20251121-永安期货-铁合金早报_5页_938kb

Silicomanganese and Ferrosilicon Market Analysis Summary

• Market Overview: The report covers China's ferrosilicon (FeSi) and silicomanganese (SiMn) markets as of November 21, 2025. Key focus areas include current prices, changes, demand, supply, inventory, and profitability.

• Ferrosilicon (FeSi): Prices vary by region (e.g.,宁夏 #72 at ¥5150,内蒙 #72 at ¥5200). Day and week changes are mostly neutral or negative. Export prices in Tianjin (e.g., #72 at $1030 USD) show minor fluctuations. Changes in month spreads (e.g.,1-5 month difference) indicate stable but slow demand absorption compared to previous periods.

• Silicomanganese (SiMn): Region-specific prices are mixed (e.g.,贵州 #6517 at ¥5500,陕西 #6517 at ¥5430). Day and week changes reflect minor shifts; demand from stainless steel production remains steady, with export data showing some regional price differences.

• Supply and Demand: China's refined iron alloy production is monitored weekly/ monthly. Demand is supported by industries like stainless steel and metal magnesium production, with inventory levels stable in most regions.

• Cost and Profit: Profitability varies by region due to energy costs (e.g.,电价 in宁夏 and Inner Mongolia). Export profits are modest, while domestic costs are relatively consistent. Energy prices remain a key factor in cost calculations.

• Key Notes: Markets show stability but with some pressure on prices in certain segments. Inventory levels are tight in some areas, influencing supply dynamics. Export and import prices indicate global demand adjustments.

This summary is based on the provided report data. See the full report for detailed charts and insights.