建信期货工业硅日报-20251024

Report Summary 1. Report Date - The report is dated October 24, 2025 [2] 2. Research Team - Energy and Chemical Research Team includes researchers for different products such as crude oil, PTA/MEG, industrial silicon, polyolefins, and pulp [3] 3. Market Performance and Outlook Market Performance - Industrial silicon futures prices rebounded today. Si2601 closed at 9060 yuan/ton, up 2.72%, with a trading volume of 228,318 lots and an open interest of 176,995 lots, a net increase of 14,597 lots [4] Spot Prices - The price range of 553 is 8800 - 9300 yuan/ton, and that of 421 is 9550 - 9950 yuan/ton [5] Market Outlook - Enterprises have insufficient willingness to cut production actively. Supply in October is over 400,000 tons, and demand is generally stable. Loose supply - demand keeps the market without inventory - reduction drive. In the 4th quarter, the expected support mainly lies in the cost increase in the Southwest and active production cuts, but the implementation degree remains to be seen. Spot prices are in a stalemate again. The market rebounds due to the strengthening of the sector after adjusting to the lower end of the range, with increasing resistance to the rebound. It is expected to fluctuate cautiously and strongly [5] 4. Market News - On October 23, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 48,371 lots, a net decrease of 367 lots from the previous trading day [6]