铁合金产业风险管理日报

陈敏涛（Z0022731）投资咨询业务资格：证监许可【2011】1290号当前波动率历史百分位（3年）69.0%28.5%套保工具买卖方向套保比例（%）建议入场区间SF2509、SM2509卖出15%SF:6200-6250、SM:6400-6500SF2509、SM2509买入25%SF:5100-5200、SM:5300-5400 2、硅锰企业库存20.5万吨，环比-5.22%；硅锰仓单38.83万吨，环比-2.85%；硅锰总库存59.33万吨，环比-3.69%。3、硅锰五大材需求量12.37万吨，环比+0.24%【利空解读】硅铁：1、硅铁生产企业周度开工率为33.33%，环比上周+0.88%，硅铁周度产量为10.23万吨，环比+2.3%2、焦煤价格大幅回落硅锰：1、长期来看，房地产市场低迷，黑色整体板块回落，市场对钢铁终端需求增长存疑，硅锰需求相对疲弱。硅铁日度数据硅锰日度数据2025-07-282025-07-252025-07-21日环比周环比硅铁基差：宁夏-3169672-412-388硅铁01-05-42-54-46124硅铁05-09150174124-2426硅铁09-01-108-120-7812-30硅铁现货：宁夏5600560053800220硅铁现货：内蒙5600560054000200硅铁现货：青海5650565054000250硅铁现货：陕西5600560053300270硅铁现货：甘肃5650565054000250兰炭小料54054054000秦皇岛动力煤653651642211榆林动力煤51051051000硅铁仓单220962212422150-28-54source：同花顺,wind,南华研究2025-07-282025-07-252025-07-21日环比周环比硅锰基差：内蒙古-36482176-446-540硅锰01-05-28-16-24-12-4硅锰05-0910280742228硅锰09-01-74-64-50-10-24双硅价差-248-194-296-5448硅锰现货：宁夏570058005680-10020硅锰现货：内蒙570057005680020硅锰现货：贵州5700568056502050硅锰现货：广西5750572057003050硅锰现货：云南5700568056502050天津澳矿404039.500.5天津南非矿34.834.7340.10.8天津加蓬矿39.539.53900.5钦州南非矿3635.534.50.51.5钦州加蓬矿4039.539.50.50.5内蒙化工焦1060101091050150硅锰仓单776047765678754-52-1150source：同花顺,南华研究