发运恢复成本下移，合金承压运行

目录1．2025年上半年硅锰、硅铁市场回顾..................................................................................................................................52．锰硅：澳矿发运恢复，成本支撑下移...............................................................................................................................72.1成本支撑下移......................................................................................................................................................................72.2利润决定供应逐渐集中....................................................................................................................................................113.硅铁：成本下移，需求走弱..............................................................................................................................................123.1利润收缩，开工下降........................................................................................................................................................123.2需求走弱............................................................................................................................................................................164.锰硅、硅铁下半年总结......................................................................................................................................................165.风险提示................................................................................................................................................................................17 2期货研究报告 图表目录图表1：锰硅主连............................................................................................................................................................................................5图表2：硅锰现货价格....................................................................................................................................................................................5图表3：硅铁主连............................................................................................................................................................................................6图表4：硅铁现货价格....................................................................................................................................................................................6图表5：硅锰基差............................................................................................................................................................................................6图表6：硅铁基差............................................................................................................................................................................................6图表7：天津港锰矿价格................................................................................................................................................................................7图表8：锰矿远期价格....................................................................................................................................................................................7图表9：我国锰矿进口量................................................................................................................................................................................8图表10：我国锰矿进口占比..........................................................................................................................................................................8图表11：富锰渣产量......................................................................................................................................................................................8图表12：全球锰矿发运量..............................................................................................................................................................................8图表13：加蓬锰矿发运量..............................................................................................................................................................................9图表14：南非锰矿发运量..............................................................................................................................................................................9图表15：港口锰矿库存..................................................................................................................................................................................9图表16：天津港锰矿库存............................................................................................................................................................................9图表17：天津港氧化矿库存........................................................................................................................................................................10图表18：天津港南非矿库存......................................................................................................................................................................10图表19：化工焦价格.......................................................................