硅铁：交易情绪偏弱，宽幅震荡，锰硅，矿端价格坚挺，宽幅震荡

Group 1: Report Industry Investment Rating - No investment rating information is provided in the report. Group 2: Core View of the Report - The report focuses on the manganese - silicon market, stating that the price of the ore end is firm and the market shows a wide - range fluctuation. The trend intensities of both silicon - iron and manganese - silicon are neutral [1][3]. Group 3: Summary According to the Directory 1. Fundamental Tracking - Futures Data: - Silicon - iron futures (2603 contract) closed at 5416 yuan/ton, down 32 yuan; 2605 contract closed at 5376 yuan/ton, down 32 yuan. Manganese - silicon futures (2601 contract) closed at 5630 yuan/ton, down 6 yuan; 2605 contract closed at 5682 yuan/ton, down 16 yuan [1]. - Spot Data: - The price of silicon - iron (FeSi75 - B) in Inner Mongolia was 5120 yuan/ton, down 30 yuan/ton; the price of silicon - manganese (FeMn65Si17) in Inner Mongolia was 5500 yuan/ton, down 20 yuan/ton. The price of manganese ore (Mn44 block) was 41.5 yuan/ton - degree, up 0.5 yuan/ton - degree [1]. - Spread Data: - The spot - 03 futures spread of silicon - iron was - 296 yuan/ton, up 2 yuan/ton; the spot - 01 futures spread of manganese - silicon was - 130 yuan/ton, down 14 yuan/ton. The 2603 - 2605 near - far month spread of silicon - iron was 40 yuan/ton, unchanged; the 2601 - 2605 near - far month spread of manganese - silicon was - 52 yuan/ton, up 10 yuan/ton [1]. 2. Macro and Industry News - Price Information: - On November 26, the price range of 72 silicon - iron in different regions was 5050 - 5200 yuan/ton, and that of 75 was 5600 - 5750 yuan/ton. The FOB price of 72 silicon - iron was 1020 - 1040 dollars/ton, down 10 dollars/ton; 75 was 1090 - 1120 dollars/ton, down 10 - 20 dollars/ton. The northern quotation of 6517 silicon - manganese was 5500 - 5550 yuan/ton, down 50 yuan/ton; the southern quotation was 5600 yuan/ton [2]. - Steel Mill Pricing: - A steel mill in Jiangsu set the silicon - manganese price at 5725 yuan/ton (acceptance, tax - included, delivered to the factory), down 75 yuan/ton from the mid - month price. A steel mill in Guangdong set the price at 5730 yuan/ton (acceptance, tax - included, delivered to the factory), down 20 yuan/ton from the mid - month price [2]. - Production Information: - In November, there were 13 silicon - iron enterprises in production in Inner Mongolia, with 75 submerged arc furnaces in operation. The开工 rate was 63.03%, up 0.64% from October, and the output was expected to be 158,700 tons, up 7300 tons from October. In November, 14 silicon - manganese enterprises in other northern regions were in operation, with 23 furnaces in operation at the end of the month. The silicon - manganese output in November was 79,700 tons, an increase of 2300 tons [3].