Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View During the week from September 8 to September 12, 2025, the ferromanganese silicon market first showed a strong - side oscillation driven by anti - involution information and then shifted to a wide - range oscillation due to emotional disturbances. The overall long - short game was intense. The price of the futures main contract fluctuated within a controllable range, the spot quotes were regionally differentiated with local adjustments, the steel tender procurement volume increased or decreased, but the pricing was under pressure. The cost - side manganese ore quotes were mixed, and the total inventory slightly increased. The game between supply - demand and cost made the market lack a clear unilateral direction. In the short term, the market may maintain a wide - range oscillation pattern, and attention should be paid to subsequent steel tender pricing and actual manganese ore transaction situations [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Price**: The price of the ferromanganese silicon main contract 2601 oscillated during the week, adjusting in the range of 5750 - 5900 yuan/ton, with a relatively stable price center of gravity and a phased balance of power between long and short sides [3]. - **Variety Market**: Affected by market sentiment and supply - demand, the ferromanganese silicon variety showed an oscillation pattern of "strong first and then stable". The table shows the detailed market data of different contracts, including opening, high, low, closing prices, price changes, positions, trading volumes, and turnovers [6]. - **Related Market**: The overall trading activity of the ferromanganese silicon options market was average. The implied volatility fluctuated in a narrow range, and the long - short positions in the options market were basically balanced, indicating that the market had little long - short divergence and investors preferred risk - hedging operations [8]. 3.2 Spot Market - **Spot Market**: The domestic ferromanganese silicon spot quotes showed regional differentiation, and some areas adjusted prices. The initial replenishment operations at the beginning of the week decreased as market sentiment became more volatile, and the overall trading atmosphere cooled [9]. - **Basis Data**: The basis between futures and spot prices was in a reasonable range, with the spot price at a premium of 104 - 204 yuan/ton over the futures price of the 2601 contract. The basis fluctuated slightly during the week [10]. - **Registered Warehouse Receipts**: The number of ferromanganese silicon registered warehouse receipts remained in the range of 65,000 - 67,000 tons as of September 12, basically the same as last week [13]. 3.3 Influencing Factors - **Industry Information**: On the supply side, China's imports of manganese ore from Brazil decreased significantly, but the current domestic manganese ore inventory was still high, so the short - term impact was limited. On the demand side, the downstream steel mills' procurement volume varied, and their price - pressing intention was strong. On the cost side, international manganese ore suppliers' quotes were mixed [13]. - **Technical Analysis**: The moving average system of the 2601 main contract did not form a clear long or short arrangement, and the MACD indicator showed that the long - short forces were balanced, lacking the power to drive significant price fluctuations [14]. 3.4 Market Outlook In the short term, the ferromanganese silicon market may continue the wide - range oscillation pattern. In the long term, its market trend depends on the recovery of downstream steel demand and the supply and price of upstream manganese ore. There are still many uncertainties in the long - term market, and key data on both supply and demand sides need to be closely tracked [17][18].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For silicon ferroalloy on July 14, the 2509 contract closed at 5484, down 0.69%. With low - level operation of production, falling Ningxia semi - coke price at the cost end, and generally weak steel demand expectations. The production profit of ferroalloys is negative, with Inner Mongolia's spot profit at - 260 yuan/ton and Ningxia's at - 150 yuan/ton. Technically, the 4 - hour cycle K - line is above the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - For manganese silicon on July 14, the 2509 contract closed at 5782, up 0.14%. Fundamentally, the manufacturers' operating rate has rebounded for 7 consecutive weeks at a low level, with moderately high inventory. At the cost end, the port inventory of imported manganese ore increased by 260,000 tons this period, and the downstream hot metal output declined slightly from a high level. The steel mills' procurement is cautious, and the tender price continues to fall. The 4 - hour cycle K - line is above the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. Summary by Related Catalogs Futures Market - SM main contract closing price was 5,782 yuan/ton, up 36 yuan; SF main contract closing price was 5,484 yuan/ton, up 24 yuan [2]. - SM futures contract open interest was 564,686 lots, down 20,651 lots; SF futures contract open interest was 407,541 lots, down 25,104 lots [2]. - Manganese silicon's top 20 net open interest was - 53,987 lots, down 8,192 lots; silicon ferroalloy's top 20 net open interest was - 53,844 lots, down 4,873 lots [2]. - SM 1 - 9 month contract spread was 40 yuan/ton, unchanged; SF 1 - 9 month contract spread was 74 yuan/ton, up 4 yuan [2]. - SM warehouse receipts were 84,776, down 261; SF warehouse receipts were 21,950, up 1,431 [2]. Spot Market - Inner Mongolia and Guizhou's manganese silicon FeMn68Si18 were both 5,600 yuan/ton, unchanged; Yunnan's was 5,550 yuan/ton, unchanged [2]. - Inner Mongolia's silicon ferroalloy FeSi75 - B was 5,360 yuan/ton, Qinghai's was 5,250 yuan/ton, and Ningxia's was 5,330 yuan/ton, all unchanged [2]. - Manganese silicon index average was 5,579 yuan/ton, up 48 yuan; SF main contract basis was - 154 yuan/ton, down 24 yuan; SM main contract basis was - 182 yuan/ton, down 36 yuan [2]. Upstream Situation - South African ore: Mn38 lump at Tianjin Port was 35 yuan/ton - degree, unchanged; silica (98% in Northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai's secondary metallurgical coke was 850 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 640 yuan/ton, unchanged [2]. - Manganese ore port inventory was 4.327 million tons, up 77,000 tons [2]. Industry Situation - Manganese silicon enterprises' operating rate was 40.55%, up 0.21%; silicon ferroalloy enterprises' operating rate was 31.20%, down 0.75% [2]. - Manganese silicon supply was 182,280 tons, up 2,170 tons; silicon ferroalloy supply was 98,700 tons, down 1,500 tons [2]. - Manganese silicon manufacturers' inventory was 222,300 tons, up 500 tons; silicon ferroalloy manufacturers' inventory was 67,000 tons, down 2,400 tons [2]. - Manganese silicon's national steel mill inventory was 15.15 days, down 0.29 days; silicon ferroalloy's national steel mill inventory was 15.20 days, down 0.24 days [2]. Downstream Situation - Five major steel types' manganese silicon demand was 124,928 tons, down 1,861 tons; five major steel types' silicon ferroalloy demand was 20,167.3 tons, down 314.4 tons [2]. - 247 steel mills' blast furnace operating rate was 83.44%, down 0.40%; 247 steel mills' blast furnace capacity utilization rate was 90.27%, down 0.58% [2]. - Crude steel output was 86.545 million tons, up 526,000 tons [2]. Industry News - The Ministry of Industry and Information Technology will implement a large - scale equipment renewal and technological transformation project for the manufacturing industry, accelerate digital transformation, and promote green and low - carbon development [2]. - In the coming week, high - temperature weather will intensify in many places, with nearly 10 provinces facing temperatures above 40°C from July 14 - 16 [2]. - Putin revealed that the root of Russia - West contradictions is geopolitics, not Soviet ideology [2]. - The EU proposed three supply - chain proposals for "risk reduction", aiming to reduce dependence on China [2]. - Trump announced that the US will impose a 30% tariff on products from Mexico and the EU starting from August 1, 2025 [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On May 13, the silicon manganese 2509 contract closed at 5810, down 0.62%. The spot price of Inner Mongolia silicon manganese was reported at 5600, up 50 yuan/ton, and the price of raw material manganese ore increased. The production profit of ferroalloys is currently negative, and the enthusiasm for spot production is not high. It is necessary to guard against greater price fluctuations after the decline in demand. The operation should be treated as a volatile trend [2]. - On May 13, the ferrosilicon 2507 contract closed at 5612, down 0.92%. The spot price of Ningxia ferrosilicon remained stable. The production profit of ferroalloys is negative, and the overall expectation of steel demand is still weak. Attention should be paid to the market sentiment disturbance under the change of tariff policies. The operation should be treated as a volatile trend [2]. Summary by Relevant Catalogs Futures Market - The closing price of the SM main contract was 5810 yuan/ton, down 56 yuan; the closing price of the SF main contract was 5612 yuan/ton, down 24 yuan [2]. - The SM futures contract position was 633,897 hands, up 12,179 hands; the SF futures contract position was 489,000 hands, up 7285 hands [2]. - The net position of the top 20 in manganese silicon was -23,693 hands, up 4143 hands; the net position of the top 20 in ferrosilicon was -24,370 hands, up 1000 hands [2]. - The SM 1 - 9 month contract spread was 58 yuan/ton, up 10 yuan; the SF 1 - 9 month contract spread was 40 yuan/ton, down 8 yuan [2]. - The SM warehouse receipt was 119,280 sheets, up 464 sheets; the SF warehouse receipt was 19,048 sheets, up 172 sheets [2]. Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5600 yuan/ton, up 50 yuan; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5610 yuan/ton, unchanged [2]. - The price of Guizhou manganese silicon FeMn68Si18 was 5550 yuan/ton, up 50 yuan; the price of Qinghai ferrosilicon FeSi75 - B was 5520 yuan/ton, unchanged [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5600 yuan/ton, up 100 yuan; the price of Ningxia ferrosilicon FeSi75 - B was 5510 yuan/ton, unchanged [2]. - The average value of the manganese silicon index was 5497 yuan/ton, down 105.42 yuan; the basis of the SF main contract was -102 yuan/ton, up 24 yuan [2]. - The basis of the SM main contract was -210 yuan/ton, up 106 yuan [2]. Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 32 yuan/ton degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1070 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 670 yuan/ton, unchanged [2]. - The manganese ore port inventory was 394.80 tons, up 23.10 tons [2]. Industry Situation - The manganese silicon enterprise start - up rate was 37.53%, down 3.21%; the ferrosilicon enterprise start - up rate was 32.53%, up 1.78% [2]. - The manganese silicon supply was 172,025 tons, down 10,780 tons; the ferrosilicon supply was 102,900 tons, up 3900 tons [2]. - The manganese silicon manufacturer inventory was 207,100 tons, up 25,300 tons; the ferrosilicon manufacturer inventory was 7.37 tons, down 0.99 tons [2]. - The national steel mill inventory of manganese silicon was 15.44 days, down 1.17 days; the national steel mill inventory of ferrosilicon was 15.44 days, down 0.82 days [2]. - The demand for manganese silicon from the five major steel types was 125,861 tons, down 2350 tons; the demand for ferrosilicon from the five major steel types was 20,336.30 tons, down 224.10 tons [2]. Downstream Situation - The blast furnace start - up rate of 247 steel mills was 84.64%, up 0.29%; the blast furnace capacity utilization rate of 247 steel mills was 92.11%, up 0.08% [2]. - The crude steel output was 9284.14 tons, up 1687.22 tons [2]. Industry News - From the expected maintenance and resumption data, the silicon manganese output may bottom out and rebound slightly in mid - to - late May, mainly due to the resumption of submerged arc furnaces in the Inner Mongolia production area after previous maintenance [2]. - Seasonal gales or sandstorms have a greater impact on new energy power generation enterprises, and the green power ratio in trading policies has been reduced, which may lead to an indirect increase in electricity costs. The on - grid electricity price in May will be higher than that in April, and the power cost of silicon manganese will increase [2]. - Nissan Motor Company has decided to lay off more than 10,000 employees at home and abroad to improve its operating conditions. Combining with the previous plan, Nissan will cut about 15% of its employees, reaching 20,000 [2]. - According to Mysteel statistics, the sample coverage rate of 5 large magnesium alloy production enterprises in the country is 32%. The national magnesium alloy output in March was 33,000 tons, and in April it was 31,900 tons, a month - on - month decrease of 3.33%. The downstream demand of magnesium alloy factories is sluggish, but with the continuous recovery of the price of raw material magnesium ingots, the magnesium alloy market is recovering, and there is no obvious expectation of production reduction [2].