硅铁：多空情绪博弈，宽幅震荡

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report indicates that both silicon ferroalloy and manganese ferroalloy are experiencing a game between long and short sentiments, resulting in wide - range fluctuations [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The closing prices of silicon ferroalloy 2603 and 2605 are 5482 and 5444 respectively, down 36 and 34 from the previous trading day. The closing prices of manganese ferroalloy 2603 and 2605 are 5736 and 5776 respectively, down 22 and 20 from the previous trading day. The trading volumes and open interests of each contract are also provided [1]. - Spot Data: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5200 yuan/ton, down 20 from the previous trading day. The price of silicon - manganese FeMn65Si17 in Inner Mongolia is 5540 yuan/ton. The price of manganese ore Mn44 block is 43.0 yuan/ton - degree, and the price of small - sized semi - coke in Shenmu is 800 yuan/ton [1]. - Price Differences: The spot - 03 futures price difference of silicon ferroalloy is - 282 yuan/ton, up 16; the spot - 03 futures price difference of manganese ferroalloy is - 196 yuan/ton, up 22. The 2603 - 2605 price difference of silicon ferroalloy is 38 yuan/ton, down 2; the 2603 - 2605 price difference of manganese ferroalloy is - 40 yuan/ton, down 2. The 2603 price difference between manganese ferroalloy and silicon ferroalloy is 254 yuan/ton, up 14; the 2605 price difference between them is 332 yuan/ton, up 14 [1]. 3.2 Macro and Industry News - Price Information: On December 16, the prices of 72 and 75 silicon ferroalloy in different regions and the FOB prices are reported. The northern and southern quotes of 6517 silicon - manganese are also given [2]. - Production Reduction News: A silicon ferroalloy plant in Zhongwei, Ningxia plans to shut down 4 furnaces on December 12, with an expected daily production reduction of about 350 tons. Qinghai Jinfeng plans to shut down 2 furnaces on December 16, reducing daily production by 70 - 80 tons [2]. - Manganese Ore Price: UMK and NMT have announced their manganese ore quotes for China in January 2026, with a 0.05 - dollar/ton - degree increase compared to the previous month [4]. - Procurement Price: Zhongtian Iron and Steel in Changzhou has set the procurement price of 75B silicon ferroalloy at 5710 yuan/ton, up 22 yuan/ton from the previous round, with a quantity of 300 tons. Jianlong Iron and Steel's December silicon - manganese tender prices in different regions and the procurement quantities are provided. A steel mill in Jiangsu has set the December silicon - manganese price at 5750 yuan/ton, up 20 yuan/ton from November [4]. 3.3 Trend Intensity The trend intensity of silicon ferroalloy is 0, and the trend intensity of manganese ferroalloy is 0, indicating a neutral outlook [3].