从成本线来看，天津港加蓬矿、半碳酸价格继续下调0.5元/吨度、0.1元/吨度，兰炭价格暴跌至1155元/吨后持稳，硅锰成本支撑较强，但现货持续下跌，硅锰利润微薄，基本按需采购，硅铁端兰炭的超低价还未能流入库存，硅铁成本支撑较弱。整体基本面来看，双硅都是偏弱的局面，但硅铁相较于硅锰更为弱势，操作上可以考虑空硅铁多硅锰的价差套利，此外需要注意二月钢招区间对双硅价格的影响。

研究报告全文：铁合金数据日报2023220品种日内观点从成本线来看天津港加蓬矿半碳酸价格继续下调05元吨度01元吨度兰炭价格暴跌至1155元硅铁吨后持稳硅锰成本支撑较强但现货持续下跌硅锰利润微薄基本按需采购硅铁端兰炭的超低价还未能流入库存硅铁成本支撑较弱整体基本面来看双硅都是偏弱的局面但硅铁相较于硅锰更为弱势操作上可以考虑空硅铁多硅锰的价差套利此外需要注意二月钢招区间对双硅价格的影响硅锰产业链数据项目数据环比项目数据环比宁夏硅铁现价77000硅铁2305结算价7886-38内蒙硅铁现价79000硅铁2309结算价7800-32期现货市场宁夏锰硅现价72500锰硅2305结算价7466-72内蒙锰硅现价73000锰硅2309结算价7378-64硅铁2305基差-18638硅铁9-1价差1618硅铁2309基差-10032硅铁5-9价差86-6基差及价差锰硅2305基差-16672锰硅9-1价差208锰硅2309基差-7864锰硅5-9价差88-8宁夏硅铁利润64050宁夏锰硅利润-495757575555利润内蒙硅铁利润100850内蒙锰硅利润-351757575555硅铁2305212万13万锰硅2305170万04万持仓情况硅铁230911万01万锰硅230907万01万主要图表图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190001500017000130001500013000110001100090009000700070005000500030003000202031202081202151202191202211202231202261202271202011202021202041202051202061202071202091202111202121202131202141202161202171202181202221202241202251202281202291202311202321202011202061202121202131202171202181202241202251202291202311202021202031202041202051202071202081202091202111202141202151202161202191202211202221202231202261202271202281202321202012120211012022111202010120201112021111202112120221012022121202010120211112021121202011120201212021101202210120221112022121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09合约基差SF2009基差SF2109基差SF2209基差SF2309基差SF2005基差SF2005基差SF2105基差SF2205基差8000700060006000500040004000300020002000100000-1000-2000-2000516616716816916101611161216116216316416916101611161216116216316416516616716816图7硅锰05合约基差图8硅锰09合约基差SM2009基差SM2109基差SM2209基差SM2309基差SM2005基差SM2105基差SM2205基差SM2305基差4000400035003000300025002000200015001000100050000-500-1000-1000516616716816916101611161216116216316416916101611161216116216316416516616716816图9硅铁9-1价差图10硅铁5-9价差SF2005-SF2009SF2105-SF2109SF2205-SF2209SF2305-SF230925002000150010005000-500-1000-1500-2000916101611161216116216316416图11硅锰9-1价差图12硅锰5-9价差SM2009-SM2101SM2109-SM2201SM2209-SM2301SM2309-SM2401SM2005-SM2009SM2105-SM2109SM2205-SM2209SM2305-SM23095001500400300100020010050000-100-200-500-300-400-1000117217317417517617717817917918101811181218118218318418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