硅铁：硅系板块扰动，偏弱震荡

Group 1: Investment Ratings - The report does not provide an overall industry investment rating. Group 2: Core Views - Silicon iron and manganese silicon are subject to disturbances in the silicon - based sector and are in a weak and volatile state [1]. - The trend strength of silicon iron and manganese silicon is - 1, indicating a weak outlook [4]. Group 3: Summary by Directory Fundamental Tracking - Futures Data: For silicon iron, the closing prices of SiFe2511 and SiFe2601 are 5648 and 5644 respectively, down 88 and 92 from the previous trading day. The trading volumes are 281,849 and 83,330, and the open interests are 200,009 and 105,097. For manganese silicon, the closing prices of MnSi2511 and MnSi2601 are 5850 and 5870 respectively, down 80 and 94. The trading volumes are 172,673 and 335,892, and the open interests are 103,885 and 339,805 [1]. - Spot Data: The price of silicon iron FeSi75 - B in Inner Mongolia is 5350 yuan/ton, silicon manganese FeMn65Si17 in Inner Mongolia is 5730 yuan/ton, manganese ore Mn44 block is 40.0 yuan/ton - degree, and the price of semi - coke small materials in Shenmu is 710 yuan/ton, up 60.0 yuan/ton from the previous day [1]. - Price Spreads: The spot - 11 futures spread of silicon iron is - 298 yuan/ton, up 88; the spot - 01 futures spread of manganese silicon is - 140 yuan/ton, up 80. The SiFe2511 - SiFe2601 spread is 4 yuan/ton, up 4; the MnSi2511 - MnSi2601 spread is - 20 yuan/ton, up 4. The MnSi2511 - SiFe2511 spread is 202 yuan/ton, up 8; the MnSi2601 - SiFe2601 spread is 226 yuan/ton, down 2 [1]. Macro and Industry News - Price Information: On September 22, the price range of 72 silicon iron in different regions is 5200 - 5450 yuan/ton, and that of 75 is 5900 - 6050 yuan/ton. The FOB price of 72 is 1050 - 1070 dollars/ton, and 75 is 1100 - 1140 dollars/ton. The price range of 6517 silicon manganese in the north is 5700 - 5800 yuan/ton, and in the south is 5800 - 5850 yuan/ton [1]. - Trade Data: In August 2025, China's silicon manganese exports were 4592.948 tons, a 93.3% increase from July. The total exports from January to August were 21037.805 tons. The imports in August were 2373.259 tons, similar to July, and the total imports from January to August were 9875.399 tons. The top ten export destinations of Chinese silicon iron in August 2025 include Japan (7862 tons), South Korea (7808 tons), etc. [1][3]. - Procurement News: Xinyu Iron and Steel set the silicon iron procurement price at 5800 yuan/ton, up 20 yuan/ton from the previous round, with a quantity of 800 tons [4].