硅铁：市场情绪降温，宽幅震荡，锰硅：市场情绪降温，宽幅震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The market sentiment for both silicon ferroalloy and manganese ferroalloy has cooled, and they are in a wide - range oscillation state [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: - Silicon ferroalloy futures: For the SiFe2509 contract, the closing price was 5682, down 14 from the previous trading day, with a trading volume of 279,553 and an open interest of 155,097; for the SiFe2510 contract, the closing price was 5668, down 16, with a trading volume of 36,795 and an open interest of 45,177 [1]. - Manganese ferroalloy futures: The MnSi2509 contract closed at 5962, up 16, with a trading volume of 358,667 and an open interest of 271,263; the MnSi2510 contract closed at 5964, up 8, with a trading volume of 38,203 and an open interest of 30,765 [1]. - Spot Data: - The spot price of silicon ferroalloy (FeSi75 - B) in Inner Mongolia was 5500 yuan/ton, down 100 yuan/ton from the previous day; the spot price of silicon - manganese (FeMn65Si17) in Inner Mongolia was 5720 yuan/ton, down 30 yuan/ton [1]. - The price of manganese ore (Mn44 block) was 40.5 yuan/ton - degree; the price of semi - coke (small material) in Shenmu was 620 yuan/ton, up 70 yuan/ton [1]. - Spread Data: - The spot - futures spread of silicon ferroalloy (spot - 09 futures) was - 182 yuan/ton, down 86 yuan/ton; that of manganese ferroalloy was - 242 yuan/ton, down 46 yuan/ton [1]. - The near - far month spread of silicon ferroalloy (SiFe2509 - 2601) was - 130 yuan/ton, up 16 yuan/ton; that of manganese ferroalloy (MnSi2509 - 2601) was - 74 yuan/ton, up 8 yuan/ton [1]. - The cross - variety spread of MnSi2509 - SiFe2509 was 280 yuan/ton, up 30 yuan/ton; that of MnSi2601 - SiFe2601 was 224 yuan/ton, up 38 yuan/ton [1]. 3.2 Macro and Industry News - Price Information: On August 1st, the price of 72 silicon ferroalloy in Shaanxi was 5400 - 5500 yuan/ton (down 100), in Ningxia 5500 - 5600 yuan/ton (down 150), in Qinghai 5400 - 5500 yuan/ton (down 150), in Gansu 5500 - 5600 yuan/ton (down 100), and in Inner Mongolia 5600 - 5700 yuan/ton (down 100). The price of 75 silicon ferroalloy in Shaanxi was 5900 - 5950 yuan/ton, in Ningxia 5850 - 5900 yuan/ton, in Qinghai 5850 - 5900 yuan/ton, in Gansu 5850 - 5900 yuan/ton, and in Inner Mongolia 5900 - 5950 yuan/ton. The FOB price of 72 silicon ferroalloy was 1030 - 1050 US dollars/ton, and that of 75 was 1100 - 1120 US dollars/ton. The price of 6517 silicon - manganese in the north was 5850 - 5950 yuan/ton (down 100), and in the south was 5900 - 6000 yuan/ton (down 100) [2]. - Manganese Ore Export: In June 2025, South Africa's manganese ore export volume was 2.2976 million tons, a month - on - month decrease of 5.4% and a year - on - year decrease of 6.8%. From January to June, the total export volume was 13.19 million tons, a year - on - year increase of 9.3%. In June, South Africa mainly exported manganese ore to the Asian market, with 1.4624 million tons exported to China (a month - on - month decrease of 17.98%) and 0.3303 million tons exported to India (a month - on - month increase of 3.9%) [2][3]. - Procurement Information: A steel mill in Zhejiang finalized the procurement price of 75B silicon ferroalloy at 6080 yuan/ton, an increase of 460 yuan/ton from the previous round, with a quantity of 200 tons [4]. - Manganese Ore Inventory: As of this Friday, the manganese ore inventory at Tianjin Port was 3.5034 million tons, a month - on - month decrease of 40,900 tons; at Qinzhou Port, it was 0.8573 million tons, a month - on - month increase of 41,500 tons; at Caofeidian Port, it was 0 tons; at Fangchenggang Port, it was 50,000 tons, a month - on - month decrease of 17,000 tons. As of August 1st, the total manganese ore inventory was 4.4107 million tons, a month - on - month decrease of 16,400 tons [4]. 3.3 Trend Intensity The trend intensity of silicon ferroalloy is 0, and that of manganese ferroalloy is also 0, indicating a neutral state [3].