Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The current marginal demand for industrial silicon is weakening, the oversupply pattern is difficult to reverse, and high inventory and high warehouse receipts suppress the price rebound. Silicon prices are in a weak and volatile state [1]. 3) Summary by Related Catalogs Market Conditions - This week, the industrial silicon spot market is running weakly. Affected by the continuous weak downstream demand, the market is in a continuous slump. The price of East China oxygen - containing 553 silicon is 8900 - 9300 yuan/ton, and the price of East China 421 silicon is 9800 - 10200 yuan/ton [1]. - Last Friday, the closing price of the main industrial silicon futures contract si2506 was 8205, a decrease of 0.55%. The daily position reduction was 10,933 lots. The current position is 170,200 lots, and the trading volume is 14.349 billion yuan [1]. Supply Side - Northwest large - scale factories continue to cut production. The eastern production area has shut down 3 submerged arc furnaces, and the western production area has shut down 5 submerged arc furnaces, a total of 8. There may be more shutdown plans in the future. In the southwest production area, manufacturers are cautious about the current market, but some manufacturers said they will increase or resume production. It is expected that about 10 submerged arc furnaces will resume production from the end of the month to the second half of the month [1]. Demand Side - Polysilicon prices have no obvious fluctuations and remain within a range. The N - type compact material is quoted at 38 - 40 yuan/kg, the N - type granular silicon is quoted at 35 - 38 yuan/kg, the N - type re - feed material is quoted at 39 - 43 yuan/kg, and the N - type mixed material is quoted at 36 - 38 yuan/kg. Component inventories are under pressure, and some enterprises are gradually planning production cuts. The main polysilicon futures contract ps2506 is approaching its first delivery, with obvious long - short differences in the market [1]. - The market price of organic silicon DMC is generally stable, with the mainstream opening price in the market referring to 11,500 - 12,000 yuan/ton (net water delivered). The organic silicon market shows signs of phased stabilization, but the supply - demand contradiction still exists [1]. - The price of aluminum alloy ingots is temporarily stable. The industry's operating rate has decreased. Downstream enterprises mainly consume pre - holiday orders, and their willingness to stock up after the holiday is insufficient [1]. Inventory On May 9, the industrial silicon warehouse receipt inventory was 67,338 lots, a single - week decrease of 1,898 lots. The warehouse receipt inventory continues to decrease but remains at a high level [1].

Group 1 - The core viewpoint of the article indicates that industrial silicon spot prices have continued to decline, reflecting a pessimistic market sentiment and unchanged supply-demand fundamentals [1] Group 2 - During the week from April 30 to May 7, the main contract closing price fluctuated from 8540 yuan/ton to 8290 yuan/ton, with a decrease of 2.93% [1] - The national average price for industrial silicon is reported at 9469 yuan/ton, down by 179 yuan/ton [1] - Price breakdown by grade shows that 553 grade is at 9202 yuan/ton (down 200 yuan/ton), 441 grade at 9674 yuan/ton (down 181 yuan/ton), and 421 grade at 10134 yuan/ton (down 122 yuan/ton) [1] - Regional average prices include Xinjiang at 9371 yuan/ton, Yunnan at 10024 yuan/ton, Fujian at 15163 yuan/ton, and Sichuan at 10100 yuan/ton [1] - FOB prices have remained stable, but the overall market sentiment remains negative, leading to continued pressure on spot prices [1]

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].

Core Viewpoint - The industrial silicon market is experiencing a decline in spot prices due to weak downstream demand and ongoing supply adjustments, leading to a pessimistic market sentiment [1][2]. Price Trends - The main contract price fluctuated from 9820 CNY/ton to 9485 CNY/ton, a decrease of 3.41% during the week of April 3-9, 2025 [1]. - The national average price is reported at 9922 CNY/ton, down by 310 CNY/ton [1]. - Specific grades show the following prices: 553 at 9701 CNY/ton, 441 at 10158 CNY/ton, and 421 at 10551 CNY/ton, with respective declines of 318 CNY/ton, 301 CNY/ton, and 313 CNY/ton [1]. - Regional prices include Xinjiang at 9831 CNY/ton, Yunnan at 10578 CNY/ton, Fujian at 15268 CNY/ton, and Sichuan at 10650 CNY/ton [1]. - FOB prices increased by 60 USD/ton [1]. Supply and Demand Dynamics - The market remains focused on demand-driven procurement, with prices declining due to weak downstream demand [1]. - Northern regions are reducing production as planned, while southern regions show low willingness to operate under current market conditions, resulting in no significant changes in overall operational status [1]. - Organic silicon monomer plants may further reduce production, leading to decreased demand for industrial silicon; however, polysilicon plants are stabilizing production levels, maintaining demand for industrial silicon [1]. - Aluminum alloy companies are purchasing based on demand, with expectations of a slight overall decrease in demand [1]. Market Sentiment - Short-term supply-demand relationships are unlikely to improve, with high industry inventory making it difficult to deplete [2]. - There is significant pressure on industrial silicon prices from above, while demand support from below remains weak, contributing to a generally pessimistic market sentiment [2]. - Prices are expected to continue fluctuating within a bottom range [2].