新能源及有色金属日报：受资金情绪影响，工业硅多晶硅盘面小幅反弹-20250625

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The industrial silicon and polysilicon futures markets are affected by capital sentiment, with slight rebounds in the futures markets. The industrial silicon market shows stable spot prices, while the polysilicon market also has stable spot prices and decreasing inventories [1][4]. - The industrial silicon warehouse receipts are continuously decreasing, and the visible inventory has also decreased, but the total inventory may still be in a pattern of accumulation. The polysilicon market has weak fundamentals, but there are expectations of industry self - discipline production cuts, and the price is easily affected by news when it is low [2][7]. 3. Summary by Related Catalogs Industrial Silicon - Market Analysis - On June 24, 2025, the industrial silicon futures price showed a weak oscillation. The main contract 2509 opened at 7380 yuan/ton and closed at 7485 yuan/ton, a change of 1.08% from the previous settlement price. The position of the main contract 2509 was 293427 lots, and the total number of warehouse receipts on June 25, 2025 was 53570 lots, a decrease of 614 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of oxygen - passing 553 silicon in East China was 8000 - 8300 yuan/ton, 421 silicon was 8400 - 9000 yuan/ton, the price of oxygen - passing 553 silicon in Xinjiang was 7500 - 7700 yuan/ton, and the price of 99 silicon was 7500 - 7700 yuan/ton [1]. - The consumption side: The price of silicone DMC was 10200 - 10600 yuan/ton. In May 2025, the export volume of primary polysiloxane in China was 46600 tons, a month - on - month decrease of 2.10% and a year - on - year decrease of 4.51%. From January to May 2025, the cumulative export volume was 228900 tons, a year - on - year increase of 5.73% [1]. - Strategy - The warehouse receipts of industrial silicon are continuously decreasing, and the visible inventory has also decreased, but the total inventory may still be in a pattern of accumulation. The recent futures price is oscillating. During the meeting organized by the association in recent days, attention should be paid to various news. The trading strategy is mainly range operation, and upstream enterprises can sell hedging at high prices [2]. Polysilicon - Market Analysis - On June 24, 2025, the main contract 2508 of polysilicon futures oscillated. It opened at 30615 yuan/ton and closed at 31085 yuan/ton, a change of 0.48% from the previous trading day. The position of the main contract was 72286 lots (78183 lots in the previous trading day), and the trading volume was 171969 lots [4]. - The spot price of polysilicon remained stable. The price of polysilicon re - feeding material was 30.00 - 33.00 yuan/kg, dense material was 28.00 - 32.00 yuan/kg, cauliflower material was 27.00 - 30.00 yuan/kg, granular silicon was 30.00 - 31.00 yuan/kg, N - type material was 33.00 - 36.00 yuan/kg, and N - type granular silicon was 31.00 - 32.00 yuan/kg [4]. - The inventory of polysilicon manufacturers decreased, and the silicon wafer inventory decreased slightly. The latest statistics showed that the polysilicon inventory was 26200 tons, a month - on - month change of - 4.70%, the silicon wafer inventory was 18.74GW, a month - on - month change of - 3.10%. The weekly output of polysilicon was 24500 tons, a month - on - month change of 2.94%, and the silicon wafer output was 12.90GW, a month - on - month change of - 1.53% [4]. - The prices of silicon wafers, battery cells, and components remained mostly stable, with only a slight decrease in the price of Topcon210RN battery cells [4][6]. - Strategy - The futures price oscillated on that day, with a certain rebound during the session, and the spot price remained stable. The fundamentals are weak, but there are expectations of industry self - discipline production cuts. The price is easily affected by news when it is low, and the futures price may oscillate widely. The trading strategy is range operation [7].