硅铁：海外矿企报价上移，宽幅震荡

Report Summary 1. Industry Investment Rating - Not mentioned in the report. 2. Core View - The report indicates that both silicon iron and manganese silicon are expected to experience wide - range fluctuations due to the upward shift in overseas mining companies' quotations [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: For silicon iron, the 2509 contract closed at 5754, down 78 from the previous trading day, with a trading volume of 259,485 and an open interest of 169,545; the 2510 contract closed at 5750, down 64, with a trading volume of 36,465 and an open interest of 44,277. For manganese silicon, the 2509 contract closed at 5948, up 10, with a trading volume of 329,748 and an open interest of 325,554; the 2510 contract closed at 5948, up 26, with a trading volume of 33,069 and an open interest of 26,210 [1]. - Spot Data: The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5500 yuan/ton; the price of silicon manganese (FeMn65Si17) in Inner Mongolia was 5680 yuan/ton, down 70 yuan/ton from the previous trading day; the price of manganese ore (Mn44 block) was 39.5 yuan/ton - degree, down 0.5 yuan/ton - degree; the price of small - sized semi - coke in Shenmu was 550 yuan/ton [1]. - Spread Data: The spot - 09 futures spread of silicon iron was - 254 yuan/ton, up 78 yuan/ton; the spot - 09 futures spread of manganese silicon was - 268 yuan/ton, down 80 yuan/ton. The near - far month spread of silicon iron (2509 - 2601) was - 100 yuan/ton, down 16 yuan/ton; the near - far month spread of manganese silicon (2509 - 2601) was - 72 yuan/ton, down 22 yuan/ton. The cross - variety spread of manganese silicon 2509 - silicon iron 2509 was 194 yuan/ton, up 88 yuan/ton; the cross - variety spread of manganese silicon 2601 - silicon iron 2601 was 166 yuan/ton, up 94 yuan/ton [1]. 3.2 Macro and Industry News - Price Information: On July 24, the price range of 72 silicon iron in different regions was 5400 - 5600 yuan/ton, and that of 75 was 5700 - 5800 yuan/ton. The FOB price of 72 silicon iron was 1020 - 1040 dollars/ton (+20), and that of 75 was 1090 - 1110 dollars/ton (+10). The northern quotation of silicon manganese 6517 was 5650 - 5750 yuan/ton, and the southern quotation was 5700 - 5800 yuan/ton. A steel mill in Fujian set the price of silicon manganese at 5800 yuan/ton, up 354 yuan/ton from the early - June pricing [2]. - Export Data: In June 2025, the manganese ore exported through Port Hedland in Australia was 156,302 tons, with a month - on - month increase of 90.61% and a year - on - year increase of 51.49%. The total export volume in the first half of 2025 was 589,774 tons, a year - on - year decrease of 23.24% compared to 2024. In June, the exports were mainly redirected to China and Malaysia [3]. - Quotation Information: South32's September 2025 offer for South African semi - carbonate lumps (typical Mn36.9%) was 4.05 dollars/ton - degree, up 0.15 dollars/ton - degree month - on - month; the offer for Australian lumps (typical Mn42%) was 4.45 dollars/ton - degree, up 0.10 dollars/ton - degree month - on - month [3]. 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and that of manganese silicon is also 0, indicating a neutral outlook [3].