硅铁：现货市场交易情绪一般，宽幅震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The trading sentiment in the spot markets for ferrosilicon and silicomanganese is general, and both are in a wide - range oscillation [1]. - The trend strength of ferrosilicon and silicomanganese is 0, indicating a neutral outlook [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: - Ferrosilicon 2601 closed at 5542, down 32 from the previous trading day, with a trading volume of 139,738 and an open interest of 174,287. Ferrosilicon 2605 closed at 5612, down 20, with a trading volume of 1,484 and an open interest of 6,735 [1]. - Silicomanganese 2601 closed at 5772, down 46, with a trading volume of 217,588 and an open interest of 350,893. Silicomanganese 2605 closed at 5814, down 46, with a trading volume of 7,653 and an open interest of 30,992 [1]. - Spot Data: - The price of ferrosilicon FeSi75 - B in Inner Mongolia was 5220 yuan/ton, down 30 yuan/ton from the previous day. The price of silicomanganese FeMn65Si17 in Inner Mongolia was 5680 yuan/ton [1]. - The price of manganese ore Mn44 block was 39.7 yuan/ton - degree, and the price of semi - coke small material in Shenmu was 760 yuan/ton [1]. - Price Difference Data: - The spot - futures price difference for ferrosilicon (spot - 01 futures) was - 322 yuan/ton, up 82 yuan/ton. For silicomanganese, it was - 92 yuan/ton, up 46 yuan/ton [1]. - The near - far month price difference for ferrosilicon 2601 - 2605 was - 70 yuan/ton, down 12 yuan/ton. For silicomanganese 2601 - 2605, it was - 42 yuan/ton, unchanged [1]. - The cross - variety price difference for silicomanganese 2601 - ferrosilicon 2601 was 230 yuan/ton, down 14 yuan/ton. For silicomanganese 2605 - ferrosilicon 2605, it was 202 yuan/ton, down 26 yuan/ton [1]. 3.2 Macro and Industry News - On October 27, the price range of 72 ferrosilicon in different regions was as follows: Shaanxi 5100 - 5200 yuan/ton, Ningxia 5200 - 5250 yuan/ton, Qinghai 5150 - 5250 yuan/ton, Gansu 5200 - 5250 yuan/ton, and Inner Mongolia 5200 - 5250 yuan/ton. The price range of 75 ferrosilicon was also provided. The FOB prices of 72 and 75 ferrosilicon decreased by 10 dollars/ton [1]. - The northern and southern quotes for 6517 silicomanganese were 5500 - 5600 yuan/ton and 5650 - 5700 yuan/ton respectively [1]. - NMT announced the loading price of manganese ore to China in November 2025. The price of South African lump ore with Mn36% (minimum) was 4.1 dollars/ton - degree, up 0.05 dollars/ton - degree from the previous month [1]. 3.3 Trend Strength - The trend strength of ferrosilicon and silicomanganese is 0, indicating a neutral view. The range of trend strength is from - 2 (most bearish) to 2 (most bullish) [3].