硅铁：宏观行情推涨，偏强震荡，锰硅：宏观行情推涨，偏强震荡

Report Summary 1. Report Industry Investment Rating - The trend strength of ferrosilicon is 1, and the trend strength of silicomanganese is 1, both indicating a "偏强" (relatively strong) rating [3]. 2. Core Viewpoint - The silicomanganese market is expected to have a relatively strong and volatile trend driven by the macro - market [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Data: For ferrosilicon, the closing prices of FeSi2508 and FeSi2509 are 5858 and 5874 respectively, with an increase of 206 compared to the previous trading day. The trading volumes are 2,281 and 310,983, and the open interests are 8,773 and 191,798. For silicomanganese, the closing prices of FeMn2508 and FeMn2509 are 6006 and 6012 respectively, with an increase of 100 and 98 compared to the previous trading day. The trading volumes are 1,259 and 410,587, and the open interests are 11,074 and 346,266 [1]. - Spot Data: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5300 yuan/ton, the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5700 yuan/ton (+20), the price of manganese ore Mn44 block is 39.3 yuan/ton - degree (+0.3), and the price of semi - coke small material in Shenmu is 550 yuan/ton [1]. - Price Difference Data: The basis of ferrosilicon (spot - 08 futures) is - 558 yuan/ton (-206), the basis of silicomanganese (spot - 09 futures) is - 312 yuan/ton (-78). The near - far month spread of ferrosilicon 2508 - 2509 is - 16 yuan/ton (0), and that of silicomanganese 2508 - 2509 is - 6 yuan/ton (+2). The cross - variety spread of silicomanganese 2508 - ferrosilicon 2508 is 148 yuan/ton (-106), and that of silicomanganese 2509 - ferrosilicon 2509 is 138 yuan/ton (-108) [1]. 3.2 Macro and Industry News - On July 22, the price range of 72 ferrosilicon in Shaanxi is 5150 - 5250 yuan/ton, in Ningxia is 5300 - 5400 yuan/ton (+50), in Qinghai is 5300 - 5400 yuan/ton (+70), in Gansu is 5300 - 5350 yuan/ton, and in Inner Mongolia is 5300 - 5350 yuan/ton (+100). The price range of 75 ferrosilicon in Shaanxi is 5650 - 5700 yuan/ton, in Ningxia is 5600 - 5650 yuan/ton, in Qinghai is 5550 - 5600 yuan/ton, in Gansu is 5600 - 5650 yuan/ton, and in Inner Mongolia is 5600 - 5650 yuan/ton. The FOB price of 72 ferrosilicon is 1000 - 1020 dollars/ton, and that of 75 is 1080 - 1110 dollars/ton. The northern quotation of 6517 silicomanganese is 5650 - 5700 yuan/ton (+50), and the southern quotation is 5700 - 5750 yuan/ton (+50) [2]. - A steel mill in Shandong's Rizhao company set the purchase price of 75B ferrosilicon at 5840 yuan/ton in cash, a 350 - yuan/ton increase from the previous round, with a quantity of 420 tons. Another steel mill in Shandong set the purchase price of silicomanganese at 5950 yuan/ton, with a purchase volume of 900 tons [2].