Report Industry Investment Rating - Not provided in the content Core Viewpoints - The upward momentum of industrial silicon and polysilicon prices is insufficient. The industrial silicon market may enter a consolidation phase in the short - term, and the polysilicon market may experience short - term adjustments [1]. Summaries by Related Content Price Changes - Industrial silicon: The average price of non - oxygenated 553 (East China) increased by 1.68% to 9,100 yuan/ton, and the average price of 421 (East China) increased by 1.58% to 9,650 yuan/ton. The futures main contract closing price decreased by 0.57% to 8,695 yuan/ton [1]. - Polysilicon: N - type dense material decreased by 2.20% to 44.5 yuan/kg, N - type re - feeding material decreased by 1.60% to 46 yuan/kg, N - type mixed material decreased by 1.14% to 43.5 yuan/kg, and N - type granular silicon remained flat at 43 yuan/kg. The futures main contract closing price decreased by 4.05% to 43,850 yuan/ton [1]. - Other products: Some silicon wafer prices decreased significantly, while battery and component prices remained mostly unchanged. Organic silicon prices showed slight changes, with DMC increasing by 0.46% to 10,850 yuan/ton [1]. Market Fundamentals - Industrial silicon supply: Northern large - scale factories have production cuts with no resumption news, and the southwest production area is about to enter the wet season with a slow resumption of production. After offsetting the increase and decrease, the supply may decrease [1]. - Industrial silicon demand: Polysilicon enterprises maintain production cuts, with some planned to resume production in July. The organic silicon industry has strong intentions to cut production to support prices, but demand is weak. Silicon - aluminum alloy enterprises purchase as needed, and the overall downstream willingness to stock up at low levels is insufficient [1]. - Polysilicon supply: Silicon material enterprises maintain production cuts, with some new capacity to be put into operation. After offsetting, the output is expected to increase slightly, approaching 110,000 tons in July [1]. - Polysilicon demand: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials. Although the trading atmosphere has improved, the terminal market is still weak due to the over - drawn demand in the first half of the year [1]. Industry News - Shanxi Province Energy Bureau plans to abolish 352,052 kilowatts of new energy projects, including photovoltaic and wind power projects, to optimize grid access and resource allocation [1]. - Ningxia Hui Autonomous Region Development and Reform Commission abolished 449.3 MW of new energy projects in 9 projects to optimize resource allocation and improve project construction quality and efficiency [1].

多晶硅产业日报 2025-06-04 | | | 晶硅需求端面临着较大压力 。同时，宏观经济环境不稳定以及国际贸易摩擦等因素，导致海外光伏市场需 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 求也存在不确定性，进一步抑制了多晶硅需求增长。库存方面，多晶硅库存处于高位状态。硅片企业前期 免责声明 采购的多晶硅尚未完全消化，导致库存积压，对市场价格形成明显压制。操作中长线依旧高空为主。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘 ...

前下游采购乏力，库存消化速度减缓，部分厂家面临较大的出货难题 。技术面上冲高回路，但成交量并未 下滑，高位换手，情绪面并没有打破，短期未能冲破20日均线压力位，后续预计还有部分上行动能，但是 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 警惕上方41000高压位置，操作上建议，多晶硅暂时观望 免责声明 多晶硅产业日报 2025-05-14 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 38420 | 150 主力持仓量:多晶硅(日,手) | 44692 | -7560 | | | 06-07月合约价差:多晶硅(日,元/吨) | 1240 | -490 多晶硅-工业硅价差(日,元/吨) | 29930 | -110 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) | 40500 | 0 多晶硅(菜花料)平均价(日,元/千克) | 30.5 | 0 | | | 基差:多晶硅(日,元/吨) | 2 ...

Report Overview - Report Name: Polysilicon Industry Daily Report 2025-05-13 [2] - Researcher: Wang Fuhui [3] Industry Investment Rating - Not mentioned Core Viewpoints - The polysilicon market price is temporarily stable, but the supply has significantly declined due to over half of the enterprises in the industry conducting equipment maintenance, especially in Xinjiang and Mongolia [3]. - The downstream demand for polysilicon is weak, with strong wait - and - see sentiment among wafer - pulling enterprises and low procurement willingness. Downstream enterprises expect the silicon material price to fall in the long term and plan to replenish inventory after the price stabilizes [3]. - The polysilicon industry still faces high inventory pressure, mainly concentrated in polysilicon manufacturers. Weak downstream procurement has slowed down inventory digestion, and some manufacturers face difficulties in shipping [3]. - Technically, it has broken through the pressure of the 60 - day moving average, and there may be high pressure around the integer mark of 40,000. It is recommended to adopt a high - short strategy [3] Summary by Directory 1. Futures Market - The closing price of the main polysilicon contract is 38,270 yuan/ton, down 180 yuan/ton; the main position volume is 52,252 lots, down 15,252 lots [3]. - The price difference between the 06 - 07 contracts of polysilicon is 1,730 yuan/ton, down 575 yuan/ton; the price difference between polysilicon and industrial silicon is 30,040 yuan/ton, down 90 yuan/ton [3] 2. Spot Market - The spot price of polysilicon is 40,500 yuan/ton, unchanged; the average price of cauliflower - type polysilicon is 30.5 yuan/kg, unchanged; the average price of dense - type polysilicon is 33.5 yuan/kg, unchanged; the average price of re - feeding polysilicon is 35 yuan/kg, unchanged [3]. - The weekly average price of photovoltaic - grade polysilicon is 4.34 US dollars/kg, down 0.05 US dollars/kg; the basis of polysilicon is 2,050 yuan/ton, down 620 yuan/ton [3] 3. Upstream Situation - The closing price of the main industrial silicon contract is 8,230 yuan/ton, down 90 yuan/ton; the spot price of industrial silicon is 9,100 yuan/ton, down 50 yuan/ton [3]. - The monthly export volume of industrial silicon is 52,919.65 tons, down 12,197.89 tons; the monthly import volume is 2,211.36 tons, up 71.51 tons [3]. - The monthly output of industrial silicon is 335,750 tons, up 46,400 tons; the total social inventory of industrial silicon is 596,000 tons, down 7,000 tons [3] 4. Industry Situation - The monthly output of polysilicon is 97,000 tons, up 7,000 tons; the monthly import volume of polysilicon is 2,906 tons, down 222 tons [3]. - The weekly spot price of imported polysilicon in China is 5.28 US dollars/kg, unchanged; the monthly average import price of polysilicon is 2.19 US dollars/ton, down 0.14 US dollars/ton [3] 5. Downstream Situation - The monthly output of solar cells is 78.444 million kilowatts, up 11.443 million kilowatts [3]. - The average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W; the monthly export volume of photovoltaic modules is 95,373,120 pieces, up 24,038,530 pieces; the monthly import volume is 9,846,120 pieces, down 2,122,260 pieces; the monthly average import price of photovoltaic modules is 0.27 US dollars/piece, up 0.01 US dollars/piece [3]. - The comprehensive price index (SPI) of the photovoltaic industry for polysilicon is 22.91, down 0.62 [3] 6. Industry News - As of May 13, the mainstream market price of P - type cauliflower - type polysilicon is 32 yuan/kg, the mainstream market price of N - type dense - type polysilicon is 35.5 yuan/kg, the mainstream market price of N - type re - feeding polysilicon is 39 yuan/kg, and the mainstream market price of N - type granular silicon is 37 yuan/kg, all of which are temporarily stable [3]. - The Ministry of Commerce held a round - table meeting for foreign - trade enterprises to relieve difficulties and provide more support [3] 7. Key Focus - There is no news today [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The silicon market has strong supply and weak demand, with high inventory pressure in the industry. The industrial silicon price is expected to remain weak in the short - term, ranging from 8,000 to 10,000 yuan/ton. The polysilicon price has rebounded at a low level due to delivery factors and production cut news. In the short - term, the price fluctuation will intensify, and if the contradiction between "high positions and low warehouse receipts" is not alleviated, a long position can be considered for the 06 contract [1]. 3. Summary by Relevant Catalogs Industrial Silicon Price - The average price of non - oxygenated 553 (East China) remained flat at 9,050 yuan/ton, and the average price of 421 (East China) industrial silicon remained flat at 10,050 yuan/ton. The closing price of the futures main contract decreased by 1.32% to 8,205 yuan/ton [1]. Supply - In April, due to production cuts by some silicon enterprises in Xinjiang, the overall industrial silicon output decreased to about 300,000 tons. In May, affected by the resumption of production in the southwest production area during the flat - water period and the ramping up of some new production capacities, the output is expected to increase steadily, but the increase is limited [1]. Demand - Polysilicon enterprises maintain a production - cut state, and the resumption of production may be postponed. The organic silicon industry has a strong willingness to cut production to support prices, but the demand is weak, and the actual transaction price has declined. The domestic monomer enterprises' operating rates increase and decrease, and it is expected to drop below 55% in May. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at a low level is insufficient [1]. Polysilicon Price - N - type dense material remained flat at 38 yuan/kg; polysilicon re - feedstock price remained flat at 35.5 yuan/kg; polysilicon dense material remained flat at 34.5 yuan/kg; polysilicon cauliflower material remained flat at 33.5 yuan/kg; the closing price of the futures main contract increased by 2.38% to 37,830 yuan/ton [1]. Supply - Silicon material enterprises maintain a production - cut state, and some silicon material factories may have new production capacity put into operation. The output is expected to be within 100,000 tons [1]. Demand - The strong installation period is basically over, the photovoltaic market is weak, the inventory of silicon wafers and silicon materials has increased, the prices of silicon wafers, battery cells and components have continued to decline, the market demand has slowed down, and some component delivery prices are close to new lows, with weak market transactions [1]. Other Information - On May 8, the total social inventory of industrial silicon in major regions was 596,000 tons, a decrease of 7,000 tons from the previous week. Among them, the social general warehouse was 133,000 tons, a decrease of 3,000 tons from the previous week, and the social delivery warehouse was 463,000 tons, a decrease of 4,000 tons from the previous week [1]. - On May 6, the Natural Resources Bureau of Wuhai City released the design plan for the first - phase of Inner Mongolia Xingfa Technology Co., Ltd.'s industrial silicon project. The project investment is 1.495 billion yuan, and the construction scale is a 100,000 - ton/year industrial silicon project [1].