工业硅：供需双弱减产无集中落地，硅价继续弱势震荡

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Currently, the supply and demand of industrial silicon are both weak, the production cut plans have not been implemented centrally, market sentiment has returned to rationality, terminal demand is yet to recover, and with the exchange's position limit, silicon prices will continue to fluctuate weakly [2] Group 3: Summary by Relevant Catalogs Market Price - On March 27, 2025, the market price of industrial silicon was under weak pressure. The price of East China oxygenated 553 silicon was 10,300 - 10,500 yuan/ton, and the price of East China 421 silicon was 11,000 - 11,200 yuan/ton. The closing price of the main contract si2505 of industrial silicon futures was 9,780, a decrease of 1.13%. The main contract added 842 lots, with a position of 242,700 lots and a trading volume of 7.514 billion yuan [1] Supply Side - Inner Mongolia and Yunnan maintained a low operating level, and there were no signs of centralized resumption of production in the short term. The previous production cut plans of Inner Mongolia silicon enterprises had not been implemented, and polysilicon enterprises' maintenance and reduction plans were coming again, with expected demand slightly lower. The operating situation of local powder plants was average. The weekly operation in Ningxia and Shaanxi showed no obvious fluctuations, and there were few market inquiries [1] Demand Side - The price of polysilicon was stable, with high silicon material inventory. The transmission of downstream price increases to the silicon material link was weak, and the signing performance of silicon materials was average. The organic silicon DMC market continued to show a stable trend, with the mainstream transaction price referring to 14,000 - 14,500 yuan/ton (net water delivered). The supply side showed that the operating rate of main monomer production devices was gradually decreasing, and production enterprises had an obvious intention to stabilize prices. On the demand side, downstream enterprises generally adopted a wait - and - see attitude, and procurement was mainly driven by rigid demand. The price of aluminum alloy ingots was stable, the alloy ingot market still maintained weak demand, the market trading atmosphere continued to be light, and the procurement enthusiasm of downstream die - casting enterprises was not high [1] Inventory - On March 26, the warehouse receipt inventory of industrial silicon was 69,177 lots, a single - day decrease of 34 lots, and the warehouse receipt inventory was still at a high level [1]