【工业硅】继续松动下行，究竟何时能够迎来“光明”？？

Core Viewpoint - The industrial silicon market is experiencing a downward trend characterized by weak futures prices, negative sentiment among industry participants, and a lack of effective support for prices [1][4][9]. Futures Market - Industrial silicon futures continue to perform poorly, with prices hitting a new low since listing. On May 27, the main contract 2507 closed at 7440, down 3.63% from the previous day, with a trading volume of 360,878 contracts and an open interest of 568,774 contracts [2]. Spot Market - The spot market for industrial silicon is also under pressure, with prices declining due to low-priced goods entering the market and reduced cost support from falling raw material prices. The overall sentiment remains pessimistic, with many participants lacking confidence in a market recovery [4]. Demand Side - The demand for downstream products such as polysilicon and organic silicon remains stable, with little change in market pricing [6]. Comprehensive Analysis - The industrial silicon market is currently in a downward cycle driven by "cost collapse, oversupply, and emotional breakdown," making it difficult to find effective support for prices. There is a risk of further price declines, although some companies may consider reducing production if losses continue to grow. Additionally, extremely low prices could attract traders looking to stockpile, but this depends on market entry willingness [9].