硅铁：基本面与情绪面博弈，宽幅震荡，锰硅，基本面与情绪面博弈，宽幅震荡

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Both ferrosilicon and silicomanganese are in a state of game between fundamentals and sentiment, with wide - amplitude fluctuations [1] Summary by Relevant Catalogs Macro and Industry News - The two departments will increase the proportion of fixed - cost recovery of coal - fired power units through capacity electricity price to no less than 50%, and improve the power market trading and price mechanism, encouraging both supply and demand sides to sign a flexible price mechanism that changes with market supply - demand and power generation costs in medium - and long - term contracts [1] - On February 4th, the price of 72 ferrosilicon in Shaanxi was 5200 - 5300 yuan/ton, in Ningxia was 5250 - 5350 yuan/ton (down 50 yuan/ton), in Qinghai was 5200 - 5300 yuan/ton, in Gansu was 5250 - 5300 yuan/ton, and in Inner Mongolia was 5300 - 5350 yuan/ton. The price of 75 ferrosilicon in Shaanxi was 5950 - 6000 yuan/ton, in Ningxia was 5750 - 5900 yuan/ton (down 25 yuan/ton), in Qinghai was 5800 - 5850 yuan/ton, in Gansu was 5750 - 5800 yuan/ton, and in Inner Mongolia was 5850 - 5900 yuan/ton. The FOB price of 72 ferrosilicon was 1060 - 1080 dollars/ton (+10 dollars/ton), and that of 75 was 1100 - 1140 dollars/ton (+10 dollars/ton). The northern quotation of 6517 silicomanganese was 5600 - 5700 yuan/ton, and the southern quotation was 5750 - 5850 yuan/ton [2] - Hegang finalized the purchase price of 75B ferrosilicon in February at 5760 yuan/ton, the same as in January, with a quantity of 2150 tons, a decrease of 1163 tons compared with January [3] - In January, the electricity prices of ferrosilicon in Ningxia were mainly concentrated at 0.37 - 0.38 yuan/kWh, with some remaining the same and some rising or falling, but the overall electricity price trend was downward. The electricity price in Qinghai rose again, with a large gap among factories, ranging from 0.42 - 0.46 yuan/kWh, an increase of 1 - 2 cents, and factory losses increased [3] - According to South African trade data, in December 2025, South Africa's manganese ore export volume was 2,560,747 tons, a month - on - month increase of 14.44% and a year - on - year increase of 33.2%. The total export volume of South African manganese ore in 2025 was 27,929,473 tons, a year - on - year increase of 13%. In December, South Africa's manganese ore export volume to China was 1,717,140 tons, a month - on - month increase of 13.9%; the export volume to India was 406,062 tons, a month - on - month increase of 4.6%. The top five export destinations of South African manganese ore are China, India, Japan, Spain, and Malaysia, and the export volume to these five countries in December was 2,370,243 tons, accounting for 92.56% of the total manganese ore export volume [3] Trend Intensity - The trend intensity of ferrosilicon is 0; the trend intensity of silicomanganese is 0 [3] Fundamental Data of Ferrosilicon and Silicomanganese Futures Contracts - The closing price of ferrosilicon 2603 was 5654, up 3 compared with the previous trading day, with a trading volume of 93,117 and an open interest of 89,527. The closing price of ferrosilicon 2605 was 5644, up 38, with a trading volume of 90,122 and an open interest of 129,808. The closing price of silicomanganese 2603 was 5828, up 28, with a trading volume of 20,117 and an open interest of 58,065. The closing price of silicomanganese 2605 was 5868, up 32, with a trading volume of 118,851 and an open interest of 354,221 [2] Spot Prices - The price of ferrosilicon (FeSi75 - B) in Inner Mongolia was 5350 yuan/ton; the price of silicomanganese (FeMn65Si17) in Inner Mongolia was 5650 yuan/ton (down 30 yuan/ton); the price of manganese ore (Mn44 block) was 42.7 yuan/ton - degree; the price of semi - coke (small material) in Shenmu was 745 yuan/ton [2] Price Spreads - The basis of ferrosilicon (spot - 03 futures) was - 304 yuan/ton (down 34 yuan/ton); the basis of silicomanganese (spot - 03 futures) was - 178 yuan/ton (down 58 yuan/ton); the spread between ferrosilicon 2603 and 2605 was 10 - 4 yuan/ton; the spread between silicomanganese 2603 and 2605 was - 40 - 4 yuan/ton; the spread between silicomanganese 2603 and ferrosilicon 2603 was 174 - 6 yuan/ton; the spread between silicomanganese 2605 and ferrosilicon 2605 was 224 - 6 yuan/ton [2]