工业硅：关注市场情绪变化，多晶硅：现货价格小幅抬升

Report Overview - Date: September 18, 2025 [1] - Title: Industrial Silicon: Monitor Market Sentiment Changes; Polysilicon: Spot Prices Rise Slightly [1][2] Core Views - The industrial silicon market has been persistently sluggish, but companies like Yongchang Silicon Industry are taking proactive measures to optimize production and reduce costs [2][4] - Polysilicon spot prices have seen a slight increase [2] Industry Data Summary Futures Market - Industrial Silicon (Si2511): The closing price was 8,965 yuan/ton, with a trading volume of 275,990 lots and an open interest of 285,673 lots. Compared to previous periods, the price, volume, and open interest showed various changes [2] - Polysilicon (PS2511): The closing price was 53,490 yuan/ton, with a trading volume of 186,238 lots and an open interest of 126,234 lots. There were also significant changes compared to previous periods [2] Basis and Price - Industrial Silicon: The spot premium/discount varied depending on the grade and region. For example, the premium/discount for Xinjiang 99 silicon was -215 yuan/ton [2] - Polysilicon: The spot premium/discount for N-type recycled materials was -1,440 yuan/ton [2] Profit - Industrial Silicon: Silicon factory profits in Xinjiang and Yunnan were -2,306 yuan/ton and -3,251 yuan/ton respectively [2] - Polysilicon: Polysilicon enterprise profits were -14.1 yuan/kg [2] Inventory - Industrial Silicon: Social inventory was 53.9 million tons, enterprise inventory was 17.4 million tons, and the total industry inventory was 71.3 million tons. Futures warehouse receipt inventory was 24.9 million tons [2] - Polysilicon: Manufacturer inventory was 21.9 million tons [2] Raw Material Costs - Silicon Ore: Prices in Xinjiang and Yunnan were 330 yuan/ton and 300 yuan/ton respectively [2] - Washed Coal: Prices in Xinjiang and Ningxia were 1,700 yuan/ton and 1,100 yuan/ton respectively [2] - Petroleum Coke: Prices for Maoming Coke and Yangzi Coke were 1,400 yuan/ton and 1,770 yuan/ton respectively [2] - Electrodes: Graphite electrode and carbon electrode prices were 12,450 yuan/ton and 7,200 yuan/ton respectively [2] Other Industries - Organic Silicon: DMC price was 10,800 yuan/ton, and enterprise profit was -1,162 yuan/ton [2] - Aluminum Alloy: ADC12 price was 21,050 yuan/ton, and recycled aluminum enterprise profit was 160 yuan/ton [2] Trend Intensity - Industrial silicon trend intensity: 0 (neutral) [4] - Polysilicon trend intensity: 1 (slightly bullish) [4] Company News - Yongchang Silicon Industry has implemented a series of measures to optimize production and reduce costs, achieving continuous improvement in production indicators and significant enhancement in cost control [2][4]