Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On March 16, ferroalloy futures prices rose and then fell. The silicon iron (SF) main contract closed at 5872, down 0.27%, with a decrease of 1006 in positions; the manganese silicon (SM) main contract closed at 6162, down 0.23%, with a decrease of 968 in positions [5]. - For silicon iron, on the 16th, spot prices were stable to weak, with spot prices in some regions falling by 20 - 50 yuan/ton. Supply is expected to increase in the future. Demand from the steel industry is expected to drive raw material demand. The cost side is strong, but the valuation has risen significantly, and crude oil fluctuations affect market sentiment, so long - position holders need to control positions [5]. - For manganese silicon, on the 16th, manganese ore spot prices were generally stable, and manganese silicon spot prices were stable to strong, with spot prices in some regions rising by 30 - 50 yuan/ton. Supply is expected to continue to increase. Demand from the steel industry is expected to drive raw material demand. The cost side is strong due to rising sea - freight, but crude oil fluctuations affect market sentiment. In the short - term, the market is in positive feedback, with high - level volatile operation. For trading strategies, it is recommended to hold a wait - and - see attitude for arbitrage and sell out - of - the - money put options [6]. Group 3: Summary by Directory First Part: Market Information - **Futures Market**: The SF main contract closed at 5872, down 16 from the previous day and up 4 from the previous week, with a trading volume of 118,885 (down 10,211) and an open interest of 173,143 (down 1006). The SM main contract closed at 6162, down 14 from the previous day and up 30 from the previous week, with a trading volume of 151,573 (down 54,491) and an open interest of 364,751 (down 968) [3]. - **Spot Market**: For silicon iron, 72% FeSi prices in different regions had different changes, with some regions seeing price drops. For manganese silicon, 6517 manganese silicon prices in some regions rose. For example, 72% FeSi in Inner Mongolia was 5650 yuan/ton, unchanged from the previous day and down 120 from the previous week; 6517 manganese silicon in Inner Mongolia was 5930 yuan/ton, up 30 from the previous day and up 30 from the previous week [3]. - **Basis/Spread**: The basis and spread of silicon iron and manganese silicon in different regions had different changes. For example, the Inner Mongolia - main contract basis of silicon iron was - 222, up 16 from the previous day and down 124 from the previous week [3]. - **Raw Materials**: Manganese ore (Tianjin) prices were generally stable, with slight changes in some varieties. Lanthanum charcoal small materials prices in different regions were unchanged [3]. Second Part: Market Judgement - **Trading Strategies**: For silicon iron and manganese silicon, the short - term market is in positive feedback, but crude oil fluctuations affect market sentiment, with high - level volatile operation. For arbitrage, it is recommended to hold a wait - and - see attitude; for options, it is recommended to sell out - of - the - money put options [5][6]. - **Important Information**: From January to February 2026, China's pig iron production was 137.7 million tons, a year - on - year decrease of 2.7%; crude steel production was 160.34 million tons, a year - on - year decrease of 3.6%; steel production was 221.19 million tons, a year - on - year decrease of 1.1%. From January to February, fixed - asset investment increased by 1.8% year - on - year, real estate development investment decreased by 11.1% year - on - year [7]. Third Part: Related Attachments - The report provides multiple figures, including the trend of ferroalloy main contracts, the spread between SF and SM, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, spot prices, electricity prices, production costs, and production profits [8][10][15]

Group 1: Report Overview - Report title: Black Metal Daily Report (Ferroalloy Daily) [2] - Report date: September 18, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF main contract: closing price 5756, daily change -10, weekly change 130, trading volume 319809, daily change 154140, open interest 207907, daily change 5613 [4] - SM main contract: closing price 5970, daily change -20, weekly change 132, trading volume 246049, daily change 76765, open interest 335397, daily change 8548 [4] Spot - Silicon ferro - different regions' prices and their daily/weekly changes are presented, e.g., 72%FeSi Inner Mongolia 5450 (0 daily, 40 weekly) [4] - Manganese silicon - different regions' prices and their daily/weekly changes are presented, e.g., silicon manganese 6517 Inner Mongolia 5730 (0 daily, 50 weekly) [4] Basis/Spread - Silicon ferro basis and spreads: Inner Mongolia - main contract -306 (10 daily, -90 weekly), SF - SM spread -214 (10 daily, -2 weekly) [4] - Manganese silicon basis and spreads: Inner Mongolia - main contract -240 (20 daily, -82 weekly) [4] Raw Materials - Manganese ore (Tianjin): Australian lump 40.2 (0.2 daily, 0.4 weekly), South African semi - carbonate 34.3 (0 daily, 0.3 weekly), Gabon lump 40 (0 daily, 0 weekly) [4] - Blue charcoal small materials: different regions' prices and their daily/weekly changes are presented, e.g., Shaanxi 660 (0 daily, 10 weekly) [4] Group 3: Market Judgment Trading Strategy - Unilateral: Bottom - oscillating; Arbitrage: Wait - and - see; Options: Sell straddle option combinations [7] Silicon Ferro - On September 18, the spot price was stable. Supply rumors were false, and the supply remained high. Demand had rigid support from steel production. Market sentiment was affected by the Fed's interest - rate cut and domestic asset price adjustments, with a recent bottom - oscillating trend [6] Manganese Silicon - On September 18, manganese ore spot was stable with a slight upward trend, and the manganese silicon spot price was stable. Supply was high, demand was affected by reduced rebar production, and the cost was supported by high - priced manganese ore. It was in a short - term bottom - oscillating state [6] Group 4: Important Information - On September 18, Tianjin Port's semi - carbonate Mn36.02% was quoted at 34.5 yuan/ton degree, Gabon lump Mn47% at 40.5 yuan/ton degree, and Australian lump Mn41.7% at 40.5 yuan/ton degree [8] - Jupiter announced the October 2025 manganese ore shipment price to China: Mn36.5% South African semi - carbonate block at 4.05 US dollars/ton degree (unchanged) [9] Group 5: Related Attachments Figures - Figures show ferroalloy main contract trends, basis, spreads, production costs, and profits in different regions and time periods, such as silicon ferro and manganese silicon monthly spreads, cost - profit analysis in various regions [10][14][16][21][26] Cost - Profit Tables - Silicon ferro cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu [21] - Manganese silicon cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Guangxi, and Guizhou [26]