锰硅：基本面与情绪面博弈，宽幅震荡：硅铁：基本面与情绪面博弈，宽幅震荡

1. Report's Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Both ferrosilicon and silicomanganese are in a state of game between fundamentals and sentiment, with wide - range fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Macro and Industry News - The two departments will increase the proportion of fixed - cost recovery of coal - fired power units through capacity electricity prices to no less than 50%, and improve the electricity market trading and pricing mechanism, encouraging a flexible pricing mechanism in medium - and long - term contracts [1] - On February 6, prices of different grades of ferrosilicon and silicomanganese in different regions were reported, with FOB prices of 72 and 75 ferrosilicon increasing by 10 dollars/ton [2] - Hebei Steel 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 from January; Kunsteel's purchase price was 5820/5830 yuan/ton, a stable - to - 20 - yuan - per - ton decrease compared to the previous round, with quantities of 300 tons each [3] - In January, the settlement of ferrosilicon electricity prices was in progress. In Ningxia, the prices mainly ranged from 0.37 - 0.38 yuan/kWh with a downward trend overall; in Qinghai, the prices increased by 1 - 2 cents, ranging from 0.42 - 0.46 yuan/kWh, increasing factory losses [3] - UMK announced the March 2026 manganese ore quotation to China: Mn36% South African lump ore at 4.45 dollars/ton - degree, a 0.13 - dollar/ton - degree increase from last month. Some manganese mines in South Africa have been affected by security inspections, with production and shipment delays [3] - As of February 6, the total manganese ore inventory was 429.39 tons, a decrease of 19.2 tons from the previous period, with different changes in each port [4] 3.2 Trend Intensity - The trend intensity of ferrosilicon is 0, and that of silicomanganese is 0 [4] 3.3 Futures and Spot Market Data - Futures contract data shows the closing prices, changes from the previous trading day, trading volumes, and open interests of ferrosilicon 2603, 2605 and silicomanganese 2603, 2605 [2] - Spot prices of ferrosilicon, silicomanganese, manganese ore, and semi - coke are provided, along with price differences such as basis, calendar spread, and inter - commodity spread [2]