硅铁：原料成本松动，宽幅震荡，锰硅，需求端小幅收紧，宽幅震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Silicon iron is expected to experience wide - amplitude fluctuations due to the loosening of raw material costs [1] - Manganese silicon is expected to have wide - amplitude fluctuations with a slight tightening on the demand side [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data - Silicon iron 2603: closing price 5610, down 80 from the previous trading day, trading volume 144,251, open interest 215,048 [2] - Silicon iron 2605: closing price 5596, down 72, trading volume 32,497, open interest 70,966 [2] - Manganese silicon 2603: closing price 5870, down 50, trading volume 127,246, open interest 243,818 [2] - Manganese silicon 2605: closing price 5898, down 40, trading volume 81,646, open interest 250,383 [2] - Spot Data - Silicon iron FeSi75 - B in Inner Mongolia: 5350 yuan/ton [2] - Silicon manganese FeMn65Si17 in Inner Mongolia: 5750 yuan/ton [2] - Manganese ore Mn44 block: 43.5 yuan/ton - degree [2] - Semi - coke small material in Shenmu: 760 yuan/ton [2] - Price Difference Data - Silicon iron spot - 03 futures price difference: - 260 yuan/ton, up 80 yuan/ton [2] - Manganese silicon spot - 03 futures price difference: - 120 yuan/ton, up 50 yuan/ton [2] - Silicon iron 2603 - 2605 near - far month price difference: 14 yuan/ton, down 8 yuan/ton [2] - Manganese silicon 2603 - 2605: - 28 yuan/ton, down 10 yuan/ton [2] - Manganese silicon 2603 - silicon iron 2603 cross - variety price difference: 260 yuan/ton, up 30 yuan/ton [2] - Manganese silicon 2605 - silicon iron 2605: 302 yuan/ton, up 32 yuan/ton [2] 3.2 Macro and Industry News - Price Quotes - On January 15, 72 silicon iron prices in different regions: Shaanxi 5200 - 5300, Ningxia 5300 - 5400, Qinghai 5300 - 5400, Gansu 5300 - 5400, Inner Mongolia 5350 - 5450 yuan/ton; 75 silicon iron: Shaanxi 5800 - 5850, Ningxia 5800, Qinghai 5700 - 5750, Gansu 5650 - 5750, Inner Mongolia 5750 - 5800 yuan/ton. Silicon iron FOB: 72 1060 - 1080(+10), 75 1100 - 1140(+10) dollars/ton [3] - Silicon manganese 6517: northern quote 5700 - 5750 yuan/ton, southern quote 5800 - 5850 yuan/ton [3] - Procurement Information - A steel mill in Zhejiang set the procurement price of 75B silicon iron at 5850 yuan/ton, with a quantity of 300 tons [3] - A large steel group in Hebei purchased 17,000 tons of silicon manganese in January, an increase of 2300 tons compared to December 2025, with an inquiry price of 5850 yuan/ton (acceptance, tax - included, delivered to the factory), an increase of 80 yuan/ton compared to the December 2025 pricing [3][4] - A steel mill in East China tendered for 4000 tons of silicon manganese from January to February, with a price of 5930 yuan/ton (acceptance, tax - included, delivered to the factory), an increase of 30 yuan/ton compared to last week's pricing [4] - A steel mill in Hunan set the procurement price of 75B silicon iron at 5850 yuan/ton, with a quantity of 600 tons [4] - Zhongtian Iron and Steel in Changzhou set the silicon iron price at 5920 yuan/ton on January 12, with a quantity of 300 tons, paid by cloud chain [4] - Manganese Ore Quotes - UMK announced the February 2026 manganese ore quote for China: Mn36% South African lump at 4.32 dollars/ton - degree, a month - on - month increase of 0.17 dollars/ton - degree [4] - Jupiter announced the February 2026 shipping price of manganese ore for China: Mn36.5% South African semi - carbonate lump at 4.32 dollars/ton - degree, a month - on - month increase of 0.17 dollars/ton - degree [4] - South32 announced the February 2026 offer for South African semi - carbonate lump (typical value Mn36.9%) at 4.4 dollars/ton - degree, a month - on - month increase of 0.25 dollars/ton - degree; Australian lump (typical value Mn42%) at 5.1 dollars/ton - degree, a month - on - month increase of 0.25 dollars/ton - degree [4] - Comilog announced the February 2026 offer for Gabonese lump for China at 4.9 dollars/ton - degree, a month - on - month increase of 0.2 dollars/ton - degree [4] - United Mining (CML) announced the February 2026 offer for China: Australian lump (Mn＞46% Fe＜6% SiO2<18%) at 5.2 dollars/ton - degree, a month - on - month increase of 0.2 dollars/ton - degree [4] 3.3 Trend Intensity - Silicon iron trend intensity: 0; Manganese silicon trend intensity: 0 [4]