Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - On March 30, industrial silicon fluctuated weakly. The main contract 2605 closed at 8,480 yuan/ton, with an intraday decline of 2.14%. The position decreased by 2,603 lots to 220,600 lots. The spot reference price of industrial silicon from Baichuan was 9,155 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable product rebounded to 8,800 yuan/ton, and the spot premium expanded to 320 yuan/ton. Polysilicon fluctuated strongly. The main contract 2605 closed at 36,550 yuan/ton, with an intraday increase of 3.45%. The position increased by 404 lots to 34,584 lots. The price of N-type recycled polysilicon from Baichuan dropped to 39,250 yuan/ton, and the price of the lowest deliverable silicon material dropped to 39,250 yuan/ton. The spot premium narrowed to 2,700 yuan/ton [2]. - The north and south production areas of industrial silicon are slowly resuming production. Industrial silicon is in a game between cost support and marginal inventory accumulation. After the increase in petroleum coke and electricity prices, the quotation center of spot-futures traders has increased significantly, and the low-priced goods in the market have disappeared. The overall market atmosphere is difficult to improve significantly, and it will operate in a volatile manner. Polysilicon has entered a window period for policy implementation. The silicon material production is steadily increasing, the delivery of photovoltaic centralized projects has slowed down, and leading enterprises continue the dual distribution strategy. There is a risk of increasing industry inventory. The market has not shown an obvious bottoming signal and mainly follows the bottom operation logic. Attention should be paid to the actual terminal acceptance ability and inventory clearance performance after the end of the export rush. Currently, the policy expectations have been fully priced in, and a deep correction due to policy disappointment should be警惕 [2]. Group 3: Summary by Relevant Catalogs 1. Research Viewpoints - The research viewpoints section comments on the market performance of industrial silicon and polysilicon on March 30, including price changes, position changes, and market trends [2]. 2. Daily Data Monitoring - Industrial Silicon: The futures settlement price of the main contract decreased by 145 yuan/ton to 8,480 yuan/ton, and the near-month contract decreased by 130 yuan/ton to 8,430 yuan/ton. The spot prices of various grades of industrial silicon remained stable. The current lowest deliverable product price remained at 8,800 yuan/ton, and the spot premium increased by 145 yuan to 320 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 22,277 lots. The weekly inventory in the Guangzhou Futures Exchange increased by 3,045 tons to 111,385 tons, the inventory at Huangpu Port increased by 1,500 tons to 58,000 tons, the inventory at Tianjin Port increased by 7,000 tons to 80,000 tons, the inventory at Kunming Port decreased by 2,000 tons to 52,000 tons, and the industrial silicon factory inventory increased by 16,600 tons to 266,150 tons. The total social inventory of industrial silicon increased by 23,100 tons to 456,150 tons [4]. - Polysilicon: The futures settlement price of the main contract increased by 870 yuan/ton to 36,550 yuan/ton, and the near-month contract increased by 495 yuan/ton to 35,695 yuan/ton. The price of N-type recycled polysilicon dropped by 500 yuan/ton to 39,250 yuan/ton, and the current lowest deliverable product price dropped by 500 yuan/ton to 39,250 yuan/ton. The spot premium decreased by 1,370 yuan to 2,700 yuan/ton. The polysilicon warehouse receipts remained unchanged at 10,030 lots. The weekly inventory in the Guangzhou Futures Exchange increased by 0.1 million tons to 3.01 million tons, and the polysilicon factory inventory increased by 2.4 million tons to 33.2 million tons. The total social inventory of polysilicon increased by 2.4 million tons to 33.2 million tons [4]. - Organic Silicon: The price of DMC in the East China market remained at 14,300 yuan/ton, the price of raw rubber remained at 14,800 yuan/ton, the price of 107 glue remained at 14,800 yuan/ton, and the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,800 yuan/ton [4]. 3. Chart Analysis - Industrial Silicon and Cost Side Prices: Charts show the prices of various grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [6][8][11]. - Downstream Product Prices: Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][19][18]. - Inventory: Charts show the futures inventory of industrial silicon and polysilicon, the weekly industry inventory of industrial silicon, the weekly inventory change of industrial silicon, the weekly inventory of polysilicon, and the weekly inventory of DMC [22][23][25]. - Cost and Profit: Charts show the average cost level, average profit level, 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 [28][30][32]. Group 4: Team Introduction - The non - ferrous metals team of Everbright Futures includes Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures, a senior precious metals researcher, and a gold intermediate investment analyst. Wang Heng is mainly engaged in the research of aluminum and silicon, and Zhu Xi focuses on the research of lithium and nickel [36][37].
工业硅&多晶硅日报（2026 年 3 月 31 日）-20260331
Guang Da Qi Huo·2026-03-31 11:32