Ferrosilicon: Fundamentally, although the operating rate slightly declined last week, production still rose at a high level, and relatively loose supply has put some pressure on the price of ferrosilicon. On the demand side, the total production of the five major types of steel has rebounded again, and coupled with the upcoming replenishment stage of furnace materials by steel mills before winter storage, there is still support for future demand for ferrosilicon.

On the spot end, the new round of steel bidding fell short of expectations, with both quantity and price falling. On the cost side, last week the electricity price in Inner Mongolia was lowered, and the price of iron oxide sheet was slightly increased. At present, the production cost of silicon iron is approaching the bottom range. Overall, there is still support for downstream demand, but the supply is relatively loose. At the same time, considering the cold sentiment of steel recruitment, it is expected that the price of ferrosilicon in the future will fluctuate.