【安泰科】工业硅周评—期现联动致价格小幅上涨（2025年11月12日）

Core Viewpoint - The industrial silicon market experienced a slight price increase due to the linkage between futures and spot markets, with a notable rise in prices despite weak demand from downstream sectors [1][3]. Price Trends - From November 6 to November 12, the main contract price rose from 9065 CNY/ton to 9195 CNY/ton, an increase of 130 CNY/ton [1]. - The national comprehensive price for industrial silicon on November 12 was 9207 CNY/ton, up by 33 CNY/ton [1]. - Prices for different grades of industrial silicon were as follows: 553 at 8757 CNY/ton (up 49 CNY/ton), 441 at 9092 CNY/ton (up 37 CNY/ton), and 421 at 9672 CNY/ton (up 14 CNY/ton) [1]. Supply Dynamics - The supply side showed reduced production in the southwestern region, tightening the market and supporting prices [2]. - In Inner Mongolia, stable production was noted, but there was an inclination to raise prices due to tight raw material supplies [2]. - Gansu's industrial silicon producers slightly reduced output due to minor cost increases, which also supported prices [2]. - In Xinjiang, rising costs from electricity, silicon coal, and electrodes, along with increased transportation costs due to weather, contributed to price increases [2]. Downstream Demand - The three core consumption sectors exhibited mixed performance, impacting the demand for industrial silicon [3]. - The organic silicon sector saw prices rise from 11000 CNY/ton to 11200 CNY/ton, but overall production cuts reduced actual procurement needs [3]. - The polysilicon sector maintained a weak and stable price environment, with production cut expectations limiting demand for industrial silicon [3]. - The aluminum alloy sector benefited from a positive trend in the automotive manufacturing market, leading to steady growth in industrial silicon procurement [3]. Overall Market Outlook - The industrial silicon market saw a slight increase in prices due to supply constraints and cost support, but weak downstream demand remains a concern [3]. - Short-term price support is expected from production cuts in the southwest and rising costs in Xinjiang, while the pace of downstream demand recovery will be a key variable for future price movements [3].