建信期货工业硅日报-20251127

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot price of industrial silicon remains stable, providing limited room for futures price speculation. The weekly production reduction of industrial silicon continues to increase, and the output has slightly decreased. However, the demand side has also weakened simultaneously. The organic silicon enterprises have reached a consensus on production reduction, leading to a decline in the December operating rate, and the seasonal production reduction of polysilicon is ongoing. The imbalance between supply and demand has not been reversed. The approaching centralized cancellation of futures warehouse receipts provides spot liquidity, and the high inventory situation remains unchanged. The price of the 2601 contract will be supported by the spot price in the near - term decline and will generally continue to fluctuate strongly [4] 3. Summary by Relevant Catalogs 3.1. Market Performance - The industrial silicon futures price fluctuated within a narrow range. The closing price of Si2601 was 9,020 yuan/ton, with a gain of 0.28%. The trading volume was 369,225 lots, and the open interest was 2,639,190,529 lots, a net decrease of 3,390 lots [4] 3.2. Spot Price - The spot price was stable. The price of Sichuan 553 was 9,250 yuan/ton, and that of Yunnan 553 was 9,150 yuan/ton. The price of Sichuan 421 was 10,050 yuan/ton, the price of Xinjiang 421 was 9,700 yuan/ton, and the price of Inner Mongolia 421 was 9,700 yuan/ton [4] 3.3. Market News - On November 26th, the industrial silicon warehouse receipt volume of the Guangzhou Futures Exchange was 40,425 lots, a net decrease of 289 lots compared to the previous trading day [5] - In October 2025, the export volume of China's primary polysiloxane in the organic silicon sector was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary polysiloxane in the organic silicon sector was 460,500 tons, a year - on - year increase of 1.51% [5]