工业硅、多晶硅日报-20251118

Group 1: Report Summary - The report is an industrial silicon and polysilicon daily report dated November 18, 2025 [1] - On the 17th, industrial silicon showed a slightly upward trend with the main contract 2601 closing at 9080 yuan/ton, an intraday increase of 0.11%, and an increase in positions by 247 to 252,000 hands. Polysilicon also trended slightly upward, with the main contract 2601 closing at 52,655 yuan/ton, an intraday decrease of 2.9%, and a decrease in positions by 8,948 to 13.6 hands [2] - The current tight supply and rising costs provide a bottom - support for industrial silicon, but the simultaneous production cuts in downstream sectors limit its upward space, so it continues to fluctuate and adjust. For polysilicon, due to the reduction in downstream orders, silicon wafers cut production and prices first, putting upward pressure on polysilicon. However, with the spot price holding firm, the bottom position is stable [2] Group 2: Daily Data Monitoring Industrial Silicon - Futures settlement prices: The main contract increased from 9020 yuan/ton on November 14 to 9080 yuan/ton on November 17, a rise of 60 yuan/ton; the near - month contract rose from 9035 yuan/ton to 9095 yuan/ton, also a 60 - yuan increase [3] - Most spot prices remained unchanged, and the spot premium to the main contract decreased from - 85 yuan/ton to - 145 yuan/ton, a decrease of 60 yuan/ton [3] - Industrial silicon warehouse receipts decreased by 1323 to 44,022, and the Guangzhou Futures Exchange inventory decreased by 4175 to 226,725 tons. The total social inventory increased by 400 to 452,400 tons [3] Polysilicon - Futures settlement prices: The main contract decreased from 54,045 yuan/ton to 52,655 yuan/ton, a decline of 1390 yuan/ton; the near - month contract rose from 51,750 yuan/ton to 53,045 yuan/ton, an increase of 1295 yuan/ton [3] - Spot prices remained stable, and the spot premium to the main contract increased from - 1745 yuan/ton to - 355 yuan/ton, an increase of 1390 yuan/ton [3] - Polysilicon warehouse receipts increased by 70 to 8190, the Guangzhou Futures Exchange inventory decreased by 52,000 tons to 243,600 tons, and the total social inventory increased by 2000 tons to 279,000 tons [3] Organic Silicon - Most organic silicon spot prices remained unchanged, except that the price of dimethyl silicone oil increased from 13,300 yuan/ton to 14,000 yuan/ton, a rise of 700 yuan/ton [3] Group 3: Chart Analysis Industrial Silicon and Cost - side Prices - Charts show prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [5][7][10] Downstream Product Prices - Charts display prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][14][17] Inventory - Charts present industrial silicon futures inventory, factory - warehouse inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [18][22] Cost - profit - Charts show average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, aluminum alloy processing industry profit, DMC cost - profit, and polysilicon cost - profit [25][29] Group 4: Team Introduction - The non - ferrous metals team includes Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research [32][33]