工业硅，多晶硅日报-20250911

1. Report's Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On September 10, industrial silicon fluctuated strongly. The main contract 2511 closed at 8,665 yuan/ton with an intraday increase of 1.58%. The position decreased by 7,975 lots to 278,000 lots. The spot reference price of industrial silicon by Baichuan was 9,359 yuan/ton, remaining stable from the previous trading day. The price of the lowest deliverable 421 grade dropped to 8,600 yuan/ton, with a spot premium of 70 yuan/ton. Polysilicon fluctuated weakly. The main contract 2511 closed at 52,885 yuan/ton with an intraday decrease of 4.4%. The position decreased by 5,908 lots to 137,000 lots. The price of N-type recycled polysilicon material rose to 52,000 yuan/ton, and the price of the lowest deliverable silicon material dropped to 52,000 yuan/ton. The spot discount narrowed to 885 yuan/ton [2]. - In the short - term, the downward sentiment of industrial silicon has recovered due to the repair of demand expectations and the impact of polysilicon policy sentiment. The exchange adjusted the handling fees and trading limits for polysilicon, causing some long - positions to exit. The short - term market is still waiting for the results of energy - saving inspections, and policy expectations provide strong bottom support. However, with continuous increase in production scheduling and poor downstream acceptance, the high inventory pressure remains unsolved, and it is difficult for polysilicon to have a significant rebound [2]. 3. Summary by Relevant Catalogs 3.1 Research Viewpoints - Industrial silicon showed a fluctuating and strengthening trend on September 10, while polysilicon showed a fluctuating and weakening trend. The short - term market sentiment of industrial silicon has recovered, and polysilicon has difficulty in a large - scale rebound due to inventory pressure [2]. 3.2 Daily Data Monitoring - Industrial Silicon: The futures settlement price of the main contract remained unchanged at 8,530 yuan/ton. Most of the spot prices of different grades and in different regions remained stable, with no significant changes. The current lowest deliverable price was 8,600 yuan/ton, and the spot premium was 70 yuan/ton. The industrial silicon warehouse receipts increased by 90 to 50,045, and the total social inventory decreased by 9,900 tons to 435,900 tons [3]. - Polysilicon: The futures settlement price of the main contract decreased by 635 yuan/ton to 52,885 yuan/ton. The spot prices of various types of polysilicon remained stable, with the current lowest deliverable price at 52,000 yuan/ton. The spot discount narrowed by 635 yuan/ton. The polysilicon warehouse receipts increased by 500 to 7,370, and the total social inventory increased by 0.1 million tons to 234,000 tons [3]. - Organic Silicon: The price of DMC in the East China market remained at 10,900 yuan/ton. The prices of raw rubber and 107 glue remained stable, while the price of dimethyl silicone oil increased by 2,500 yuan/ton to 14,000 yuan/ton [3]. 3.3 Chart Analysis 3.3.1 Industrial Silicon and Cost - Side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [4][5][6][7][8][10][11]. 3.3.2 Downstream Product Prices - Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][14][15][16][17][18]. 3.3.3 Inventory - Charts display the industrial silicon futures inventory, factory inventory, weekly industry inventory, inventory changes, DMC weekly inventory, and polysilicon weekly inventory [20][21][23]. 3.3.4 Cost and Profit - Charts present the average cost and profit levels in main production areas, weekly cost and profit of industrial silicon, profit of the aluminum alloy processing industry, cost and profit of DMC, and cost and profit of polysilicon [26][28][33]. 3.4 Team Introduction - The non - ferrous metals team of Everbright Futures includes Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research, a senior precious metals researcher. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research [35][36].