1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - On December 17, 2025, the SM2603 contract was reported at 5,758 yuan/ton, up 0.17%, and the Inner Mongolia silicon - manganese spot was reported at 5,540 yuan/ton, up 10 yuan/ton. The central financial office stated that expanding domestic demand is the top - priority task for next year. In terms of fundamentals, inventory is rising rapidly, production is slightly falling from a high level, and inventory has been rising for 11 consecutive weeks. The port inventory of imported manganese ore at the raw material end decreased by 30,000 tons, and the overall molten iron demand is seasonally falling. The Inner Mongolia spot profit is - 250 yuan/ton, and the Ningxia spot profit is - 400 yuan/ton. The steel group's first - round inquiry for silicon - manganese in December is 5,700 yuan/ton, compared with the November pricing of 5,820 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages, and the short - term trend is expected to be volatile [2]. - On December 17, 2025, the SF2603 contract was reported at 5,546 yuan/ton, up 1.06%, and the Ningxia ferrosilicon spot was reported at 5,250 yuan/ton, up 30 yuan/ton. Most global investment banks predict that the Federal Reserve will cut interest rates by a cumulative 50 basis points in two rate cuts in 2026. In terms of supply - demand, market transactions are mainly for terminal rigid demand restocking, and the inventory is at a neutral level. The Inner Mongolia spot profit is - 340 yuan/ton, and the Ningxia spot profit is - 490 yuan/ton. In December, the tender price of HBIS 75B ferrosilicon is 5,600 yuan/ton, 80 yuan/ton lower than the previous round. Technically, the daily K - line is between the 20 - day and 60 - day moving averages, and the short - term trend is expected to be volatile [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - SM main contract closing price: 5,758 yuan/ton, up 22 yuan/ton; SF main contract closing price: 5,546 yuan/ton, up 64 yuan/ton [2]. - SM futures contract open interest: 576,377 lots, down 14,856 lots; SF futures contract open interest: 407,708 lots, down 15,399 lots [2]. - Net positions of the top 20 in SM: - 31,625 lots, down 2,746 lots; net positions of the top 20 in SF: - 33,843 lots, down 2,433 lots [2]. - SM 5 - 1 month contract spread: 60 yuan/ton, up 2 yuan/ton; SF 5 - 1 month contract spread: 62 yuan/ton, up 14 yuan/ton [2]. - SM warehouse receipts: 24,832 pieces, down 200 pieces; SF warehouse receipts: 12,972 pieces, down 96 pieces [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18: 5,540 yuan/ton, up 10 yuan/ton; Inner Mongolia ferrosilicon FeSi75 - B: 5,300 yuan/ton, up 20 yuan/ton [2]. - Guizhou manganese - silicon FeMn68Si18: 5,550 yuan/ton, unchanged; Qinghai ferrosilicon FeSi75 - B: 5,200 yuan/ton, up 10 yuan/ton [2]. - Yunnan manganese - silicon FeMn68Si18: 5,570 yuan/ton, unchanged; Ningxia ferrosilicon FeSi75 - B: 5,250 yuan/ton, up 30 yuan/ton [2]. - Manganese - silicon index average (weekly): 5,544 yuan/ton, up 13 yuan/ton; SF main contract basis (daily): - 296 yuan/ton, down 34 yuan/ton [2]. - SM main contract basis (daily): - 218 yuan/ton, down 12 yuan/ton [2]. 3.3 Upstream Situation - South African ore: Mn38 lump, Tianjin Port: 32 yuan/ton - degree, unchanged; silica (98%, Northwest): 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1,200 yuan/ton, unchanged; semi - coke (medium material, Shenmu): 850 yuan/ton, unchanged [2]. - Manganese ore port inventory (weekly): 448.30 million tons, down 30,000 tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate (weekly): 36.85%, up 0.14 percentage points; ferrosilicon enterprise operating rate (weekly): 32.44%, down 1.36 percentage points [2]. - Manganese - silicon supply (weekly): 189,245 tons, up 1,295 tons; ferrosilicon supply (weekly): 106,300 tons, down 2,500 tons [2]. - Manganese - silicon manufacturer inventory (half - monthly): 381,000 tons, up 5,500 tons; ferrosilicon manufacturer inventory (half - monthly): 77,840 tons, up 5,200 tons [2]. 3.5 Downstream Situation - Manganese - silicon inventory days of national steel mills (monthly): 15.84 days, up 0.14 days; ferrosilicon inventory days of national steel mills (monthly): 15.80 days, up 0.13 days [2]. - Manganese - silicon demand of five major steel grades (weekly): 112,787 tons, down 3,804 tons; ferrosilicon demand of five major steel grades (weekly): 18,048 tons, down 718.10 tons [2]. - Blast furnace operating rate of 247 steel mills (weekly): 78.61%, down 1.53 percentage points; blast furnace capacity utilization rate of 247 steel mills (weekly): 85.90%, down 1.16 percentage points [2]. - Crude steel output (monthly): 69.87 million tons, down 2.127 million tons [2]. 3.6 Industry News - The National Development and Reform Commission pointed out in an article in Qiushi magazine that it is necessary to accelerate the improvement of the institutional mechanism for expanding domestic demand, promote the removal of unreasonable restrictive measures on consumption such as automobiles and housing, and establish a management method suitable for new consumption formats, models, and scenarios [2]. - In 2025, many defaulted real - estate enterprises "shook off their historical burdens", with the task of ensuring the delivery of housing projects basically completed and much progress made in debt restructuring. However, many defaulted real - estate enterprises are reluctant to develop a large amount of land acquired at high premiums before 2021 due to reasons such as easy losses in development and outdated planning that does not conform to market trends. Solving the problem of idle land has become a key issue to be explored [2]. - French President Macron called in a column in the Financial Times for the EU to urgently reshape its relationship with China, emphasizing that addressing global economic imbalances will be at the core of France's agenda as the G7 chair next year. He added that the EU should remain open and allow China to invest in areas where it leads [2].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On December 8, the manganese - silicon 2603 contract was reported at 5736, down 0.42%. Fundamentally, inventory is rising rapidly, production continues to decline slightly at a high level, and inventory has increased for 10 consecutive weeks. Technically, the daily K - line is between the 20 and 60 - day moving averages, and the short - term trend is expected to be volatile. [2] - On December 8, the ferrosilicon 2603 contract was reported at 5444, down 0.69%. In terms of supply and demand, market transactions are mainly for terminal rigid - demand restocking, and inventory is at a neutral level. Technically, the daily K - line is below the 20 and 60 - day moving averages, and the short - term trend is expected to be weakly volatile. [2] Group 3: Summary According to Related Catalogs Futures Market - The closing price of the SM main contract was 5,736.00 yuan/ton, down 22.00; the closing price of the SF main contract was 5,444.00 yuan/ton, down 30.00. [2] - The SM futures contract holdings were 630,635.00 hands, down 2347.00; the SF futures contract holdings were 470,877.00 hands, up 9618.00. [2] - The net holdings of the top 20 in manganese - silicon were - 26,105.00 hands, up 9574.00; the net holdings of the top 20 in ferrosilicon were - 24,866.00 hands, up 4937.00. [2] - The SM 5 - 1 month contract spread was 48.00 yuan/ton, down 2.00; the SF 5 - 1 month contract spread was 24.00 yuan/ton, down 10.00. [2] - The SM warehouse receipts were 24,528.00, up 3321.00; the SF warehouse receipts were 13,368.00, down 220.00. [2] Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,500.00 yuan/ton, down 20.00; the price of Guizhou manganese - silicon FeMn68Si18 was 5520.00 yuan/ton, down 20.00. The price of Inner Mongolia ferrosilicon FeSi75 - B was 5,260.00 yuan/ton, down 20.00; the price of Qinghai ferrosilicon FeSi75 - B was 5,160.00 yuan/ton, down 20.00. The price of Yunnan manganese - silicon FeMn68Si18 was 5550.00 yuan/ton, unchanged. The price of Ningxia ferrosilicon FeSi75 - B was 5,200.00 yuan/ton, down 30.00. [2] - The weekly average of the manganese - silicon index was 5531.00 yuan/ton, up 32.00; the SF main contract basis was - 244.00 yuan/ton, unchanged. The SM main contract basis was - 236.00 yuan/ton, up 2.00. [2] Upstream Situation - The price of South African Mn38 lump ore at Tianjin Port was 32.00 yuan/ton degree, unchanged; the price of silica (98% in the northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1250.00 yuan/ton, unchanged; the price of semi - coke (medium grade in Shenmu) was 870.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 451.30 million tons, up 13.00 million tons. [2] Industry Situation - The weekly start - up rate of manganese - silicon enterprises was 36.71%, down 1.38; the weekly start - up rate of ferrosilicon enterprises was 33.80%, up 0.39. [2] - The weekly supply of manganese - silicon was 187,950.00 tons, down 6825.00 tons; the weekly supply of ferrosilicon was 108,800.00 tons, up 1600.00 tons. [2] - The semi - monthly inventory of manganese - silicon manufacturers was 375,500.00 tons, up 7500.00 tons; the semi - monthly inventory of ferrosilicon manufacturers was 72,640.00 tons, up 810.00 tons. [2] - The monthly inventory days of manganese - silicon in national steel mills was 15.84, up 0.14; the monthly inventory days of ferrosilicon in national steel mills was 15.80, up 0.13. [2] - The weekly demand for manganese - silicon in the five major steel types was 116,591.00 tons, down 5136.00 tons; the weekly demand for ferrosilicon in the five major steel types was 18,766.10 tons, down 893.90 tons. [2] Downstream Situation - The weekly start - up rate of blast furnaces in 247 steel mills was 80.14%, down 0.93; the weekly capacity utilization rate of blast furnaces in 247 steel mills was 87.06%, down 0.90. [2] - The monthly crude steel output was 7199.70 million tons, down 149.31 million tons. [2] Industry News - The real - estate market is in the transition from building houses to filling houses with people, industries, and business forms. The "price anchor" of real estate is returning from the financial yield under the investment attribute to the use value of property space under the residential attribute. [2] - In November, the railway department transported 184 million tons of coal, a year - on - year increase of 0.3%, including 128 million tons of thermal coal. [2] - In November, China imported 4405.3 million tons of coal and lignite, a month - on - month increase of 5.5%. From January to November, the cumulative import was 43167.6 million tons, a year - on - year decrease of 12.0%. [2] - In November 2025, China exported 998.0 million tons of steel, a month - on - month increase of 2.0%. From January to November, the cumulative export was 10771.7 million tons, a year - on - year increase of 6.7%. [2] Viewpoint Summary - Manganese - silicon: The Inner Mongolia spot profit was - 285 yuan/ton; the Ningxia spot profit was 370 yuan/ton. The final price of silicon - manganese in Hebei Iron and Steel Group in November was 5820 yuan/ton, unchanged from the previous month. [2] - Ferrosilicon: The Inner Mongolia spot profit was - 270 yuan/ton; the Ningxia spot profit was 565 yuan/ton. The tender price of 75B ferrosilicon in Hebei Iron and Steel in November was 5680 yuan/ton, up 20 yuan/ton from the previous round. [2]

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Views - On November 13, the manganese - silicon 2601 contract was reported at 5756, down 0.24%. The spot price of Inner Mongolia silicon - manganese was reported at 5550, down 30 yuan/ton. The inventory has rebounded rapidly, the production has continued to decline slightly at a high level, and the inventory has rebounded for 6 consecutive weeks. The port inventory of imported manganese ore at the raw material end has increased by 8.3 tons, and the demand for molten iron has declined seasonally. The operation should be treated as a volatile one [2]. - On November 13, the ferrosilicon 2601 contract was reported at 5506, up 0.22%. The spot price of Ningxia ferrosilicon was reported at 5240. The demand has decreased, and the inventory in this period has rebounded significantly. The operation should be treated as a volatile one [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price: 5,756.00 yuan/ton, down 6.00 yuan; SF main contract closing price: 5,506.00 yuan/ton, up 16.00 yuan [2]. - SM futures contract holding volume: 599,139.00 hands, up 16,338.00 hands; SF futures contract holding volume: 378,201.00 hands, down 1,928.00 hands [2]. - Manganese - silicon top 20 net holding volume: - 43,809.00 hands, up 2,237.00 hands; Ferrosilicon top 20 net holding volume: - 23,328.00 hands, up 1,961.00 hands [2]. - SM 5 - 1 month contract price difference: 56.00 yuan/ton, unchanged; SF 5 - 1 month contract price difference: 32.00 yuan/ton, up 6.00 yuan [2]. - SM warehouse receipts: 18,663.00 sheets; Inner Mongolia manganese - silicon FeMn68Si18: 5,550.00 yuan/ton, up 400.00 yuan; SF warehouse receipts: down 30.00 sheets; Inner Mongolia ferrosilicon FeSi75 - B: 5,300.00 yuan/ton, up 1,004.00 yuan [2]. 3.2 Spot Market - Guizhou manganese - silicon FeMn68Si18: 5,580.00 yuan/ton, unchanged; Qinghai ferrosilicon FeSi75 - B: 0.00 yuan/ton, down 5,200.00 yuan [2]. - Yunnan manganese - silicon FeMn68Si18: 5,580.00 yuan/ton, unchanged; Ningxia ferrosilicon FeSi75 - B: 5,240.00 yuan/ton, down 51.00 yuan [2]. - Manganese - silicon index average (weekly): 5,595.00 yuan/ton; SF main contract basis: - 266.00 yuan/ton, down 16.00 yuan [2]. - SM main contract basis: - 206.00 yuan/ton, down 24.00 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block: Tianjin Port: 32.00 yuan/ton - degree, unchanged; Silica (98% Northwest): 210.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1,250.00 yuan/ton, unchanged; Semi - coke (medium material, Shenmu): 880.00 yuan/ton, unchanged [2]. - Manganese ore port inventory (weekly): 439.70 tons, up 8.30 tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate (weekly): 40.24%, down 2.75%; Ferrosilicon enterprise operating rate (weekly): 36.26%, up 0.18% [2]. - Manganese - silicon supply (weekly): 201,880.00 tons, down 5,845.00 tons; Ferrosilicon supply (weekly): 114,100.00 tons, up 900.00 tons [2]. - Manganese - silicon manufacturer inventory (bi - monthly): 319,500.00 tons, up 5,000.00 tons; Ferrosilicon manufacturer inventory (bi - monthly): 78,690.00 tons, up 6,700.00 tons [2]. - Manganese - silicon national steel mill inventory (monthly, days): 15.70 days, down 0.23 days; Ferrosilicon national steel mill inventory (monthly, days): 15.67 days, up 0.15 days [2]. - Five major steel types' manganese - silicon demand (weekly): 121,113.00 tons, down 3,379.00 tons; Five major steel types' ferrosilicon demand (weekly): 19,813.70 tons, down 461.60 tons [2]. 3.5 Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 83.15%, up 1.42%; 247 steel mills' blast furnace capacity utilization rate (weekly): 87.79%, down 0.80% [2]. - Crude steel output (monthly): 7,349.01 tons, down 387.84 tons [2]. 3.6 Industry News - Mysteel predicts that the Simandou project will gradually release its production capacity during the 14th Five - Year Plan period. Conservatively estimated, the total output of the north and south blocks will reach 20 million tons in 2026 [2]. - China Securities Regulatory Commission Vice - Chairman Li Ming: Continuously improve the market ecosystem for long - term investment and promote the implementation of the plan to encourage medium - and long - term funds to enter the market [2]. - China Photovoltaic Industry Association: The association is working on industry self - discipline under the guidance of relevant ministries and commissions, and will fight against malicious short - selling and rumor - spreading in the photovoltaic industry [2]. 3.7 Profit Situation - Inner Mongolia manganese - silicon spot profit: - 160 yuan/ton; Ningxia manganese - silicon spot profit: - 290 yuan/ton [2]. - Inner Mongolia ferrosilicon spot profit: - 200 yuan/ton; Ningxia ferrosilicon spot profit: - 450 yuan/ton [2].

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].