硅铁：黑色板块共振，硅铁低位震荡，锰硅，矿端信息扰动，锰硅低位震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report indicates that silicon ferroalloy is experiencing low - level oscillations due to the resonance of the black sector, while manganese ferroalloy is also in a low - level oscillation state affected by information disturbances from the ore end [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: Silicon ferroalloy futures contracts 2506 and 2509 closed at 5608 and 5664 respectively, down 40 and 38 from the previous trading day. Manganese ferroalloy futures contracts 2506 and 2509 closed at 5700 and 5758 respectively, down 46 from the previous trading day [1]. - Spot Data: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5550 yuan/ton, and the price of silicon manganese FeMn65Si17 in Inner Mongolia was 5680 yuan/ton. The price of manganese ore Mn44 block was 37.0 yuan/ton degree, and the price of semi - coke small material in Shenmu was 620 yuan/ton [1]. - Spread Data: The spot - futures spread of silicon ferroalloy (spot - 06 futures) was - 58 yuan/ton, up 40; the spot - futures spread of manganese ferroalloy (spot - 09 futures) was - 78 yuan/ton, up 46. The near - far month spread of silicon ferroalloy 2506 - 2509 was - 56 yuan/ton, down 2; the near - far month spread of manganese ferroalloy 2506 - 2509 was - 58 yuan/ton, unchanged. The cross - variety spread of manganese ferroalloy 2506 - silicon ferroalloy 2506 was 92 yuan/ton, down 6; the cross - variety spread of manganese ferroalloy 2509 - silicon ferroalloy 2509 was 94 yuan/ton, down 8 [1]. 3.2 Macro and Industry News - Price Information: On April 29, the price of 72 silicon ferroalloy in Shaanxi was 5400 - 5500 yuan/ton (down 50), and the price of 75 silicon ferroalloy in Shaanxi was 6000 - 6100 yuan/ton. The mainstream price of 6517 silicon manganese was in the range of 5600 - 5800 yuan/ton [1][3]. - Production and Capacity: In April, the operating rate of silicon ferroalloy enterprises in Inner Mongolia was 80.99%, up 0.82% from March, with an estimated output of 15.88 tons, up 0.52 tons from March. The operating rate of silicon ferroalloy enterprises in Gansu was 36.11%, down 12.46% from March, with an estimated output of 3.72 tons, down 1.71 tons from March. In April, 7 ferromanganese slag blast furnaces in Liaoning were in production, unchanged from the previous month; 4 in Ningxia, down 1 from the previous month; 7 in Gansu, unchanged from the previous month; and 4 in Inner Mongolia, unchanged from the previous month [1][3]. - Manganese Ore Supply: South32's Australian manganese ore is ready to resume shipments. The first shipment is expected to load at Groote Eylandt, indicating that normal production and export may resume soon. In May, the first batch of manganese ore arriving at the port will be mostly supplied to long - term strategic customers, with index - based pricing, and there is no plan to sell through the open market for now [3]. 3.3 Trend Strength The trend strength of silicon ferroalloy is 0, and the trend strength of manganese ferroalloy is also 0, indicating a neutral outlook [4].