【安泰科】工业硅周评—价格小幅上涨、供需预期乐观（2025年9月24日）

Core Viewpoint - The recent increase in industrial silicon prices is primarily supported by cost factors and optimistic demand expectations, despite a tight supply-demand balance in the market [1][2]. Price Trends - The main contract price for industrial silicon rose from 8905 CNY/ton to 9020 CNY/ton, an increase of 115 CNY/ton during the week of September 18 to September 24 [1]. - The national comprehensive price for industrial silicon reached 9207 CNY/ton, up by 31 CNY/ton from the previous week [1]. - Specific grades of industrial silicon saw varied price changes: 553 at 8757 CNY/ton (+49 CNY/ton), 441 at 9092 CNY/ton (unchanged), and 421 at 9672 CNY/ton (+14 CNY/ton) [1]. Supply Factors - The upcoming dry season in Sichuan and Yunnan is expected to lead to rising electricity prices, which, along with anticipated increases in silicon coal prices, is strengthening producers' willingness to maintain higher prices [2]. - Although this situation is contributing to inventory accumulation, it is also providing strong support for prices [2]. Demand Factors - Organic silicon companies are showing intentions to raise prices due to short-term impacts from southern weather conditions [2]. - Despite strong pricing in the polysilicon market, its actual demand pull remains limited, with companies still in a wait-and-see mode regarding production resumption [2]. Market Dynamics - The industrial silicon market is currently in a phase of negotiation between upstream and downstream players, maintaining a tight balance between supply and demand [2]. - The situation of strong expectations but weak realities has not fundamentally changed, but it is anticipated that the arrival of the dry season will exacerbate cost increases and supply-demand tensions [2].