建信期货工业硅日报-20250520

Report Information - Report Date: May 20, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran [3] Market Performance - Futures Price: The main contract price of industrial silicon futures fluctuated narrowly. The closing price of Si2507 was 8,130 yuan/ton, a decrease of 1.87%. The trading volume was 209,508 lots, and the open interest was 155,038 lots, with a net increase of 16,616 lots [4] - Spot Price: The spot price of industrial silicon continued to decline. The price of 553 in Sichuan and Yunnan was 8,800 yuan/ton. The price of 421 in Sichuan was 10,050 yuan/ton, 9,500 yuan/ton in Yunnan, 9,300 yuan/ton in Inner Mongolia, and 9,700 yuan/ton in Xinjiang [4] Market Outlook - Supply: In the third week of May, the weekly output of industrial silicon was 69,000 tons. There was no expectation of production cuts in May, and the monthly supply was about 320,000 tons. Attention should be paid to the resumption of production pressure during the wet season [4] - Demand: There was no increase in demand in May. The monthly output of polysilicon was stable at 90,000 - 100,000 tons. The news of polysilicon production cuts was bearish for industrial silicon. Organic silicon enterprises began to cut production to support prices collectively since April. Exports were stable with no increase. The inventory of both futures and spot continued to increase [4] - Outlook: There was no expectation or sign of improvement in the supply - demand situation. The decline in spot prices continued to limit the rebound space, and the market was expected to fluctuate weakly [4] Market News - On May 19, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 66,097 lots, a net decrease of 287 lots from the previous trading day [5] - The China Non - Ferrous Metals Industry Association Silicon Industry Branch reported that in the second quarter, the supply - demand fundamentals of industrial silicon had not improved. The market trading atmosphere was light, and downstream demand had not increased significantly, mainly for rigid procurement. The closing price of the main contract of industrial silicon reached the lowest point of 8,205 yuan/ton since the listing of industrial silicon futures on May 9. Weak demand and low prices on the disk led to a decline in the spot price of industrial silicon [5]