硅铁：电费成本预期扰动，价格偏强震荡，锰硅：海外远期矿价抬升，价格偏强震荡

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The price of ferrosilicon is expected to fluctuate strongly due to the expected disturbance of electricity cost, and the price of silicomanganese is expected to fluctuate strongly due to the increase in overseas long - term ore prices [1] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - Futures Data: - Ferrosilicon 2603 closed at 5706, up 174 from the previous trading day, with a trading volume of 4,562 and an open interest of 5,091; Ferrosilicon 2605 closed at 5726, up 188, with a trading volume of 346,957 and an open interest of 221,874 - Silicomanganese 2603 closed at 5982, up 100, with a trading volume of 3,195 and an open interest of 11,092; Silicomanganese 2605 closed at 6026, up 108, with a trading volume of 575,592 and an open interest of 446,255 [1] - Spot Data: - The price of ferrosilicon (FeSi75 - B) in Inner Mongolia was 5280 yuan/ton; the price of silicomanganese (FeMn65Si17) in Inner Mongolia was 5700 yuan/ton - The price of manganese ore (Mn44 block) was 43.0 yuan/ton - degree, up 0.2 from the previous trading day; the price of semi - coke (small material) in Shenmu was 695 yuan/ton [1] - Spread Data: - The spot - futures spread of ferrosilicon (spot - 05 futures) was - 446 yuan/ton, down 158; the spot - futures spread of silicomanganese was - 326 yuan/ton, down 8 - The near - far month spread of ferrosilicon (2603 - 2605) was - 20 yuan/ton, down 14; the near - far month spread of silicomanganese (2603 - 2605) was - 44 yuan/ton, down 8 - The cross - variety spread of silicomanganese 2603 - ferrosilicon 2603 was 276 yuan/ton, down 74; the cross - variety spread of silicomanganese 2605 - ferrosilicon 2605 was 300 yuan/ton, down 80 [1] 2. Macro and Industry News - Price Information: - On February 28, the price of 72 ferrosilicon in Shaanxi was 5200 - 5300 yuan/ton, in Ningxia was 5200 - 5300 (+50) yuan/ton, in Qinghai was 5250 - 5350 (+50) yuan/ton, in Gansu was 5300 - 5350 (+75) yuan/ton, and in Inner Mongolia was 5300 - 5350 (+50) yuan/ton; the price of 75 ferrosilicon in Shaanxi was 5950 - 6000 yuan/ton, in Ningxia was 5800 - 5900 yuan/ton, in Qinghai was 5800 - 5900 yuan/ton, in Gansu was 5750 - 5800 yuan/ton, and in Inner Mongolia was 5900 - 5950 yuan/ton - The FOB price of 72 ferrosilicon was 1070 - 1090 (+10) dollars/ton, and the FOB price of 75 ferrosilicon was 1120 - 1150 (+10) dollars/ton - The northern quotation of 6517 silicomanganese was 5600 - 5650 yuan/ton, and the southern quotation was 5750 - 5800 yuan/ton [1] - Ore Price Information: - A large manganese mine in South Africa offered a price of 4.7 dollars/ton - degree for semi - carbonate manganese ore to China in April. CML offered a price of 5.6 dollars/ton - degree for Australian lumps (Mn＞46% Fe＜4% SiO2<18%) to China in April 2026, up 0.2 dollars/ton - degree from last month - South32 offered a price of 4.6 dollars/ton - degree for South African semi - carbonate lumps (typical value Mn36.9%) in April 2026, up 0.1 dollars/ton - degree from last month; and a price of 5.25 dollars/ton - degree for Australian lumps (typical value Mn42%), up 0.05 dollars/ton - degree from last month [3] - Procurement Information: An East China steel mill group's East China base set the price of silicomanganese at 5850 yuan/ton (acceptance and tax - included, delivered to the factory) and purchased 1000 tons [3] - Inventory Information: As of February 27, the manganese ore inventory in Tianjin Port was 356.9 million tons, a month - on - month increase of 60.24 million tons; in Qinzhou Port was 133.07 million tons, a month - on - month increase of 2.5 million tons; in Caofeidian Port was 0 million tons; in Fangchenggang was 5.1 million tons, a month - on - month decrease of 1.4 million tons. The total manganese ore inventory was 495.07 million tons, a month - on - month increase of 61.34 million tons [3] 3. Trend Intensity - The trend intensity of ferrosilicon is 1, and the trend intensity of silicomanganese is 1 [3]