硅铁：电费成本抬升，偏强震荡，锰硅：矿端报价坚挺，偏强震荡

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Views - Silicon ferroalloy is expected to have a bullish and volatile trend due to the rising electricity cost [2]. - Manganese ferroalloy is also expected to have a bullish and volatile trend as the ore price remains firm [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: - Silicon ferroalloy 2603 closed at 5,546, up 100 from the previous trading day, with a trading volume of 306,562 and an open interest of 259,334 [2]. - Silicon ferroalloy 2605 closed at 5,506, up 98 from the previous trading day, with a trading volume of 20,468 and an open interest of 51,580 [2]. - Manganese ferroalloy 2601 closed at 5,778, up 54 from the previous trading day, with a trading volume of 136,042 and an open interest of 161,144 [2]. - Manganese ferroalloy 2605 closed at 5,828, up 56 from the previous trading day, with a trading volume of 86,422 and an open interest of 151,232 [2]. - Spot Data: - The price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5,170 yuan/ton [2]. - The price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5,530 yuan/ton [2]. - The price of manganese ore Mn44 block was 43.0 yuan/ton - degree [2]. - The price of semi - coke small material in Shenmu was 820 yuan/ton [2]. - Price Spreads: - The spot - futures spread of silicon ferroalloy (spot - 03 futures) was - 376 yuan/ton, down 100 from the previous trading day [2]. - The spot - futures spread of manganese ferroalloy (spot - 01 futures) was - 248 yuan/ton, down 54 from the previous trading day [2]. - The near - far month spread of silicon ferroalloy 2603 - 2605 was 40 yuan/ton, up 2 from the previous trading day [2]. - The near - far month spread of manganese ferroalloy 2601 - 2605 was - 50 yuan/ton, down 2 from the previous trading day [2]. - The cross - variety spread of manganese ferroalloy 2603 - silicon ferroalloy 2603 was 250 yuan/ton, down 50 from the previous trading day [2]. - The cross - variety spread of manganese ferroalloy 2605 - silicon ferroalloy 2605 was 322 yuan/ton, down 42 from the previous trading day [2]. 3.2 Macro and Industry News - On December 4, the price range of 72 silicon ferroalloy in different regions was: Shaanxi 5,050 - 5,100 yuan/ton, Ningxia 5,100 - 5,150 yuan/ton, Qinghai 5,100 - 5,150 yuan/ton, Gansu 5,100 - 5,200 yuan/ton, Inner Mongolia 5,100 - 5,150 yuan/ton; the price range of 75 silicon ferroalloy was: Shaanxi 5,650 - 5,700 yuan/ton, Ningxia 5,550 - 5,600 yuan/ton, Qinghai 5,600 yuan/ton, Gansu 5,550 - 5,600 yuan/ton (down 25), Inner Mongolia 5,600 - 5,650 yuan/ton. The FOB price of 72 silicon ferroalloy was 1,020 - 1,040 US dollars/ton (down 10), and that of 75 was 1,090 - 1,120 US dollars/ton (down 20 - 10). The price of 6517 silicon - manganese in the north was 5,500 - 5,600 yuan/ton, and in the south was 5,600 - 5,650 yuan/ton [4]. - In the November electricity price settlement of silicon ferroalloy, the electricity price in Qinghai continued to rise by 3 - 6 cents, with the mainstream off - peak electricity price at 0.43 - 0.47 yuan/kWh, and some as low as 0.41 yuan/kWh, leading to an expansion of losses for Qinghai enterprises. The electricity price in Ningxia was 0.38 - 0.41 yuan/kWh, with a slight increase of 1 cent [4]. - Manganese ore maintained a firm and rising trend. Oxide ore holders were reluctant to sell at lower prices, and transaction prices gradually moved up. South African ore was generally stable, with fewer port offers, and the market was waiting for the new round of overseas prices [5]. 3.3 Trend Intensity - The trend intensity of silicon ferroalloy is 1, and that of manganese ferroalloy is also 1. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [6].