硅铁：多空双方博弈，宽幅震荡；锰硅：多空双方博弈，宽幅震荡

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The silicon iron and manganese silicon markets are characterized by a game between long and short positions, with wide - range fluctuations [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: - Silicon iron futures: The closing price of SiFe2605 is 5,868, with a change of 40 compared to the previous trading day, and the trading volume is 157,951, with an open interest of 223,284. The closing price of SiFe2607 is 5,956, with a change of 44, the trading volume is 49,217, and the open interest is 97,265 [1]. - Manganese silicon futures: The closing price of MnSi2605 is 6,130, with a change of 38, the trading volume is 217,679, and the open interest is 434,120. The closing price of MnSi2607 is 6,154, with a change of 40, the trading volume is 43,568, and the open interest is 93,511 [1]. - Spot Data: - The price of silicon iron (FeSi75 - B) in Inner Mongolia is 5,430 yuan/ton. The price of silicon - manganese (FeMn65Si17) in Inner Mongolia is 5,850 yuan/ton. The price of manganese ore (Mn44 block) is 43.8 yuan/ton - degree. The price of semi - coke (small material) in Shenmu is 695 yuan/ton [1]. - Spread Data: - The spot - futures spread of silicon iron (spot - 05 futures) is - 438 yuan/ton, a change of - 40 yuan/ton. The spot - futures spread of manganese silicon (spot - 05 futures) is - 304 yuan/ton, a change of - 38 yuan/ton [1]. - The near - far month spread of silicon iron (SiFe2605 - 2607) is - 88 yuan/ton, a change of - 4 yuan/ton. The near - far month spread of manganese silicon (MnSi2605 - 2607) is - 24 yuan/ton, a change of - 2 yuan/ton [1]. - The cross - variety spread of manganese silicon 2605 - silicon iron 2605 is 262 yuan/ton, a change of - 2 yuan/ton. The cross - variety spread of manganese silicon 2607 - silicon iron 2607 is 198 yuan/ton, a change of - 4 yuan/ton [1]. 3.2 Macro and Industry News - Price Information: - On March 6, the price range of 72 silicon iron in different regions is as follows: Shaanxi 5,250 - 5,350 yuan/ton, Ningxia 5,400 - 5,450 yuan/ton, Qinghai 5,350 - 5,400 yuan/ton, Gansu 5,350 - 5,400 yuan/ton, Inner Mongolia 5,350 - 5,450 yuan/ton. The price range of 75 silicon iron: Shaanxi 5,950 - 6,050 yuan/ton, Ningxia 5,850 - 5,950 yuan/ton, Qinghai 5,850 - 5,950 yuan/ton, Gansu 5,800 - 5,850 yuan/ton, Inner Mongolia 5,950 - 6,000 yuan/ton. The FOB price of 72 silicon iron is 1,100 - 1,120 (+20) US dollars/ton, and that of 75 is 1,140 - 1,170 (+20) US dollars/ton. The northern price of 6517 silicon - manganese is 5,800 - 5,850 yuan/ton, and the southern price is 5,850 - 5,950 (+25) yuan/ton [1]. - Multiple companies have announced the April 2026 manganese ore shipment prices to China, with varying degrees of increase compared to the previous month. For example, NMT's Mn36% (minimum) South African block is reported at 4.75 US dollars/ton - degree, a 0.25 US dollars/ton - degree increase from last month [3]. - Some steel mills have set silicon iron and silicon - manganese purchase prices. For example, Jinshenglan Group set the silicon iron price in Anhui at 5,820 yuan/ton cash on March 5, with a quantity of 500 tons. A steel mill in Guangdong set the silicon iron price at 5,989 yuan/ton cash on March 5, a 69 - yuan/ton increase from the previous round, with a quantity of 400 tons [3]. - Inventory Information: As of March 6, the manganese ore inventory in Tianjin Port is 337.02 million tons, a decrease of 19.88 million tons compared to the previous period; the inventory in Qinzhou Port is 132.38 million tons, a decrease of 0.69 million tons; the inventory in Caofeidian Port is 0 million tons; the inventory in Fangchenggang is 4 million tons, a decrease of 1.1 million tons. The total manganese ore inventory is 473.4 million tons, a decrease of 21.67 million tons [3]. 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and the trend intensity of manganese silicon is 0 [3].