硅铁：主产地陆续停产，硅铁宽幅震荡，锰硅，黑色板块共振，锰硅宽幅震荡

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoint Silicon ferroalloy experiences wide - range fluctuations due to the successive shutdowns in major production areas, while manganese ferroalloy fluctuates widely due to the resonance of the black - metal sector [1]. Detailed Summaries 1. Fundamental Data - Futures Data - Silicon ferroalloy 2505 contract has a closing price of 5944, unchanged from the previous trading day, with a trading volume of 32,205 and an open interest of 74,528. Silicon ferroalloy 2506 contract has a closing price of 5900, down 4 from the previous day, with a trading volume of 139,105 and an open interest of 195,566 [1]. - Manganese ferroalloy 2505 contract has a closing price of 5966, up 52 from the previous day, with a trading volume of 184,214 and an open interest of 292,991. Manganese ferroalloy 2506 contract has a closing price of 5988, up 54 from the previous day, with a trading volume of 35,035 and an open interest of 95,144 [1]. - Spot Data - The aggregated price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5620 yuan/ton. The price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5800 yuan/ton, up 50 yuan/ton from the previous day [1]. - The price of manganese ore Mn44 block is 40.5 yuan/ton - degree, down 1 yuan/ton - degree from the previous day. The price of small - sized blue charcoal in Shenmu is 610 yuan/ton [1]. - Price Spreads - The spot - 05 futures price spread of silicon ferroalloy is - 324 yuan/ton, and that of manganese ferroalloy is - 166 yuan/ton. The near - far month price spread of silicon ferroalloy 2505 - 2509 is 6 yuan/ton, down 12 yuan/ton from the previous day. The near - far month price spread of manganese ferroalloy 2505 - 2509 is - 90 yuan/ton, down 6 yuan/ton from the previous day [1]. - The cross - variety price spread of manganese ferroalloy 2505 - silicon ferroalloy 2505 is 22 yuan/ton, up 52 yuan/ton from the previous day. The cross - variety price spread of manganese ferroalloy 2509 - silicon ferroalloy 2509 is 118 yuan/ton, up 46 yuan/ton from the previous day [1]. 2. Macro and Industry News - On April 10th, the price range of 72 silicon ferroalloy is 5500 - 5700 yuan/ton in different regions, and the price range of 75 silicon ferroalloy is 6100 - 6200 yuan/ton. The FOB price of 72 silicon ferroalloy is 1050 - 1080 dollars/ton, and that of 75 is 1100 - 1120 dollars/ton. The spot price of silicon - manganese 6517 fluctuates, and the spot quotation is scarce, with the factory quotes mostly in the range of 5800 - 5900 yuan/ton [1]. - South32 announced that the offer price of South African semi - carbonate block (typical value Mn36.9%) in May 2025 is 4.05 dollars/ton - degree, a decrease of 0.6 dollars/ton - degree compared with April [1]. - A new silicon - ferroalloy maintenance enterprise in Qinghai, Qinghai Shouheng, is maintaining 1 unit, affecting the daily output by 30 tons. Qinghai Yehua maintained 2 units of 18500kva silicon - ferroalloy furnaces yesterday, reducing the daily output by 100 - 110 tons [2][3]. 3. Trend Intensity The trend intensity of silicon ferroalloy is 0, and that of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, with - 2 indicating the most bearish and 2 indicating the most bullish [4].