Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-05-20 09:14Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The total demand for industrial silicon from the three major downstream industries is showing a downward trend, making it difficult to strongly drive the market. The large number of warehouse receipts has brought significant delivery pressure to the market, severely suppressing price increases. Overall, supply is at a low level, demand is decreasing, and inventory remains high. For medium - and long - term operations, a short - selling approach is recommended [2] Group 3: Summary by Directory Futures Market - The closing price of the main contract is 7910 yuan/ton, a decrease of 220 yuan; the main contract position is 155038 lots, an increase of 16616 lots; the net position of the top 20 is - 20598 lots, an increase of 1868 lots; the Guangzhou Futures Exchange warehouse receipts are 66249 lots, an increase of 152 lots; the price difference between the July - August contracts is - 30 yuan, an increase of 5 yuan [2] Spot Market - The average price of oxygen - passing 553 silicon is 8800 yuan/ton, a decrease of 150 yuan; the average price of 421 silicon is 9700 yuan/ton, a decrease of 150 yuan; the basis of the Si main contract is 890 yuan/ton, an increase of 70 yuan; the DMC spot price is 11680 yuan/ton, unchanged [2] 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 12250 yuan/ton, unchanged [2] Industry Situation - Industrial silicon monthly output is 335750 tons, an increase of 46400 tons; industrial silicon social inventory is 59.9 tons (weekly), an increase of 0.3 tons; industrial silicon monthly import volume is 2211.36 tons, an increase of 71.51 tons; industrial silicon monthly export volume is 52919.65 tons, a decrease of 12197.89 tons [2] Downstream Situation - The weekly output of organic silicon DMC is 3.92 tons, a decrease of 0.03 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20500 yuan/ton, unchanged; the overseas price of photovoltaic - grade polysilicon is 15.75 US dollars/kg; the weekly average price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, a decrease of 0.04 US dollars/kg; the monthly export volume of unforged aluminum alloy is 18176.9 tons, an increase of 691.08 tons; the weekly operating rate of organic silicon DMC is 59.57%, a decrease of 0.48%; the monthly output of aluminum alloy is 165.5 tons, an increase of 10.3 tons; the monthly export volume of aluminum alloy is 20187.85 tons, a decrease of 337.93 tons [2] Industry News - On May 12, 2025, Red Sun New Energy officially signed an agreement with a Nigerian group for the construction of a 600MW photovoltaic module factory in Kano State. It is the first local photovoltaic module production line in Nigeria and an important practice of Chinese enterprises promoting African energy transformation through technology output. The state is increasing investment in long - term data infrastructure construction. As the wet season approaches in Yunnan and Sichuan, the electricity price cost advantage is emerging, stimulating the resumption of production of local industrial silicon enterprises [2]