硅铁：板块情绪共振，偏弱震荡，锰硅：板块情绪共振，偏弱震荡

Report Overview - Title: Manganese Silicon: Sector Sentiment Resonance, Weak and Oscillatory - Date: September 30, 2025 - Analysts: Yafei Li, Yuanyuan Jin (Contact) 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The manganese silicon market shows a pattern of sector sentiment resonance with a weak and oscillatory trend [1] 3. Summary by Relevant Catalogs 3.1 Macro and Industry News - On September 29, 2025, the price of 72 ferrosilicon in Shaanxi was 5200 - 5300 yuan/ton, in Ningxia 5300 - 5400 yuan/ton (-100), in Qinghai 5250 - 5350 yuan/ton, in Gansu 5300 - 5350 yuan/ton (-50), and in Inner Mongolia 5350 - 5400 yuan/ton; the price of 75 ferrosilicon in Shaanxi was 6150 - 6200 yuan/ton, in Ningxia 6000 - 6100 yuan/ton, in Qinghai 6000 - 6100 yuan/ton, in Gansu 6000 - 6050 yuan/ton, and in Inner Mongolia 6100 - 6150 yuan/ton (cash含税自然块出厂, yuan/ton). The FOB price of 72 ferrosilicon was 1050 - 1070 dollars/ton, and that of 75 was 1120 - 1150 dollars/ton (tax included). The northern quotation of 6517 silicomanganese was 5650 - 5750 yuan/ton, and the southern quotation was 5750 - 5800 yuan/ton (cash出厂含税报价) [1] - In September 2025, there were a total of 6 silicon - manganese producers in Sichuan - Chongqing and other southern regions, with 16 furnaces in operation. A 6517 silicon - manganese plant in Sichuan and a 6517 plant in Chongqing shut down, while a 6014 plant in Hunan resumed production. The output of 6517 silicon - manganese in Sichuan - Chongqing, Hunan and other southern regions in September was about 59,600 tons [1] 3.2 Trend Intensity - The trend intensity of ferrosilicon is -1, and that of manganese silicon is -1. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [3] 3.3 Futures and Spot Price Data - Futures Contracts: The closing price of SF2511 was 5610 yuan/ton, down 50 yuan from the previous trading day, with a trading volume of 342,390 and an open interest of 133,285; the closing price of SF2601 was 5576 yuan/ton, down 52 yuan, with a trading volume of 137,007 and an open interest of 104,899; the closing price of SM2511 was 5802 yuan/ton, down 26 yuan, with a trading volume of 137,727 and an open interest of 43,582; the closing price of SM2601 was 5820 yuan/ton, down 28 yuan, with a trading volume of 286,763 and an open interest of 344,083 [2] - Spot Prices: The price of ferrosilicon (FeSi75 - B) in Inner Mongolia was 5300 yuan/ton, down 80 yuan; the price of silicomanganese (FeMn65Si17) in Inner Mongolia was 5680 yuan/ton, down 20 yuan; the price of manganese ore (Mn44 block) was 40 yuan/ton - degree; the price of semi - coke (small material) in Shenmu was 710 yuan/ton [2] - Price Spreads: The spread between the spot and SF2511 was -310 yuan/ton, down 30 yuan; the spread between the spot and SM2601 was -140 yuan/ton, up 6 yuan; the spread between SF2511 and SF2601 was 34 yuan/ton; the spread between SM2511 and SM2601 was -18 yuan/ton; the spread between SM2511 and SF2511 was 192 yuan/ton; the spread between SM2601 and SF2601 was 244 yuan/ton [2]