硅铁：市场观望气氛浓厚，宽幅震荡

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market sentiment for both ferrosilicon and silicomanganese is characterized by strong wait - and - see attitudes, with prices experiencing wide - range fluctuations. Steel procurement is expected to continue, and the steel procurement price is likely to decline, leading to a short - term weak market consolidation [1][3]. 3. Key Points from Different Sections Macro and Industry News - On October 9, 2025, the prices of 72 and 75 ferrosilicon in various regions decreased, with the 72 FOB price ranging from 1050 - 1070 dollars/ton and the 75 FOB price from 1120 - 1150 dollars/ton. The northern and southern quotes of silicon - manganese 6517 were 5650 - 5750 yuan/ton and 5750 - 5800 yuan/ton respectively [1]. - In September 2025, the electricity price in Qinghai settled between 0.34 - 0.39 yuan/kWh, a decrease of 1 - 4 cents. After the holiday, steel procurement will continue, and the steel procurement price is expected to decline [1][3]. - According to South African trade statistics, in August 2025, the manganese ore export volume was 2408100 tons, a 16.27% month - on - month decrease and an 8.5% year - on - year increase. The export volume to China was 1774400 tons, an 8.82% month - on - month decrease and a 4.99% year - on - year increase [3]. - A Fujian group's silicon - manganese purchase prices in different regions decreased, with purchase volumes ranging from 400 - 800 tons [3]. Futures and Spot Market Data - Futures Contracts: For ferrosilicon 2511, the closing price was 5472 yuan/ton, a decrease of 22 yuan; for ferrosilicon 2601, it was 5440 yuan/ton, a decrease of 28 yuan. For manganese - silicon 2511, the closing price was 5768 yuan/ton, an increase of 26 yuan; for manganese - silicon 2601, it was also 5768 yuan/ton, an increase of 10 yuan [2]. - Spot Prices: The ferrosilicon spot price was 5200 yuan/ton, a decrease of 50 yuan/ton [2]. - Price Differences: The ferrosilicon (spot - 11 futures) was - 272 yuan/ton, a decrease of 28 yuan/ton; the manganese - silicon (spot - 01 futures) was - 88 yuan/ton, a decrease of 26 yuan/ton [2]. Trend Intensity The trend intensity for ferrosilicon is 0, and for silicomanganese is also 0, indicating a neutral market trend [4].