Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Report's Core View - The steel procurement sentiment for ferrosilicon and silicomanganese remains strong, and both are in a wide - range oscillation state [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For ferrosilicon, the closing prices of 2508 and 2509 contracts are 5466 and 5482 respectively, with volume of 5,010 and 122,756, and open interest of 11,364 and 193,107. For silicomanganese, the closing prices of 2508 and 2509 contracts are 5792 and 5794 respectively, with volume of 1,553 and 146,872, and open interest of 12,184 and 353,847 [1]. - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5250 yuan/ton, silicomanganese FeMn65Si17 in Inner Mongolia is 5600 yuan/ton, Mn44 block manganese ore is 39.0 yuan/ton - degree, and small - sized semi - coke in Shenmu is 550 yuan/ton [1]. - **Spread Data**: The spot - 08 futures spread of ferrosilicon is - 216 yuan/ton, the spot - 09 futures spread of silicomanganese is - 194 yuan/ton. The 2508 - 2509 spread of ferrosilicon is - 16 yuan/ton, and that of silicomanganese is - 2 yuan/ton. The 2508 spread between silicomanganese and ferrosilicon is 326 yuan/ton, and the 2509 spread is 312 yuan/ton [1]. 3.2 Macro and Industry News - **Price Information**: On July 17, the price range of 72 ferrosilicon in Shaanxi is 5050 - 5150 yuan/ton, in Ningxia is 5150 - 5250 yuan/ton, etc. The price range of 75 ferrosilicon in Shaanxi is 5650 - 5700 yuan/ton, etc. The northern price of 6517 silicomanganese is 5500 - 5600 yuan/ton, and the southern price is 5600 - 5650 yuan/ton [2]. - **Steel Procurement News**: A steel mill in Jiangsu set the purchase price of 75B ferrosilicon at 5600 yuan/ton, up 150 yuan/ton from the previous round, with a quantity of 1000 tons. Steel mills in Zhejiang, Henan, and Qingyuan set the purchase prices of silicomanganese at 5770 yuan/ton (converted to base, acceptance bill, tax - included, delivered to the factory), 5735 yuan/ton (cash, tax - included, delivered to the factory), and 5800 yuan/ton (cash, tax - included, delivered to the factory) respectively, with the latter rising 80 yuan/ton [2][3]. - **Steel Output Data**: In early July, the average daily output of crude steel by key steel enterprises was 2.097 million tons, a 1.5% decrease from the previous ten - day period and a 2.6% decrease year - on - year. The average daily output of steel products was 1.988 million tons, an 11.9% decrease from the previous ten - day period and a 0.4% increase year - on - year [3]. 3.3 Trend Intensity - The trend intensity of ferrosilicon is 0, and that of silicomanganese is 0, indicating a neutral view [3].

交易咨询业务资格：证监许可【2012】1091号 2025-05-12锰硅早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 锰硅2509： 1.基本面：原料端，锰矿市场成交冷清，现货价格持续偏弱运行。供应端，目前硅锰厂减停产计划仍存，盘面偏强震荡， 硅锰现货价格止跌企稳。需求端，下游钢厂多等待主流钢招进场，市场散单成交冷清，市场多持观望态度；中性。 2.基差：现货价5520元/吨，09合约基差-238元/吨，现货贴水期货。偏空。 3.库存：全国63家独立硅锰企业样本库存116500吨；全国50家钢厂库存平均可用天数16.27天。偏多。 4.盘面：MA20向下，09合约期价收于MA20下方。偏空。 5.主力持仓：主力持仓净空，空增。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2509：5700-5850震荡运行。 2 -200 ...