硅铁：板块情绪扰动，宽幅震荡；锰硅：锰矿市场坚挺，日内波动加剧

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The manganese ore market is firm, and intraday fluctuations have intensified. There are various developments in the ferrosilicon and ferromanganese markets, including price changes, production adjustments, and procurement information [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: - For ferrosilicon, the closing prices of SiFe2605 and SiFe2607 are 6088 and 6208 respectively, with changes of -12 and -6 compared to the previous trading day. The trading volumes are 203,058 and 106,404, and the open interests are 174,788 and 125,229 [1]. - For ferromanganese, the closing prices of MnSi2605 and MnSi2607 are 6492 and 6528 respectively, with changes of 12 and 10 compared to the previous trading day. The trading volumes are 439,738 and 90,595, and the open interests are 392,420 and 120,608 [1]. - Spot Data: - The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5630 yuan/ton, down 50 yuan/ton from the previous day. The price of ferromanganese FeMn65Si17 in Inner Mongolia is 6150 yuan/ton, down 50 yuan/ton from the previous day [1]. - The price of manganese ore Mn44 block is 48 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 695 yuan/ton [1]. - Price Spreads: - The spot - 05 futures price spread for ferrosilicon is -458 yuan/ton, down 38 yuan/ton from the previous day. For ferromanganese, it is -378 yuan/ton, down 62 yuan/ton from the previous day [1]. - The near - far month price spread for ferrosilicon (SiFe2605 - 2607) is -120 yuan/ton, down 6 yuan/ton from the previous day. For ferromanganese (MnSi2605 - 2607), it is -36 yuan/ton, up 2 yuan/ton from the previous day [1]. - The cross - variety price spread for MnSi2605 - SiFe2605 is 404 yuan/ton, up 24 yuan/ton from the previous day. For MnSi2607 - SiFe2607, it is 320 yuan/ton, up 16 yuan/ton from the previous day [1]. 3.2 Macro and Industry News - Price Changes: On March 25, the price of 72 ferrosilicon in Shaanxi, Ningxia, etc. increased. The price of 75 ferrosilicon in some regions also increased. The price of 6517 ferromanganese in the north and south both increased [1]. - Production Adjustment: Industry news indicates that manganese alloy plants will enter the production - cut and price - maintenance stage. The production cut will start on April 1, but currently, the plants have not effectively reduced production, and the March output is still at a relatively high level [3]. - Production Resumption: Ningxia Shengyuan Metal Materials Co., Ltd. has powered on one 33000kva ferrosilicon furnace and produced iron. Gansu Xinyutong has resumed production of two 33000kva ferrosilicon furnaces and produced iron [3]. - Procurement Information: A Fujian group's ferromanganese procurement prices and quantities in different regions are provided. Jinshenglan's ferrosilicon pricing in different regions on March 24 is also given [3]. 3.3 Trend Intensity The trend intensity of ferrosilicon is 0, and the trend intensity of ferromanganese is 0 [3].