新能源及有色金属日报：现货价格持稳，工业硅库存小幅降低-20250815

Report Industry Investment Rating - For industrial silicon, no specific investment rating is provided [1][2][3] - For polysilicon, the unilateral rating is neutral, and no ratings are given for other aspects [5][6] Core Viewpoints - For industrial silicon, the spot price remains stable, the inventory decreases slightly, and the fundamentals change little. The industrial silicon futures market is mainly affected by the overall commodity sentiment [1][3] - For polysilicon, the spot price is stable, but the inventory increases. The market is affected by anti - involution policies, and it is suitable to lay out long positions at low prices in the medium - to - long term [5][8] Summary by Related Catalogs Industrial Silicon Market Analysis - On August 14, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 8605 yuan/ton and closed at 8675 yuan/ton, down 100 yuan/ton (-1.14%) from the previous settlement. The position of the main contract was 279,035 lots, and the number of warehouse receipts was 50,693 lots, down 8 lots from the previous day [1] - The industrial silicon spot price remained stable. The price of East China oxygen - passing 553 silicon was 9300 - 9500 yuan/ton, 421 silicon was 9600 - 9900 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8700 - 8900 yuan/ton, and 99 silicon was 8700 - 8900 yuan/ton [1] - The total social inventory of industrial silicon in major regions on August 14 was 545,000 tons, a decrease of 2,000 tons from last week. The inventory in ordinary social warehouses was 117,000 tons, a decrease of 1,000 tons, and the inventory in social delivery warehouses was 428,000 tons, a decrease of 1,000 tons [1] Consumption End - The price of organic silicon DMC was 11200 - 12300 yuan/ton, down 250 yuan/ton. The main price of DMC of domestic monomer enterprises this week was about 12,000 yuan/ton, down 500 yuan/ton from last week. The price decline was due to the approaching end of undelivered orders and poor new order reception [2] Strategy - Since the spot price remains stable and the inventory decreases slightly, the fundamentals change little. The industrial silicon futures market is mainly affected by the overall commodity sentiment [3] Polysilicon Market Analysis - On August 14, 2025, the main contract 2511 of polysilicon futures declined, opening at 51,385 yuan/ton and closing at 50,430 yuan/ton, a decrease of 3.08% from the previous trading day. The position of the main contract was 127,757 lots, and the trading volume was 415,544 lots [5] - The polysilicon spot price remained stable. The price of N - type material was 45.00 - 49.00 yuan/kg, and the price of n - type granular silicon was 43.00 - 46.00 yuan/kg [5] - The polysilicon factory inventory and silicon wafer inventory increased. The polysilicon inventory was 242,000 tons, a 3.86% increase, and the silicon wafer inventory was 19.80GW, a 3.60% increase. The weekly polysilicon output was 29,300 tons, a 0.30% decrease, and the silicon wafer output was 12.10GW, a 0.67% increase [5] Strategy - Recently, the quotation of polysilicon factories to crystal - pulling factories has remained unchanged. As it is approaching the end of the order - signing period, the market trading is limited. The prices of downstream batteries and silicon wafers have declined slightly, and the spot market sentiment has loosened. The futures market is greatly affected by anti - involution policies. In the medium - to - long term, it is suitable to lay out long positions at low prices [8] Other Products - For silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 1.20 yuan/piece, N - type 210mm was 1.54 yuan/piece, and N - type 210R silicon wafers was 1.34 yuan/piece [7] - For battery cells, the price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 was about 0.28 yuan/W, TopconM10 was about 0.29 yuan/W, Topcon G12 was 0.29 yuan/W, Topcon210RN was 0.29 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [7] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.69 yuan/W [7]