Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The energy market game for ferrosilicon and silicomanganese has intensified, and prices are in high - level oscillations [2][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - For ferrosilicon, the closing prices of SiFe2605 and SiFe2607 are 5928 and 6040 respectively, with changes of 56 and 46 compared to the previous trading day. Their trading volumes are 121,759 and 41,290, and open interests are 180,530 and 109,183 [2]. - For silicomanganese, the closing prices of MnSi2605 and MnSi2607 are 6240 and 6270 respectively, with changes of 78 and 74 compared to the previous trading day. Their trading volumes are 239,710 and 63,656, and open interests are 364,105 and 106,445 [2]. - **Spot Data**: - The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5580 yuan/ton, and the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5930 yuan/ton. The price of manganese ore Mn44 block is 44.5 yuan/ton - degree, and the price of semi - coke small material in Shenmu is 695 yuan/ton [2]. - **Price Difference Data**: - The basis of ferrosilicon (spot - 05 futures) is - 348 yuan/ton with a change of - 56 yuan/ton, and the basis of silicomanganese (spot - 05 futures) is - 340 yuan/ton with a change of - 78 yuan/ton [2]. - The near - far month price difference of ferrosilicon SiFe260５ - 2６07 is - 112 yuan/ton with a change of +１0 yuan/ton, and that of silicomanganese MnSi2605 - 2607 is - 30 yuan/ton with a change of +4 yuan/ton [2]. - The cross - variety price difference of MnSi2605 - SiFe2605 is 312 yuan/ton with a change of +22 yuan/ton, and that of MnSi2607 - SiFe2607 is 230 yuan/ton with a change of +28 yuan/ton [2]. Macro and Industry News - On March 17th, according to Ferrous Alloys Online, the price range of 72 ferrosilicon in Shaanxi is 54０0 - ５500 yuan/ton, in Ningxia is from 55０0 - 5600 yuan/ton, in Qinghai is 55０0 - 5600 yuan/ton, in Gansu is 55０0 - 5600 yuan/ton (+50), and in Inner Mongolia is 55００ -５600 yuan/tons; the price range of 75 ferrosilicon in Shaanxi is 6050 - 6100 yuan/ton (+２５), in Ningxia is 5950 - 6000 yuan/ton, in Qinghai is from 5900 - 6000 yuan/ton, in Gansu is 5950 - 6000 yuan/tons, and in Inner Mongolia is from６000 - 6050 yuan/ton. The FOB price of 72 ferrosilicon is from 1140 - １160 dollars/ton (+20), and that of 75 is from 1160 - 1180 dollars/ton (+10). The price range of 6517 silicomanganese in the north is 5800 - 5900 yuan/tons, and in the south is 5900 - 5950 yuan/ton [2]. - Fujian Sanming Iron and Steel has set the purchase price of FeSi75B at 6128 yuan/ton semi - cash, a rise of +248 yuan/ton compared to the previous round, with a quantity of 1000 tons; Yunnan Qujing Chenggang has set the purchase price of 7２ ferrosilicon at 5９80 yuan/ton cash, with a quantity of４00 tons [４]. Trend Intensity - The trend intensity of ferrosilicon is 0, and that of silicomanganese is also０ [4].

Core Viewpoint - The meeting at the White House on November 7 highlighted the complex geopolitical dynamics surrounding Hungary's energy dependence on Russia, with Trump suggesting a potential exemption for Hungary to continue purchasing Russian oil, which could undermine the collective sanctions imposed by the US and EU against Russia [1][16]. Group 1: Hungary's Energy Dependency - Hungary is heavily reliant on Russian energy, with 74% of its natural gas and 86% of its oil sourced from Russia, making it one of the EU's most dependent countries on Russian energy [3][4]. - The lack of a seaport severely limits Hungary's ability to import alternative energy sources, as its industrial infrastructure is designed to process Russian crude oil, making a switch to other sources technically challenging and costly [3][4]. Group 2: Geopolitical Implications - The recent sanctions imposed by the US and EU on Russian oil and liquefied natural gas have led to a spike in international oil prices, which has not significantly harmed Russia but has put pressure on European allies like Hungary [4][11]. - Trump's comments suggest that Hungary's situation is not unique, with other landlocked countries like Slovakia facing similar dilemmas regarding energy supply and reliance on Russian resources [4][11]. Group 3: Strategic Calculations - Trump's willingness to consider an exemption for Hungary appears to be a strategic move to maintain alliances and pressure other European nations to align with US policies regarding Russian energy [6][7]. - Hungary's energy crisis has prompted it to develop infrastructure that could position it as a key player in the Central European energy market, potentially replacing Austria as a distribution hub for natural gas [7][14]. Group 4: Future Considerations - The exemption for Hungary is not guaranteed, as it may come with conditions, such as purchasing $6 billion worth of US liquefied natural gas, indicating a transactional nature to the arrangement [8][12]. - The potential for other countries to seek similar exemptions could create further fractures in the EU's collective sanctions strategy against Russia, undermining the intended pressure on the Kremlin [12][13].