1. Report's Industry Investment Rating No relevant content provided. 2. Core View of the Report The current supply - demand contradiction of industrial silicon is difficult to improve. Short - term tariff increases affect downstream demand, making it more difficult for prices to rebound. In the short term, silicon prices will continue to weaken [1]. 3. Summary According to Related Catalogs Market Conditions - The spot price of industrial silicon was mainly weak and stable this week. The actual transaction price was pushed down due to more shipments by spot - futures traders. The price of East China oxygen - containing 553 silicon was 10100 - 10300 yuan/ton, and that of East China 421 silicon was 10800 - 11200 yuan/ton. On Friday, the closing price of the main contract si2505 of industrial silicon futures was 9820, +0.20%, with the position decreasing by 12882 hands to 179,600 hands and the trading volume reaching 6.71 billion yuan [1]. Supply Side - Factories were eager to sell at discounted prices. The lowest transaction price of 99 - silicon from northern manufacturers reached 9200 yuan/ton. The previous production - cut plan of large manufacturers in the eastern production area has been implemented. Currently, there are 21 operating submerged arc furnaces in the east and 45 in the west, and the west has no plan to increase production. Other silicon factories have no joint production - cut phenomenon. This production - cut plan lasts for more than 2 months, which may relieve inventory pressure in the long run. Recently, the tender price of downstream powder orders was lower than expected, and the profit of powder mills was meager [1]. Demand Side - The organic silicon DMC market held firm this week, with the mainstream transaction price at 14000 - 14500 yuan/ton (net water delivered). Some monomer plants adopted production - cut and production - control strategies, reducing the operating load of monomer equipment as planned. The decrease in supply supported the price, and the market sentiment and trading atmosphere improved. The price of polysilicon remained stable. Silicon material enterprises planned to add production lines to produce deliverable goods, and the registration of silicon material warehouse receipts was open, with only 10 successful registrations on Friday. The price of re -投料 was 37 - 39 yuan/kg, dense material 35 - 38 yuan/kg, cauliflower material 32 - 34 yuan/kg, and N - type material 41 - 43 yuan/kg. The price of aluminum alloy ingots was stable, but the market demand was weak, the trading atmosphere was light, and the procurement enthusiasm of downstream die - casting enterprises was low [1]. Inventory - On April 3, the warehouse receipt inventory of industrial silicon was 70034 hands, an increase of 243 hands this week, and the warehouse receipt inventory remained at a high level [1].