工业硅&多晶硅日报-20260310

Group 1: Report's Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On March 9, industrial silicon showed a volatile and slightly stronger trend. The main contract 2605 closed at 8670 yuan/ton, with an intraday increase of 0.7%, and the open interest decreased by 22,755 lots to 251,000 lots. The spot reference price of industrial silicon by Baichuan remained stable at 9321 yuan/ton compared to the previous trading day. The price of the lowest deliverable product rebounded to 8800 yuan/ton, and the spot premium widened to 130 yuan/ton [2]. - Polysilicon also showed a volatile and slightly stronger trend. The main contract 2605 closed at 42,700 yuan/ton, with an intraday increase of 3.15%, and the open interest decreased by 1780 lots to 35,210 lots. The price of N-type recycled silicon material by Baichuan dropped to 48,900 yuan/ton, and the price of the lowest deliverable silicon material also dropped to 48,900 yuan/ton. The spot premium narrowed to 6200 yuan/ton [2]. - The increase in operation and maintenance fees in Xinjiang's state - grid system does not involve the Corps industrial parks. The Middle East situation has led to an increase in petroleum coke prices, which, combined with the expectation of an electricity price increase, forms a bottom - support. The expectation of large factories' resumption of production and the bottom - fishing demand of traders are in a game, and the situation of increasing supply and weak demand puts pressure on inventory. In the short term, industrial silicon will operate weakly and stably [2]. - The polysilicon market continues to be in a deadlock of having prices but no transactions. The start - up of terminal projects during the peak season is slow, forcing the raw material side to form a negative feedback of price reduction, waiting, and further price reduction. Silicon material factories continue to implement production control and supply limitation, but the inventory reduction effect is not good. The Middle East situation has not brought positive pricing to polysilicon, and the market's pessimistic sentiment has not been reversed [2]. Group 3: Summary of Each Section of the Report 1. Daily Data Monitoring - Industrial Silicon: The futures settlement price of the main contract decreased by 20 yuan/ton to 8670 yuan/ton, and that of the near - month contract increased by 160 yuan/ton to 8760 yuan/ton. The spot prices of most types of industrial silicon increased slightly, with the price increase of some types reaching 150 yuan/ton. The price of the current lowest deliverable product increased by 50 yuan/ton to 8800 yuan/ton, and the spot premium increased by 70 yuan/ton to 130 yuan/ton. The industrial silicon warehouse receipts increased by 504 to 21,340, and the social inventory increased by 9900 tons to 462,550 tons [4]. - Polysilicon: The futures settlement price of the main contract increased by 1585 yuan/ton to 42,700 yuan/ton, and that of the near - month contract increased by 3220 yuan/ton to 43,700 yuan/ton. The price of N - type recycled silicon material decreased by 100 yuan/ton to 48,900 yuan/ton, and the price of the current lowest deliverable product also decreased by 100 yuan/ton to 48,900 yuan/ton. The spot premium decreased by 1685 yuan/ton to 6200 yuan/ton. The polysilicon social inventory increased by 0.2 million tons to 34.8 million tons [4]. - Organic Silicon: The price of DMC in the East China market remained stable at 14,300 yuan/ton, and the prices of most organic silicon products remained unchanged, except that the price of dimethyl silicone oil increased by 1000 yuan/ton to 15,800 yuan/ton [4]. 2. Chart Analysis 3.1 Industrial Silicon and Its Cost Side Prices - Charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [6][7]. 3.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][15]. 3.3 Inventory - Charts present the futures inventories of industrial silicon and polysilicon, the weekly industry inventories and inventory changes of industrial silicon, and the weekly inventories of polysilicon and DMC [18][19]. 3.4 Cost and Profit - Charts show the average cost and profit levels of industrial silicon, the weekly cost and profit of industrial silicon, the processing industry profit of polysilicon, the cost and profit of DMC, and the cost and profit of aluminum alloy [24][26]. Group 4: Team Introduction - The research 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. They have all received industry - recognized awards and have rich experience in providing research services and media interviews [32][33].