工业硅晨报：供需格局尚未扭转，硅价继续弱势震荡-2025-03-31

Report Industry Investment Rating - Not provided Core View of the Report - The current oversupply situation in the industrial silicon market has not been reversed, the futures contract valuation is low, the production cut rumors have not been fully implemented, the inventory remains at a high level, and the silicon price will continue to fluctuate weakly [1] Summary by Relevant Catalogs Market Price - The spot market price of industrial silicon has been weak this week, with the price of East China Tong 553 silicon at 10,200 - 10,400 yuan/ton and East China 421 silicon at 10,000 - 11,200 yuan/ton. The closing price of the main industrial silicon futures contract si2505 is 9,855, up 0.36%, with the main contract reducing positions by 8,102 lots, a position of 229,300 lots, and a trading volume of 7.991 billion yuan [1] Supply Side - The capacity recovery in the southwest region is slow, with some silicon plants delaying their resumption plans and even reducing operating capacity. In the northwest region, there is a differentiated situation, with leading enterprises announcing production cut plans, and the shutdown scope of small and medium - sized silicon enterprises is expanding due to cost pressure [1] Demand Side - The price of polysilicon is stable this week, with silicon material enterprises showing a strong willingness to hold prices. The current prices of different types of polysilicon are: re - feeding material at 37 - 39 yuan/kg, dense material at 35 - 38 yuan/kg, cauliflower material at 32 - 34 yuan/kg, and N - type material at 41 - 43 yuan/kg. The earthquake in Myanmar affected the production of some polysilicon enterprises. The organic silicon market has a strong price - holding sentiment, with the mainstream transaction price at 14,000 - 14,500 yuan/ton. The price of aluminum alloy ingots is stable, and the demand in the alloy ingot market remains weak [1] Inventory - On March 28, the industrial silicon warehouse receipt inventory was 69,791 lots, an increase of 469 lots in a single week, and the warehouse receipt inventory remains at a high level [1]