硅铁：市场情绪不振，偏弱震荡，锰硅：市场情绪不振，偏弱震荡

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints The market sentiment for both ferrosilicon and silicomanganese is weak, and they are expected to fluctuate weakly [1]. 3) Summary by Relevant Catalogs a. Fundamental Tracking - Futures Data: - Ferrosilicon 2511 closed at 5566, down 58 from the previous trading day, with a trading volume of 260,904 and an open interest of 222,851. Ferrosilicon 2601 closed at 5534, down 70, with a trading volume of 62,463 and an open interest of 100,482 [1]. - Silicomanganese 2511 closed at 5776, down 52, with a trading volume of 74,310 and an open interest of 104,052. Silicomanganese 2601 closed at 5792, down 50, with a trading volume of 207,581 and an open interest of 325,851 [1]. - Spot Data: - The price of ferrosilicon:FeSi75 - B in Inner Mongolia was 5300 yuan/ton, down 50. The price of silicomanganese:FeMn65Si17 in Inner Mongolia was 5700 yuan/ton, down 20 [1]. - The price of manganese ore:Mn44 block was 39.5 yuan/ton - degree, and the price of semi - coke small material in Shenmu was 650 yuan/ton [1]. - Price Spreads: - For ferrosilicon, the spot - 11 futures spread was - 266 yuan/ton, up 8; the 2511 - 2601 spread was 32 yuan/ton, up 12 [1]. - For silicomanganese, the spot - 01 futures spread was - 92 yuan/ton, up 32; the 2511 - 2601 spread was - 16 yuan/ton, down 2 [1]. - The cross - variety spread of silicomanganese 2511 - ferrosilicon 2511 was 210 yuan/ton, up 6; the silicomanganese 2601 - ferrosilicon 2601 spread was 258 yuan/ton, up 20 [1]. b. Macro and Industry News - On August 29, the price of ferrosilicon 72 in Shaanxi was 5300 - 5400 yuan/ton, in Ningxia 5300 - 5400 yuan/ton, in Qinghai 5300 - 5400 yuan/ton, in Gansu 5300 - 5400 yuan/ton (down 50), and in Inner Mongolia 5300 - 5500 yuan/ton. The price of ferrosilicon 75 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 ferrosilicon 72 was 1040 - 1060 dollars/ton (up 10), and that of 75 was 1100 - 1130 dollars/ton [2]. - The northern quotation of silicomanganese 6517 was 5700 - 5800 yuan/ton, and the southern quotation was 5800 - 5850 yuan/ton [2]. - In August, there were 13 operating ferrosilicon enterprises in Ningxia, with 41 operating submerged arc furnaces. The operating rate was 46.59%, the same as in July, and the output was expected to be 12.46 million tons, an increase of 0.23 million tons from July, with a capacity utilization rate of 53.57% [2]. - As of this Friday, the manganese ore inventory at Tianjin Port was 362.7 million tons, up 1.42 million tons; at Qinzhou Port was 73.68 million tons, down 3.57 million tons; at Caofeidian Port was 0 million tons; at Fangchenggang Port was 4 million tons, unchanged. As of August 29, the total manganese ore inventory was 440.38 million tons, down 2.15 million tons [3]. c. Trend Intensity The trend intensity of ferrosilicon is 0, and that of silicomanganese is also 0 [3].