20251111-永安期货-铁合金早报_5页_935kb

报告摘要

Iron and Manganese Alloy Early Market Report
2025/11/11

Silicon Iron (FeSi72): Prices vary by region: 宁夏 at 5150 yuan/ton (no change), 内蒙 at 5220 yuan/ton (down 30 from previous week), 青海 at 5170 yuan/ton (down 50), and 陕西汇总价 at 5120 yuan/ton. Other grades like FeSi75 and FeSi6517 also displayed, with宁夏#6517 at 5550 yuan/ton (down 10). Export prices from Tianjin (e.g., FeSi72 at 10.45 USD/lb) showed minor fluctuations.
Silicomanganese (SiMn65Si17): 宁夏 price at 5550 yuan/ton (down 10), 云南 at 5580 yuan/ton, and 09合约 at 6110 yuan/ton. Price differences like宁夏#6517 down 20 yuan/ton noted. Export and import data included.

Futures Contracts:主力合约 traded around 5588 yuan/ton (up 62 from previous week), with基差 variations.
Seasonal Differences: FeSi1-5月差 was -66, FeSi9-1月差 124, and silicomanganese basis showed mixed trends. Profitability linked to futures prices, with some regions reporting positive margins.

Demand: Steel production forecasts indicated growth, supported by increased stainless steel and metal magnesium output (e.g., 10000 tons/month).
Supply: Capacities stable, e.g., China's 136 major firms showed silicomanganese production around 235000 tonnes/week, silicomanganese开工率 at 80%. Silica production fueled by electricity costs.

Inventory: High for silicon iron and silicomanganese, e.g., China's average inventory days hovered around 25-30, while prices modestly fell.
Profitability: Regional analysis:宁夏 showed higher costs but moderate profits, while内蒙古 faced cost pressure. Export profitabilities varied, often tied to currency-based margins.

Electricity Costs: Fluctuate by region, e.g.,宁夏 at 0.56 yuan/kWh, impacting production costs. Lowered margins in some areas due to increased energy expenses.
Market Trends: Overall sentiment neutral to positive for demand-driven recovery, but price volatility remains due to inventory levels and policy changes mid-2025.

For detailed data, refer to the source.

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