供给端缓慢恢复，需求端未有好转

Report Industry Investment Rating No relevant information provided. Core Views - The price of industrial silicon is expected to maintain a range-bound oscillation, with a supply-demand dual-weak pattern. The upside potential depends on downstream demand recovery and inventory reduction, while the downside is limited by cost support and production cut expectations [3]. - The price of polysilicon is expected to continue its weak oscillation. The weak industrial silicon price weakens the cost support for polysilicon, and the demand expectation from the "rush to export" before April has not materialized. High inventory and difficult demand transmission in the industrial chain, along with the impact of the Middle East conflict, may intensify the selling pressure on the market [7]. Summary by Related Catalogs Industrial Silicon - Market Analysis: On March 11, 2026, the industrial silicon futures price oscillated downward. The main contract 2605 opened at 8,605 yuan/ton and closed at 8,620 yuan/ton, a change of 10 yuan/ton (0.12%) from the previous day's settlement. The position of the main contract 2605 was 248,864 lots, and the total number of warehouse receipts on March 10, 2026, was 21,340 lots, with no change from the previous day [1]. - Supply: The spot price of industrial silicon declined. The social inventory of industrial silicon in major regions was 553,000 tons on February 26, a decrease of 1.25% from the previous week. The operating rate in Xinjiang exceeded 50%, and the supply side gradually recovered after the Spring Festival, but the operating rate in the southwest remained low during the dry season [1]. - Cost: Recently, the prices of petroleum coke and electricity in Xinjiang have increased, providing strong cost support [2]. - Consumption: The downstream demand for polysilicon, organic silicon, and aluminum alloy decreased to varying degrees after the Spring Festival, and most inquiries were tentative [1]. - Strategy: The price of industrial silicon is expected to maintain a range-bound oscillation. Short-term range operation is recommended. There are no strategies for inter - period, cross - variety, spot - futures, or options trading [3]. Polysilicon - Market Analysis: On March 11, 2026, the main contract 2605 of polysilicon futures oscillated downward, opening at 41,710 yuan/ton and closing at 42,590 yuan/ton, a change of - 0.47% from the previous trading day. The position of the main contract was 35,013 lots (35,210 lots the previous day), and the trading volume was 6,809 lots [3]. - Supply and Inventory: The spot price of polysilicon declined. The inventory of polysilicon manufacturers decreased, while the inventory of silicon wafers increased. The weekly production of polysilicon was 18,800 tons, a decrease of 5.05% from the previous week, and the production of silicon wafers was 11.08 GW, a decrease of 2.38% from the previous week [4]. - Product Prices: The prices of various types of silicon wafers, battery cells, and components are provided, with some prices remaining stable and some showing slight declines [4][6]. - Strategy: The price of polysilicon is expected to continue its weak oscillation. Short-term range operation is recommended, and the main contract is expected to maintain an oscillating trend in the short term. There are no strategies for inter - period, cross - variety, spot - futures, or options trading [7].