硅铁：市场情绪冷淡，偏弱震荡，锰硅：市场情绪冷淡，偏弱震荡

1. Report Industry Investment Rating - The report does not provide an investment rating for the industry [1][2][3] 2. Core Viewpoints - The market sentiment for manganese - silicon is cold, showing a weak and volatile trend [1] - The trend strength of both ferrosilicon and manganese - silicon is - 1, indicating a weak outlook [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: For ferrosilicon, the closing prices of 2511 and 2601 contracts are 5622 and 5600 respectively, down 56 and 52 from the previous trading day; for manganese - silicon, the closing prices of 2511 and 2601 contracts are 5818 and 5836 respectively, down 80 and 78. The trading volumes and open interests of different contracts are also presented [1] - Spot Data: The spot price of ferrosilicon FeSi75 - B in Inner Mongolia is 5350 yuan/ton, down 50; the spot price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5750 yuan/ton, down 50. The price of manganese ore Mn44 block is 39.8 yuan/ton - degree, down 0.2; the price of semi - coke small materials in Shenmu is 650 yuan/ton [1] - Price Difference Data: The ferrosilicon spot - futures price difference (spot - 11 futures) is - 272 yuan/ton, up 6; the manganese - silicon spot - futures price difference (spot - 01 futures) is - 86 yuan/ton, up 30. The near - far month price difference of ferrosilicon 2511 - 2601 is 22 yuan/ton, down 4; that of manganese - silicon 2511 - 2601 is - 18 yuan/ton, down 2. The cross - variety price differences of manganese - silicon 2509 - ferrosilicon 2509 and manganese - silicon 2601 - ferrosilicon 2601 are 196 and 236 respectively, down 24 and 26 [1] 3.2 Macro and Industry News - Product Price Information: On August 20th, the prices of 72 and 75 ferrosilicon in different regions decreased to varying degrees. The northern and southern quotes of silicon - manganese 6517 also decreased by 50 yuan/ton [2] - Procurement Information: A steel mill in Fujian set the silicon - manganese price at 6017 yuan/ton on the 19th, up 217 yuan/ton from July, with a procurement volume of 11600 tons. Hengyang Steel Pipe set the ferrosilicon price at 6030 yuan/ton, with a volume of 200 tons. Jinshenglan in Hubei set the 75B ferrosilicon procurement price at 5610 yuan/ton, down 280 yuan/ton from August 14th, with a volume of 600 tons [2] - Import Data: In July 2025, the national manganese ore import volume was 2743500 tons, a 2.22% increase from June and a 19.61% increase from July last year [3]