Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-23 09:05Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint - The total demand for industrial silicon from its three major downstream industries is still showing a slowdown trend. Today, industrial silicon prices rose and then fell, mainly because the downstream cannot absorb the high spot prices. Currently, industrial silicon inventory remains at a high level. It is recommended to wait and see in the short - term and maintain a short - selling strategy in the medium - to - long - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,525 yuan/ton, down 130 yuan; the main contract's open interest was 380,961 lots, down 2,335 lots; the net position of the top 20 was - 68,472 lots, down 18,540 lots; the Guangzhou Futures Exchange's warehouse receipts were 50,053 lots; the price difference between August and September industrial silicon was - 25 yuan, down 5 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon was 10,000 yuan/ton, up 300 yuan; the average price of 421 silicon was 10,250 yuan/ton, up 300 yuan; the basis of the Si main contract was 475 yuan/ton, up 430 yuan; the DMC spot price was 11,900 yuan/ton, up 1,040 yuan [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,720 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - Industrial silicon production was 305,200 tons per month, up 5,500 tons; industrial silicon social inventory was 552,000 tons per week, up 10,000 tons; industrial silicon imports were 2,211.36 tons per month, up 71.51 tons; industrial silicon exports were 52,919.65 tons per month, down 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,300 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 4.94 US dollars/kg; the monthly export volume of unforged aluminum alloy was 25,770.18 tons, up 1,590.89 tons; the weekly operating rate of organic silicon DMC was 71.38%, up 1.97 percentage points; the monthly output of aluminum alloy was 1.669 million tons, up 24,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, down 337.93 tons [2] 3.6 Industry News - The National Energy Administration plans to conduct a verification of coal production in key coal - producing provinces (regions) to promote stable and orderly coal supply. On the supply side of industrial silicon, the spot price has risen significantly. The fertilizer subsidy policy in the Ili region of the Northwest remains stable. The production cost in the Southwest has decreased. The resumption of production in Baoshan is active, but it has not met expectations in Nujiang and Dehong. Sichuan manufacturers mainly focus on ensuring supply and relying on self - owned power plants for production, with no obvious increase in the overall operating rate [2] 3.7 Key Focus - There is no news today [2]