硅铁：成本端存抬升预期，宽幅震荡，锰硅：板块情绪共振，宽幅震荡

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Silicon ferroalloy is expected to experience wide - range fluctuations due to the potential increase in cost - end factors. - Manganese ferroalloy will have wide - range fluctuations due to sector sentiment resonance [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: - Silicon ferroalloy 2601 closed at 5586 yuan/ton, up 26 yuan from the previous trading day, with a trading volume of 160,696 and an open interest of 169,595. Silicon ferroalloy 2605 closed at 5650 yuan/ton, up 40 yuan, with a trading volume of 2,153 and an open interest of 9,414. - Manganese ferroalloy 2601 closed at 5798 yuan/ton, up 22 yuan, with a trading volume of 148,442 and an open interest of 351,061. Manganese ferroalloy 2605 closed at 5848 yuan/ton, up 26 yuan, with a trading volume of 8,599 and an open interest of 43,675 [1]. - Spot Data: - The aggregated price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5220 yuan/ton. The price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5620 yuan/ton. - The price of manganese ore Mn44 block was 40.0 yuan/ton - degree, up 0.2 yuan. The price of small - sized semi - coke in Shenmu was 760 yuan/ton. - The spot - futures price difference of silicon ferroalloy (spot - 01 futures) was - 366 yuan/ton, down 26 yuan. The spot - futures price difference of manganese ferroalloy (spot - 01 futures) was - 178 yuan/ton, down 22 yuan [1]. - Spread Data: - The near - far month spread of silicon ferroalloy 2601 - 2605 was - 64 yuan/ton, down 14 yuan. The near - far month spread of manganese ferroalloy 2601 - 2605 was - 50 yuan/ton, down 4 yuan. - The cross - variety spread of manganese ferroalloy 2601 - silicon ferroalloy 2601 was 212 yuan/ton, down 4 yuan. The cross - variety spread of manganese ferroalloy 2605 - silicon ferroalloy 2605 was 198 yuan/ton, down 14 yuan [1]. 3.2 Macro and Industry News - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 million tons, down 2.8 million tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton from the previous average price. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1]. - On November 6th, the price of 72 silicon ferroalloy in Shaanxi was 5000 - 5200 yuan/ton, in Ningxia was 5200 - 5250 yuan/ton (up 25 yuan), in Qinghai was 5150 - 5250 yuan/ton, in Gansu was 5150 - 5250 yuan/ton, and in Inner Mongolia was 5150 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi was 5700 yuan/ton, in Ningxia was 5650 - 5700 yuan/ton (down 50 yuan), in Qinghai was 5600 - 5700 yuan/ton (down 75 yuan), in Gansu was 5650 - 5700 yuan/ton, and in Inner Mongolia was 5650 - 5700 yuan/ton. The FOB price of 72 silicon ferroalloy was 1020 - 1040 US dollars/ton (down 10 US dollars), and the FOB price of 75 silicon ferroalloy was 1110 - 1130 US dollars/ton. The northern quotation of 6517 silicon - manganese was 5550 - 5650 yuan/ton, and the southern quotation was 5600 - 5700 yuan/ton [2]. - A steel mill in Shandong set the price of silicon - manganese at 5720 yuan/ton (cash - inclusive delivered to the factory) and the purchase volume was 1000 tons. A steel mill in Jiangsu set the price of silicon - manganese at 5800 yuan/ton (acceptance - inclusive delivered to the factory) and the purchase volume was 3000 tons. Xinyu Iron and Steel set the purchase price of silicon ferroalloy at 5770 yuan/ton, down 30 yuan/ton from the previous round, with a purchase volume of 600 tons [3]. 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0. The trend intensity ranges from - 2 to 2, representing weak, relatively weak, neutral, relatively strong, and strong, where - 2 is the most bearish and 2 is the most bullish [3].