Report Summary 1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - The supply side: As the southwest region enters the dry season, many furnaces are shut down, leading to a decline in the national production schedule in November [4]. - The demand side: The dry - season in the southwest region causes a decline in the polysilicon production schedule in November, while the silicone production schedule increases month - on - month in November, fluctuating around 200,000 tons per month [4]. - The inventory side: The visible inventory fluctuates, and the balance sheet shows a slight inventory build - up in November. Overall, both supply and demand of industrial silicon decrease, and inventory fluctuates. In the short term, the silicon price may operate in the range of 8,200 - 9,400 [4]. 3. Summary by Relevant Catalogs Futures Market - Contract Prices and Fluctuations: SI2512 closed at 9,095 with a 0.22% increase, SI2601 at 9,080 with a 0.11% increase, SI2602 at 9,055 with a 0.11% increase, SI2603 at 9,045 with a 0.06% increase, and SI2604 at 9,040 with a 0.22% decrease [4]. - Contract Positions: SI2512 had a position of 27,515, SI2601 had 251,549, SI2602 had 45,536, SI2603 had 18,433, and SI2604 had 10,071 [4]. Spot Market - Prices in Different Regions and Grades: In the East China region, 553 (non - oxygen - blowing) was priced at 9,350, 553 (oxygen - blowing) at 9,500, 421 at 9,750, 441 at 9,700, and 3303 at 10,500. In Huangpu Port, 421 was 10,000 and 553 (oxygen - blowing) was 9,400. In Tianjin Port, 421 was 9,800. In Kunming, 553 (oxygen - blowing) was 9,600 and 421 was 10,000. In Sichuan, 421 was 9,800 [4]. - Related Product Prices: DMC price was 12,750 (up 500), 107 - rubber was 12,250, polysilicon (dense material per kg) was 51, and the average price of aluminum alloy ADC12 was 21,550 (down 100) [4]. Price Spreads - Contract Spreads: SI2512 - SI2601 spread was 15, SI2601 - SI2602 spread was 25 (up 10) [4]. - Spot Spreads: 421 spot - 553 oxygen - blowing spot spread was 250, and the basis (East China 553 spot - main contract) was 420 (down 60) [4]. Warehouse and Warehouse Receipt Data - Warehouse Information: There are multiple warehouses and sub - warehouses with different storage capacities (in ten thousand tons) and premium/discount standards. The total warehouse capacity was 27.55 tons [4]. - Warehouse Receipt Changes: The total number of warehouse receipts decreased from 36,414 to 35,475, a decrease of 939 [4].
工业硅数据日报-20251118
Guo Mao Qi Huo·2025-11-18 07:11