硅铁：市场情绪反复，宽幅震荡

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Report's Core View The report presents the latest market data and industry news of ferrosilicon and silicomanganese, including futures and spot prices, spreads, and production and consumption information, but does not provide a clear core view. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The closing prices of SiFe2601, SiFe2605, MnSi2601, and MnSi2605 are 5550, 5648, 5842, and 5890 respectively, with changes of -44, -34, -10, and 0 compared to the previous trading day. The trading volumes are 151,336, 1,358, 178,345, and 9,340, and the open interests are 166,241, 7,078, 339,837, and 34,714 respectively [1]. - Spot Data: The spot price of SiFe:FeSi75 - B in Inner Mongolia is 5250 yuan/ton, up 50 yuan/ton; the spot price of SiMn: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 material) in Shenmu is 760 yuan/ton [1]. - Price Spreads: The spot - 01 futures spreads of ferrosilicon and silicomanganese are - 300 and - 162 yuan/ton respectively; the 2601 - 2605 spreads of ferrosilicon and silicomanganese are - 98 and - 48 yuan/ton respectively; the cross - variety spreads of MnSi2601 - SiFe2601 and MnSi2605 - SiFe2605 are 292 and 242 yuan/ton respectively [1]. 3.2 Macro and Industry News - Price Information: On October 30, the price range of 72 ferrosilicon in different regions is 5100 - 5300 yuan/ton, and the price range of 75 ferrosilicon is 5700 - 5800 yuan/ton. The FOB price of 72 ferrosilicon is 1030 - 1050 dollars/ton, and that of 75 is 1110 - 1130 dollars/ton. The northern quotation of 6517 silicomanganese is 5600 - 5650 yuan/ton, and the southern quotation is 5600 - 5700 yuan/ton [1][2]. - Production Information: In October, the operating rate of ferrosilicon enterprises in Qinghai, Inner Mongolia, and Gansu is 61.39%, 62.39%, and 41.33% respectively, with different changes compared to September. The expected production in these three regions is 7.04, 15.14, and 5.62 million tons respectively, also showing different changes compared to September. In January, Yunnan will enter the dry season, and some silicomanganese factories will reduce or stop production. The silicomanganese production in Yunnan in October is 6.52 million tons, and the production in Hunan is about 0.66 million tons [2]. - Procurement Information: A steel mill in Zhejiang set the purchase price of 75B ferrosilicon at 5780 yuan/ton, down 118 yuan/ton from the end of September, with a quantity of 1300 tons. Zhongnan Co., Ltd. set the purchase price of 75B ferrosilicon at 5800 yuan/ton in cash, up 50 yuan/ton from the previous round, with a quantity of 400 tons [3]. 3.3 Trend Intensity The trend intensity of ferrosilicon and silicomanganese is 0, indicating a neutral trend [3].