硅铁：钢招定价落地，警惕盘面情绪，锰硅：节后询价情绪浓厚，等待钢招落地

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints - For ferrosilicon, the steel tender pricing is settled, and caution should be exercised regarding market sentiment. For silicomanganese, the inquiry sentiment is strong after the holiday, and waiting for the steel tender settlement [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - Ferrosilicon 2603 closed at 5672, down 78 from the previous trading day, with a trading volume of 225,315 and an open interest of 218,692. Ferrosilicon 2605 closed at 5628, down 78, with a trading volume of 28,644 and an open interest of 47,924. Silicomanganese 2603 closed at 5920, down 22, with a trading volume of 146,560 and an open interest of 267,767. Silicomanganese 2605 closed at 5936, down 12, with a trading volume of 66,562 and an open interest of 206,794 [1] 3.1.2 Spot Market - The aggregated price of ferrosilicon FeSi75 - B in Inner Mongolia was 5320 yuan/ton. The price of silicomanganese FeMn65Si17 in Inner Mongolia was 5650 yuan/ton. The price of manganese ore Mn44 block was 42.5 yuan/ton - degree. The price of semi - coke small material in Shenmu was 760 yuan/ton [1] 3.1.3 Price Spreads - The spot - futures spread of ferrosilicon (spot - 03 futures) was - 352 yuan/ton, up 78. The spot - futures spread of silicomanganese (spot - 03 futures) was - 270 yuan/ton, up 22. The near - far month spread of ferrosilicon 2603 - 2605 was 44 yuan/ton, unchanged. The near - far month spread of silicomanganese 2603 - 2605 was - 16 yuan/ton, down 10. The cross - variety spread of silicomanganese 2603 - ferrosilicon 2603 was 248 yuan/ton, up 56. The cross - variety spread of silicomanganese 2605 - ferrosilicon 2605 was 308 yuan/ton, up 66 [1] 3.2 Macro and Industry News - On January 4, the prices of 72 ferrosilicon in different regions were: Shaanxi 5150 - 5300 (+25), Ningxia 5300 - 5350, Qinghai 5200 - 5300, Gansu 5250 - 5350, Inner Mongolia 5300 - 5350 (+50); 75 ferrosilicon: Shaanxi 5600 - 5700, Ningxia 5600 - 5650, Qinghai 5600, Gansu 5550 - 5600, Inner Mongolia 5650 - 5700 (+50). The FOB prices were 721030 - 1050(+10), 751090 - 1120 (US dollars/ton,含税). The northern quotation of 6517 silicomanganese was 5650 - 5700 yuan/ton; the southern quotation was 5700 - 5800 yuan/ton (-25) [2] - Hegang set the purchase price of 75B ferrosilicon for January at 5760 yuan/ton, up 100 yuan/ton from December, with a quantity of 3313 tons, an increase of 563 tons from December [2] - In December 2025, the manganese ore dredging volume at Tianjin Port was 2,388,476 tons, a 17.28% increase from November's 2,036,533 tons and a 14.49% decrease from December 2024's 2,793,090 tons. From January to December 2025, the manganese ore dredging volume at Tianjin Port was 23,913,195 tons, a 15.17% increase from the same period in 2024, an increase of 3.15 million tons [3] 3.3 Trend Intensity - The trend intensity of ferrosilicon was 0; the trend intensity of silicomanganese was 0 [3]