硅铁：成本线上波动，宽幅震荡，锰硅，成本线上波动，宽幅震荡

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that both ferrosilicon and silicomanganese will fluctuate around the cost line with wide - amplitude oscillations [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: The closing prices of ferrosilicon 2511 and 2601 are 5736 yuan/ton, down 20 yuan and 8 yuan respectively compared to the previous trading day. The closing prices of silicomanganese 2511 and 2601 are 5930 yuan/ton and 5964 yuan/ton, down 18 yuan and 6 yuan respectively. The trading volumes and open interests of different contracts are also presented [1]. - Spot Data: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5350 yuan/ton, and the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5730 yuan/ton. The price of manganese ore Mn44 block is 40.0 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 650 yuan/ton [1]. - Price Difference Data: The spot - futures spread of ferrosilicon (spot - 11 futures) is - 386 yuan/ton, up 20 yuan; the spot - futures spread of silicomanganese (spot - 01 futures) is - 234 yuan/ton, up 18 yuan. The near - far month spread of ferrosilicon 2511 - 2601 is 0 yuan/ton, down 12 yuan; the near - far month spread of silicomanganese 2511 - 2601 is - 34 yuan/ton, down 12 yuan. The spread between silicomanganese 2511 and ferrosilicon 2511 is 194 yuan/ton, up 2 yuan [1]. 3.2 Macro and Industry News - Price Information: On September 19, the price range of 72 ferrosilicon in different regions was 5200 - 5450 yuan/ton, and the price of 75 ferrosilicon was 5900 - 6050 yuan/ton. The FOB price of 72 ferrosilicon was 1050 - 1070 dollars/ton, and that of 75 was 1100 - 1140 dollars/ton, both up 10 dollars/ton. The price of 6517 silicomanganese in the north was 5700 - 5800 yuan/ton, and in the south was 5800 - 5850 yuan/ton [1]. - Manganese Ore Inventory: As of September 19, the total inventory of manganese ore was 420.63 million tons, a decrease of 24.15 million tons compared to the previous period. The inventory in Tianjin Port decreased by 18.92 million tons, in Qinzhou Port decreased by 7.25 million tons, in Caofeidian Port increased by 2.52 million tons, and in Fangchenggang decreased by 0.5 million tons [1]. 3.3 Trend Intensity The trend intensity of ferrosilicon is 0, and the trend intensity of silicomanganese is 0, indicating a neutral view on both [3].