Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-04 08:53Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The supply side of industrial silicon this week is complex. The resumption of production in the southwest production area during the wet - season is accelerating, with new capacity expected to be released next week. The reduction in Xinjiang is less than expected, and the superimposed supply effect of the northwest and southwest will gradually appear. There is a large potential for capacity release. On the demand side, the overall demand of the three major downstream industries for industrial silicon is still showing a slow - down trend. Operationally, 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 is 8,360 yuan/ton, down 140 yuan; the position of the main contract is 176,164 lots, down 1,8176 lots; the net position of the top 20 is - 55,736 lots, up 52 lots; the Guangzhou Futures Exchange warehouse receipt is 50,516 lots, down 128 lots; the spread between September and October industrial silicon is - 5 yuan, unchanged [2]. 3.2 Spot Market - The average price of oxygen - blown 553 silicon is 9,450 yuan/ton, down 250 yuan; the average price of 421 silicon is 9,900 yuan/ton, down 250 yuan; the basis of the Si main contract is 1,090 yuan/ton, down 110 yuan; the DMC spot price is 12,300 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 1,720 yuan/ton, unchanged; the average price of clean coal is 1,850 yuan/ton, unchanged; the average price of wood chips is 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of industrial silicon is 305,200 tons, an increase of 5,500 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon is 2,211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons [2]. 3.5 Downstream Situation - The weekly output of silicone DMC is 44,900 tons, an increase of 700 tons; 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 4.94 dollars/kg, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.75 dollars/kg, unchanged; the monthly export volume of unwrought aluminum alloy is 25,770.18 tons; the weekly operating rate of silicone DMC is 70.08%, an increase of 4.97 percentage points; the monthly output of aluminum alloy is 1.669 million tons, an increase of 24,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2]. 3.6 Industry News - The Ministry of Industry and Information Technology issued the "Notice on the Special Energy - Saving Supervision Task List for the Polysilicon Industry in 2025", requiring local departments to complete the supervision and report the results by September 30, 2025. The central bank will continue to implement a moderately loose monetary policy and increase financing support for key areas [2]. 3.7 Key Points to Watch - No news is reported today [2].