硅铁：现货情绪提振，宽幅震荡，锰硅，现货情绪提振，宽幅震荡

Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The spot sentiment of ferrosilicon and silicomanganese is boosted, and both are in wide - range fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data - Ferrosilicon 2508 closed at 5422, up 14 from the previous trading day, with a trading volume of 24,040 and an open interest of 30,275; Ferrosilicon 2509 closed at 5384, up 10, with a trading volume of 197,830 and an open interest of 221,410 - Silicomanganese 2508 closed at 5672, up 20, with a trading volume of 23,926 and an open interest of 22,884; Silicomanganese 2509 closed at 5676, up 22, with a trading volume of 266,707 and an open interest of 398,460 [1] 3.1.2 Spot Data - The aggregated price of ferrosilicon FeSi75 - B in Inner Mongolia was 5150 yuan/ton, up 50 yuan/ton from the previous trading day; The price of silicomanganese FeMn65Si17 in Inner Mongolia was 5520 yuan/ton, up 20 yuan/ton - The price of manganese ore Mn44 block was 37.5 yuan/ton - degree; The price of semi - coke small material in Shenmu was 580 yuan/ton [1] 3.1.3 Spread Data - The basis of ferrosilicon (spot - 08 futures) was - 272 yuan/ton, up 36 yuan/ton; The basis of silicomanganese (spot - 09 futures) was - 156 yuan/ton, down 2 yuan/ton - The spread between near and far months of ferrosilicon 2508 - 2509 was 38 yuan/ton, up 4 yuan/ton; The spread between near and far months of silicomanganese 2508 - 2509 was - 16 yuan/ton, down 8 yuan/ton - The cross - variety spread of silicomanganese 2508 - ferrosilicon 2508 was 250 yuan/ton, up 6 yuan/ton; The cross - variety spread of silicomanganese 2509 - ferrosilicon 2509 was 292 yuan/ton, up 12 yuan/ton [1] 3.2 Macro and Industry News - On June 26, the price of 72 ferrosilicon in Shaanxi was 5000 - 5100 yuan/ton, 5100 - 5200 yuan/ton in Ningxia (up 50), 5100 - 5200 yuan/ton in Qinghai (up 50), 5150 - 5200 yuan/ton in Gansu (up 50), and 5150 - 5200 yuan/ton in Inner Mongolia (up 50); The price of 75 ferrosilicon in Shaanxi was 5600 - 5650 yuan/ton, 5550 - 5650 yuan/ton in Ningxia, 5550 - 5600 yuan/ton in Qinghai, 5700 - 5750 yuan/ton in Gansu, and 5600 - 5650 yuan/ton in Inner Mongolia. The FOB price of 72 ferrosilicon was 1000 - 1030 dollars/ton, and that of 75 was 1080 - 1110 dollars/ton. The northern quotation of 6517 silicomanganese was 5450 - 5500 yuan/ton, and the southern quotation was 5550 - 5600 yuan/ton due to tight supply [2] - UMK announced its manganese ore quotation to China in July 2025: Mn36% South African lump ore was 3.85 dollars/ton - degree, down 0.05 dollars/ton - degree from the June quotation. Xinyu Iron and Steel set the new round of ferrosilicon procurement price at 5600 yuan/ton delivered to the factory by acceptance bill, up 110 yuan/ton from the previous round, with a quantity of 700 tons [2] - In May 2025, the export of Australian manganese ore through Port Hedland was 82,000 tons, a month - on - month increase of 7,000 tons (9.3% increase), but a year - on - year decrease of 33.28% compared with 122,908 tons in the same period last year. All the manganese ore was exported to China in May. From January to May 2025, the total export of Australian manganese ore through Port Hedland was 433,472 tons, a significant year - on - year decrease of 34.83% compared with 665,092 tons in the same period last year [3] 3.3 Trend Intensity - The trend intensity of ferrosilicon is 1; The trend intensity of silicomanganese is 1. The range of trend intensity is an integer within [- 2,2], with - 2 being the most bearish and 2 being the most bullish [3]