【安泰科】工业硅周评（2025年10月15日）

Core Viewpoint - The industrial silicon market remains stable with slight fluctuations in futures prices, while spot prices show no significant changes. The balance between supply and demand is crucial for price stability [1][2]. Supply Side Summary - The main contract price for industrial silicon futures closed at 8570 CNY/ton, down from 8640 CNY/ton, a decrease of 70 CNY/ton [1]. - The comprehensive price for industrial silicon across the country is reported at 9207 CNY/ton, unchanged from the previous week [1]. - Regional price variations are notable, with prices in Xinjiang, Yunnan, and Sichuan at 8848 CNY/ton, 9753 CNY/ton, and 9950 CNY/ton respectively [1]. - In the southwest region, some silicon plants have begun to reduce production due to the approaching dry season, while in the northwest, production increases are offsetting these reductions [1][2]. Demand Side Summary - Demand appears weak, with organic silicon companies increasing maintenance due to shrinking profits, leading to a decrease in operating rates [2]. - Although polysilicon production has slightly increased, expectations of "production limits and sales control" policies are leading to cautious purchasing attitudes among companies [2]. - The aluminum alloy industry remains stable, with slight support from increased exports [2]. - Overall, the industry is experiencing a "southwest production reduction supporting prices, northwest production increase applying pressure, and weak demand dragging down" dynamic [2]. Inventory Summary - The total inventory in the industry has slightly increased, adding pressure to prices and limiting volatility [2].