硅铁：市场信息扰动，日内宽幅震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The silicon iron and manganese silicon markets are disturbed by market information, showing wide - range intraday fluctuations [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: - Silicon iron 2511 closed at 5624, down 10 from the previous trading day, with a trading volume of 208,650 and an open interest of 222,047. Silicon iron 2601 closed at 5604, down 2, with a trading volume of 33,111 and an open interest of 96,724 [1]. - Manganese silicon 2511 closed at 5828, up 10, with a trading volume of 66,101 and an open interest of 107,056. Manganese silicon 2601 closed at 5842, up 10, with a trading volume of 138,956 and an open interest of 312,315 [1]. - Spot Data: - The price of silicon iron: FeSi75 - B in Inner Mongolia was 5350 yuan/ton. The price of silicon manganese: FeMn65Si17 in Inner Mongolia was 5720 yuan/ton, down 30 yuan/ton from the previous trading day [1]. - The price of manganese ore: Mn44 block was 39.5 yuan/ton - degree, and the price of blue charcoal: small material in Shenmu was 650 yuan/ton [1]. - Spread Data: - The silicon iron spot - 11 futures spread was - 274 yuan/ton, up 10 yuan/ton; the manganese silicon spot - 01 futures spread was - 122 yuan/ton, down 40 yuan/ton [1]. - The silicon iron 2511 - 2601 near - far month spread was 20 yuan/ton, down 8 yuan/ton; the manganese silicon 2511 - 2601 near - far month spread was - 14 yuan/ton, unchanged [1]. - The manganese silicon 2511 - silicon iron 2511 cross - variety spread was 204 yuan/ton, up 20 yuan/ton; the manganese silicon 2601 - silicon iron 2601 cross - variety spread was 238 yuan/ton, up 12 yuan/ton [1]. 3.2 Macro and Industry News - On August 28, the price of 72 silicon iron in Shaanxi was 5300 - 5400 yuan/ton, in Ningxia 5300 - 5400 yuan/ton, in Qinghai 5300 - 5400 yuan/ton, in Gansu 5350 - 5400 yuan/ton, and in Inner Mongolia 5300 - 5500 yuan/ton. The price of 75 silicon iron in Shaanxi was 5900 - 5950 yuan/ton, in Ningxia 5800 - 5850 yuan/ton, in Qinghai 5800 - 5850 yuan/ton, in Gansu 5800 - 5850 yuan/ton, and in Inner Mongolia 5800 - 5850 yuan/ton. The FOB price of 72 silicon iron was 1030 - 1050 dollars/ton, and that of 75 was 1100 - 1130 dollars/ton [2]. - The northern quotation of 6517 silicon manganese was 5700 - 5800 yuan/ton, and the southern quotation was 5800 - 5850 yuan/ton [2]. - Kangmilaou announced the offer of Gabon block to China in October 2025 at 4.27 dollars/ton - degree, unchanged from last month. Some long - term agreement enterprises reported a decrease in the quantity of Gabon block. The stable overseas price is positive for the long - term cost support of manganese ore [2]. - United Mining (CML) announced the offer to China in October 2025. The offer of Australian block (Mn＞46% Fe＜6% SiO2<18%) was 4.57 dollars/ton - degree, unchanged from last month [3]. - On the 27th, Ningbo Iron and Steel set the price of silicon manganese at 6030 yuan/ton (acceptance and tax included, delivered to the factory), with a purchase volume of 1000 tons [4]. 3.3 Trend Intensity The trend intensity of silicon iron is 0, and that of manganese silicon is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].