瑞达期货工业硅产业日报-20250616

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The total demand for industrial silicon from its three major downstream industries shows a flat trend. The supply side in Yunnan, Sichuan and other places is entering the wet season with cost - advantage in electricity prices, and large enterprises are ramping up production. For the demand side, organic silicon may see a slight increase in production this week, which is partially positive for industrial silicon; the polysilicon sector has reduced production and lower demand for industrial silicon; the aluminum alloy sector has demand support but is in passive de - stocking and difficult to drive demand. The large number of industrial silicon warehouse receipts has brought great delivery pressure to the market, and a long - term high - selling strategy is recommended [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 7370 yuan/ton, the main contract position is 323363 lots, and the net position of the top 20 is - 42302 lots. The Guangzhou Futures Exchange warehouse receipts are 56823 lots, and the price difference between the 7 - 8 month contracts is 35 [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 8150 yuan/ton, and the average price of 421 silicon is 8700 yuan/ton. The Si main contract basis is 780 yuan/ton, and the DMC spot price is 11120 yuan/ton [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1570 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 12250 yuan/ton [2] 3.4 Industry Situation - Industrial silicon monthly output is 299700 tons, and the weekly social inventory is 58.7 tons, a decrease of 0.2 tons. The monthly import volume is 2211.36 tons, and the monthly export volume is 52919.65 tons, a decrease of 12197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 43600 tons, the average price of aluminum alloy ADC12 in the Yangtze River spot is 20200 yuan/ton, the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, the monthly export volume of unforged aluminum alloy is 16555.02 tons, the weekly operating rate of organic silicon DMC is 66.28%, an increase of 7.61%. The monthly output of aluminum alloy is 1.528 million tons, and the monthly export volume is 20187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - On the evening of June 11, Hesheng Silicon Industry's application for publicly issuing corporate bonds to professional investors in 2025 was accepted by the Shanghai Stock Exchange. Macroscopically, the state is increasing investment in long - term data infrastructure construction. In the industrial silicon sector, the supply side in Yunnan and Sichuan is entering the wet season, with increased production last week and rising capacity utilization [2]