20 yuan; Tianjin 72 ferrosilicon export price is 1020 US dollars, with a weekly change of - 10 US dollars [2]. - Futures prices also show differences among different contracts. The main contract of ferrosilicon is 5456 yuan, down 16 yuan daily and 206 yuan weekly [2]. - **Ferromanganese**: - Spot prices of ferromanganese in different regions have different changes. Inner Mongolia 6517 ferromanganese has an ex - factory price of 5520 yuan, with a weekly change of - 80 yuan [2]. - Futures prices of different contracts also fluctuate. The main contract of ferromanganese is 5630 yuan, up 24 yuan daily and down 162 yuan weekly [2]. Supply - **Ferrosilicon**: - The production data of 136 ferrosilicon enterprises in China are presented, including monthly output, weekly output, and capacity utilization in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Ferromanganese**: - The weekly production volume of ferromanganese in China and the procurement volume and price of Hebei Iron and Steel Group are provided [6]. Demand - **Ferrosilicon**: - Related to the production of products such as crude steel, stainless - steel crude steel, and metal magnesium. For example, the estimated monthly production of crude steel in China and the production of stainless - steel crude steel are shown [4]. - **Ferromanganese**: - The demand data of ferromanganese in China (according to Steel Union's caliber) are given, and it is also related to the production of crude steel [4][7]. Inventory - **Ferrosilicon**: - The inventory data of 60 sample enterprises in China, including total inventory and inventory in different regions like Ningxia, Inner Mongolia, and Shaanxi, are provided. Also, data on warehouse receipts, effective forecasts, and inventory average available days in different regions are presented [5]. - **Ferromanganese**: - The inventory data of 63 sample enterprises in China, warehouse receipts, effective forecasts, and inventory average available days in China are shown [7]. Cost and Profit - **Ferrosilicon**: - Cost - related data include electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) and the market price of semi - coke in Shaanxi. Profit - related data include the profit of ferrosilicon in Ningxia (converted to the main contract and spot profit) and the export profit of 75% ferrosilicon [5]. - **Ferromanganese**: - Profit data in different regions such as Inner Mongolia, Guangxi, the northern region, and the southern region are provided, as well as the profit of Guangxi ferromanganese converted to the main contract [7].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint No clear core viewpoint presented in the given text. 3. Summary by Related Catalogs Price - **Silicon Iron**: Spot prices in different regions showed various changes, e.g., Ningxia 72 remained at 5150 with no daily change and a -20 weekly change; Inner Mongolia 72 was at 5200 with no daily or weekly change. Futures prices also had different daily and weekly variations, such as the 01 - contract at 5506 with a 16 - point daily change and an - 80 - point weekly change [2]. - **Silicon Manganese**: Spot prices in different regions had different changes, like Inner Mongolia 6517 remained at 5600 with no daily change and a -20 weekly change; Ningxia 6517 was at 5550 with a -10 daily and weekly change. Futures prices also had corresponding fluctuations, e.g., the 01 - contract at 5756 with a -6 daily and -42 weekly change [2]. Supply - **Silicon Iron**: The production data of 136 silicon - iron enterprises in China from 2021 - 2025 were presented, including monthly production and weekly production with a 95% capacity share. The capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi were also shown [4]. - **Silicon Manganese**: The production data of silicon manganese in China from 2021 - 2025 were provided, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - **Silicon Iron**: The demand - related data included the production of crude steel, stainless - steel crude steel, and the procurement volume of Hebei Iron and Steel Group in China from 2021 - 2025 [4]. - **Silicon Manganese**: The demand data of silicon manganese in China from 2021 - 2025 were shown, including the estimated demand volume (Steel Union caliber) and the procurement volume of Hebei Iron and Steel Group [4][7]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China from 2021 - 2025 were presented, including total inventory, inventory in different regions (Ningxia, Inner Mongolia, Shaanxi), and inventory - related indicators such as warehouse receipts, effective forecasts, and inventory - available days in different regions [5]. - **Silicon Manganese**: The inventory data of silicon manganese from 2021 - 2025 were provided, including warehouse receipts, effective forecasts, total inventory, and inventory - available days in China, as well as the inventory of 63 sample enterprises [7]. Cost and Profit - **Silicon Iron**: The cost - related data included electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke, and the market price of silica. The profit - related data included the production profit in Inner Mongolia and Ningxia, and the export profit of 75 - grade silicon iron [5]. - **Silicon Manganese**: The profit - related data included the profit in Inner Mongolia, Guangxi, and other regions, as well as the profit of silicon manganese converted to the main - contract price in Guangxi and Ningxia [7].

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price - **Silicon Iron**: The latest prices of 72% FeSi in different regions vary, with prices in Ningxia, Inner Mongolia, Qinghai, and Shaanxi at 5600, 5600, 5600, and 5550 respectively, and prices of 75% FeSi in Shaanxi at 5950. There are also price differences among different contracts and bases, such as the main contract at 5696, and the main monthly basis at 204 [1]. - **Silicon Manganese**: The closing price of the main contract of CZCE silicon manganese, basis differences in different regions, and price differences between different varieties are presented, like the main contract closing price, Jiangsu basis, and north - south price difference [5]. Supply - **Silicon Iron**: The production of 136 silicon - iron enterprises in China, their capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi, and the export prices of 72% and 75% FeSi at Tianjin Port are shown. The production of 136 silicon - iron enterprises in China has different trends from 2021 - 2025 [3]. - **Silicon Manganese**: The production of silicon manganese in China, the procurement price and quantity of Hebei Iron and Steel Group, and the prices of manganese ores from different origins are included. The production of silicon manganese in China has shown different values from 2021 - 2025 [5]. Demand - **Silicon Iron**: The demand - related data includes the production of crude steel in China, the price and production of metal magnesium, the export quantity of silicon iron, and the procurement of Hebei Iron and Steel Group. The production of crude steel in China has different pre - estimated values from 2021 - 2025 [3]. - **Silicon Manganese**: The demand data involves the demand in China (by Steel Union's caliber), the export quantity, and the production of crude steel in China. The demand in China has been changing from 2021 - 2025 [6]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipts, effective forecasts, and inventory average available days in different regions are provided. The inventory of 60 sample enterprises in China has different values from 2021 - 2025 [4]. - **Silicon Manganese**: The warehouse receipts, effective forecasts, and inventory data of 63 sample enterprises in China, as well as the inventory average available days in China are presented. The warehouse receipts of silicon manganese in China have shown different trends from 2021 - 2025 [6]. Cost and Profit - **Silicon Iron**: The cost - related data includes electricity prices in different regions, the market price of semi - coke, and the production cost and profit in Ningxia and Inner Mongolia. The electricity price in Inner Mongolia has changed from 2021 - 2025 [4]. - **Silicon Manganese**: The profit data in Inner Mongolia, Guangxi, and different regions, as well as the profit of Guangxi silicon manganese converted to the main contract, are shown. The profit in Inner Mongolia has different values from 2021 - 2025 [6].