工业硅：供给过剩库存高位，硅价延续弱势震荡

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint of the Report The industrial silicon market currently has an oversupply, weak demand, high inventory levels, and the silicon price will continue to fluctuate weakly [1]. 3) Summary by Relevant Catalogs Market Conditions - The spot market price of industrial silicon was weakly stable, with the price of East China oxygen - containing 553 silicon at 8500 - 8700 yuan/ton and 421 silicon at 9200 - 9600 yuan/ton. The closing price of the industrial silicon main 2507 contract was 7610 yuan, a decrease of 3.67% or 290 yuan, with a single - day increase in positions of 27856 hands [1]. Supply Side - Some grades of industrial silicon had weak prices, downstream purchasing was relatively active, and the situation of price - point transactions improved. The operating rate in the southern production area was slowly rising, and large northern factories continued to resume production. The prices of silicon coal and petroleum coke were relatively weak, and the production cost of industrial silicon might decrease. The overall supply remained relatively loose [1]. Demand Side - Polysilicon prices were weakly stable. The mainstream market price of N - type dense material was 35 yuan/kg, N - type re - feeding material was 37.5 yuan/kg, and N - type granular silicon was 35 yuan/kg. The terminal rush - installation demand in the photovoltaic industry chain significantly cooled, and the supply - demand imbalance in the silicon material segment intensified. - The price of organic silicon was stable, with the mainstream quotation of organic silicon DMC at 11400 - 12000 yuan/ton (net water, tax - included). The market was mainly in a consolidation state, the trading sentiment was cautious, the demand was still weak, and there was no obvious positive support for the demand of industrial silicon. - The price of aluminum alloy ingots was temporarily stable. The general operating rate of die - casting enterprises was low, the overall demand entered the off - season, the willingness to purchase in the market was insufficient, most enterprises maintained just - in - time replenishment, and the market trading was average [1]. Inventory On May 26, the industrial silicon warehouse receipt inventory was 64,913 lots, a decrease of 655 lots, and the total industrial silicon inventory remained at a high level [1].