Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For industrial silicon, the spot price is stable, and the intraday rebound of the futures market is mainly driven by the sharp rise of commodities such as coking coal. Starting from the end of October, production in Southwest China will be reduced, and the supply - demand pattern may improve. The industrial silicon futures market is mainly affected by overall commodity sentiment and policy news. If there are relevant policies, the market may have room to rise. For polysilicon, the supply - demand fundamentals are average, with large inventory pressure. Although production may decrease in November, downstream production scheduling may also weaken. The futures market is affected by anti - involution policies and weak reality, with large fluctuations. In the medium - to - long - term, it is suitable to layout long positions at low prices [2][5] Group 3: Summary by Related Catalogs Industrial Silicon Market Analysis - On October 29, 2025, the industrial silicon futures price showed a strong and volatile trend. The main contract 2601 opened at 8,995 yuan/ton and closed at 9,170 yuan/ton, up 1.61% from the previous settlement price. The position of the 2511 main contract was 220,662 lots, and the total number of warehouse receipts was 47,338 lots, a decrease of 706 lots from the previous day. The spot price of industrial silicon remained stable. The price of oxygen - passing 553 silicon in East China was 9,300 - 9,400 yuan/ton, and 421 silicon was 9,500 - 9,800 yuan/ton. The price of organic silicon DMC was 10,800 - 11,200 yuan/ton and is expected to decline slightly under pressure [1] Strategy - Short - term range operation is recommended, and long positions can be taken on the dry - season contracts at low prices. There are no strategies for inter - period, cross - variety, spot - futures, and options [2] Polysilicon Market Analysis - On October 29, 2025, the main contract 2601 of polysilicon futures fluctuated. It opened at 54,600 yuan/ton and closed at 54,990 yuan/ton, up 0.72% from the previous trading day. The position of the main contract reached 118,430 lots, and the trading volume was 307,284 lots. The spot price of polysilicon remained stable. The inventory of polysilicon manufacturers and silicon wafers increased. The weekly output of polysilicon was 29,500 tons, a decrease of 4.84% month - on - month, and the output of silicon wafers was 14.73GW, an increase of 2.65% month - on - month. The production of polysilicon in October is expected to be about 133,500 tons, an increase from September, and production in Southwest China is expected to decline significantly in November [3] Strategy - Short - term range operation is recommended. The 11 main contract is expected to fluctuate between 49,000 - 53,000 yuan/ton, and the 12 contract is expected to fluctuate between 50,000 - 57,000 yuan/ton. There are no strategies for inter - period, cross - variety, spot - futures, and options [5]
新能源及有色金属日报：政策端扰动仍在，多晶硅盘面宽幅震荡-20251030
Hua Tai Qi Huo·2025-10-30 05:17