工业硅：供需两弱市场报价下挫，硅价继续走弱

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The industrial silicon market is currently experiencing a situation of weak supply and demand. Under the continuous pressure of the external environment, demand has become even more sluggish, and inventory remains at a high level. As a result, silicon prices continue to decline [1]. 3. Summary by Relevant Catalogs Market Quotation - The market quotation of industrial silicon declined yesterday, and the futures price dropped significantly. The current prices are as follows: East China oxygenated 553 silicon is at 9,900 - 10,100 yuan/ton, and East China 421 silicon is at 10,400 - 11,000 yuan/ton [1]. - The closing price of the futures main contract si2505 was 9,020, a decrease of 2.28%. Funds are constantly shifting to far - month contracts. The main contract reduced positions by 12,645 lots, with a position of 133,800 lots and a trading volume of 8.045 billion yuan [1]. Supply Side - In the north (Inner Mongolia, Ningxia, Shaanxi, and Shandong), the weekly supply of silicon enterprises in production is temporarily stable, but they are under production pressure. The market is sluggish, and the loss of enterprises is widening. Yunnan is still in the dry season, with stable start - up, and the future start - up willingness is average. With the production cuts of the three major downstream industries, demand is continuously weakening, and futures - cash merchants are selling at a small discount on the basis of the basis [1]. Demand Side - The price of polysilicon is weakly stable, and the market has a strong bearish sentiment. Some silicon material enterprises' quotations are loosening. The current prices are: re - feeding material is at 37 - 39 yuan/kg, dense material is at 35 - 38 yuan/kg, cauliflower material is at 32 - 34 yuan/kg, and N - type material is at 41 - 42 yuan/kg [1]. - The spot price of organic silicon DMC continues to decline. The mainstream opening price in the market is referred to as 13,000 - 14,000 yuan/ton (net water delivered). The game between buyers' price - pressing and sellers' concessions continues, the trading atmosphere is light, the single - transaction volume is generally low, and the market currently lacks a catalyst to break the current deadlock [1]. - The price of aluminum alloy ingots is stable, but enterprise sales are poor. End - users purchase on demand, and the finished product inventory is slightly increasing [1]. Inventory On April 16, the warehouse receipt inventory of industrial silicon was 69,806 lots, a single - day decrease of 386 lots, and the warehouse receipt inventory is still at a high level [1].