Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-26 09:46Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The industrial silicon market continued its downward trend today, and it is expected to have limited further decline tomorrow. If it continues to fall, there may be an intraday rebound. It is recommended to consider mid - to long - term long positions if the price falls below 8,200 yuan [2]. - The overall demand from the three major downstream industries for industrial silicon remains flat. The supply in the southwest region is expected to increase, while the production in Xinjiang remains stable [2]. 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the main contract was 8,515 yuan/ton, down 160 yuan. The position of the main contract was 281,839 lots, down 7,286 lots. The net position of the top 20 was - 84,679 lots, down 7,835 lots. The warehouse receipts of GZEE were 50,938 lots [2]. - The price difference between September and October industrial silicon was - 35 yuan, down 15 yuan [2]. b. Spot Market - The average price of oxygen - blown 553 silicon was 9,350 yuan/ton, and the average price of 421 silicon was 9,600 yuan/ton, both unchanged [2]. - The basis of the Si main contract was 835 yuan/ton, up 160 yuan. The DMC spot price was 11,100 yuan/ton, unchanged [2]. - The average price of silica was 410 yuan/ton, and the average price of petroleum coke was 1,810 yuan/ton, both unchanged [2]. c. Upstream Situation - The average price of clean coal was 1,850 yuan/ton, the average price of wood chips was 490 yuan/ton, and the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, all unchanged [2]. d. Industry Situation - The monthly output of industrial silicon was 333,200 tons, an increase of 8,500 tons. The weekly social inventory of industrial silicon was 552,000 tons, an increase of 10,000 tons [2]. - The monthly import volume of industrial silicon was 2,211.36 tons, an increase of 71.51 tons, and the monthly export volume was 52,919.65 tons, a decrease of 12,197.89 tons [2]. e. Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, an increase of 700 tons. The overseas market price of photovoltaic - grade polysilicon was 15.75 dollars/kg [2]. - The average price of aluminum alloy ADC12 in the Yangtze River spot was 20,400 yuan/ton, and the weekly average price of photovoltaic - grade polysilicon was 4.94 dollars/kg, both unchanged [2]. - The monthly export volume of unforged aluminum alloy was 24,908.89 tons, a decrease of 861.29 tons. The weekly operating rate of organic silicon DMC was 72.71%, a decrease of 2.34 percentage points [2]. - The monthly output of aluminum alloy was 1.536 million tons, a decrease of 133,000 tons, and the monthly export volume was 20,187.85 tons, a decrease of 337.93 tons [2]. f. Industry News - The China Fluorine and Silicon Organic Silicon Materials Industry Association in Lanzhou held an "anti - involution" meeting today [2]. - On the industrial silicon supply side, in the southwest region, as the wet season deepens, the electricity price advantage becomes more obvious, stimulating the resumption of production in silicon plants. The number of newly opened furnaces in Sichuan and Yunnan is increasing, and the output in the southwest region is expected to increase next week. In Xinjiang, large - scale plants maintain stable production, while small and medium - sized plants have low enthusiasm for resuming production [2].