硅铁：能耗碳排信息扰动，走势偏强，锰硅，行业恶性内卷信息扰动，走势偏强

Group 1: Report Overview - The report is about the research on silicon ferroalloy and manganese ferroalloy futures, released on July 28, 2025, by the Research Institute of Guotai Junan Futures [1][2] Group 2: Investment Ratings - No investment ratings for the industry are provided in the report Group 3: Core Views - The prices of silicon ferroalloy and manganese ferroalloy futures are showing a strong trend due to information disturbances related to energy consumption, carbon emissions, and industry competition [2] Group 4: Fundamental Tracking Futures Market - Silicon ferroalloy 2509 closed at 6166, up 412 from the previous trading day, with a trading volume of 566,065 and an open interest of 212,806; Silicon ferroalloy 2510 closed at 6156, up 406, with a trading volume of 63,215 and an open interest of 44,001 - Manganese ferroalloy 2509 closed at 6414, up 466, with a trading volume of 877,130 and an open interest of 387,032; Manganese ferroalloy 2510 closed at 6398, up 450, with a trading volume of 47,681 and an open interest of 24,472 [2] Spot Market - The price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5500 yuan/ton; The price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5700 yuan/ton, up 20 yuan/ton from the previous day - The price of manganese ore Mn44 block was 39.5 yuan/ton - degree; The price of semi - coke small material in Shenmu was 550 yuan/ton [2] Price Spreads - The spot - futures price spread of silicon ferroalloy (spot - 09 futures) was - 666 yuan/ton, down 412 yuan/ton; The spot - futures price spread of manganese ferroalloy (spot - 09 futures) was - 714 yuan/ton, down 446 yuan/ton - The near - far month price spread of silicon ferroalloy 2509 - 2601 was - 120 yuan/ton, down 20 yuan/ton; The near - far month price spread of manganese ferroalloy 2509 - 2601 was - 64 yuan/ton, up 8 yuan/ton - The cross - variety price spread of manganese ferroalloy 2509 - silicon ferroalloy 2509 was 248 yuan/ton, up 54 yuan/ton; The cross - variety price spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 was 192 yuan/ton, up 26 yuan/ton [2] Group 5: Macro and Industry News - On July 25, the price range of 72 silicon ferroalloy in Shaanxi was 5400 - 5500 yuan/ton, in Ningxia was 5500 - 5600 yuan/ton, in Qinghai was 5400 - 5500 yuan/ton, in Gansu was 5400 - 5500 yuan/ton, and in Inner Mongolia was 5450 - 5500 yuan/ton (+50); The price range of 75 silicon ferroalloy in Shaanxi was 5800 - 5850 yuan/ton (+50), in Ningxia was 5750 - 5800 yuan/ton (+50), in Qinghai was 5750 - 5800 yuan/ton (+50), in Gansu was 5750 - 5800 yuan/ton (+50), and in Inner Mongolia was 5750 - 5800 yuan/ton (+50). The FOB price of 72 silicon ferroalloy was 1020 - 1040 dollars/ton, and that of 75 was 1090 - 1110 dollars/ton - The northern quotation of 6517 silicon - manganese was 5700 - 5750 yuan/ton (+50), and the southern quotation was 5700 - 5800 yuan/ton - As of July 25, the manganese ore inventory at Tianjin Port was 354.43 million tons, a month - on - month increase of 14.93 million tons; at Qinzhou Port was 81.58 million tons, a month - on - month decrease of 5.6 million tons; at Caofeidian Port was 0 million tons; at Fangchenggang Port was 6.7 million tons, a month - on - month increase of 5.4 million tons. The total manganese ore inventory was 442.71 million tons, a month - on - month increase of 14.73 million tons [3] Group 6: Trend Intensity - The trend intensity of silicon ferroalloy is 1, and that of manganese ferroalloy is 1, indicating a relatively strong trend [4]