Ferroalloy series prices significantly: the recent ferroalloy series of ferrochromium, ferrosilicon, ferromanganese are a certain rate of price increases, in addition to chrome iron, ferromanganese spot also continued tension. Ferrochromium alloy is mainly used for the production of stainless steel, silicon ferroalloy mainly includes ferrosilicon alloy, silicon-manganese alloy, non-ferrous metal smelting and ferrous metal smelting when the important raw materials, mainly in the metal smelting as a deoxidizer for steel and magnesium metal production The We analyze the main reasons for the increase in prices due to rising prices (coking coal, ore, transportation prices), South Africa to limit the export of chrome ore, and inventory reduction, the downstream price of steel prices continue to promote product prices, Metal products manufacturing enterprises worthy of attention.

By the control of exports in South Africa, ferrochromium prices rose rapidly: According to the information reported that since entering in October, chrome ore offer rose for three consecutive weeks, the cumulative increase has reached 41%, 39% of the block by 41.5 yuan / ton, fast Rose to 58.5 yuan / ton. 10 months before the first two weeks of domestic steel mills tend to tender prices were 1,100 yuan / 50 basis tons of up. Related to the subject of the main interests of Tibet Mining, Zhenhua shares, Minmetals development.

Tibet Mining: Group and the company has high-quality chromium mineral resources - Lu Bu Sha chromite, reserves of about 400 million tons. The company produced 36,600 tons of chrome ore in 2015, sold 77,000 tons of chromite, and the first half of 2016 produced 7968 tons of chromite and sold 19,000 tons of chromite.

Zhenhua shares: the company production of sodium dichromate, chromic anhydride, chromium oxide green, basic chromium sulfate and other chromite is one of the main cost of the company (accounting for more than 25%), chromite prices, is expected to product Will also maintain the same rate of increase, gross profit will be increased, while the company will benefit from the price of chromium ore stocks.

Minmetals development: ferrochrome is an important part of the company's revenue, 16 companies in the first half of the company's ferrochromium income of 1.63 billion yuan, accounting for 38%.

Driven by the cost of price, ferrosilicon, ferromanganese prices: ferrosilicon is mainly used for steel and magnesium two industries, with the steel tender prices in November, 75 # standard block prices rose to 6100-6200 yuan, the chain in October A substantial increase of 600-700 yuan / ton, or more than 10% in mid-October Erdos West gold smelting ferrosilicon offer also raised 500 yuan / ton. Ferromanganese prices from the beginning of October 7900 yuan / ton quickly rose to 8800 yuan / ton, or 11%. Related to the subject of the main Erdos, Jun is the group.

Erdos: The company is the world's largest ferrosilicon production and sales enterprises. The company produced 13.28 million tons of ferrosilicon for 15 years, and 367,400 tons of silicon and manganese. The proportion of ferrosilicon accounts for 31% of the total. 16 years in the first half of the company ferrosilicon, ferromanganese accounted for about 45% of revenue, will benefit from product prices.

Junzheng Group: The company relies on the advantages of local coal resources, has formed a relatively complete "coal - electricity - chlor-alkali chemical" and "coal - electricity - characteristics of metallurgy" integrated recycling economy industrial chain, the company in the first half of 16 years ferrosilicon income To 632 million yuan, accounting for 25% of the company's operating income, the company's earnings affected by ferrosilicon prices is very important.

From: GF Securities (Tencent Finance)