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建信期货工业硅日报-20250717
Jian Xin Qi Huo·2025-07-17 01:51

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The industrial silicon futures' main price fluctuated. The Si2509 closed at 8,685 yuan/ton, down 0.91%. The trading volume was 1,111,567 lots, and the open interest was 379,848 lots, with a net decrease of 16,805 lots. The spot price of industrial silicon remained stable. In the second week of July, the output of industrial silicon remained at 72,000 tons. The resumption of production in the southwest production area offset the reduction of production by large factories in Xinjiang. The output in July is expected to remain at 310,000 tons. Demand has improved marginally, with a slight increase in the production schedule of polysilicon in July and stable demand for organic silicon. The short - term fundamental drivers are limited. The resistance range is 8,800 - 9,200 yuan/ton based on the average cost and the warehouse receipt cancellation range, but the spot price has been continuously firm, so it is expected to fluctuate strongly in the short term [4] 3. Summary by Relevant Catalog 3.1 Market Performance - The main price of industrial silicon futures fluctuated. The Si2509 closed at 8,685 yuan/ton, with a decline of 0.91%. The trading volume was 1,111,567 lots, and the open interest was 379,848 lots, with a net decrease of 16,805 lots [4] 3.2 Spot Price - The spot price of industrial silicon remained stable. The price of 553 grade in Inner Mongolia was 8,800 yuan/ton, and in Sichuan was 8,550 yuan/ton. The price of 421 grade in Inner Mongolia was 9,050 yuan/ton, in Xinjiang was 9,000 yuan/ton, and in Sichuan was 9,300 yuan/ton [4] 3.3 Market Outlook - In the second week of July, the output of industrial silicon remained at 72,000 tons. The resumption of production in the southwest production area offset the reduction of production by large factories in Xinjiang. The output in July is expected to remain at 310,000 tons. Demand has improved marginally, with a slight increase in the production schedule of polysilicon in July and stable demand for organic silicon. The short - term fundamental drivers are limited. The resistance range is 8,800 - 9,200 yuan/ton based on the average cost and the warehouse receipt cancellation range, but the spot price has been continuously firm, so it is expected to fluctuate strongly in the short term [4] 3.4 Market News - On July 17, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,215 lots, with a net decrease of 43 lots compared to the previous trading day. In the second week of July, the average price of polysilicon N - type re - feeding material was 45,500 yuan, and the average price of N - type dense material was 44,000 yuan. In the second week of July, the national comprehensive price of silicon reported by the Silicon Industry Branch was 8,851 yuan/ton, an increase of 108 yuan/ton. Among them, the price of 553 grade was 8,602 yuan/ton, 441 grade was 8,852 yuan/ton, and 421 grade was 9,425 yuan/ton, with increases of 100 yuan/ton, 100 yuan/ton, and 128 yuan/ton respectively. The comprehensive prices in Xinjiang, Yunnan, and Sichuan were 8,749 yuan/ton, 9,734 yuan/ton, and 9,600 yuan/ton. The FOB price remained stable overall [5]