工业硅、多晶硅日报-20250410

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On April 9, polysilicon and industrial silicon both showed a weak and fluctuating trend. The main polysilicon contract 2506 closed at 42,245 yuan/ton, with an intraday decline of 0.01%, and the position decreased by 14 lots to 35,983 lots. The main industrial silicon contract 2505 closed at 9,510 yuan/ton, with an intraday decline of 0.52%, and the position decreased by 15,256 lots to 148,500 lots. The joint production cuts by enterprises are limited in scale, and demand remains weak. There is no consensus among silicon plants on whether to expand production cuts, making it difficult to achieve continuous and effective inventory reduction. The market's reaction to further production cuts will gradually weaken. The polysilicon delivery business started in April, but there is no increase in spot trading volume, and there are differences in opinions between futures - spot traders and manufacturers on far - month pricing. Due to the earthquake in Myanmar, downstream orders' delivery periods have been postponed, and short - term pressure has been exerted on the silicon crystal market [2]. 3. Summary by Relevant Catalogs 3.1 Research View - Polysilicon and industrial silicon prices fluctuated weakly on April 9. The joint production cuts by enterprises have limited effects, and demand is weak. The polysilicon delivery business started in April, but spot trading has not accelerated, and there are differences in far - month pricing. The earthquake in Myanmar has affected downstream production and put pressure on the short - term silicon crystal market [2]. 3.2 Daily Data Monitoring - Industrial Silicon: The futures settlement price of the main contract decreased by 85 yuan/ton to 9,475 yuan/ton, and the near - month contract decreased by 75 yuan/ton to 9,420 yuan/ton. Some spot prices decreased, such as the price of 421 silicon in some regions. The current lowest delivery product price remained at 9,450 yuan/ton, and the spot changed from a discount of 45 yuan/ton to a premium of 30 yuan/ton [4]. - Polysilicon: The futures settlement price of the main contract decreased by 160 yuan/ton to 42,245 yuan/ton, and the near - month contract also decreased by 160 yuan/ton. The spot price remained unchanged, and the spot discount narrowed from 405 yuan/ton to 245 yuan/ton [4]. - Organic Silicon: The price of DMC in the East China market remained at 14,500 yuan/ton, the price of raw rubber remained at 15,500 yuan/ton, the price of 107 glue remained at 14,800 yuan/ton, and the price of dimethyl silicone oil decreased by 1,200 yuan/ton to 14,800 yuan/ton [4]. - Downstream Products: The prices of silicon wafers, battery cells, and photovoltaic modules remained unchanged [4]. - Inventory: The industrial silicon futures warehouse receipt decreased by 114 tons to 70,117 tons. The total industrial silicon inventory increased by 3,385 tons to 352,340 tons on a weekly basis. The social inventory decreased by 5,100 tons to 402,600 tons, with a decrease in factory inventory [4]. 3.3 Chart Analysis 3.3.1 Industrial Silicon and Cost - side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][8][10]. 3.3.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][15][17]. 3.3.3 Inventory - Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [20][21][23]. 3.3.4 Cost and Profit - Charts show the average cost and profit levels in main production areas, weekly cost - profit of industrial silicon, aluminum alloy processing industry profit, DMC cost - profit, and polysilicon cost - profit [26][29][33].