硅铁：板块情绪共振，宽幅震荡，锰硅，矿端情绪挺价，宽幅震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Silicon ferroalloy (silicon iron and ferromanganese) is expected to experience wide - range oscillations, with Silicon iron affected by sector sentiment resonance and ferromanganese supported by price - holding sentiment at the ore end [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Data - Silicon iron 2601 closed at 5588, up 62 from the previous trading day, with a trading volume of 165,588 and an open interest of 162,088. Silicon iron 2605 closed at 5654, up 62, with a trading volume of 3,798 and an open interest of 10,807 [1] - Ferromanganese 2601 closed at 5820, up 60, with a trading volume of 213,766 and an open interest of 354,763. Ferromanganese 2605 closed at 5878, up 64, with a trading volume of 15,756 and an open interest of 45,381 [1] - Spot Data - The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5220 yuan/ton, and the price of ferromanganese (FeMn65Si17) in Inner Mongolia was 5620 yuan/ton. The price of manganese ore (Mn44 block) was 40.0 yuan/ton - degree, and the price of semi - coke (small material) in Shenmu was 820 yuan/ton [1] - Spread Data - The spot - futures spread of silicon iron (spot - 01 futures) was - 368 yuan/ton, down 62. The spot - futures spread of ferromanganese (spot - 01 futures) was - 200 yuan/ton, down 60 [1] - The near - far month spread of silicon iron 2601 - 2605 was - 66 yuan/ton, unchanged. The near - far month spread of ferromanganese 2601 - 2605 was - 58 yuan/ton, down 4 [1] - The cross - variety spread of ferromanganese 2601 - silicon iron 2601 was 232 yuan/ton, down 2. The cross - variety spread of ferromanganese 2605 - silicon iron 2605 was 224 yuan/ton, up 2 [1] 3.2 Macro and Industry News - Coal and Coke 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 tons, down 2.8 tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1] - Ferroalloy Price News - On November 10th, the price of 72 silicon iron in Shaanxi was 5100 - 5200 (+50), in Ningxia 5200 - 5250, in Qinghai 5200 - 5250 (+25), in Gansu 5150 - 5250, and in Inner Mongolia 5150 - 5250. The price of 75 silicon iron in Shaanxi was 5700, in Ningxia 5650 - 5700, in Qinghai 5600 - 5700, in Gansu 5650 - 5700, and in Inner Mongolia 5650 - 5700. The FOB price of 72 silicon iron was 1020 - 1040 (-10), and that of 75 was 1110 - 1130 dollars/ton. The northern quotation of 6517 ferromanganese was 5550 - 5600 yuan/ton, and the southern quotation was 5600 - 5650 yuan/ton [2] - Ferroalloy Tendering News - A large steel group in Hebei tendered 16,000 tons of ferromanganese in November, 500 tons less than in October. The tender notice for 75B silicon iron was for 2716 tons, 240 tons less than in October [3] - Ferroalloy Production News - From January to October 2025, the total national production of ferromanganese was 903.96 million tons, with Inner Mongolia producing 438.51 million tons, accounting for 48.5% of the national total. There are currently 28 operating factories in Inner Mongolia, and 13 have new production capacities, which are expected to be launched from November 2025 to the first three quarters of 2026. The current monthly production of ferromanganese in the factories to be put into operation from the end of 2025 to the first three quarters of 2026 is about 16.1 million tons, and the subsequent new monthly production is expected to be about 25.9 million tons. Over 90% of the new production capacity is for 6517 [3] 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and that of ferromanganese is 0, indicating a neutral view on both [4]