硅铁：板块情绪共振，偏强震荡；锰硅：多头情绪高涨，偏强震荡

Report Summary 1. Industry Investment Rating - No investment rating information provided in the report. 2. Core View - The report states that the silicon iron sector shows a resonance of sentiment and is in a relatively strong oscillating state, while the manganese silicon has high bullish sentiment and is also in a relatively strong oscillating state [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: - Silicon iron 2605 has a closing price of 5932, up 108 from the previous trading day, with a trading volume of 409,548 and an open interest of 180,829. - Silicon iron 2607 has a closing price of 6046, up 110, with a trading volume of 153,646 and an open interest of 112,976. - Manganese silicon 2605 has a closing price of 6400, up 212, with a trading volume of 1,391,749 and an open interest of 428,681. - Manganese silicon 2607 has a closing price of 6430, up 208, with a trading volume of 225,627 and an open interest of 122,459 [1]. - Spot Price Data: - The spot price of silicon iron FeSi75 - B in Inner Mongolia is 5600 yuan/ton, up 50 yuan/ton from the previous trading day. - The spot price of silicon - manganese FeMn65Si17 in Inner Mongolia is 6100 yuan/ton, up 180 yuan/ton. - The price of manganese ore Mn44 block is 46 yuan/ton - degree, up 1 yuan/ton - degree. - The price of semi - coke small material in Shenmu is 695 yuan/ton [1]. - Price Difference Data: - The basis of silicon iron (spot - 05 futures) is - 332 yuan/ton, down 58 yuan/ton. - The basis of manganese silicon (spot - 05 futures) is - 330 yuan/ton, down 32 yuan/ton. - The near - far month spread of silicon iron 2605 - 2607 is - 114 yuan/ton, down 2 yuan/ton. - The near - far month spread of manganese silicon 2605 - 2607 is - 30 yuan/ton, up 4 yuan/ton. - The cross - variety spread of manganese silicon 2605 - silicon iron 2605 is 468 yuan/ton, up 104 yuan/ton. - The cross - variety spread of manganese silicon 2607 - silicon iron 2607 is 384 yuan/ton, up 98 yuan/ton [1]. 3.2 Macro and Industry News - Price Information: - On March 20, the price of 72 silicon iron in Shaanxi is 5400 - 5500 yuan/ton, in Ningxia is 5450 - 5500 yuan/ton (down 50 yuan/ton), in Qinghai is 5450 - 5550 yuan/ton, in Gansu is 5500 - 5600 yuan/ton, and in Inner Mongolia is 5500 - 5600 yuan/ton. The price of 75 silicon iron in Shaanxi is 6050 - 6100 yuan/ton, in Ningxia is 5950 - 6000 yuan/ton, in Qinghai is 5900 - 6000 yuan/ton, in Gansu is 5950 - 6000 yuan/ton, and in Inner Mongolia is 6000 - 6050 yuan/ton. The FOB price of 72 silicon iron is 1140 - 1160 dollars/ton (up 20 dollars/ton), and that of 75 is 1160 - 1180 dollars/ton (up 10 dollars/ton). The northern quotation of 6517 silicon - manganese is 5850 - 5900 yuan/ton, and the southern quotation is 5950 - 6000 yuan/ton [1]. - Hebei Steel finalized the purchase price of 75B silicon iron in March at 5950 yuan/ton, up 190 yuan/ton from February, with a quantity of 1155 tons, down 995 tons from February. A representative steel mill in Hebei raised the inquiry price for silicon - manganese tender by 50 yuan/ton to 6150 yuan/ton. A steel mill in Fujian finalized the purchase price of silicon - manganese at 6060 yuan/ton (half - acceptance, half - cash), with a quantity of 9600 tons. Kunming Steel finalized the purchase price of silicon iron at 6090 yuan/ton, with a quantity of 200 tons. A steel mill in Guangdong finalized the purchase price of silicon iron at 6148 yuan/ton (cash), up 159 yuan/ton from the previous round, with a quantity of 400 tons. Jinshenglan set the price of silicon iron on March 17: 5940 yuan/ton in Hubei (100 tons), 6120 yuan/ton in Yunfu, Guangdong (600 tons), and 6150 yuan/ton in Heyuan, Guangdong (300 tons). A large steel mill in Jiangsu finalized the purchase price of silicon - manganese at 6180 yuan/ton (cash), with a quantity of 3000 tons. Jiangsu Shagang finalized the purchase price of 75B silicon iron at 5970 yuan/ton (cash), with a quantity of 600 tons. A steel mill in Zhejiang finalized the purchase price of silicon - manganese at 6096 yuan/ton (acceptance), with a quantity of 1000 tons. Sanming Iron and Steel in Fujian finalized the purchase price of 75B silicon iron at 6128 yuan/ton (half - cash), up 248 yuan/ton from the previous round, with a quantity of 1000 tons. Qujing Chengsteel in Yunnan finalized the purchase price of 72 silicon iron at 5980 yuan/ton (cash), with a quantity of 400 tons [3]. - Production News: Gansu Xinyutong restarted 2 33000kva silicon iron furnaces and has produced iron [3]. - Weather and Supply News: Australia's northwest is facing Typhoon "Narelle", which has been upgraded to a super - typhoon of level 17. It is expected to land in Queensland this Friday with a maximum wind speed of 250km/h. The local mining and shipping activities are likely to be suspended this weekend. The specific impact on manganese ore production and shipping delay time need to be evaluated after the typhoon passes this weekend [3]. - Import Data: From January to February 2026, the cumulative import volume of manganese ore was 574.91 million tons, an increase of 181.92 million tons (46.29%) compared with the same period in 2025. The top ten import source countries (regions) are South Africa (295.34 million tons), Australia (101.48 million tons), Gabon (70.70 million tons), Ghana (53.61 million tons), Brazil (22.12 million tons), Cote d'Ivoire (12.62 million tons), Myanmar (9.34 million tons), Malaysia (3.41 million tons), Cambodia (1.17 million tons), and Turkey (1.14 million tons) [3]. - Inventory Data: As of March 20, the manganese ore inventory in Tianjin Port was 338.64 million tons, a decrease of 1.90 million tons from the previous period; in Qinzhou Port was 132.18 million tons, a decrease of 0.01 million tons; in Caofeidian Port was 0 million tons; in Fangchenggang Port was 5.0 million tons, an increase of 1.20 million tons. The total manganese ore inventory was 475.82 million tons, a decrease of 0.71 million tons [3]. 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and that of manganese silicon is 1 [3].