建信期货工业硅日报-20250822

Group 1: Report Information - Report Date: August 22, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - Industrial silicon futures prices mainly fluctuated. The Si2511 contract closed at 8,635 yuan/ton, up 3.66%, with a trading volume of 659,075 lots and an open interest of 283,578 lots, a net increase of 3,710 lots [4]. - Industrial silicon spot prices were stable. The price of 553-grade in Sichuan was 8,750 yuan/ton, and in Yunnan was 8,400 yuan/ton; the price of 421-grade in Inner Mongolia was 9,600 yuan/ton, in Xinjiang was 9,300 yuan/ton, and in Sichuan was 9,650 yuan/ton [4]. - Multiple-production area device production pushed the weekly output to 84,700 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the polysilicon production schedule in August will increase to 125,000 tons, and the organic silicon, aluminum alloy, and export parts are expected to remain stable, with a monthly demand of 360,000 tons. Supply and demand both increased, maintaining a loose balance (excluding 97-grade silicon and recycled silicon), and the industry has no inventory reduction drive. The anti-involution policy sets the bottom tone, but there is no implemented policy drive in the industrial silicon industry, so the spot price is weakly stable and mainly fluctuates [4]. Group 4: Summary by Directory 1. Market Review and Outlook - Market Performance: Industrial silicon futures prices mainly fluctuated. The Si2511 contract had specific closing price, trading volume, and open interest changes [4]. - Spot Price: Industrial silicon spot prices were stable with different prices in various regions [4]. - Future Outlook: Supply and demand both increased, maintaining a loose balance, and the spot price was weakly stable and mainly fluctuated [4]. 2. Market News - On August 21, the futures warehouse receipt volume on the Guangzhou Futures Exchange was 51,166 lots, a net increase of 553 lots from the previous trading day [5]. - The domestic DMC market price declined, with the mainstream transaction range around 10,700 - 11,200 yuan/ton for net water acceptance and delivery, and the average price down 150 yuan/ton from the previous working day [5]. - From January to June 2025, China's cumulative industrial silicon export volume was 340,700 tons, a year-on-year decrease of 7%. In June, the single-month export volume was 68,300 tons, a month-on-month increase of 23% and a year-on-year increase of 12% [5].