Abstract: Under the backdrop of the "dual carbon" strategic goals, China's ferroalloy industry is confronted with increasingly severe carbon emission constraints and structural transformation pressures. Most existing studies focus on macro policy interpretation or single-technology analysis, lacking exploration of systematic transformation pathways at the enterprise level. From a techno-economic perspective, this paper systematically analyzes the industry's transformation pressures in terms of supply-demand structure, regional distribution, and policy regulation, and clarifies the market-driven factors and development trends of ferroalloy low-carbon transformation. The study shows that driven by policy regulations, downstream green supply chains, and high-quality demand from emerging sectors, the industry's competitive mode is shifting from sole cost-based competition to comprehensive capability competition centered on low-carbon technologies, intelligent control, and resource recycling, and the core competitiveness of enterprises is transitioning from external policy compliance to an endogenous driver based on low-carbon technologies. Based on this, the paper proposes a low-carbon transformation pathway comprising industrial collaboration, equipment upgrading, energy structure optimization, and technological innovation, and discusses its intrinsic logic and synergistic mechanisms, aiming to provide a theoretical basis and decision-making support for ferroalloy enterprises in formulating low-carbon development strategies.