Report Information - Report Date: December 16, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance - Industrial silicon futures prices continued to operate weakly. The closing price of Si2601 was 8,425 yuan/ton, with a gain of 0.72%, a trading volume of 110,685 lots, and an open interest of 80,097 lots, a net decrease of 30,727 lots. The price of the SI2605 contract was 8,350 yuan/ton, with a gain of 1.15%, a trading volume of 303,910 lots, and an open interest of 200,749 lots, a net increase of 9,521 lots. The top twenty long positions had a net increase of 5,137 lots, and the short positions had a net increase of 8,246 lots [4] - Spot prices remained stable. The price of Sichuan 553 was 9,300 yuan/ton, and that of Yunnan 553 was 9,100 yuan/ton. The price of Sichuan 421 was 9,900 yuan/ton, that of Xinjiang 421 was 9,400 yuan/ton, and that of Inner Mongolia 421 was 9,500 yuan/ton [4] Market Outlook - The supply - demand relationship remained weak, and the supply was close to the seasonal low. The weekly output in the third week of December was 82,000 tons. If the polysilicon storage platform significantly reduced the industrial silicon production capacity/output, it would be a significant negative for the demand side. The operating rate of silicone was 69.56%, a decrease of 4.73 percentage points from the previous week. After the futures price broke through the support last week, funds concentrated on increasing positions and volume, and the price declined to test the 8,200 level. The basis quickly increased from being basically flat. On Friday, short - term short positions actively stopped losses and reduced positions, and the rebound of raw material commodities provided support, but the rebound resistance was also obvious. Overall, it was expected to operate in a bearish and volatile manner [5] Market News - On December 15, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 8,743 lots, an increase of 124 lots from the previous trading day. The industrial silicon inventory was 446,400 tons, a week - on - week increase of 2.22% and a year - on - year increase of 30.40% [6] - The silicone DMC market remained stable. The current DMC quotation was between 13,500 - 14,000 yuan/ton. After the price increase of major silicone products, the new order transactions of enterprises were average, and the inventory pressure of enterprises was not large. The market was expected to operate stably in the short term [6]
建信期货工业硅日报-20251216
Jian Xin Qi Huo·2025-12-16 01:18