硅铁：空头减仓离场，硅铁宽幅震荡，锰硅，澳矿港口报价上移，锰硅偏强震荡

Report Summary 1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the content. 2. Core Views - Silicon iron experiences wide - range fluctuations as short - sellers reduce positions, while manganese silicon shows a relatively strong oscillation due to the upward shift of Australian ore port quotes [2]. - The trend intensity of silicon iron is 0 (neutral), and that of manganese silicon is 1 (slightly strong) [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: - Silicon iron 2506 has a closing price of 5472 yuan, up 42 yuan from the previous trading day, with a trading volume of 99,230 and an open interest of 98,368. Silicon iron 2509 has a closing price of 5466 yuan, up 14 yuan, a trading volume of 51,380, and an open interest of 139,398 [2]. - Manganese silicon 2506 has a closing price of 5704 yuan, up 160 yuan, a trading volume of 20,612, and an open interest of 36,987. Manganese silicon 2509 has a closing price of 5758 yuan, up 160 yuan, a trading volume of 374,215, and an open interest of 412,745 [2]. - Spot Price: - The price of silicon iron FeSi75 - B in Inner Mongolia is 5450 yuan/ton, and the price of silicon manganese FeMn65Si17 in Inner Mongolia is 5520 yuan/ton, down 30 yuan/ton from the previous day. The price of manganese ore Mn44 block is 36.5 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 620 yuan/ton [2]. - Price Differences: - The spot - 06 futures price difference of silicon iron is - 22 yuan/ton, down 42 yuan; the spot - 09 futures price difference of manganese silicon is - 238 yuan/ton, down 190 yuan. - The 2506 - 2509 price difference of silicon iron is 6 yuan/ton, up 28 yuan, and the 2506 - 2509 price difference of manganese silicon is - 54 yuan/ton, unchanged. - The cross - variety price difference between manganese silicon 2506 and silicon iron 2506 is 232 yuan/ton, up 118 yuan; the cross - variety price difference between manganese silicon 2509 and silicon iron 2509 is 292 yuan/ton, up 146 yuan [2]. 3.2 Macro and Industry News - Price Information: On May 8th, the price of 72 silicon iron in Shaanxi is 5300 - 5400 yuan/ton (down 50 yuan), and the FOB price of 72 silicon iron is 1030 - 1060 dollars/ton (down 30 dollars). The mainstream price of 6517 silicon manganese is in the range of 5450 - 5600 yuan/ton (down 50 yuan) [2][4]. - Production Reduction News: A representative silicon manganese plant in Guangxi continued to cut production in May. Currently, only a few furnaces are in operation, and the monthly output of 6517 silicon manganese has dropped to about 11,000 tons. The silicon manganese pricing of Zhongtian Nantong is 5620 yuan/ton (silver acceptance, tax - included, delivered to the factory), down 10 yuan/ton from before the holiday [2][4]. - Manganese Ore Export News: South32's June 2025 offer for South African semi - carbonate lump (typical Mn36.9%) is 3.8 dollars/ton - degree, down 0.25 dollars/ton - degree from the previous month. In March 2025, South Africa's manganese ore export volume was 2,336,242 tons, with a month - on - month increase of 26.88% and a year - on - year increase of 34.79%. From January to March 2025, the total export volume of South African manganese ore was 6,054,688 tons, a year - on - year increase of 6.77%. In March, South Africa's manganese ore exports to China were 1,556,464 tons, a month - on - month increase of 28.68%, and exports to India were 353,243 tons, a month - on - month decrease of 10.76%. Exports to the top five countries accounted for 91.54% of the total manganese ore exports [4].