硅铁：成本预期或有抬升，偏强震荡，锰硅：成本预期或有抬升，偏强震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report suggests that the cost expectation of manganese - silicon may rise, and it will fluctuate strongly [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The closing prices of silicon - iron 2508 and 2509 are 5564 and 5576 respectively, up 184 from the previous trading day; the closing prices of manganese - silicon 2508 and 2509 are 5798 and 5808 respectively, up 90 from the previous trading day. The trading volumes and open interests of different contracts are also given [2]. - Spot Data: The price of silicon - iron FeSi75 - B in Inner Mongolia is 5200 yuan/ton, up 50; the price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5550 yuan/ton, up 50. The prices of manganese ore Mn44 block and semi - coke small material in Shenmu are 38.5 yuan/ton - degree and 580 yuan/ton respectively [2]. - Price Difference Data: The spot - futures price differences of silicon - iron and manganese - silicon are - 364 yuan/ton and - 258 yuan/ton respectively, with corresponding changes of - 134 and - 40. The near - far month price differences of silicon - iron and manganese - silicon are - 12 yuan/ton and - 10 yuan/ton respectively, with no change. The cross - variety price differences of manganese - silicon and silicon - iron are 234 yuan/ton and 232 yuan/ton respectively, down 94 [2]. 3.2 Macro and Industry News - Market Price News: On July 10, the prices of different grades of silicon - iron in various regions and the prices of silicon - manganese 6517 in the north and south are reported. The silicon - manganese spot market has been in a stalemate in the range of 5450 - 5550 yuan/ton for a long time [3]. - Policy News: President Xi Jinping pointed out during an inspection in Shanxi that while ensuring national power coal supply, the coal industry should be upgraded, and a new energy system should be built [4]. - Manganese Ore Price News: Jupiter and NMT announced the prices of manganese ore for August 2025, with NMT's price up 0.05 dollars/ton - degree month - on - month [6]. - Silicon - Manganese Tendering News: On July 10, Jinshenglan's silicon - manganese tender prices in different regions increased, with the procurement volume also given [6]. 3.3 Trend Intensity The trend intensity of silicon - iron and manganese - silicon is both 1, indicating a relatively neutral - to - strong trend [5].