硅铁：偏弱震荡，锰硅：宽幅震荡

Report Investment Rating - Silicon ferroalloy: Weak and oscillating [1] - Manganese ferroalloy: Wide - range oscillating [1] Core Viewpoints - The report provides the latest price information and market news of silicon ferroalloy and manganese ferroalloy, including spot prices, futures prices, and price differences, as well as new production capacity ignition and supply changes in the industry [1][2][3] Summary by Directory Macro and Industry News - An additional production capacity of a silicon - manganese plant in Sunite Right Banner, Inner Mongolia was ignited on February 10, 2026, and it is expected to produce iron by the end of February. The first unit (launched at the end of December 2025) currently has a daily output of over 200 tons, and the daily output will reach over 400 tons after reaching full production [1] - Jupiter will not provide manganese ore supply and quotes to China in March 2026 and is expected to release April manganese ore offers after the Spring Festival [1] - On February 12, 2026, the starting price of Hongliulin lump coal at the raw material end of semi - coke was 690 yuan/ton, a decrease of 50 yuan/ton compared with the previous period. The auction volume was 105,000 tons, an increase of 42,000 tons compared with the previous period. The average transaction price was 692.81 yuan/ton, a decrease of 86.95 yuan/ton compared with the previous average price [3] Price Information Spot Prices - On February 12, 2026, the price of 72 silicon ferroalloy in Shaanxi was 5200 - 5300 yuan/ton, in Ningxia was 5300 - 5350 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 silicon ferroalloy in Shaanxi was 5950 - 6000 yuan/ton, in Ningxia was 5750 - 5900 yuan/ton, in Qinghai was 5800 - 5900 yuan/ton, in Gansu was 5750 - 5850 yuan/ton, and in Inner Mongolia was 5900 - 5950 yuan/ton (+25). The FOB price of 72 silicon ferroalloy was 1070 - 1090 (+10) US dollars/ton, and that of 75 was 1120 - 1150 (+10) US dollars/ton [2][3] - The northern quotation of 6517 silicon - manganese was 5600 - 5700 yuan/ton, and the southern quotation was 5750 - 5850 yuan/ton [3] - The price of silicon ferroalloy FeSi75 - B in Inner Mongolia was 5300 yuan/ton, a decrease of 20 yuan/ton compared with the previous day; the price of silicon - manganese FeMn65Si17 in Inner Mongolia was 5650 yuan/ton; the price of manganese ore Mn44 block was 42.8 yuan/ton - degree; the price of semi - coke small material in Shenmu was 745 yuan/ton [2] Futures Prices - The closing price of silicon ferroalloy 2603 was 5538 yuan/ton, a decrease of 62 yuan compared with the previous trading day, with a trading volume of 10,836 and an open interest of 23,069; the closing price of silicon ferroalloy 2605 was 5500 yuan/ton, a decrease of 76 yuan compared with the previous trading day, with a trading volume of 130,697 and an open interest of 187,389 [2] - The closing price of manganese ferroalloy 2603 was 5762 yuan/ton, a decrease of 24 yuan compared with the previous trading day, with a trading volume of 14,737 and an open interest of 26,665; the closing price of manganese ferroalloy 2605 was 5800 yuan/ton, a decrease of 24 yuan compared with the previous trading day, with a trading volume of 101,203 and an open interest of 378,385 [2] Price Differences - The basis of silicon ferroalloy (spot - 05 futures) was - 200 yuan/ton, an increase of 56 yuan compared with the previous day; the basis of manganese ferroalloy (spot - 05 futures) was - 150 yuan/ton, an increase of 24 yuan compared with the previous day [2] - The price difference between silicon ferroalloy 2603 and 2605 was 38 yuan/ton, an increase of 14 yuan compared with the previous day; the price difference between manganese ferroalloy 2603 and 2605 was - 38 yuan/ton, unchanged compared with the previous day [2] - The price difference between manganese ferroalloy 2603 and silicon ferroalloy 2603 was 224 yuan/ton, an increase of 38 yuan compared with the previous day; the price difference between manganese ferroalloy 2605 and silicon ferroalloy 2605 was 300 yuan/ton, an increase of 52 yuan compared with the previous day [2] Trend Intensity - The trend intensity of silicon ferroalloy is 0; the trend intensity of manganese ferroalloy is 0 [3]