瑞达期货工业硅产业日报-20250527

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - With the approaching of the wet season, Yunnan, Sichuan and other regions are gradually entering the wet season, showing the advantage of electricity price cost. However, the southwest region has no intention to resume work, and the production is still at a low level despite a slight increase [2]. - The downstream of industrial silicon is mainly concentrated in the fields of organic silicon, polysilicon and aluminum alloy. The overall demand of the three downstream industries for industrial silicon shows a downward trend, making it difficult to strongly boost the market [2]. - As of now, the number of industrial silicon warehouse receipts has declined, and the large number of warehouse receipts has brought huge delivery pressure to the market. It is recommended to maintain a short - selling mindset for medium - and long - term operations [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 7440 yuan/ton, down 170 yuan; the main contract position is 227,207 lots, up 20,995 lots; the net position of the top 20 is - 17,624 lots, up 3,319 lots; the Guangzhou Futures Exchange warehouse receipt is 64,626 lots, down 287 lots; the price difference between the July - August contracts is - 35 yuan, unchanged [2]. 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8500 yuan/ton, down 100 yuan; the average price of 421 silicon is 9250 yuan/ton, down 150 yuan; the basis of the Si main contract is 1060 yuan/ton, up 70 yuan; the DMC spot price is 11,740 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1930 yuan/ton, the average price of clean coal is 1850 yuan/ton, the average price of wood chips is 540 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all unchanged [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the weekly social inventory of industrial silicon is 582,000 tons, down 17,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, up 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of organic silicon DMC is 39,000 tons, down 200 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,500 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.29 US dollars/kg, down 0.01 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 18,176.9 tons, up 691.08 tons; the weekly operating rate of organic silicon DMC is 59.31%, down 0.26 percentage points; the monthly output of aluminum alloy is 1.655 million tons, up 103,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, down 337.93 tons [2]. 3.6 Industry News - On May 26, Longi Green Energy announced that Li Zhenguo applied to resign as the company's director, general manager and legal representative on May 23, 2025, and will focus on R & D and technology management. The company's board of directors agreed to appoint Zhong Baoshen as the general manager and legal representative [2]. - The state is increasing investment in long - term data infrastructure construction. In terms of industrial silicon, from the supply side, with the approaching of the wet season, Yunnan and Sichuan are gradually entering the wet season, showing the advantage of electricity price cost, but the southwest region has no intention to resume work [2].