硅铁：市场情绪反复，宽幅震荡，锰硅：市场情绪反复，宽幅震荡

Report Title - The report is titled “Silicon Ferrosilicon: Market Sentiment Fluctuates, Wide - Range Volatility; Manganese Silico - Manganese: Market Sentiment Fluctuates, Wide - Range Volatility” [1] Report Date - The report is dated September 19, 2025 [1] Market Investment Rating - Not provided in the content Core View - The market sentiment of silicon ferrosilicon and manganese silico - manganese is fluctuating, and both are in a state of wide - range volatility [1] Key Points by Section 1. Fundamental Tracking Futures Data - Silicon Ferrosilicon 2511: Closing price is 5756, down 10 from the previous trading day, with a trading volume of 319,809 and an open interest of 213,520 [1] - Silicon Ferrosilicon 2601: Closing price is 5744, up 2 from the previous trading day, with a trading volume of 108,408 and an open interest of 97,180 [1] - Manganese Silico - Manganese 2511: Closing price is 5948, down 14 from the previous trading day, with a trading volume of 220,839 and an open interest of 112,707 [1] - Manganese Silico - Manganese 2601: Closing price is 5970, down 20 from the previous trading day, with a trading volume of 246,049 and an open interest of 335,397 [1] Spot Data - Silicon Ferrosilicon FeSi75 - B in Inner Mongolia: Price is 5350 yuan/ton [1] - Manganese Silico - Manganese FeMn65Si17 in Inner Mongolia: Price is 5730 yuan/ton [1] - Manganese Ore Mn44 block: Price is 40.0 yuan/ton - degree [1] - Semi - coke small material in Shenmu: Price is 650 yuan/ton [1] Spread Data - Silicon Ferrosilicon spot - 11 futures spread: - 406 yuan/ton, up 10 from the previous trading day [1] - Manganese Silico - Manganese spot - 01 futures spread: - 240 yuan/ton, up 14 from the previous trading day [1] - Silicon Ferrosilicon 2511 - 2601 near - far month spread: 12 yuan/ton, down 12 from the previous trading day [1] - Manganese Silico - Manganese 2511 - 2601 near - far month spread: - 22 yuan/ton, up 6 from the previous trading day [1] - Manganese Silico - Manganese 2511 - Silicon Ferrosilicon 2511 cross - variety spread: 192 yuan/ton, down 4 from the previous trading day [1] - Manganese Silico - Manganese 2601 - Silicon Ferrosilicon 2601 cross - variety spread: 226 yuan/ton, down 22 from the previous trading day [1] 2. Macro and Industry News - On September 18, the price range of 72 silicon ferrosilicon in different regions was: 5200 - 5300 yuan/ton in Shaanxi, 5350 - 5400 yuan/ton in Ningxia, 5250 - 5350 yuan/ton in Qinghai, 5350 - 5400 yuan/ton in Gansu, and 5350 - 5400 yuan/ton in Inner Mongolia. The price range of 75 silicon ferrosilicon was: 6000 - 6050 yuan/ton in Shaanxi, 5900 - 6000 yuan/ton (+100) in Ningxia, 5950 - 6000 yuan/ton (+125) in Qinghai, 5950 - 6000 yuan/ton (+50) in Gansu, and Inner Mongolia did not quote. The FOB price of 72 silicon ferrosilicon was 1040 - 1060 dollars/ton, and that of 75 was 1100 - 1130 dollars/ton. The price range of 6517 silicon manganese was 5700 - 5800 yuan/ton in the north and 5800 - 5850 yuan/ton in the south [1] - A large steel group in Hebei tendered 17,000 tons of silicon manganese in September, an increase of 900 tons compared to August. The first - round inquiry price was 5800 yuan/ton, and the final price was 6000 yuan/ton, a decrease of 200 yuan/ton compared to August [1] 3. Trend Intensity - The trend intensity of silicon ferrosilicon is 0, and that of manganese silico - manganese is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3]