Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The cost of ferrosilicon is expected to rise, and it will fluctuate widely; the raw material price of silicomanganese is slightly adjusted, and it will also fluctuate widely [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Data**: The closing prices of ferrosilicon 2603, ferrosilicon 2605, silicomanganese 2603, and silicomanganese 2605 are 5610, 5586, 5772, and 5814 respectively. Their trading volumes are 108,864, 35,054, 71,826, and 141,601 respectively, and their open interests are 232,311, 85,154, 195,831, and 356,074 respectively [1] - **Spot Data**: The price of ferrosilicon FeSi75 - B in Inner Mongolia is 5300 yuan/ton (+20.0), the price of silicomanganese FeMn65Si17 in Inner Mongolia is 5680 yuan/ton, the price of manganese ore Mn44 block is 42.7 yuan/ton - degree (-0.1), and the price of semi - coke small material in Shenmu is 760 yuan/ton [1] - **Price Difference Data**: The spot - futures price difference of ferrosilicon (spot - 03 futures) is - 310 yuan/ton (-34), and that of silicomanganese is - 92 yuan/ton (-24). The near - far month price difference of ferrosilicon 2603 - 2605 is 24 yuan/ton (+10), and that of silicomanganese 2603 - 2605 is - 42 yuan/ton (-4). The cross - variety price difference of silicomanganese 2603 - ferrosilicon 2603 is 162 yuan/ton (-30), and that of silicomanganese 2605 - ferrosilicon 2605 is 228 yuan/ton (-16) [1] 3.2 Macro and Industry News - **Ferrosilicon and Silicomanganese Price News**: On January 22, the price range of 72 ferrosilicon in different regions was 5200 - 5300 yuan/ton, and that of 75 was 5700 - 5900 yuan/ton. The FOB price of 72 ferrosilicon was 1060 - 1080 dollars/ton (+10), and that of 75 was 1100 - 1140 dollars/ton (+10). The northern quotation of 6517 silicomanganese was 5650 - 5750 yuan/ton, and the southern quotation was 5800 - 5850 yuan/ton (+25) [1] - **South32 Manganese Ore Report**: South32's South African manganese ore salable output in Q4 2025 was 506,000 wet tons (down 8% quarter - on - quarter), and the sales volume was 546,000 tons (down 0.37% quarter - on - quarter). The Australian manganese ore salable output was 806,000 tons (down 5.62% quarter - on - quarter), and the sales volume was 865,000 tons (down 8.37% quarter - on - quarter). The 2026 fiscal year output guidance of South African manganese ore remains 2 million tons, and further maintenance work is planned for Q1 2026. The 2026 fiscal year output guidance of Australian manganese ore remains 3.2 million tons, but the impact of the rainy season needs to be considered [1][3] - **Steel Mill Procurement News**: A steel mill in Jiangsu set the price of silicomanganese at 5800 yuan/ton (acceptance tax - included delivered to the factory) with a procurement volume of 700 tons. A steel mill in Shandong set the price at 5720 yuan/ton (cash tax - included delivered to the factory) with a procurement volume of 2000 tons. An East China steel mill group set the price in the East China region at 5848 - 5850 yuan/ton and in the South China region at 5950 yuan/ton. Another East China steel mill set the price at 5848 yuan/ton [1][3] 3.3 Trend Intensity - The trend intensity of ferrosilicon is 0, and that of silicomanganese is 0 [3]