硅铁：市场情绪转弱，合金补跌

Report Core Information - Report Date: November 19, 2025 [1] - Report Title: "Silicon Iron: Market Sentiment Weakens, Alloys Catch Up in Decline; Manganese Silicon: Market Sentiment Weakens, Alloys Catch Up in Decline" [2] - Analysts: Li Yafei (Investment Consultation Qualification Number: Z0021184), Jin Yuanyuan (Contact, Futures Practitioner Qualification Number: F03134630) [2] Industry Investment Rating - Not provided Core Viewpoints - The market sentiment for silicon iron and manganese silicon has weakened, leading to catch - up declines in alloys [2] Summary by Related Catalogs 1. Fundamental Tracking - Raw Material Prices: Mn44 block manganese ore is 40.5 yuan/ton - degree; small - sized lanthanum charcoal in Shenmu is 820 yuan/ton [3] - Price Differences: - Silicon iron (spot - 01 futures) is - 274 yuan/ton (+92); manganese silicon (spot - 01 futures) is - 80 yuan/ton (+112) - Silicon iron 2601 - 2605 is - 10 yuan/ton; manganese silicon 2601 - 2605 is - 66 yuan/ton - Manganese silicon 2601 - silicon iron 2601 is 206 yuan/ton (-20); manganese silicon 2605 - silicon iron 2605 is 262 yuan/ton [3] 2. Macro and Industry News - Product Prices: - On November 18, for 72 silicon iron, prices in different regions are: Shaanxi 5050 - 5150 yuan/ton, Ningxia 5200 - 5250 yuan/ton (+25), etc.; for 75 silicon iron, prices vary by region too; silicon iron FOB prices for 72 are 1020 - 1040 (-10) and for 75 are 1090 - 1120 (-20~ - 10) (USD/ton,含税). Silicon manganese 6517 is priced at 5550 - 5600 yuan/ton in the north and 5600 - 5650 yuan/ton in the south [3] - In October, Ningxia's silicon - manganese electricity price settlement had a mainstream increase of 0.01 yuan/kWh, Inner Mongolia had a mainstream decrease of 0.02 - 0.03 yuan/kWh. In November, except for a significant increase in Yunnan due to the dry season, electricity prices in other regions had little fluctuation [3][5] - Jianlong Iron and Steel's November 72 silicon iron procurement prices vary by region, such as 5560 yuan/ton for 900 tons in the Hebei region [5] 3. Trend Intensity - Silicon iron trend intensity: - 1; manganese silicon trend intensity: - 1. The range of trend intensity is [-2, 2], with - 2 being the most bearish and 2 being the most bullish [5] 4. Futures Data - Silicon Iron Futures: - Silicon iron 2601: closing price 5474 (-92), trading volume 183,880, open interest 152,370 - Silicon iron 2605: closing price 5484 (-132), trading volume 15,122, open interest 18,104 - Manganese Silicon Futures: - Manganese silicon 2601: closing price 5680 (-112), trading volume 395,735, open interest 404,398 - Manganese silicon 2605: closing price 5746 (-114), trading volume 43,888, open interest 75,463 [4]