瑞达期货工业硅产业日报-20250506

1. Report Industry Investment Rating No information provided in the document. 2. Report's Core View - Supply is at a low level as some small and medium - sized enterprises in the southwest (except state - owned enterprises) have stopped production due to the low market price, and there may be delays or cancellations of production resumption during the wet season. Demand has decreased as the photovoltaic industry's开工率 is low, the terminal demand for the photovoltaic industry has cooled, and the procurement enthusiasm for industrial silicon has declined. The organic silicon industry has further reduced production, and the downstream aluminum alloy industry has weak demand and declining exports. Inventory remains high. It is recommended to lightly short the industrial silicon main contract 2506 around 8600, with a stop - loss price of 8800, and pay attention to the operation rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8325 yuan/ton, a decrease of 215 yuan; the main contract position is 179,536 lots, an increase of 13,001 lots; the net position of the top 20 is - 7483 lots, a decrease of 3267 lots; the warehouse receipt of the Guangzhou Futures Exchange is 69,236 lots, a decrease of 131 lots; the price difference between the 6 - 7 month contracts is - 30 yuan, an increase of 10 yuan [2] 3.2 Spot Market - The average price of oxygen - permeable 553 silicon is 9300 yuan/ton, a decrease of 100 yuan; the average price of 421 silicon is 10,200 yuan/ton, a decrease of 100 yuan; the basis of the Si main contract is 975 yuan/ton, an increase of 115 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1930 yuan/ton, unchanged; the average price of clean coal is 1850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon is 335,750 tons, an increase of 46,400 tons; the weekly social inventory of industrial silicon is 603,000 tons, an increase of 1000 tons; the monthly import volume of industrial silicon is 2211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 39,600 tons, a decrease of 600 tons; the overseas market price of photovoltaic - grade polysilicon is 16.75 US dollars/kg, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,600 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.49 US dollars/kg, a decrease of 0.09 US dollars/kg; the monthly export volume of unforged aluminum alloy is 18,176.9 tons, an increase of 691.08 tons; the weekly operating rate of organic silicon DMC is 60.11%, a decrease of 0.32 percentage points; the monthly output of aluminum alloy is 1.655 million tons, an increase of 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - Wuxi Aotaiwei Technology Co., Ltd. (688516.SH) reported 2024 annual revenue of 9.198 billion yuan, a year - on - year increase of 45.94%, and a net profit attributable to the parent of 1.273 billion yuan, a year - on - year increase of 1.36%. The state is increasing investment in long - term data infrastructure construction. Some small and medium - sized enterprises in the industrial silicon industry have stopped production due to the low market price [2]