瑞达期货工业硅产业日报-20250619

1. Report Industry Investment Rating - No information provided in the report 2. Report's Core View - Macroscopically, the state is increasing investment in long - term data infrastructure construction. For industrial silicon, on the supply side, Yunnan and Sichuan are entering the wet season, with an advantage in electricity price cost. Last week, production increased slightly and capacity utilization began to rise, and large enterprises are ramping up production. On the demand side, the downstream of industrial silicon is mainly in the organic silicon, polysilicon, and aluminum alloy fields. Organic silicon may see a slight increase in production this week, which is partly positive for industrial silicon. Polysilicon mainstream enterprises are reducing production, and demand for industrial silicon is declining. The aluminum alloy sector has some demand support but is in passive inventory reduction and hard to drive demand. Overall, the total demand for industrial silicon from the three downstream industries shows a flat trend. There is a decline in the number of industrial silicon warehouse receipts, which brings great delivery pressure to the market. It is recommended to maintain a high - short strategy for the medium - to - long term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 7,470 yuan/ton, up 45 yuan; the main contract's open interest is 310,357 lots, down 7,406 lots; the net position of the top 20 is - 58,335 lots, down 12,874 lots; the Guangzhou Futures Exchange warehouse receipts are 55,620 lots; the spread between the July - August contracts is 35 yuan, down 5 yuan [2] 3.2现货市场 - The average price of oxygen - ventilated 553 silicon is 8,150 yuan/ton, unchanged; the average price of 421 silicon is 8,700 yuan/ton, unchanged; the basis of the Si main contract is 680 yuan/ton, down 45 yuan; the DMC spot price is 10,880 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,590 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 540 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - Industrial silicon production in the month is 299,700 tons, down 36,050 tons; industrial silicon social inventory in the week is 587,000 tons, down 2,000 tons; industrial silicon imports in the month are 52,919.65 tons, up 2,211.36 tons; industrial silicon exports in the month are 71.51 tons, down 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 43,600 tons, up 4,900 tons; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kg, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,200 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.28 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 16,555.02 tons, down 1,621.87 tons; the weekly operating rate of organic silicon DMC is 66.28%, up 7.61 percentage points; the monthly output of aluminum alloy is 20,187.85 tons, down 12.7 tons; the monthly export volume of aluminum alloy is down 337.93 tons [2] 3.6 Industry News - During the 18th (2025) International Solar Photovoltaic and Smart Energy & Energy Storage and Battery Technology and Equipment (Shanghai) Conference and Exhibition (SNEC), the chairman of Chint New Energy predicted this year's photovoltaic installation demand [2]