Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-05-07 09:35Report Industry Investment Rating - No relevant information provided Core View of the Report - The polysilicon market price has declined overall. On the supply side, over half of the enterprises in the industry are carrying out equipment maintenance, especially in Xinjiang and Mongolia, leading to a significant decline in supply. On the demand side, the downstream demand for polysilicon is weak, with strong wait - and - see sentiment among crystal - pulling enterprises and low procurement eagerness. Downstream enterprises expect the future silicon material price to fall and plan to replenish inventory after the price stabilizes. The inventory pressure in the polysilicon industry remains high, mainly concentrated in manufacturers, and some manufacturers face difficulties in shipping. It is recommended to temporarily observe the polysilicon market [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of polysilicon is 35,520 yuan/ton, down 890 yuan; the main contract position is 63,290 lots, up 9,467 lots. The price difference between the 06 - 07 contracts of polysilicon is 1,250 yuan/ton, down 400 yuan; the price difference between polysilicon and industrial silicon is 27,230 yuan/ton, down 855 yuan [2] Spot Market - The spot price of polysilicon is 40,500 yuan/ton, unchanged; the average price of polysilicon (cauliflower material) is 30.5 yuan/kg, unchanged; the average price of polysilicon (compact material) is 33.5 yuan/kg, unchanged; the average price of polysilicon (recycled material) is 35 yuan/kg, unchanged. The basis of polysilicon is 4,090 yuan/ton, up 835 yuan; the weekly average price of photovoltaic - grade polysilicon is 4.39 US dollars/kg, down 0.1 US dollars [2] Upstream Situation - The closing price of the main contract of industrial silicon is 8,290 yuan/ton, down 35 yuan; the spot price of industrial silicon is 9,300 yuan/ton, down 100 yuan. The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the total social inventory of industrial silicon is 603,000 tons, up 1,000 tons [2] Industry Situation - The monthly output of polysilicon is 97,000 tons, up 7,000 tons; the monthly import volume of polysilicon is 2,906 tons, down 222 tons. The weekly spot price of imported polysilicon materials in China is 5.28 US dollars/kg, unchanged; the monthly average import price of polysilicon in China is 2.19 US dollars/ton, down 0.14 US dollars [2] Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, up 11,443,000 kilowatts; the weekly average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of photovoltaic modules is 95,373,120 pieces, up 24,038,530 pieces; the monthly import volume is 9,846,120 pieces, down 2,122,260 pieces. The monthly average import price of photovoltaic modules is 0.27 US dollars/piece, up 0.01 US dollars [2] Industry News - As of May 6, the mainstream market price of P - type polysilicon cauliflower material was 32 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type compact material was 35.5 yuan/kg, down 0.5 yuan/kg; the mainstream market price of N - type recycled material was 39 yuan/kg, down 1 yuan/kg; the mainstream market price of N - type granular silicon was 37 yuan/kg, down 1 yuan/kg [2]