硅铁：宏观情绪提振，偏强震荡，锰硅：宏观情绪提振，偏强震荡

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View of the Report - Both silicon iron and manganese silicon are expected to have a relatively strong and volatile trend due to the boost of macro - sentiment [1]. 3) Summary by Related Catalogs Fundamental Tracking - Futures Data: For silicon iron, the closing price of SF2511 is 5700, with no change from the previous trading day, and the trading volume is 210,936, and the open interest is 212,449; the closing price of SF2601 is 5680, up 20 from the previous day, with a trading volume of 80,355 and an open interest of 95,537. For manganese silicon, the closing price of MS2511 is 5920, up 26 from the previous day, with a trading volume of 170,580 and an open interest of 115,197; the closing price of MS2601 is 5944, up 38 from the previous day, with a trading volume of 220,244 and an open interest of 335,721 [1]. - Spot Data: The price of silicon iron FeSi75 - B in Inner Mongolia is 5400 yuan/ton, up 100 yuan/ton from the previous day; the price of silicon manganese FeMn65Si17 in Inner Mongolia is 5730 yuan/ton, up 50 yuan/ton from the previous day; the price of manganese ore Mn44 block is 40.0 yuan/ton - degree, up 0.2 yuan/ton - degree from the previous day; the price of small - sized semi - coke in Shenmu is 650 yuan/ton [1]. - Price Spread Data: The spot - futures price spread of silicon iron (spot - 11 futures) is - 300 yuan/ton, up 100 yuan/ton; the spot - futures price spread of manganese silicon (spot - 01 futures) is - 214 yuan/ton, up 24 yuan/ton. The near - far month price spread of silicon iron (SF2511 - SF2601) is 20 yuan/ton, down 20 yuan/ton; the near - far month price spread of manganese silicon (MS2511 - MS2601) is - 24 yuan/ton, down 12 yuan/ton. The cross - variety price spread of MS2511 - SF2511 is 220 yuan/ton, up 26 yuan/ton; the cross - variety price spread of MS2601 - SF2601 is 264 yuan/ton, up 18 yuan/ton [1]. Macro and Industry News - Silicon Iron and Manganese Silicon Prices: On September 16, the price of 72 silicon iron in Shaanxi is 5200 - 5300 (+50), in Ningxia is 5350 - 5450 (+100), in Qinghai is 5250 - 5350 (+50), in Gansu is 5350 - 5400 (+50), and in Inner Mongolia is 5350 - 5400 (+50); the price of 75 silicon iron in Shaanxi is 5900, in Ningxia is 5700 - 5800, in Qinghai is 5750 - 5800, in Gansu is 5800 - 5850, and in Inner Mongolia is 5800 (cash - inclusive natural lump ex - factory, yuan/ton). The FOB price of 72 silicon iron is 1040 - 1060, and that of 75 is 1100 - 1130 (US dollars/ton, inclusive of tax). The northern quotation of 6517 silicon manganese is 5650 - 5750 yuan/ton, and the southern quotation is 5700 - 5800 yuan/ton (cash ex - factory tax - inclusive quotation) [1]. - Steel Mill's Purchase: A steel mill in Shandong has finalized the purchase price of 75B silicon iron at 5740 yuan/ton in cash, with a quantity of 200 tons [1]. - South Korea's Manganese Ore Import: In August 2025, South Korea imported 110.02 tons of manganese ore, a sharp 99.73% decline from the previous month. From January to August 2025, South Korea imported a total of 248,588 tons of manganese ore, a slight 13.4% increase year - on - year, but a significant 58.14% decrease compared with the same period in 2023. Due to the low iron alloy prices and high electricity costs, most South Korean alloy producers are not operating at full capacity, and some are still cutting production by 30% - 50%, resulting in low manganese ore imports since 2023 [2][3]. Trend Intensity - The trend intensity of silicon iron is 1, and that of manganese silicon is 1. The range of trend intensity is an integer within the [- 2,2] interval, with - 2 indicating the most bearish and 2 indicating the most bullish [3].