硅铁：钢招定价落地，市场略有提振

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The steel tender pricing for ferrosilicon and silicomanganese has been finalized, slightly boosting the market [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: - Ferrosilicon 2508: Closing price of 5,466, up 14 from the previous trading day, with a trading volume of 7,876 and an open interest of 17,292 [1]. - Ferrosilicon 2509: Closing price of 5,484, up 24, trading volume of 166,323, and open interest of 203,424 [1]. - Silicomanganese 2508: Closing price of 5,768, up 42, trading volume of 9,768, and open interest of 16,095 [1]. - Silicomanganese 2509: Closing price of 5,782, up 36, trading volume of 211,846, and open interest of 358,988 [1]. - Spot Data: - Ferrosilicon FeSi75 - B in Inner Mongolia: Price of 5,200 yuan/ton [1]. - Silicomanganese FeMn65Si17 in Inner Mongolia: Price of 5,600 yuan/ton [1]. - Manganese ore Mn44 block: Price of 38.5 yuan/ton - degree [1]. - Lanthanum charcoal small - sized in Shenmu: Price of 550 yuan/ton, down 30 from the previous trading day [1]. - Price Spread Data: - Spot - futures spread: Ferrosilicon (spot - 08 futures) is - 266 yuan/ton, down 14; (spot - 09 futures) is - 182 yuan/ton, down 36. Silicomanganese (spot - 08 futures) and (spot - 09 futures) data not fully clear from the text [1]. - Near - far month spread: Ferrosilicon 2508 - 2509 is - 18 yuan/ton, down 10; Silicomanganese 2508 - 2509 is - 14 yuan/ton, up 6 [1]. - Cross - variety spread: Silicomanganese 2508 - Ferrosilicon 2508 is 302 yuan/ton, up 28; Silicomanganese 2509 - Ferrosilicon 2509 is 298 yuan/ton, up 12 [1]. Macro and Industry News - Ferrosilicon Prices: On July 14, 2025, the price of 72 ferrosilicon in Shaanxi was 5,050 - 5,150 yuan/ton, in Ningxia 5,150 - 5,250 yuan/ton, in Qinghai 5,200 yuan/ton, in Gansu 5,150 - 5,250 yuan/ton, and in Inner Mongolia 5,200 yuan/ton. The price of 75 ferrosilicon in Shaanxi was 5,650 - 5,700 yuan/ton (+50), in Ningxia 5,600 - 5,650 yuan/ton (+50), in Qinghai 5,600 yuan/ton, in Gansu 5,700 - 5,750 yuan/ton, and in Inner Mongolia 5,600 - 5,650 yuan/ton. The FOB price of 72 ferrosilicon was 1,000 - 1,030 US dollars/ton, and 75 was 1,080 - 1,110 US dollars/ton [2]. - Silicomanganese Prices: The northern quotation of 6517 silicomanganese was 5,500 - 5,600 yuan/ton (-50), and the southern quotation was 5,600 - 5,650 yuan/ton [2]. - Steel Tender Information: A large steel group in Hebei set the July price of silicomanganese at 5,850 yuan/ton, up 200 yuan/ton from June, with a tender volume of 14,600 tons, an increase of 2,900 tons from June. The July purchase price of 75B ferrosilicon was 5,600 yuan/ton, up 100 yuan/ton from June, with a volume of 2,700 tons, an increase of 500 tons from June [2]. - Manganese Ore Prices: Jupiter announced the price of South African semi - carbonate blocks with Mn36.5% (Min36%) for China in August 2025 as 3.9 US dollars/ton - degree. NMT announced the shipment price of manganese ore for China in August 2025, with South African blocks with Mn36% (minimum) at 3.9 US dollars/ton - degree, up 0.05 US dollars/ton - degree from the previous month [3]. Trend Intensity - Ferrosilicon trend intensity: 0 - Silicomanganese trend intensity: 0 Note: The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3].