硅铁：板块情绪共振，偏弱震荡

Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - The manganese - silicon sector shows a weak and volatile trend due to emotional resonance in the sector [2] - The trend strength of both ferrosilicon and manganese - silicon is - 1, indicating a weak outlook [3] Group 3: Summary of Related Catalogs 1. Fundamental Data - Futures Contracts: Ferrosilicon 2601 closed at 5628, down 108 from the previous trading day, with a trading volume of 92,203 and an open interest of 99,910; Manganese - silicon 2511 closed at 5828, down 96, with a trading volume of 155,732 and an open interest of 63,093; Manganese - silicon 2601 closed at 5848, down 90, with a trading volume of 244,524 and an open interest of 335,692 [1] - Spot Prices: The price of ferrosilicon FeSi75 - B in Inner Mongolia was 5380 yuan/ton; the price of ferromanganese FeMn65Si17 in Inner Mongolia was 5700 yuan/ton; the price of manganese ore Mn44 block was 40.0 yuan/ton - degree; the price of semi - coke small material in Shenmu was 710 yuan/ton [1] - Price Differences: The spot - futures price difference of ferrosilicon (spot - 11 futures) between FeSi2511 and FeSi2601 was - 280 and + 126 yuan/ton respectively; the spot - futures price difference of manganese - silicon (spot - 01 futures) was - 148 yuan/ton, up 96 yuan/ton; the near - far month price difference of manganese - silicon between MnSi2511 and MnSi2601 was - 20 yuan/ton, down 6 yuan/ton; the cross - variety price difference between MnSi2511 and FeSi2511 was 168 yuan/ton, and between MnSi2601 and FeSi2601 was 220 yuan/ton [1] 2. Macro and Industry News - Price Information: On September 26th, the price of 72 ferrosilicon in different regions ranged from 5200 - 5450 yuan/ton, and 75 ferrosilicon from 6000 - 6200 yuan/ton; the FOB price of 72 ferrosilicon was 1050 - 1070 dollars/ton, and 75 was 1120 - 1150 dollars/ton; the northern quotation of 6517 ferromanganese was 5650 - 5750 yuan/ton, and the southern quotation was 5750 - 5800 yuan/ton [1] - Steel Mill Procurement: A steel mill in Zhejiang set the price of ferromanganese at 5878 yuan/ton (acceptance, tax - included, delivered to the factory, based on the standard), with a procurement volume of 1300 tons; a steel mill in Shandong set the price at 5920 yuan/ton (based on the standard, acceptance, tax - included, delivered to the factory), with a procurement volume of 2500 tons; Zhongnan Co., Ltd. set the ferrosilicon procurement price at 5880 yuan/ton (cash), up 110 yuan/ton from the previous round, with a volume of 400 tons [1] - Manganese Ore Inventory: As of this Friday, the manganese ore inventory at Tianjin Port was 366.45 million tons, a month - on - month increase of 14.85 million tons; at Qinzhou Port, it was 71.73 million tons, a month - on - month increase of 7.22 million tons; at Caofeidian Port, it was 0 million tons, a month - on - month decrease of 2.52 million tons; at Fangchenggang, it was 1.5 million tons, a month - on - month decrease of 0.5 million tons. As of September 26th, the total manganese ore inventory was 439.68 million tons, a month - on - month increase of 19.05 million tons [2][3] - Manganese Ore Price Quotes: Comilog announced a quotation of 4.35 dollars/ton - degree for Gabonese lumps to China in November 2025, up 0.08 dollars/ton - degree month - on - month; United Mining (CML) announced a quotation of 4.65 dollars/ton - degree for Australian lumps (Mn > 46%, Fe < 6%, SiO2 < 18%) to China in November 2025, up 0.08 dollars/ton - degree month - on - month; South32 announced a quotation of 4.15 dollars/ton - degree for South African semi - carbonate lumps (typical value Mn36.9%) and 4.55 dollars/ton - degree for Australian lumps (typical value Mn42%) to China in November 2025, up 0.05 dollars/ton - degree month - on - month [3]