Various basic principles

According to the flush iFinD data:

6600.00 yuan/ton, a discount of 352.00 yuan/ton compared to the main futures price of 6952.00 yuan/ton.

On July 26, manganese silicon inventory recorded 4.643 million tons, down 8300 tons from the previous trading day.

Institutional perspective

Nanhua Futures: ferroalloy Fenggao cloth empty

Silicon manganese: The loss in various producing areas is deepening, with production reductions expanding in the south. Production in the north of Inner Mongolia is stable in the short term, with possible subsequent production reductions. The average daily molten iron production this week has not changed much on the demand side. However, some steel mills have chosen to stop furnaces and reduce production in the early stage of the conversion to the new national standards, which is a short-term negative for silicon manganese. The characteristics of the terminal steel off-season are evident, with steel mills' profit rates declining sharply and a weak willingness to replenish raw materials. In the short term, production yields are limited, demand for manganese ore remains strong, and the cost of silicon manganese will not collapse quickly. After the rapid decline in the early stage, most of the negatives have been priced in, and there is a certain rebound in the short term to repair the valuation.

Ferrosilicon: Ferrosilicon started at a high level, the supply has returned to a neutral high level, and the profit of the producing area is still acceptable, and the manufacturer's production reduction is not strong. On the demand side, the average daily output of molten iron this week is little changed, and the demand for ferrosilicon steelmaking is stable in the short term, but the characteristics of the terminal steel off-season are obvious, the profitability of steel mills continues to fall, and the willingness to replenish raw materials is not strong. Ferrosilicon plant library has been increased for two consecutive periods, considering that most manufacturers can still maintain a small profit, the subsequent production reduction is insufficient, the fundamentals of ferrosilicon or continue to deteriorate. All in all, the fundamental point of view does not support long silicon iron, but it is necessary to pay attention to the driving role of silicon manganese rebound on silicon iron, and the rebound is mainly distributed on the operation.

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