3日双硅低开走平，小幅收跌。成本端来看，冶金焦价格下跌100元/吨，氧化铁皮价格下跌，天津港锰矿价格全面上调0.1-0.3元/吨度，宁夏地区电价上周上调0.02元/度后持稳，硅锰成本线下降，利润区间扩大，硅铁成本小幅走低。1月钢招开启，硅铁主流价月环比上涨，处于8700-8800元/吨的位置，硅锰招标量1.6万吨。整体供给端双硅均有增量，需求虽有增量但不多，整体走平，库存积压，硅铁去库势头反转。目前黑色系情绪波动较大，建议在钢招区间轻仓操作，双硅以高空为主。

研究报告全文：铁合金数据日报202314品种日内观点3日双硅低开走平小幅收跌成本端来看冶金焦价格下跌100元吨氧化铁皮价格下跌天津港锰矿硅铁价格全面上调01-03元吨度宁夏地区电价上周上调002元度后持稳硅锰成本线下降利润区间扩大硅铁成本小幅走低1月钢招开启硅铁主流价月环比上涨处于8700-8800元吨的位置硅锰招标量16万吨整体供给端双硅均有增量需求虽有增量但不多整体走平库存积压硅铁去库势头反转硅锰目前黑色系情绪波动较大建议在钢招区间轻仓操作双硅以高空为主产业链数据项目数据环比项目数据环比宁夏硅铁现价80500硅铁2305结算价8306-20内蒙硅铁现价80500硅铁2301结算价87328期现货市场宁夏锰硅现价73000锰硅2305结算价7556-126内蒙锰硅现价73000锰硅2301结算价7620-140硅铁2305基差-25620硅铁1-5价差42628硅铁2301基差-682-8硅铁5-9价差46-16基差及价差锰硅2305基差-256126锰硅1-5价差64-14锰硅2301基差-320140锰硅5-9价差72-8宁夏硅铁利润840527宁夏锰硅利润-2692025273335利润内蒙硅铁利润756527内蒙锰硅利润-2912025473335硅铁230584万04万锰硅2305169万-10万持仓情况硅铁230109万-01万锰硅230102万00万主要图表图1硅铁现货价格元吨图2硅锰现货价格元吨宁夏硅铁内蒙硅铁宁夏硅锰内蒙硅锰190001500017000130001500013000110001100090009000700070005000500030003000202021202031202041202111202121202171202181202251202261202011202051202061202071202081202091202131202141202151202161202191202211202221202231202241202271202281202291202311202051202081202091202131202141202211202221202271202011202021202031202041202061202071202111202121202151202161202171202181202191202231202241202251202261202281202291202311202010120211112022121202011120201212021101202112120221012022111202112120221012022111202010120201112020121202110120211112022121图3硅铁现货利润元吨图4硅锰现货利润元吨宁夏虚拟利润内蒙虚拟利润内蒙虚拟利润宁夏虚拟利润140001500120001000100005008000600004000-5002000-10000-2000201913202013202113202213202313图5硅铁05合约基差图6硅铁01合约基差SF2001基差SF2101基差SF2201基差SF2301基差SF2005基差SF2005基差SF2105基差SF2205基差50007000600040005000300040002000300010002000010000-1000-1000-2000-2000116216316416516616716816916101611161216516616716816916101611161216116216316416图7硅锰05合约基差图8硅锰01合约基差SM2005基差SM2105基差SM2205基差SM2305基差SM2001基差SM2101基差SM2201基差SM2301基差40003000250030002000150020001000100050000-500-1000-1000516616716816916101611161216116216316416116216316416516616716816916101611161216图9硅铁1-5价差图10硅铁5-9价差SF2001-SF2005SF2101-SF2105SF2201-SF2205SF2301-SF2305SF2005-SF2009SF2105-SF2109SF2205-SF2209SF2305-SF230925003500200030001500250010002000500150001000-500500-10000-1500-500-2000-10009161016111612161162163164165206962971988828917107102711161261226115图11硅锰1-5价差图12硅锰5-9价差SM2001-SM2005SM2101-SM2105SM2201-SM2205SM2301-SM2305SM2005-SM2009SM2105-SM2109SM2205-SM2209SM2305-SM23092000150015001000100050050000-500-500-1000-10005206962971988828917107102711161261226115918101811181218118218318418免责声明本报告由东吴期货研究所制作及发布报告是基于本公司认为可靠的且目前已公开的信息撰写本公司力求但不保证该信息的准确性和完整性所表述的意见并不构成对任何人的投资建议投资者需自行承担风险未经本公司事先书面授权不得对本报告进行任何有悖原意的引用删节修改及用于其它用途