Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-18 09:33Report Industry Investment Rating - Not mentioned Core Viewpoints - The total demand for industrial silicon from the three downstream industries remains flat. The bottom cost support for industrial silicon is evident, but the inventory pressure at the top persists. If the price later drops below 8,000 yuan, it is advisable to consider mid - to long - term bargain - hunting for long positions [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 8,605 yuan/ton, down 200 yuan; the main contract position is 276,272 lots, down 2,763 lots; the net position of the top 20 is - 85,566 lots, down 812 lots; the Guangzhou Futures Exchange warehouse receipt is 50,599 lots; the price difference between September and October industrial silicon is - 15 yuan, down 10 yuan [2] Spot Market - The average price of oxygen - passing 553 silicon is 9,400 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the Si main contract basis is 795 yuan/ton, up 200 yuan; the DMC spot price is 11,300 yuan/ton, down 420 yuan [2] Upstream Situation - The average price of silica is 410 yuan/ton, unchanged; the average price of petroleum coke is 1,810 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; the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, unchanged [2] 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] Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,300 yuan/ton, unchanged; the weekly average price of photovoltaic - grade polysilicon is 4.94 US dollars/kilogram; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars/kilogram, unchanged; the monthly export volume of unforged aluminum alloy is 25,770.18 tons, an increase of 1,590.89 tons; the weekly operating rate of organic silicon DMC is 75.05%, an increase of 0.21 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] Industry News - The notice on the work guidelines for the consultation mechanism for the identification of compliant production capacity of industrial silicon in the autonomous region is repealed. The central bank will implement a moderately loose monetary policy and promote a reasonable recovery of prices. In the industrial silicon supply side, the power price advantage in the southwest region is more prominent during the wet season, accelerating the resumption of production in silicon plants. In Xinjiang, large factories maintain stable production, while small and medium - sized factories have low enthusiasm for resuming production [2]