Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View of the Report - The market anti - involution information of ferrosilicon and silicomanganese has heated up again, showing a strong and volatile trend [1]. 3) Summary According to Related Catalogs Fundamental Tracking - **Futures Data**: The closing prices of ferrosilicon 2511, ferrosilicon 2601, silicomanganese 2511, and silicomanganese 2601 are 5598, 5554, 5830, and 5844 respectively, with price changes of 102, 92, 112, and 114 compared to the previous trading day. Their trading volumes are 212,383, 84,230, 82,234, and 253,536, and the open interests are 240,781, 108,371, 118,249, and 324,869 respectively [1]. - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5250 yuan/ton, up 30 yuan/ton; the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5680 yuan/ton; the price of manganese ore Mn44 block is 39.5 yuan/ton degree; the price of semi - coke small material in Shenmu is 650 yuan/ton [1]. - **Price Difference Data**: The basis of ferrosilicon (spot - 11 futures) is - 348 yuan/ton, down 72 yuan/ton; the basis of silicomanganese (spot - 01 futures) is - 164 yuan/ton, down 112 yuan/ton. The near - far month price difference of ferrosilicon 2511 - 2601 is 44 yuan/ton, up 10 yuan/ton; the near - far month price difference of silicomanganese 2511 - 2601 is - 14 yuan/ton, down 2 yuan/ton. The cross - variety price difference of silicomanganese 2511 - ferrosilicon 2511 is 232 yuan/ton, up 10 yuan/ton; the cross - variety price difference of silicomanganese 2601 - ferrosilicon 2601 is 290 yuan/ton, up 22 yuan/ton [1]. Macro and Industry News - **Product Price Information**: On September 5th, the price range of 72 ferrosilicon in Shaanxi, Ningxia, Qinghai, Gansu, and Inner Mongolia is 5150 - 5300 yuan/ton; the price range of 75 ferrosilicon is 5800 - 5950 yuan/ton. The FOB price of 72 ferrosilicon is 1040 - 1060 dollars/ton, and the FOB price of 75 ferrosilicon is 1100 - 1130 dollars/ton. The northern offer of 6517 silicomanganese is 5600 - 5650 yuan/ton, and the southern offer is 5700 - 5750 yuan/ton [2]. - **Steel Mill Procurement Information**: Henan Minyuan Iron and Steel set the procurement price of ferrosilicon at 5520 yuan/ton in cash, with a quantity of 1000 tons. Zhongtian Iron and Steel in Changzhou set the procurement price of 75B ferrosilicon at 5750 yuan/ton in electronic vouchers, with a quantity of 600 tons. Zhongtian Iron and Steel in Changzhou set the price of silicomanganese at 5790 yuan/ton in bank acceptance, with a procurement volume of 1700 tons. A steel mill in Henan set the standard price of silicomanganese at 5730 yuan/ton in cash, with an actual procurement volume of 4000 tons. An East China steel mill set the standard price of silicomanganese at 5800 yuan/ton for 2000 tons, 5900 yuan/ton for 1000 tons, and 5760 yuan/ton for 400 tons, all in acceptance - inclusive delivered - to - factory prices [2][3]. - **Manganese Ore News**: South32 announced the offer price of South African semi - carbonate lump (typical value Mn36.9%) in October 2025 at 4.1 dollars/ton degree, up 0.05 dollars/ton degree month - on - month; the offer price of Australian lump (typical value Mn42%) is 4.5 dollars/ton degree, up 0.05 dollars/ton degree month - on - month [5]. - **Manganese Ore Inventory**: As of this Friday, the inventory of Tianjin Port is 366.31 million tons, up 3.61 million tons month - on - month; the inventory of Qinzhou Port is 70.17 million tons, down 3.51 million tons month - on - month; the inventory of Caofeidian Port is 0 million tons; the inventory of Fangchenggang is 4 million tons, unchanged month - on - month. As of September 5th, the total manganese ore inventory is 440.48 million tons, up 0.1 million tons month - on - month [5]. Trend Intensity - The trend intensity of ferrosilicon is 1, and the trend intensity of silicomanganese is 1, indicating a moderately strong trend [4].