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 - No relevant content found Core Viewpoints - No relevant content found Summary by Category Price - For silicon ferroalloy, on September 26, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5330 and 5380 respectively, with daily changes of 0 and weekly changes of -20 and 30. The latest prices of the main contract and 01 contract were 5786 and 5736, with daily changes of 44 and 28, and weekly changes of 30 and -8 [2]. - For silicon manganese, on September 26, 2025, the factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 were 5700, 5660, 5730, 5680, and 5680 respectively. The latest price of the main contract was 5938, with a daily change of 22 and a weekly change of -32 [2]. Supply - The report shows long - term trends of 136 silicon ferroalloy production enterprises' output in China (monthly and weekly, with weekly capacity accounting for 95%), and the capacity utilization rates of these enterprises in Inner Mongolia, Ningxia, and Shaanxi (monthly) from 2021 to 2025 [4]. - It also presents the long - term trends of silicon manganese production in China (weekly) from 2021 to 2025 [7]. Demand - The report provides long - term trends of the demand for silicon ferroalloy and silicon manganese in China (in ten thousand tons, steel - union caliber) from 2021 to 2025 [4][8]. - It also shows the long - term trends of the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group (monthly) from 2021 to 2025, as well as the procurement volume and price of FeMn65Si17 by Hebei Iron and Steel Group (monthly) [4][7]. Inventory - For silicon ferroalloy, the report shows the long - term trends of the inventory of 60 sample enterprises in China (weekly), and the inventory of these enterprises in Ningxia, Inner Mongolia, and Shaanxi (weekly) from 2021 to 2025. It also presents the long - term trends of CZCE silicon ferroalloy's total warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts (daily) [6]. - For silicon manganese, the report shows the long - term trends of CZCE silicon manganese's total warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory (daily), as well as the long - term trends of the inventory of 63 sample enterprises in China (weekly, in tons) from 2021 to 2025 [8]. Cost and Profit - For silicon ferroalloy, the report shows long - term trends of electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of small - sized blue coke in Shaanxi, the start - up rate of blue coke in China (weekly), the production profit of blue coke in China (daily), and the production cost, profit of folding the main contract, and spot profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 to 2025 [6]. - For silicon manganese, the report shows long - term trends of the profit of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region (steel - union, yuan/ton), and the profit of folding the main contract of Guangxi silicon manganese from 2021 to 2025 [8].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the provided content 3. Summary According to Relevant Catalogs Price - For silicon iron, the latest prices of natural lump in different regions vary: Ningxia 72 is 5500, Inner Mongolia 72 is 5450, etc. The prices of qualified lump and export prices are also provided. For silicon manganese, the latest prices of different grades in various regions are presented, such as Inner Mongolia 6517 at 5800 [1]. - Multiple price - related charts show the historical price trends of silicon iron and silicon manganese in different regions from 2021 - 2025, including market prices, contract closing prices, and basis prices [2][6] Supply - For silicon iron, the production data of 136 enterprises in China, including monthly and weekly production, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are presented. For silicon manganese, the weekly production in China and the procurement volume and price of Hebei Iron and Steel Group are provided [4][6] Demand - The demand - related data includes the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the production and export of metal magnesium, and the demand for silicon manganese in China [4][7] Inventory - For silicon iron, the inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions are provided. For silicon manganese, the inventory data of 63 sample enterprises in China, the number of warehouse receipts, effective forecasts, and the average available days of inventory in China are presented [5][7] Cost and Profit - For silicon iron, the cost and profit data include electricity prices in different regions, the market price and production profit of semi - coke, the market price of silica and iron oxide scale, the production cost in Ningxia and Inner Mongolia, and the profit of export and conversion to the main contract. For silicon manganese, the cost - related data includes the price of chemical coke and various manganese ores, and the profit data in different regions (Inner Mongolia, Guangxi, etc.) are provided [5][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].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon iron, the latest prices of natural lump in different regions (Ningxia 72, Inner Mongolia 72, etc.) range from 5450 to 5800 yuan, with daily changes mostly 0 and weekly changes from 150 to 250 yuan; the latest prices of qualified lump in different regions (Jiangsu 72, Tianjin 72, etc.) range around 5850 yuan, with some having a daily change of -50 yuan and weekly changes from 200 to 250 yuan; the export prices in Tianjin (72, 75) are 1025 and 1070 US dollars respectively, with weekly changes of 20 and 15 US dollars [1]. - For silicon manganese, the latest prices of different grades in different regions range from 5100 to 6240 yuan, with daily changes from -100 to 30 yuan and weekly changes from 20 to 50 yuan [1]. Supply - For silicon iron, the monthly production of 136 Chinese silicon iron enterprises from 2021 - 2025 is shown in the data, and the weekly production of 136 silicon iron enterprises (with a 95% capacity share) also has corresponding data; the monthly capacity utilization rates of 136 silicon iron production enterprises in Inner Mongolia, Ningxia, and Shaanxi are presented [4]. - For silicon manganese, the weekly production of Chinese silicon manganese enterprises from 2021 - 2025 is shown in the data [6]. Demand - For silicon iron, the monthly pre - estimated and actual production of Chinese crude steel, the production of Chinese stainless - steel crude steel, the procurement volume and price of FeSi75 - B by Hebei Iron and Steel Group, and the production and export price of metal magnesium (Mg99.9%) are related to its demand [4]. - For silicon manganese, the monthly demand of Chinese silicon manganese (in million tons, according to the Steel Union's caliber), the procurement volume and price of 6517 silicon manganese by Hebei Iron and Steel Group, and the production of Chinese crude steel are related to its demand [4][6][7]. Inventory - For silicon iron, the weekly inventory of 60 sample Chinese enterprises, the weekly inventory in different regions (Ningxia, Inner Mongolia, Shaanxi), the daily total number of silicon iron warehouse receipts, the daily effective forecast, and the daily warehouse receipts + effective forecast are presented; the monthly average available inventory days in different regions (East China, South China, North China) and in China are also shown [5]. - For silicon manganese, the daily total number of silicon manganese warehouse receipts, the daily effective forecast, the daily warehouse receipts + effective inventory, the weekly inventory of 63 sample Chinese enterprises, and the monthly average available inventory days in China are presented [7]. Cost and Profit - For silicon iron, the electricity prices in different regions (Qinghai, Ningxia, Shaanxi, Inner Mongolia), the market price and production profit of blue charcoal in China, the market price of silica and oxidized iron scale, the production cost and profit in different regions (Ningxia, Inner Mongolia) are presented [5]. - For silicon manganese, the prices of different manganese ores in different ports (Tianjin, Qinzhou), the prices of chemical coke in Ordos, the profits in different regions (Inner Mongolia, Guangxi, North China, South China), and the profits of different regions (Ningxia, Guangxi) after converting to the main contract are presented [6][7].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - No relevant information provided Summary by Related Catalogs Price - For silicon iron, on July 10, 2025, the latest price of Ningxia 72 natural block was 5050 yuan, with a daily change of -50 yuan and a weekly change of -50 yuan; the latest price of Inner Mongolia 72 natural block was 5150 yuan, with a daily change of 50 yuan and a weekly change of 50 yuan. The export price of Tianjin 72 was 1010 US dollars, with a daily change of 0 and a weekly change of -10 US dollars. The主力合约 price was 5392 yuan, with a daily change of 42 yuan and a weekly change of -44 yuan [2]. - For silicon manganese, on July 10, 2025, the latest price of Inner Mongolia 6517 was 5500 yuan, with a daily change of 0 and a weekly change of 0; the latest price of Guangxi 6517 was 5570 yuan, with a daily change of 20 yuan and a weekly change of 20 yuan. The主力合约 price was 5718 yuan, with a daily change of 68 yuan and a weekly change of -8 yuan [2]. Supply - The monthly production of 136 silicon iron enterprises in China from 2021 - 2025 is presented, with the data ranging from 350,000 to 550,000 tons. The weekly production of 136 silicon iron enterprises (with a capacity - share of 95%) in China from 2021 - 2025 is also shown, with the data fluctuating [4]. - The monthly production of silicon manganese in China from 2021 - 2025 is presented, with the data ranging from 5500 to 9000 tons [6]. Demand - The monthly estimated and revised production of crude steel in China from 2021 - 2025 is presented, with the data ranging from 6500 to 10500 tons. The monthly production of stainless - steel crude steel in China from 2021 - 2025 is also shown, with the data ranging from 0 to 4000 tons [4]. - The monthly demand for silicon manganese in China (according to Steel Union's data) from 2021 - 2025 is presented, with the data ranging from 20 to 70 tons [4]. Inventory - The weekly inventory of 60 sample silicon - iron enterprises in China from 2021 - 2025 is presented, with the data ranging from 30,000 to 110,000 tons. The daily total number of silicon - iron warehouse receipts on CZCE from 2021 - 2025 is also shown, with the data ranging from - 1000 to 15000 [5]. - The daily total number of silicon - manganese warehouse receipts on CZCE from 2021 - 2025 is presented, with the data ranging from 0 to 140,000. The weekly inventory of 63 sample silicon - manganese enterprises in China from 2021 - 2025 is also shown, with the data ranging from 6500 to 10000 tons [7]. Cost and Profit - The electricity prices for ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025 are presented, with the prices ranging from 0.3 to 0.7 yuan per degree. The production cost and profit of silicon iron in Ningxia and Inner Mongolia from 2021 - 2025 are also shown [5]. - The profit of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 is presented, with the profit data showing different fluctuations [7].

价格 供应 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：主力合约：收盘价（日） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 CZCE：硅锰：基差（江苏）（钢联口径） 2021 2022 2023 2024 2025 -1000 -500 0 500 1000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅锰主力月 内蒙基差（日） 2021 2022 2023 2024 2025 -200 -100 0 100 200 300 400 500 600 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - On June 20, 2025, the latest price of Ningxia 72 silicon - iron natural block was 5100 yuan, with a daily change of 50 yuan and a weekly change of 100 yuan; the latest price of Inner Mongolia 72 was 5100 yuan, with no daily change and a weekly change of 50 yuan; the latest price of Shaanxi 75 was 5600 yuan, with no daily or weekly change [2]. - The latest price of Jiangsu 72 silicon - iron qualified block was 5450 yuan, with no daily change and a weekly change of 170 yuan; the latest price of Tianjin 72 in the trader price was 5400 yuan, with no daily change and a weekly change of 150 yuan [2]. - The latest price of Tianjin 72 in the silicon - iron export price (in US dollars) was 1055 US dollars, with no daily or weekly change; the latest price of Tianjin 75 was 1095 US dollars, with no daily or weekly change [2]. - For silicon - manganese, the latest price of Inner Mongolia 6517 in the production area ex - factory price was 5480 yuan, with no daily change and a weekly change of 80 yuan; the latest price of Ningxia 6517 was 5380 yuan, with a daily change of - 50 yuan and a weekly change of 30 yuan [2]. Supply - The production data of 136 silicon - iron enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production (with a capacity share of 95%), and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon - manganese in China from 2021 - 2025 are also shown, including weekly production, procurement prices and quantities of Hebei Iron and Steel Group [6]. Demand - The demand data of silicon - manganese in China (in ten thousand tons, according to the Steel Union's caliber) from 2021 - 2025 are provided [4][7]. - Data on the production and demand - related indicators such as the production of crude steel, metal magnesium, and stainless - steel crude steel in China from 2021 - 2025 are also included [4]. Inventory - The inventory data of 60 sample silicon - iron enterprises in China from 2021 - 2025 are shown, including the inventory in China, Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as the warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5]. - The inventory data of silicon - manganese from 2021 - 2025 are presented, including the warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective inventory, as well as the inventory of 63 sample enterprises in China on a weekly basis [7]. Cost and Profit - The cost and profit data of silicon - iron from 2021 - 2025 are provided, including electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi, the market price of semi - coking coal in Shaanxi, the production cost and profit in Ningxia and Inner Mongolia [5]. - The cost and profit data of silicon - manganese from 2021 - 2025 are also included, such as the profit in Inner Mongolia, Guangxi, and the profit after converting to the main contract in Guangxi and Ningxia [7].