Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - In January, the main production center of industrial silicon will continue to shift northward. Although there is a reduction in production due to environmental protection control, it is difficult to offset the decline in demand. Polysilicon will have limited - production reduction, silicone will have group - reduction, and aluminum alloy will have environmental - protection reduction. Industrial silicon has cost support but no upward driving force, and it is advisable to consider short - selling on rebounds. [4] - Although the photovoltaic industry chain has seen price increases driven by battery cells recently, due to the transmission blockage in the component segment, the effect of further price increases is limited, and downstream industries will further expand the scale of production reduction. [4] - In January, with industry self - discipline and the joint production reduction of silicon materials, polysilicon is expected to have an unexpected reduction in supply, which will provide strong support. At the same time, due to the exchange's implementation of risk - control position limits, the upward premium space is tightened. Attention should be paid to the implementation of production reduction by silicon material factories, downstream receiving sentiment, and the inventory dynamics of the industrial chain. [4] 3. Summary by Directory 3.1 Futures Price - In December, the industrial silicon futures fluctuated weakly. As of the 31st, the main contract closed at 8,860 yuan/ton, with a monthly decline of 2.96%. The polysilicon futures fluctuated strongly, and the main contract closed at 57,920 yuan/ton within the month, with a monthly increase of 2.65%. [5] 3.2 Spot Price - All industrial silicon spot prices decreased. The price of non - oxygenated 553 decreased by 250 yuan/ton to 8,950 yuan/ton, oxygenated 553 decreased by 100 yuan/ton to 9,400 yuan/ton, and 421 decreased by 200 yuan/ton to 9,900 yuan/ton. Polysilicon P - type remained stable at 44,000 yuan/ton, and N - type increased by 800 yuan/ton to 51,800 yuan/ton. [5] 3.3 Spread - In December, the spread between 553 widened, the spread between high - and low - grade products narrowed, the regional spread of 553 widened, and the regional spread of 421 narrowed. The industrial silicon spot discount narrowed to 10 yuan/ton, and the polysilicon spot discount narrowed to 4,670 yuan/ton. [5][17] 3.4 Supply - According to Baichuan, it is estimated that the domestic industrial silicon production in December will be 348,700 tons, a year - on - year increase of 4% and a month - on - month decrease of 3.2%. The number of monthly open furnaces decreased by 14 to 243, and the furnace - opening rate decreased by 1.76% to 0.5%. [4][5] 3.5 Demand - In December, the polysilicon production decreased by 0.4 tons to 110,000 tons, a year - on - year increase of 13% and a month - on - month decrease of 3.5%. The DMC production decreased by 13,200 tons to 196,000 tons, a year - on - year decrease of 16.5% and a month - on - month decrease of 6.3%. [4][5] 3.6 Inventory - In terms of the exchange, the overall inventory of industrial silicon in December increased by 17,200 tons to 50,000 tons, and the polysilicon inventory increased by 81,000 tons to 121,000 tons. In terms of social inventory, the overall inventory of industrial silicon in December increased by 7,750 tons to 456,000 tons, including a 2,750 - ton increase in factory inventory to 266,000 tons; Huangpu Port's inventory increased by 2,000 tons to 58,000 tons, Tianjin Port's inventory increased by 1,000 tons to 80,000 tons, and Kunming Port's inventory increased by 2,000 tons to 52,000 tons. The monthly inventory of polysilicon increased by 2.62 tons to 30.8 tons. [4][5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In December, the demand for industrial silicon is expected to weaken slightly compared to November, while the supply may decrease to around 390,000 tons. The market is in a tight balance with no obvious cost - side drivers. The price is expected to fluctuate within the range of (8,500, 9,500). If there is a reduction in industrial silicon production in the Northwest due to environmental protection, the futures price may break through the upper limit of the oscillation range [4][5][44]. Summary by Relevant Catalogs 1. Preface - The report is the Industrial Silicon December Report 2025, with the view of range - bound fluctuations and attention to environmental protection in the Northwest [3]. 2. Fundamental Situation 2.1 Market Review - In November, the industrial silicon futures showed a narrow - range oscillation. The supply and demand were both weak, and the spot price generally showed an upward trend. In mid - November, affected by the silicone meeting, speculative funds entered the market, the intraday futures price rose by more than 5%, and Xinjiang silicon plants carried out large - scale hedging, resulting in a slight reduction in factory inventories [9]. 2.2 Demand: Weaker in December - **DMC**: Since 2022, the new energy vehicle and photovoltaic industries have supported the consumption of silicone materials. In 2025, the demand for silicone from the photovoltaic industry declined. After the new silicone monomer capacity was put into production in the second half of 2024, the industry became over - supplied. In November, silicone enterprises reached a consensus to cut production under certain conditions. Currently, the price increase is successful, and the December DMC operating rate is expected to be flat compared to November [16][17]. - **Polysilicon**: As of the end of November, some polysilicon enterprises had production adjustments. In December, the polysilicon operating rate will change little, and the monthly output is expected to be 112,000 tons, a decrease of 2,000 tons compared to November [19][20]. - **Aluminum alloy and exports**: Since September, the demand for aluminum alloy has increased. In December, the demand may weaken marginally, and the operating rate may decline slightly. In October, the export volume of industrial silicon decreased. The export volume in December is expected to be between that of September and October [22]. 2.3 Supply: Decrease in December - In November, the national industrial silicon production was 412,500 tons, a decrease of 48,200 tons compared to October. In December, due to the increase in electricity prices in Yunnan and Sichuan, the number of operating furnaces may decrease by more than 20, and the production may decrease to around 390,000 tons. In the Northwest, the operating rate will change little without environmental protection pressure [25][27]. 2.4 Cost and Inventory - In November, the cost of industrial silicon in the Northwest increased slightly, and in December, the cost in the Southwest may increase by more than 600 yuan/ton. The current explicit inventory of industrial silicon is 960,000 tons. The inventory structure makes it easy for the futures and spot prices to rise in a positive cycle when there is bullish news, while a negative cycle requires a significant increase in factory inventories [32]. 3. Future Outlook and Strategy Recommendations - **Supply - demand outlook**: In December, the demand for industrial silicon will weaken slightly, and the production may decrease to around 390,000 tons [44]. - **Trading logic**: The market is in a tight balance, with no obvious cost - side drivers. The price is expected to oscillate within the range of (8,500, 9,500), and may break through the upper limit if there is a production cut in the Northwest due to environmental protection [5][44]. - **Strategies**: - **Single - side**: Range operation, with the price reference of (8,500, 9,500) [6][44]. - **Arbitrage**: Long Si2601 and short Si2602 [6][44]. - **Options**: Sell out - of - the - money put options on dips [6][44].

1. Report's Industry Investment Rating - No specific industry investment rating is provided in the report [1][2][4] 2. Core Viewpoints of the Report - The center of the industrial silicon market is expected to move upward, and the polysilicon market has entered a policy vacuum period, with the market trading based on supply - demand logic [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the industrial silicon Si2601 contract, the closing price is 9,290 yuan/ton, the trading volume is 365,749 lots, and the open interest is 281,503 lots. For the polysilicon PS2601 contract, the closing price is 53,720 yuan/ton, the trading volume is 218,786 lots, and the open interest is 125,974 lots [2] - **Basis Data**: The industrial silicon spot premium (against East China Si5530) is +210 yuan/ton, and the polysilicon spot premium (against N - type re - investment) is - 1720 yuan/ton [2] - **Price Data**: The price of Xinjiang 99 - silicon is 8850 yuan/ton, the price of Yunnan Si4210 is 10000 yuan/ton, and the price of polysilicon N - type re - investment material is 52200 yuan/ton [2] - **Profit Data**: The profit of silicon plants in Xinjiang (new standard 553) is - 1979.5 yuan/ton, and the profit of polysilicon enterprises is 7.6 yuan/kg [2] - **Inventory Data**: The industrial silicon social inventory (including warehouse receipt inventory) is 55.2 million tons, the enterprise inventory (sample enterprises) is 17.2 million tons, and the polysilicon manufacturer inventory is 25.9 million tons [2] - **Raw Material Cost Data**: The price of silicon ore in Xinjiang is 320 yuan/ton, the price of washed coking coal in Xinjiang is 1475 yuan/ton, and the price of graphite electrodes is 12450 yuan/ton [2] 3.2 Macro and Industry News - The Shuoqi industrial silicon production project in Zhengxiangbai Banner Mingantu Industrial Park has officially started construction. With a total investment of 500 million yuan, it is designed to produce 2.86 million tons of industrial silicon annually and is planned to be fully completed and put into use in 2026 [2][4] 3.3 Trend Intensity - The trend intensity of industrial silicon is 1, and the trend intensity of polysilicon is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4]

Group 1: Report's Investment Rating - No information provided on the report's industry investment rating Group 2: Core Viewpoints - Industrial silicon is expected to open high and then decline, and it is recommended to adopt a short - selling strategy on rallies; polysilicon is also expected to open high and then decline [1] - The trend intensity of industrial silicon is 0, and the trend intensity of polysilicon is 0, both indicating a neutral outlook [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Industrial Silicon and Polysilicon Futures Market - Si2511 closing price is 8,640 yuan/ton with a volume of 228,120 hands and a position of 174,398 hands; compared to previous periods, there are various changes in price, volume, and position [1] - PS2511 closing price is 51,360 yuan/ton, with a volume of 163,314 hands and a position of 87,359 hands, also showing different changes compared to previous periods [1] - There are differences in spreads and costs between near - month and continuous contracts for industrial silicon and polysilicon [1] Basis - Industrial silicon has different spot premiums and discounts when compared to different benchmarks (e.g., +810 yuan/ton when compared to East China Si5530), and polysilicon also has corresponding spot premiums and discounts [1] Price - The price of Xinjiang 99 - silicon is 8,950 yuan/ton, Yunnan Si4210 is 9,950 yuan/ton, and polysilicon - N - type re - feed material is 52,550 yuan/ton, with different price changes compared to previous periods [1] - In the polysilicon (photovoltaic) sector, prices of silicon wafers, battery chips, components, photovoltaic glass, and photovoltaic - grade EVA also have their own price levels and changes [1] - For organic silicon and aluminum alloy, DMC price is 11,050 yuan/ton, ADC12 is 20,900 yuan/ton, with corresponding price changes [1] Profit - Silicon factory profits in Xinjiang and Yunnan are - 2,629.5 yuan/ton and - 3,568 yuan/ton respectively; polysilicon enterprise profit is - 14.2 yuan/kg, and there are also profit data for DMC enterprises and recycled aluminum enterprises [1] Inventory - Industrial silicon has social, enterprise, industry, and futures warehouse - receipt inventories, with values of 54.3 million tons (social), 16.3 million tons (enterprise), 70.6 million tons (industry), and 25.5 million tons (futures warehouse - receipt), showing different changes compared to previous periods; polysilicon has a factory inventory of 22.6 million tons [1] Raw Material Cost - For industrial silicon raw materials, prices of silicon ore, washed coking coal, petroleum coke, electrodes, etc. in different regions have their own price levels and changes; for polysilicon, prices of N - type re - feed material, trichlorosilane, etc. also have corresponding data [1] 2. Macro and Industry News - On September 29, the Yunnan Energy Bureau and the Yunnan Energy Regulatory Office jointly issued the "Implementation Rules for the Development and Construction Management of Distributed Photovoltaic Power Generation in Yunnan Province (Trial)", which has a five - year validity period. It stipulates the proportion of self - used electricity for different types of distributed photovoltaic projects [1][3]

Core Viewpoint - The article provides an overview of the current pricing trends and transportation costs for industrial silicon in various regions of China, highlighting fluctuations in prices and the involvement of multiple companies in the industry [1][2]. Pricing Summary - The comprehensive national average price for industrial silicon is reported at 8,874 yuan/ton, with fluctuations noted across different regions such as Xinjiang, Yunnan, Fujian, and Sichuan [1]. - Specific price ranges for industrial silicon in Xinjiang are between 8,400-10,000 yuan/ton, while Yunnan shows a range of 8,900-10,300 yuan/ton [1]. - The FOB price for industrial silicon is noted to be between 1,630-1,760 yuan/ton [1]. Transportation Costs - The transportation cost from Ili to Tianjin Port is 500 yuan/ton, and from Kunming to Huangpu Port is 350 yuan/ton [3]. Participating Companies - A list of companies involved in the industrial silicon market is provided, including major players from Xinjiang, Yunnan, Fujian, and Sichuan regions, indicating a diverse participation in the industry [3].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - For industrial silicon, the supply side production schedule is decreasing and remains at a low level, demand recovery is at a low level, and cost support has increased. The 2509 contract is expected to oscillate in the range of 8565 - 8955 [6]. - For polysilicon, the supply side production schedule continues to increase, while the demand side shows continuous decline in silicon wafer, cell, and component production. Overall demand is in a state of continuous decline, and cost support remains stable. The 2509 contract is expected to oscillate in the range of 47770 - 50490 [10]. - The main logic for the market is that capacity mismatch leads to strong supply and weak demand, and the downward trend is difficult to change. The main bullish factors are cost - upward support and manufacturers' shutdown and production - reduction plans, while the main bearish factors are slow post - holiday demand recovery and strong supply and weak demand in downstream polysilicon [13][14]. Summary by Relevant Catalogs 1. Daily Viewpoint Industrial Silicon - Supply: Last week, the industrial silicon supply was 78,000 tons, a 1.30% increase from the previous week [6]. - Demand: Last week, the industrial silicon demand was 71,000 tons, a 4.05% decrease from the previous week. Demand remains sluggish. Polysilicon inventory is at a high level, silicon wafers and cells are in a loss state, and components are profitable. Organic silicon inventory is at a high level, with a production profit of 986 yuan/ton and a comprehensive operating rate of 65.11%, flat compared to the previous week and lower than the historical average. Aluminum alloy ingot inventory is at a high level, with an import loss of 817 yuan/ton [6]. - Cost: In Xinjiang, the production loss of sample oxygen - passing 553 silicon is 2027 yuan/ton, and cost support has weakened during the wet season [6]. - Basis: On July 31, the spot price of non - oxygen - passing silicon in East China was 9550 yuan/ton, and the basis of the 09 contract was 790 yuan/ton, with the spot at a premium to the futures [6]. - Inventory: Social inventory was 535,000 tons, a 2.19% decrease from the previous week. Sample enterprise inventory was 177,500 tons, a 2.57% increase from the previous week. Main port inventory was 120,000 tons, unchanged from the previous week [6]. - Disk: The MA20 is upward, and the 09 contract price closed below the MA20 [6]. - Main Position: The main position is net short, and short positions are decreasing [6]. Polysilicon - Supply: Last week, the polysilicon production was 26,500 tons, a 3.92% increase from the previous week. The production schedule for July is predicted to be 106,800 tons, a 5.74% increase from the previous month [8]. - Demand: Last week, the silicon wafer production was 11GW, a 1.78% decrease from the previous week, and the inventory was 181,500 tons, a 1.56% increase from the previous week. Currently, silicon wafer production is in a loss state. In July, the production schedule for silicon wafers, cells, and components all shows a decreasing trend [9]. - Cost: The average industry cost of N - type polysilicon is 36,500 yuan/ton, and the production profit is 9000 yuan/ton [9]. - Basis: On July 31, the price of N - type dense material was 45,500 yuan/ton, and the basis of the 09 contract was - 2630 yuan/ton, with the spot at a discount to the futures [11]. - Inventory: The weekly inventory was 229,000 tons, a 5.76% decrease from the previous week, and it is at a high level compared to the same period in history [11]. - Disk: The MA20 is upward, and the 09 contract price closed above the MA20 [11]. - Main Position: The main position is net long, and long positions are increasing [11]. 2. Market Overview Industrial Silicon - Futures closing prices of various contracts generally decreased, with the 08 contract having the largest decline of 7.06% [17]. - Spot prices of different grades of silicon also decreased, with the price of East China non - oxygen - passing 553 silicon dropping by 2.05% [17]. - The 421 - 553 price difference increased by 20.00% [17]. Polysilicon - Futures closing prices of various contracts decreased, with the 09 contract having a decline of 10.19% [19]. - The prices of silicon wafers, cells, and components remained mostly stable, with some slight changes in profit margins [19]. 3. Price - Basis and Delivery Product Spread Trends - The SI main contract basis and the 421 - 553 price difference in the industrial silicon market show certain trends over time [21]. 4. Inventory - Industrial silicon social inventory, sample enterprise inventory, and main port inventory have different trends, with social inventory decreasing and sample enterprise inventory increasing [17]. - Polysilicon weekly inventory decreased by 5.76% [19]. 5. Production and Capacity Utilization - Industrial silicon production and capacity utilization show certain trends over time, with some regional differences in production and operating rates [29]. - Polysilicon production and monthly operating rates also show corresponding trends [63]. 6. Cost - Industrial silicon component costs, including electricity prices, silica prices, graphite electrode prices, and some reducing agent prices, show different trends [34]. - Polysilicon industry costs also show certain trends over time [63]. 7. Supply - Demand Balance - Industrial silicon weekly and monthly supply - demand balance tables show the relationship between supply, demand, and inventory [38][42]. - Polysilicon monthly supply - demand balance tables show the relationship between consumption, exports, imports, supply, and balance [66]. 8. Downstream Market Organic Silicon - DMC price, production, export, import, and inventory show different trends over time [44][49]. - The prices of downstream products such as 107 glue, silicone oil, raw rubber, and D4 also show corresponding trends [46]. Aluminum Alloy - The prices, in - and - out - bound trade, inventory, production, and operating rates of aluminum alloy show different trends [52][56]. - The demand for aluminum alloy in the automotive and wheel hub industries also shows corresponding trends [57]. Polysilicon - The cost, price, inventory, production, and operating rates of polysilicon and its downstream products (silicon wafers, cells, components) show different trends [62]. - The supply - demand balance of polysilicon and its downstream products also shows corresponding trends [65]. - The prices, production, inventory, and export of photovoltaic accessories such as photovoltaic coatings, photovoltaic films, photovoltaic glass, high - purity quartz sand, and solder strips show different trends [77]. - The cost and profit of polysilicon component components show corresponding trends [80]. - The new installed capacity, power generation composition, and new grid - connected capacity of photovoltaic power generation show different trends [81].

Report 1: Industrial Silicon Weekly Report 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Although the supply of industrial silicon has increased after the production increase of leading large - scale factories and south - western silicon factories, there is still a supply - demand gap before the further significant production increase of the leading factory's Shanshan capacity. However, due to the significant callback of coking coal, glass, and soda ash on Friday night, the bullish sentiment may fade next week, and the industrial silicon futures are expected to have a callback [3]. 3. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Supply and Demand**: This week, the weekly output of DMC was 45,600 tons, a 4.60% week - on - week decrease; the weekly output of polysilicon was 24,400 tons, a 4.01% week - on - week increase; the operating rates of primary and secondary aluminum alloys remained flat. The weekly output of industrial silicon was 75,100 tons, a 5.24% week - on - week increase. The number of open furnaces increased in Yunnan, Sichuan, and Xinjiang. The social inventory of industrial silicon was 535,000 tons, a 2.19% week - on - week decrease [3]. - **Trading Logic**: There is a supply - demand gap before the significant production increase of the leading factory. The bullish sentiment may fade, and the futures are expected to have a callback [3]. - **Strategies**: For unilateral trading, the bullish sentiment has faded, and short - term callbacks are possible, so previous long positions should be withdrawn. For options, hold the previous protective put options. For arbitrage, gradually take profit on the strategy of going long on polysilicon and short on industrial silicon [4]. Chapter 2: Core Logic Analysis - **Market Review**: This week, industrial silicon futures first rose and then fell. The futures main contract closed at 9,725 yuan/ton on Friday. The industrial silicon spot prices strengthened significantly, and most grades exceeded 10,000 yuan/ton [6]. - **Downstream Demand**: DMC output decreased, polysilicon output slightly increased, and the aluminum alloy operating rates remained stable. Some organic silicon enterprises had maintenance due to accidents, and the total maintenance capacity was 800,000 tons/year. The output of polysilicon is expected to increase in the future [9][13]. - **Industrial Silicon Output**: The weekly output of industrial silicon was 75,100 tons, a 5.24% week - on - week increase. The number of open furnaces increased in Yunnan, Sichuan, and Xinjiang. If the leading factory starts 10 new 33000KVA submerged arc furnaces as planned, the monthly output will increase by about 20,000 tons [19]. - **Industrial Silicon Inventory**: The social inventory decreased slightly, while the factory inventories in Xinjiang, Yunnan, and Sichuan increased [20]. Chapter 3: Weekly Data Tracking - **Prices of Industrial Silicon - Related Products**: The spot prices of industrial silicon increased week - on - week [26]. - **Prices of Organic Silicon - Related Products**: The prices of DMC and terminal products strengthened this week [31]. - **Fundamental Data of Organic Silicon Intermediates**: The profit margin of DMC improved, and the operating rate decreased week - on - week [37]. - **Fundamental Data of Aluminum Alloys**: The operating rates of aluminum alloys remained stable [40]. - **Raw Material Prices of Industrial Silicon**: The electricity prices in the southwest decreased, and the price of refined coal in Xinjiang increased slightly [42]. Report 2: Polysilicon Weekly Report 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In August, polysilicon enterprises are expected to increase production, and there may be an oversupply of 15,000 - 20,000 tons. After the significant callback of coking coal, soda ash, and glass on Friday, the polysilicon futures are expected to open significantly lower on Monday. If the capacity integration plan is finalized in the middle of the week, the bullish expectation of polysilicon futures still exists [48]. 3. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Supply and Demand**: In August, the polysilicon output is expected to increase by about 30,000 tons, and the silicon wafer production schedule is basically the same as that in July, resulting in an oversupply [48]. - **Trading Strategies**: For unilateral trading, withdraw long positions temporarily and re - enter after a sufficient callback. Hold put options. Gradually take profit on the strategy of going long on polysilicon and short on industrial silicon [49]. Chapter 2: Fundamental Situation - **Polysilicon Prices**: The spot quotations of polysilicon manufacturers remained stable this week. The actual transaction prices increased after the strengthening of polysilicon futures [56][62]. - **Silicon Wafer and Battery Prices**: The prices of silicon wafers and batteries strengthened. The prices of silicon wafers increased significantly, and the battery prices are expected to continue to rise [63][67]. - **Component Prices**: The prices of photovoltaic components increased slightly this week, and there is an expectation of further increase [68]. - **Component Fundamental Data**: The domestic component inventory decreased rapidly. The price increase of components was partially accepted, but the mechanism electricity price was negative. The orders and production schedules in August weakened [75]. - **Battery Fundamental Data**: The inventory of professional battery manufacturers decreased to 9.9GW. The battery production is scheduled according to demand, and the import demand from Turkey increased. The domestic battery production schedule in August is expected to be 52GW, a decrease of 2GW compared with July [81]. - **Silicon Wafer Fundamental Data**: The silicon wafer inventory increased to 17.87GW this week, and the production remained flat. The production schedule in August is expected to be the same as that in July [85]. - **Polysilicon Fundamental Data**: The polysilicon production increased slightly this week, and the factory inventory increased to 275,400 tons. The production is expected to increase by about 30,000 tons in August [89].

Core Viewpoint - The industrial silicon spot price has increased due to a combination of factors including rising futures prices, production cuts from major northern manufacturers, and increased demand from polysilicon [1][2] Group 1: Price Movements - The main contract closing price fluctuated from 7720 CNY/ton to 8210 CNY/ton, with a rise of 6.35% [1] - The national average price rose by 60 CNY/ton to 8743 CNY/ton, with specific grades showing increases: 553 grade at 8502 CNY/ton, 441 grade at 8752 CNY/ton, and 421 grade at 9297 CNY/ton [1] - FOB prices increased by 10 USD/ton, influenced by exchange rate rises and futures market rebounds [1] Group 2: Supply and Demand Dynamics - Northern manufacturers' production recovery is slower than expected, and there are reports of production cuts, leading to reduced supply in the northern region [1] - New capacity in the southern region is being deployed as planned, and some manufacturers are ramping up production during the wet season, contributing to an overall increase in national output [1] - Demand from organic silicon monomer plants remains stable, with minimal impact on industrial silicon demand; polysilicon plants are also maintaining stable production [1] Group 3: Market Sentiment - The industrial silicon spot market sentiment has improved due to rising prices and production cut news, although downstream buyers remain cautious and procurement is limited [1] - The recent surge in polysilicon futures has positively influenced industrial silicon futures and spot prices, but the upward momentum for spot prices may be limited [2]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The industrial silicon futures main contract price has rebounded, but the spot price continues to decline. The fundamentals are not improving and may continue to weaken, with limited upside potential for the rebound [4][5]. - The spot price has stopped falling, but losses have not led to concentrated supply cuts. There is a need to be vigilant about the resumption of production pressure during the wet season, and inventory reduction remains difficult [5]. 3. Summary by Directory 3.1. Market Review and Outlook - **Market Performance**: The main contract price of industrial silicon futures rebounded significantly. The Si2507 closed at 7475 yuan/ton, up 2.33%, with a trading volume of 491,481 lots and an open interest of 177,592 lots, a net increase of 16,400 lots [4]. - **Spot Price**: The spot price of industrial silicon continued to decline. The price of 553 in Sichuan and Yunnan was 8400 yuan/ton, and the price of 421 in Sichuan was 9200 yuan/ton, while in Yunnan, Inner Mongolia, and Xinjiang, it was 8400 yuan/ton [4]. - **Future Outlook**: The spot price has stopped falling, and the weekly output in the first week of June is expected to remain at 70,000 tons. There is no increase in demand in June, and inventory reduction remains difficult. The main contract has rebounded recently, attracting bottom - fishing funds, but the upside is limited, with resistance in the 7600 - 7800 range [5]. 3.2. Market News - On June 9, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 60,179 lots, a net decrease of 384 lots from the previous trading day [6]. - According to customs data, in April 2025, industrial silicon exports were 60,500 tons, a month - on - month increase of 1.64% and a year - on - year decrease of 9.19%. The overall overseas market is relatively stable [6]. - Tian Tong Co., Ltd.'s wholly - owned subsidiary and its subsidiary sued Hesheng Silicon Industry and its subsidiary in the Urumqi Intermediate People's Court due to a dispute over the performance of an equipment sales contract, with the involved amount reaching 477 million yuan [6].

Group 1: Report Overview - Report Date: June 06, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook - Market Performance: The main contract price of industrial silicon futures fluctuated narrowly. The closing price of Si2507 was 7,135 yuan/ton, a decrease of 0.56%. The trading volume was 417,845 lots, and the open interest was 183,965 lots, with a net increase of 3,637 lots. The spot price of industrial silicon continued to decline. The price of 553 in Sichuan and Yunnan was 8,400 yuan/ton; the price of 421 in Sichuan was 9,200 yuan/ton, and the price in Yunnan, Inner Mongolia, and Xinjiang was 8,400 yuan/ton [4] - Outlook: The spot price continued to fall, and the losses have not yet led to a concentrated reduction in supply. The weekly output in the first week of June is expected to remain at around 69,000 tons. Different from polysilicon, the industrial silicon market needs to be vigilant about the resumption of production pressure during the wet season. There is no increase in demand in June. If the consensus on polysilicon production cuts is reached again, it will actually continue to be negative for industrial silicon. The organic silicon enterprises have been collectively cutting production to support prices since April, and exports are stable with little room for increase. The spot inventory continues to increase. The low point of the main contract price during the session was at a discount of over 1,000 yuan/ton and fell below the full-industry cash cost, showing signs of bottoming out in the short term. However, it is still difficult to improve the fundamentals, and short - selling funds are dominant. The rebound space is limited, and it will mainly fluctuate weakly [4] Group 3: Market News - On June 05, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 61,309 lots, a net decrease of 494 lots from the previous trading day [5] - According to customs data, in April 2025, the export volume of industrial silicon was 60,500 tons, a month - on - month increase of 1.64% and a year - on - year decrease of 9.19%. The overall export volume in April increased slightly compared with March. The overall overseas market was relatively stable, and the change in export volume was small. The average export price was 1,478 US dollars/ton, a month - on - month decrease of 4.46% and a year - on - year decrease of 23.42%, mainly affected by the low price of the domestic industrial silicon market [5]