Report Overview - Date: July 22, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Industry Investment Rating - No relevant information provided Core Viewpoints - The industrial silicon futures' main price fluctuated. The Si2509 contract closed at 9,260 yuan/ton, up 4.99%. The trading volume was 1,260,930 lots, and the open interest was 383,296 lots, with a net increase of 3,956 lots. The spot price of industrial silicon remained stable. The 553-grade in Inner Mongolia was priced at 8,800 yuan/ton, and in Sichuan at 8,600 yuan/ton. The 421-grade in Inner Mongolia was 9,400 yuan/ton, in Xinjiang 9,250 yuan/ton, and in Sichuan 9,350 yuan/ton [4]. - The commodity sector resonated to fill the gap in April, and industrial silicon continued to make up for the increase. The fundamental factors are not the main driving logic at present. The resumption of production in the southwest offset the reduction in Xinjiang, and the production change was not significant compared with the first half of the year. There was no unexpected change in the demand side. Previously, it was suggested that 8,800 - 9,200 yuan/ton was a resistance range to be challenged based on the average cost and the previous warehouse receipt cancellation price. Since last Friday, the policy side continued to boost the strong market expectation, and the increase in the industrial silicon guidance price also indicated that the policy aimed at "profit repair" in the short term. Referring to the current average cost of industrial silicon at 9,228 yuan/ton, it will continue to fluctuate strongly in the short term [4]. Summary by Directory 1. Market Review and Outlook - Market Performance: The main price of industrial silicon futures fluctuated. The Si2509 contract closed at 9,260 yuan/ton, up 4.99%, with a trading volume of 1,260,930 lots and an open interest of 383,296 lots, a net increase of 3,956 lots [4]. - Spot Price: The spot price of industrial silicon was mainly stable. The 553-grade in Inner Mongolia was 8,800 yuan/ton, and in Sichuan 8,600 yuan/ton. The 421-grade in Inner Mongolia was 9,400 yuan/ton, in Xinjiang 9,250 yuan/ton, and in Sichuan 9,350 yuan/ton [4]. - Future Outlook: The commodity sector filled the April gap, and industrial silicon continued to rise. The fundamentals were not the main driver. Southwest's复产 offset Xinjiang's production cuts, and demand had no significant changes. With policy support and a cost reference of 9,228 yuan/ton, it will fluctuate strongly in the short term [4]. 2. Market News - On July 21, the futures warehouse receipt volume on the Guangzhou Futures Exchange was 50,141 lots, a net decrease of 252 lots from the previous trading day [5]. - In the third week of July, the transaction price range of polysilicon n-type re-feeding material was 40,000 - 49,000 yuan/ton, with an average price of 41,700 yuan/ton, a week-on-week increase of 12.4%. The transaction price range of n-type granular silicon was 40,000 - 45,000 yuan/ton, with an average price of 41,000 yuan/ton, a week-on-week increase of 15.2% [5]. - On July 18, the State Council Information Office held a press conference. The Ministry of Industry and Information Technology's Chief Engineer Xie Shaofeng stated that work plans for stabilizing growth in ten key industries such as steel, non-ferrous metals, petrochemicals, and building materials were about to be introduced, aiming to adjust the structure, optimize supply, and eliminate backward production capacity [5].