硅铁：成本底部支撑，宽幅震荡，锰硅：成本底部支撑，宽幅震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Both ferrosilicon and silicomanganese are expected to have cost - based bottom support and experience wide - range fluctuations [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Data - Futures Prices: - Ferrosilicon 2511 closed at 5458 with no change from the previous day, Ferrosilicon 2601 closed at 5436, up 6; Silicomanganese 2511 closed at 5732, up 16, and Silicomanganese 2601 closed at 5738, up 20 [2] - Trading volumes were 18,022 and 134,692 for Ferrosilicon 2511 and 2601 respectively, and 2,266 and 152,986 for Silicomanganese 2511 and 2601 respectively [2] - Open interests were 28,931 and 208,602 for Ferrosilicon 2511 and 2601 respectively, and 10,556 and 377,834 for Silicomanganese 2511 and 2601 respectively [2] - Spot Prices: - The price of Ferrosilicon:FeSi75 - B in Inner Mongolia was 5180 yuan/ton; the price of Silicomanganese:FeMn65Si17 in Inner Mongolia was 5700 yuan/ton, up 20 yuan/ton [2] - The price of manganese ore (Mn44 block) was 39.8 yuan/ton - degree, and the price of semi - coke (small material) in Shenmu was 710 yuan/ton [2] - Price Spreads: - The spot - futures spread of ferrosilicon (spot - 11 futures) was - 278 yuan/ton; the spot - futures spread of silicomanganese (spot - 01 futures) was - 38 yuan/ton, up 4 yuan/ton [2] - The near - far month spread of Ferrosilicon 2511 - 2601 was 22 yuan/ton, down 6 yuan/ton; the near - far month spread of Silicomanganese 2511 - 2601 was - 6 yuan/ton, down 4 yuan/ton [2] - The cross - variety spread of Silicomanganese 2511 - Ferrosilicon 2511 was 274 yuan/ton, up 16 yuan/ton; the cross - variety spread of Silicomanganese 2601 - Ferrosilicon 2601 was 302 yuan/ton, up 14 yuan/ton [2] 3.2 Macro and Industry News - Price Information: - On October 20, 2025, the price range of 72 ferrosilicon in different regions was 5100 - 5250 yuan/ton; the price range of 75 ferrosilicon was 5800 - 5900 yuan/ton. The FOB price of 72 ferrosilicon was 1030 - 1050 dollars/ton, down 10 dollars/ton; the FOB price of 75 ferrosilicon was 1110 - 1140 dollars/ton, down 10 dollars/ton [2] - The northern quotation of 6517 silicomanganese was 5600 - 5650 yuan/ton, and the southern quotation was 5650 - 5700 yuan/ton [2] - Steel Mill Tendering: - A steel mill in Jiangsu set the price of silicomanganese at 5748 yuan/ton (acceptance, tax - included, delivered to the factory) on October 17, down 110 yuan/ton from the tender on October 13 [2] - A large steel group in Hebei tendered 16,500 tons of silicomanganese in October, 500 tons less than in September. The first - round inquiry price was 5750 yuan/ton, the second - round inquiry price was 5800 yuan/ton, and the final price was 5820 yuan/ton, down 180 yuan/ton from last month [2] - Import and Export Data: - In September 2025, China's imports of ferrosilicon with a silicon content greater than 55% were 10,255.766 tons, a month - on - month increase of 38.54% and a year - on - year increase of 12.42%. The main importing countries were Russia, North Korea, and Norway [4] - In September 2025, China's exports of ferrosilicon with a silicon content greater than 55% were 38,723.641 tons, a month - on - month increase of 16.08% and a year - on - year increase of 8.04%. From January to September 2025, the cumulative exports were 292,900 tons, a year - on - year decrease of 7.25% [4] - In September 2025, China's manganese ore imports were 308.49 million tons, a month - on - month decrease of 11.50% and a year - on - year increase of 12.98%. From January to September 2025, the cumulative imports were 23.7516 billion tons, a year - on - year increase of 9.64% [5] - In September 2025, China's exports of silicomanganese were 4426.344 tons, and from January to September, the cumulative exports were 25,464.149 tons. In September, imports were 1716.608 tons, and from January to September, the cumulative imports were 11,592.007 tons [5] 3.3 Trend Intensity - The trend intensity of ferrosilicon is 0, and the trend intensity of silicomanganese is 0, indicating a neutral outlook [5]