硅铁：市场交易情绪波动，盘面偏弱震荡，锰硅：矿端需求预期收紧，盘面偏弱震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report focuses on the manganese - silicon and ferrosilicon markets, indicating that the demand expectation at the ore end is tightening, and the market is in a weak and volatile state [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: - For ferrosilicon, the closing prices of FeSi2605 and FeSi2607 are 5874 and 6014 respectively, with changes of - 192 and - 176 compared to the previous trading day. The trading volumes are 166,212 and 112,877, and the open interests are 158,901 and 129,988 [2]. - For manganese - silicon, the closing prices of MnSi2605 and MnSi2607 are 6444 and 6488 respectively, with a change of - 144 for both compared to the previous trading day. The trading volumes are 359,939 and 108,775, and the open interests are 353,594 and 162,450 [2]. - Spot Data: - The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5630 yuan/ton, down 30 yuan/ton from the previous day. The price of silicon - manganese FeMn65Si17 in Inner Mongolia is 6330 yuan/ton, up 30 yuan/ton from the previous day [2]. - The price of manganese ore Mn44 block is 47.5 yuan/ton - degree, and the price of blue carbon small material in Shenmu is 765 yuan/ton [2]. - Spread Data: - The spot - futures spread of ferrosilicon (spot - 05 futures) is - 244 yuan/ton, up 162 yuan/ton. The spot - futures spread of manganese - silicon (spot - 05 futures) is - 114 yuan/ton, up 174 yuan/ton [2]. - The near - far month spread of ferrosilicon 2605 - 2607 is - 140 yuan/ton, down 16 yuan/ton, and that of manganese - silicon 2605 - 2607 is - 44 yuan/ton, unchanged [2]. - The cross - variety spread of manganese - silicon 2605 - ferrosilicon 2605 is 570 yuan/ton, an increase of 48 yuan/ton, and that of manganese - silicon 2607 - ferrosilicon 2607 is 474 yuan/ton, an increase of 32 yuan/ton [2]. 3.2 Macro and Industry News - Price Information: - On March 31, the price range of 72 ferrosilicon in different regions is 5600 - 5700 yuan/ton, and that of 75 ferrosilicon is 6000 - 6200 yuan/ton. The FOB prices of 72 and 75 ferrosilicon are 1150 - 1170 (+10) and 1180 - 1200 (+10) US dollars/ton respectively [2]. - The northern quotation of silicon - manganese 6517 is 6300 - 6350 (+100) yuan/ton, and the southern quotation is 6350 - 6450 (+50) yuan/ton [2]. - Production and Capacity: - In March, the production of various grades of silicon - manganese in Ningxia was about 20.83 tons (+1.53 tons), and in Inner Mongolia, it was about 45.05 tons (+2.12 tons) [4]. - As of March 31, 7 factories in the northern main production areas have announced production cuts, involving 14 furnace reductions. Other factories plan to cut production in April [4]. - Since April 1, many companies have carried out production cuts, such as Jitie reducing 2 silicon - manganese electric furnaces, Guangxi Ferroalloy Co., Ltd. reducing production of 6 * 12500KVA high - manganese furnaces, etc. [4]. - Procurement and Tendering: - Shanghai Manganese Union Technology Co., Ltd. issued a procurement announcement for South African high - iron manganese ore on March 31, with different purchase prices for different manganese content [4]. - A steel mill in Jiangsu set the silicon - manganese price at 6580 yuan/ton for procurement of 2000 tons at the end of March, and the mid - month price was 6095/6100 yuan/ton [4]. 3.3 Trend Intensity The trend intensity of ferrosilicon is - 1, and that of manganese - silicon is - 1 [4].