Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The industrial silicon futures main contract price has rebounded, but the spot price continues to decline. The fundamentals are not improving and may continue to weaken, with limited upside potential for the rebound [4][5]. - The spot price has stopped falling, but losses have not led to concentrated supply cuts. There is a need to be vigilant about the resumption of production pressure during the wet season, and inventory reduction remains difficult [5]. 3. Summary by Directory 3.1. Market Review and Outlook - Market Performance: The main contract price of industrial silicon futures rebounded significantly. The Si2507 closed at 7475 yuan/ton, up 2.33%, with a trading volume of 491,481 lots and an open interest of 177,592 lots, a net increase of 16,400 lots [4]. - Spot Price: The spot price of industrial silicon continued to decline. The price of 553 in Sichuan and Yunnan was 8400 yuan/ton, and the price of 421 in Sichuan was 9200 yuan/ton, while in Yunnan, Inner Mongolia, and Xinjiang, it was 8400 yuan/ton [4]. - Future Outlook: The spot price has stopped falling, and the weekly output in the first week of June is expected to remain at 70,000 tons. There is no increase in demand in June, and inventory reduction remains difficult. The main contract has rebounded recently, attracting bottom - fishing funds, but the upside is limited, with resistance in the 7600 - 7800 range [5]. 3.2. Market News - On June 9, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 60,179 lots, a net decrease of 384 lots from the previous trading day [6]. - According to customs data, in April 2025, industrial silicon exports were 60,500 tons, a month - on - month increase of 1.64% and a year - on - year decrease of 9.19%. The overall overseas market is relatively stable [6]. - Tian Tong Co., Ltd.'s wholly - owned subsidiary and its subsidiary sued Hesheng Silicon Industry and its subsidiary in the Urumqi Intermediate People's Court due to a dispute over the performance of an equipment sales contract, with the involved amount reaching 477 million yuan [6].
建信期货工业硅日报-20250610
Jian Xin Qi Huo·2025-06-10 02:12