Report Information - Report Date: December 16, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Market Performance - Industrial silicon futures prices continued to operate weakly. The closing price of Si2601 was 8,425 yuan/ton, with a gain of 0.72%, a trading volume of 110,685 lots, and an open interest of 80,097 lots, a net decrease of 30,727 lots. The price of the SI2605 contract was 8,350 yuan/ton, with a gain of 1.15%, a trading volume of 303,910 lots, and an open interest of 200,749 lots, a net increase of 9,521 lots. The top twenty long positions had a net increase of 5,137 lots, and the short positions had a net increase of 8,246 lots [4] - Spot prices remained stable. The price of Sichuan 553 was 9,300 yuan/ton, and that of Yunnan 553 was 9,100 yuan/ton. The price of Sichuan 421 was 9,900 yuan/ton, that of Xinjiang 421 was 9,400 yuan/ton, and that of Inner Mongolia 421 was 9,500 yuan/ton [4] Market Outlook - The supply - demand relationship remained weak, and the supply was close to the seasonal low. The weekly output in the third week of December was 82,000 tons. If the polysilicon storage platform significantly reduced the industrial silicon production capacity/output, it would be a significant negative for the demand side. The operating rate of silicone was 69.56%, a decrease of 4.73 percentage points from the previous week. After the futures price broke through the support last week, funds concentrated on increasing positions and volume, and the price declined to test the 8,200 level. The basis quickly increased from being basically flat. On Friday, short - term short positions actively stopped losses and reduced positions, and the rebound of raw material commodities provided support, but the rebound resistance was also obvious. Overall, it was expected to operate in a bearish and volatile manner [5] Market News - On December 15, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 8,743 lots, an increase of 124 lots from the previous trading day. The industrial silicon inventory was 446,400 tons, a week - on - week increase of 2.22% and a year - on - year increase of 30.40% [6] - The silicone DMC market remained stable. The current DMC quotation was between 13,500 - 14,000 yuan/ton. After the price increase of major silicone products, the new order transactions of enterprises were average, and the inventory pressure of enterprises was not large. The market was expected to operate stably in the short term [6]

Group 1: Report Information - Report date: December 04, 2025 [2] - Report type: Industrial Silicon Daily Report [1] - Research team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook Market Performance - Industrial silicon futures prices fluctuated narrowly. The closing price of Si2601 was 8,920 yuan/ton, a decline of 1.60%. The trading volume was 145,999 lots, and the open interest was 193,926 lots, with a net increase of 6,584 lots [4] - Spot prices have loosened recently. The price of Sichuan 553 was 9,350 yuan/ton, and the price of Yunnan 553 (oxygen - passed) was 9,400 yuan/ton. The price of Sichuan 421 was 9,950 yuan/ton, the price of Xinjiang 421 was 9,700 yuan/ton, and the price of Inner Mongolia 421 was 9,700 yuan/ton [4] Market Outlook - Spot price fluctuations are within 100 yuan/ton, providing limited guidance to the futures market. The production reduction in the southwest region is approaching the seasonal low, while the northern region maintains high - level production. The output has entered a stable stage, but the demand has weakened simultaneously. Silicone enterprises will reduce production to support prices starting from December, and polysilicon is in the season of production reduction. The supply - demand imbalance remains unresolved [4] - Futures warehouse receipts are concentrated for cancellation, and the futures price is at a discount. There is support around 8,800 yuan/ton in the short term, with limited downward space, and the market will generally move in a range - bound manner (net long positions increased by 5,596 lots, and net short positions increased by 547 lots) [4] Group 3: Market News - On December 03, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 6,892 lots, a net increase of 108 lots compared to the previous trading day [4] - In October 2025, the export volume of industrial silicon was 45,073.36 tons, a month - on - month decrease of 35.82% and a year - on - year decrease of 30.78% [4] - In October 2025, the export volume of China's primary - form polysiloxanes (organic silicon) was 40,600 tons, a month - on - month decrease of 13.49% and a year - on - year decrease of 5.65%. From January to October 2025, the cumulative export volume of primary - form polysiloxanes was 460,500 tons, a year - on - year increase of 1.51% [4]