硅铁：市场情绪扰动，宽幅震荡，锰硅：矿端价格坚挺，宽幅震荡

Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - The silicon iron market is subject to market sentiment disturbances and experiences wide - range fluctuations; the manganese silicon market has a firm price at the ore end and also experiences wide - range fluctuations [1] - The trend strength of silicon iron and manganese silicon is 0, indicating a neutral outlook [4] Group 3: Fundamental Tracking Futures Data - Silicon iron 2603 has a closing price of 5390, down 26 from the previous trading day, with a trading volume of 317,259 and an open interest of 248,587; silicon iron 2605 has a closing price of 5344, down 32, with a trading volume of 15,619 and an open interest of 46,850; manganese silicon 2601 has a closing price of 5626, down 4, with a trading volume of 144,376 and an open interest of 332,903; manganese silicon 2605 has a closing price of 5676, down 6, with a trading volume of 46,011 and an open interest of 143,373 [1] Spot Data - The price of silicon iron FeSi75 - B in Inner Mongolia is 5120 yuan/ton; the price of silicon manganese FeMn65Si17 in Inner Mongolia is 5500 yuan/ton; the price of manganese ore Mn44 block is 41.5 yuan/ton degree; the price of semi - coke small material in Shenmu is 820 yuan/ton [1] Spread Data - The spot - 03 futures spread of silicon iron is - 270 yuan/ton, up 26; the spot - 01 futures spread of manganese silicon is - 126 yuan/ton, up 4; the near - far month spread of silicon iron 2603 - 2605 is 46 yuan/ton, up 6; the near - far month spread of manganese silicon 2601 - 2605 is - 50 yuan/ton, up 2; the cross - variety spread of manganese silicon 2603 - silicon iron 2603 is 238 yuan/ton, up 26; the cross - variety spread of manganese silicon 2605 - silicon iron 2605 is 332 yuan/ton, up 26 [1] Group 4: Macro and Industry News Price Quotes - On November 27, the price of 72 silicon iron in Shaanxi is 5050 - 5150, in Ningxia is 5100 - 5150 (down 25), in Qinghai is 5100 - 5150 (down 25), in Gansu is 5100 - 5200, in Inner Mongolia is 5100 - 5150; the price of 75 silicon iron in Shaanxi is 5700 - 5750, in Ningxia is 5600 - 5650, in Qinghai is 5600 - 5650, in Gansu is 5600 - 5650 (down 25), in Inner Mongolia is 5650 - 5700; the FOB price of 72 silicon iron is 1020 - 1040 (down 10), the FOB price of 75 silicon iron is 1090 - 1120 (down 10 - 20); the northern quotation of 6517 silicon manganese is 5500 - 5550 yuan/ton, and the southern quotation is 5600 yuan/ton [2] - Yunnan Qujing Chengsteel finalized the purchase price of silicon iron at 5690 yuan/ton in cash, with a quantity of 400 tons [2] Production Data - In November, the operating rate of silicon iron enterprises in Inner Mongolia is 63.03%, up 0.64% from October, with an estimated output of 15.87 million tons, up 0.73 million tons from October, and a capacity utilization rate of 66.1%; the operating rate of silicon iron enterprises in Gansu is 38.67%, down 2.66% from October, with an estimated output of 4.47 million tons, down 1.15 million tons from October, and a capacity utilization rate of 35.42% [3] - In November, there are 14 silicon manganese enterprises operating in other northern regions, with 23 furnaces in operation at the end of the month. The silicon manganese output in November is 79,700 tons (up 2300 tons) [3] - In November, there are 3 silicon manganese enterprises operating in Sichuan and Chongqing regions, with 12 furnaces in operation. The total output of silicon manganese in Sichuan and Chongqing is about 53,200 tons (down 2800 tons) [3] - In November, a 6014 factory in Hunan stopped production due to a 0.1 - yuan increase in electricity price. A new production capacity was put into operation in the middle of the month, and it is expected to start production in early December. The silicon manganese output in other southern regions in November is about 5200 tons (down 1400 tons) [3]