硅铁：宏观情绪扰动，宽幅震荡，锰硅：宏观情绪扰动，宽幅震荡

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Report's Core View The report focuses on the manganese - silicon and ferrosilicon markets, stating that the market is subject to macro - emotional disturbances and shows wide - range fluctuations. The trend intensities of both ferrosilicon and manganese - silicon are rated as 1, indicating a neutral view [1][3]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: - Ferrosilicon 2508 closed at 5408, with a change of 82 compared to the previous trading day, and a trading volume of 21,115 and an open interest of 32,649. Ferrosilicon 2509 closed at 5374, up 86, with a trading volume of 178,400 and an open interest of 226,267. - Manganese - silicon 2508 closed at 5652, up 102, with a trading volume of 28,610 and an open interest of 24,163. Manganese - silicon 2509 closed at 5654, up 98, with a trading volume of 327,757 and an open interest of 401,426 [1]. - Spot Data: - The price of ferrosilicon FeSi75 - B in Inner Mongolia was 5100 yuan/ton; the price of ferromanganese FeMn65Si17 in Inner Mongolia was 5500 yuan/ton. - The price of manganese ore Mn44 block was 37.5 yuan/ton - degree, up 0.5 compared to the previous trading day; the price of semi - coke small material in Shenmu was 580 yuan/ton [1]. - Price Differences: - The basis of ferrosilicon (spot - 08 futures) was - 308 yuan/ton, down 82; the basis of manganese - silicon (spot - 09 futures) was - 154 yuan/ton, down 98. - The near - far month spread of ferrosilicon 2508 - 2509 was 34 yuan/ton, down 4; the near - far month spread of manganese - silicon 2508 - 2509 was - 8 yuan/ton, up 4. - The cross - variety spread of manganese - silicon 2508 - ferrosilicon 2508 was 244 yuan/ton, up 20; the cross - variety spread of manganese - silicon 2509 - ferrosilicon 2509 was 280 yuan/ton, up 12 [1]. Macro and Industry News - Spot Price Information: On June 25, the price of 72 ferrosilicon in Shaanxi was 5000 - 5100 yuan/ton, in Ningxia 5100 - 5150 yuan/ton, in Qinghai 5100 - 5150 yuan/ton, in Gansu 5100 - 5150 yuan/ton (with an increase of 50 yuan/ton in Gansu). The price of 75 ferrosilicon in Shaanxi was 5600 - 5650 yuan/ton, in Ningxia 5550 - 5650 yuan/ton, in Qinghai 5550 - 5600 yuan/ton, in Gansu 5700 - 5750 yuan/ton, and in Inner Mongolia 5600 - 5650 yuan/ton. The price of 6517 ferromanganese in the north was 5450 - 5500 yuan/ton, and in the south, due to tight supply, it was 5550 - 5600 yuan/ton [2]. - Procurement Information: Ningbo Iron and Steel set the ferromanganese procurement price at 5700 yuan/ton (acceptance, tax - included, delivered to the factory) on the 24th, up 50 yuan/ton from last month, with a procurement volume of 750 tons. Jianlong Group's ferrosilicon (72) procurement prices in different regions were: 5380 yuan/ton (550 tons) in Hebei, 5500 yuan/ton (410 tons) in Jilin, 5580 yuan/ton (400 tons) in Heilongjiang, and 5350 yuan/ton (400 tons) in Shanxi. A steel mill in Sichuan set the ferrosilicon procurement price at 5660 yuan/ton today [2][3]. - Production Information: In June, there were 3 ferrosilicon enterprises in production in Xinjiang, Sichuan, Shanxi, and Chongqing, with 6 submerged arc furnaces in operation. The ferrosilicon enterprise operating rate in June was 40%, the same as in May, and the expected output was 0.78 million tons, also the same as in May, with a capacity utilization rate of 30% [3].