8日双硅盘面震荡走弱。从成本线来看，天津港锰矿以阴跌为主，加蓬矿、半碳酸下调0.2元/吨度，宁夏内蒙主产区电力均下调0.1元/吨，其余冶金焦、硅石价格持稳，兰炭价格暴跌后回升至1270元/吨后持稳，宁夏地区硅铁现货下调50元/吨，双硅成本线重心下移，利润区间扩大，双硅盘面紧贴成本线区间波动。三月钢招开始，河钢集团发布硅铁定价有所下跌，但整体上处在预期内，对盘面形成边际拉动。基本面来看，双硅供应远大于需求，需求端有已过拐点反弹，但下游订单数量表现一般，期现商拿货意愿平平，基本面偏松，考虑做多硅锰-硅铁价差。需要注意的是宏观层面的消息影响

研究报告全文：铁合金数据日报202339品种日内观点8日双硅盘面震荡走弱从成本线来看天津港锰矿以阴跌为主加蓬矿半碳酸下调02元吨度宁夏硅铁内蒙主产区电力均下调01元吨其余冶金焦硅石价格持稳兰炭价格暴跌后回升至1270元吨后持稳宁夏地区硅铁现货下调50元吨双硅成本线重心下移利润区间扩大双硅盘面紧贴成本线区间波动三月钢招开始河钢集团发布硅铁定价有所下跌但整体上处在预期内对盘面形成边际拉动基硅锰本面来看双硅供应远大于需求需求端有已过拐点反弹但下游订单数量表现一般期现商拿货意愿平平基本面偏松考虑做多硅锰-硅铁价差需要注意的是宏观层面的消息影响产业链数据数据环比项目数据环比宁夏硅铁现价7600-50硅铁2305结算价7934-26内蒙硅铁现价77000硅铁2309结算价7838-32期现货市场宁夏锰硅现价72500锰硅2305结算价7368-24内蒙锰硅现价73000锰硅2309结算价7308-22硅铁2305基差-334-24硅铁9-1价差32-2硅铁2309基差-238-18硅铁5-9价差966基差及价差锰硅2305基差-6824锰硅9-1价差2-6锰硅2309基差-822锰硅5-9价差60-2宁夏硅铁利润509534宁夏锰硅利润-4075360利润内蒙硅铁利润777584内蒙锰硅利润-23642557111硅铁2305170万03万锰硅2305181万05万持仓情况硅铁230915万01万锰硅230912万00万主要图表图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190001500017000130001500013000110001100090009000700070005000500030003000202031202041202091202121202171202211202251202261202331202011202021202051202061202071202081202111202131202141202151202161202181202191202221202231202241202271202281202291202311202321202011202021202061202071202141202151202231202281202291202311202321202031202041202051202081202091202111202121202131202161202171202181202191202211202221202241202251202261202271202331202112120221012022111202010120201112020121202110120211112022121202012120211012020101202011120211112021121202210120221112022121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