Report Industry Investment Rating - Not provided Core Viewpoint - The industrial silicon market currently faces oversupply, weak demand, high inventory levels, and the silicon price continues to fluctuate weakly [2] Summary by Related Catalogs Market Situation - Last week, the prices of some grades of industrial silicon in the market were weak, downstream purchasing was relatively active, and the situation of point - price transactions improved. The ex - factory price of East China oxygen - passing 553 silicon is 8500 - 8800 yuan/ton, and that of East China 421 silicon is 9300 - 9700 yuan/ton. On the futures side, the closing price of the main 2507 contract of industrial silicon last Friday was 7915 yuan, an increase of 0.25% or 20 yuan, with a single - day reduction of 5306 lots [1] Supply Side - Northern large factories will continue to resume production in the near future. It is expected that the eastern production area will gradually resume production to 40 submerged arc furnaces. Some factories in the south have prepared for furnace opening, and the start - up in the southwest is gradually increasing. The market is digesting the expected increase in supply during the wet season in advance, and the supply side is abundant [1] Demand Side - The three major downstream industries have increased the intensity of production reduction and shutdown, and the marginal demand continues to weaken, making it difficult to reverse the oversupply situation. The price of polysilicon is weakly stable, crystal - pulling factories purchase on demand with low enthusiasm and keep pressing prices. Leading silicon material enterprises strengthen price - stabilizing strategies, but the transaction prices are mostly close to the cost line and the trading scale is limited. The price of organic silicon is stable with limited market fluctuations, relying mainly on early - month orders, and the purchasing willingness is weak. The price of aluminum alloy ingots is temporarily stable, the general start - up rate of die - casting enterprises is low, the overall demand enters the off - season, and the purchasing willingness is insufficient [1] Inventory - On May 23, the warehouse receipt inventory of industrial silicon was 65,568 lots, an increase of 270 lots, and the total inventory of industrial silicon remains at a high level [1]