硅铁：反内卷情绪推动，偏强震荡

Report Summary 1. Report Industry Investment Rating No information provided about the report industry investment rating. 2. Report's Core View - Silicon ferroalloy and manganese ferroalloy are expected to have a stronger - than - average shock due to anti - involution sentiment [1] 3. Summary according to relevant contents 3.1 Fundamental Tracking - Futures data: The closing prices of silicon ferroalloy 2601, silicon ferroalloy 2605, manganese ferroalloy 2601, and manganese ferroalloy 2605 are 5594, 5682, 5852, and 5890 respectively. Their trading volumes are 134,717, 1,809, 205,751, and 10,968 respectively, and their open interests are 162,689, 7,127, 341,929, and 34,735 respectively [1] - Spot data: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5200 yuan/ton, down 20 yuan/ton from the previous trading day; the price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5680 yuan/ton; the price of manganese ore Mn44 block is 39.8 yuan/ton degree; the price of semi - coke small materials in Shenmu is 760 yuan/ton [1] - Spread data: The spot - 01 futures price difference of silicon ferroalloy is - 394 yuan/ton, down 50 yuan/ton from the previous trading day; for manganese ferroalloy, it is - 172 yuan/ton, down 62 yuan/ton. The near - far month spread of silicon ferroalloy 2601 - 2605 is - 88 yuan/ton, down 10 yuan/ton; for manganese ferroalloy 2601 - 2605, it is - 38 yuan/ton. The cross - variety spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 is 258 yuan/ton, up 32 yuan/ton; for manganese ferroalloy 2605 - silicon ferroalloy 2605, it is 208 yuan/ton, up 22 yuan/ton [1] 3.2 Macro and Industry News - Silicon ferroalloy price information: On October 29th, the price of 72 silicon ferroalloy in Shaanxi is 5100 - 5200 yuan/ton, in Ningxia is 5200 - 5250 yuan/ton, in Qinghai is 5150 - 5250 yuan/ton, in Gansu is 5200 - 5250 yuan/ton, and in Inner Mongolia is 5200 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi is 5750 - 5800 yuan/ton, in Ningxia is 5700 - 5800 yuan/ton, in Qinghai is 5700 - 5750 yuan/ton, in Gansu is 5750 - 5800 yuan/ton, and in Inner Mongolia is 5750 - 5800 yuan/ton. The FOB price of 72 silicon ferroalloy is 1030 - 1050 dollars/ton (down 10 dollars/ton), and for 75 it is 1110 - 1140 dollars/ton (down 10 dollars/ton) [1] - Silicon - manganese price information: The northern quotation of 6517 silicon - manganese is 5550 - 5600 yuan/ton, and the southern quotation is 5600 - 5700 yuan/ton [1] - Production reduction news: A large silicon ferroalloy plant in Gansu stopped 1 33000kva, 2 25000kva, and 2 12500kva silicon ferroalloy furnaces on October 29th, with a daily production reduction of about 300 - 310 tons [1] - Silicon - manganese procurement and production news: A steel plant in Zhejiang set the standard price of silicon - manganese at 5780 yuan/ton (converted to the base, accepted, and tax - included for delivery to the factory), with a procurement volume of 1200 tons. In October, the number of silicon - manganese plants in other northern regions decreased by 2 to 13, and the number of open furnaces decreased by 3 to 21. The total output of silicon - manganese in other northern regions in October was about 8.2 million tons, a decrease of 0.57 million tons compared with September [3] 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 0, and that of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3]