Group 1: Report Industry Investment Rating - No information available Group 2: Core View of the Report - On January 14th, industrial silicon fluctuated strongly. The main contract 2605 closed at 8,755 yuan/ton, with an intraday increase of 0.34%. The position decreased by 7,380 lots to 235,000 lots. The spot reference price of industrial silicon from Baichuan remained stable at 9,628 yuan/ton compared to the previous trading day. The price of the lowest deliverable product remained stable at 8,850 yuan/ton, and the spot premium narrowed to 95 yuan/ton. Polysilicon fluctuated weakly. The main contract 2605 closed at 48,945 yuan/ton, with an intraday decrease of 1.46%. The position decreased by 405 lots to 48,439 lots. The price of N-type re - fed silicon material from Baichuan dropped to 54,750 yuan/ton. The price of the lowest deliverable silicon material was 54,750 yuan/ton, and the spot premium widened to 5,805 yuan/ton. Large factories in Xinjiang have entered the maintenance period. Silicon factories are hedging at high prices and actively selling to spot - futures traders. The manufacturers' inventory is gradually transferred to the intermediate links, and the hidden inventory increases. Recently, the cost side has been relatively stable with minor fluctuations. The supply and demand of industrial silicon have both decreased, maintaining a fluctuating trend. There have been frequent news of anti - involution and industry self - discipline. Due to the pressure of logistics shutdown in Xinjiang before the Spring Festival, the production areas have started pre - festival rush operations, resulting in concentrated warrant registrations, and the over - speculative sentiment has cooled down. The upside premium space of polysilicon is limited [2] Group 3: Summary by Relevant Catalog 1. Daily Data Monitoring - Industrial Silicon: The futures settlement price of the main contract increased from 8,635 yuan/ton on January 13th to 8,755 yuan/ton on January 14th, up 120 yuan/ton. The prices of various spot grades remained stable, and the spot premium narrowed from 215 yuan/ton to 95 yuan/ton. The industrial silicon warehouse receipts increased by 12 to 11,140 (daily), the Guangzhou Futures Exchange inventory increased by 3,285 tons to 54,440 tons (weekly), the Huangpu Port inventory decreased by 1,000 tons to 58,000 tons (weekly), the Tianjin Port inventory remained unchanged at 80,000 tons (weekly), the Kunming Port inventory remained unchanged at 52,000 tons (weekly), the industrial silicon factory inventory increased by 1,000 tons to 267,850 tons (weekly), and the total social inventory of industrial silicon remained unchanged at 457,850 tons [4] - Polysilicon: The futures settlement price of the main contract decreased from 49,005 yuan/ton on January 13th to 48,945 yuan/ton on January 14th, down 60 yuan/ton. The spot prices of various grades remained stable, and the spot premium widened from 5,745 yuan/ton to 5,805 yuan/ton. The polysilicon warehouse receipts increased by 40 to 4,500 (daily), the Guangzhou Futures Exchange inventory increased by 1.2 tons to 13.29 tons (weekly), the polysilicon factory inventory increased by 0.4 tons to 31.18 tons (weekly), and the total social inventory of polysilicon increased by 0.4 tons to 31.2 tons [4] - Organic Silicon: The price of DMC in the East China market remained stable at 14,000 yuan/ton, the price of raw rubber remained stable at 14,800 yuan/ton, the price of 107 - glue remained stable at 14,500 yuan/ton, and the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,500 yuan/ton [4] 2. Chart Analysis 2.1 Industrial Silicon and Cost - side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][9][11] 2.2 Downstream Product Prices - Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][15][16] 2.3 Inventory - Charts show the futures inventories of industrial silicon and polysilicon, the weekly industry inventories of industrial silicon, the weekly inventory changes of industrial silicon, the weekly inventories of polysilicon, and the weekly inventory of DMC [18][19][21] 2.4 Cost - Profit - Charts show the average cost and profit levels of industrial silicon, the weekly cost - profit of industrial silicon, the processing industry profit of polysilicon, the cost - profit of DMC, and the cost - profit of aluminum alloy [24][26][28] 3. Team Introduction - The non - ferrous metal team of Everbright Futures Research Institute includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and achievements in the field of non - ferrous metal research [34][35]
工业硅、多晶硅日报-20260115
Guang Da Qi Huo·2026-01-15 05:11