Report Information - Date: May 13, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance and Outlook - Market Performance: The polysilicon 06 contract weakened first and then strengthened during the session. The closing price of PS2506 was 38,450 yuan/ton, with a gain of 2.49%. The trading volume was 322,800 lots, and the open interest was 69,417 lots, with a net increase of 2,162 lots [4] - Outlook: The fundamental changes are limited. The main logic of the market rebound comes from the shortage of deliverable goods and the release of overseas macro risks. The monthly supply of silicon materials remains at 90,000 - 100,000 tons. The downstream photovoltaic terminal "rush to install" is gradually coming to an end, and the demand has decreased significantly month-on-month. Polysilicon (280,000 tons), silicon wafers, and battery cells have been accumulating inventory for 5 consecutive weeks. The supply-demand balance requires a larger reduction in production from the plants. In addition, there is an expected increase in production during the wet season. The strength of the 06 contract lies in the market's consistent judgment on the shortage of deliverable goods rather than the fundamentals. At the same time, with the release of overseas tariff risks, the preference of long funds is relatively high. The daily trend is expected to continue to be mainly strong and volatile [4] Market News - As of May 13, the number of polysilicon warehouse receipts was 20 lots, a decrease of 20 lots from the previous trading day [5] - Longi Green Energy, JinkoSolar, JA Solar, and Trina Solar released their Q1 2025 performance reports and held performance briefings. During the reporting period, the four companies reported losses of 1.436 billion yuan, 1.39 billion yuan, 1.638 billion yuan, and 1.32 billion yuan respectively, totaling 5.784 billion yuan. Among them, Longi Green Energy reduced its losses year-on-year, while the other three companies decreased by 218.2%, 239.35%, and 355.88% year-on-year respectively [5]
建信期货多晶硅日报-20250513
Jian Xin Qi Huo·2025-05-12 23:30