建信期货多晶硅日报-20250717

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract price of polysilicon closed at the daily limit. The closing price of PS2508 was 38,385 yuan/ton, with a 7% increase. The trading volume was 634,366 lots, and the open interest was 110,547 lots, with a net increase of 38,788 lots [4]. - In the second week of July, the transaction range of polysilicon N-type reprocessed feedstock was between 40,000 - 49,000 yuan. The current price spread made the price guidance confusing. Although the silicon wafer price increased, downstream enterprises still restocked as needed in the short term. The production scheduling increase in July and August will drive the monthly output to about 105,000 - 110,000 tons, meeting the downstream demand of over 50GW. Although more policies are needed for a substantial improvement in the medium - long - term supply - demand relationship, the short - term spot price is strongly supported, and the discount during the position transfer phase of the futures market may remain in a strong oscillation [4]. 3. Summary by Related Catalogs Market Review and Outlook - Market Performance: The main contract of polysilicon closed at the daily limit. PS2508 had a closing price of 38,385 yuan/ton, a 7% increase, a trading volume of 634,366 lots, and an open interest of 110,547 lots, with a net increase of 38,788 lots [4]. - Future Outlook: In the second week of July, the N - type reprocessed feedstock price range was 40,000 - 49,000 yuan. Downstream enterprises restocked as needed. The production increase in July and August will drive the monthly output to 105,000 - 110,000 tons, meeting over 50GW of downstream demand. Short - term spot prices are strong, and the futures discount may oscillate strongly during position transfer [4]. Market News - On July 16, the number of polysilicon warehouse receipts was 2,780 lots, with no increase from the previous trading day [5]. - In the second week of July, the average price of polysilicon N - type reprocessed feedstock was 45,500 yuan, and the average price of N - type dense feedstock was 44,000 yuan [5].