Core Viewpoint - The industrial silicon market continues to experience price declines due to a combination of increased supply and stable demand, leading to a pessimistic market sentiment [1][2]. Price Trends - The main contract price fluctuated from 8540 CNY/ton to 8290 CNY/ton, a decrease of 2.93% during the week of April 30 to May 7, 2025 [1]. - The national average price for industrial silicon is 9469 CNY/ton, down by 179 CNY/ton [1]. - Specific grades of industrial silicon saw price declines: 553 grade at 9202 CNY/ton (down 200 CNY/ton), 441 grade at 9674 CNY/ton (down 181 CNY/ton), and 421 grade at 10134 CNY/ton (down 122 CNY/ton) [1]. - Regional prices include Xinjiang at 9371 CNY/ton, Yunnan at 10024 CNY/ton, Fujian at 15163 CNY/ton, and Sichuan at 10100 CNY/ton [1]. Supply and Demand Dynamics - The supply side is expected to increase due to new production capacities coming online in May, despite some minor production cuts in the north at the end of April [2]. - Demand remains stable with organic silicon monomer plants operating at low utilization rates, and polysilicon plants maintaining steady production levels [2]. - Aluminum alloy manufacturers are purchasing industrial silicon based on demand, contributing to stable demand across the three main downstream sectors [2]. Market Sentiment and Price Pressure - The market sentiment is pessimistic, with a lack of significant demand growth and high inventory levels contributing to downward price pressure [2]. - Current market transactions are light, with downstream purchases primarily driven by immediate needs, limiting upward price momentum [2]. - Prices have fallen below cost levels, suggesting limited downside potential [2].

Core Viewpoint - The industrial silicon market is experiencing a downward trend in prices, leading to increased pessimism among market participants and a decline in demand from downstream sectors [1][2]. Price Trends - The main contract price for industrial silicon fell from 9015 CNY/ton to 8930 CNY/ton, a decrease of 0.94% during the week of April 17-23, 2025 [1]. - The national average price is reported at 9774 CNY/ton, down by 89 CNY/ton, with specific grades showing varied declines: 553 grade at 9541 CNY/ton (down 100 CNY/ton), 441 grade at 10015 CNY/ton (down 36 CNY/ton), and 421 grade at 10341 CNY/ton (down 80 CNY/ton) [1]. - FOB prices have decreased by 30-50 USD/ton [1]. Market Sentiment - The decline in industrial silicon prices has intensified negative market sentiment, with downstream sectors engaging in minimal purchasing based on demand [2]. - Overall market transactions are sluggish, contributing to the downward price trend [2]. Supply and Demand Dynamics - The supply side shows a continued disparity in operating rates, with northern regions maintaining higher rates compared to southern regions, where production recovery intentions are low [2]. - Demand from downstream sectors, particularly organic silicon monomer manufacturers, is under pressure due to inventory issues and declining operational rates [2]. - The demand from polysilicon manufacturers remains stable, while aluminum alloy manufacturers are purchasing based on their needs, indicating a slight overall decrease in demand for industrial silicon [2]. Price Outlook - The current supply-demand fundamentals do not show signs of improvement, and the market sentiment remains poor, with no indications of price increases in the near term [2]. - Prices are expected to continue fluctuating within a low range [2].

本周工业硅现货价格下跌。过去一周（2025年4月3日-9日），主力合约收盘价从9820元/吨震荡波 动至9485元/吨，跌幅为3.41%。全国综合价格为9922元/吨，下跌310元/吨，其中分牌号来看，553为 9701元/吨、441为10158元/吨、421为10551元/吨，分别下跌318元/吨、301元/吨、313元/吨和324元/吨， 新疆、云南、福建和四川的综合价格为9831元/吨、10578元/吨、15268元/吨和10650元/吨。FOB价格上 涨60美元/吨。 短期来看，供需关系难以改善，较高的行业库存去化较为困难，工业硅价格上方压力较大，下方需 求支撑较弱，整体市场情绪较为悲观，预计价格仍将维持底部区间震荡。 （李敏） 本周工业硅市场仍以按需采购为主，盘面接连下跌叠加下游需求不振，现货价格下跌。供应端，北 方地区按计划减产，南方地区在当前市场行情下开工意愿较低，整体开工情况未有明显变化。需求端， 有机硅单体厂或会进一步加大减产力度，整体产量有减少预期，对工业硅需求减少；多晶硅厂有新增产 能投放和企业检修，总体产量持稳，对工业硅需求持稳；铝合金企业按需采购，整体需求有继续小幅减 少的预期。价格 ...