Research Views - On December 30, industrial silicon showed a volatile and slightly stronger trend. The main contract 2605 closed at 8,915 yuan/ton, with an intraday increase of 1.08%. The open interest decreased by 4,845 lots to 216,000 lots. The reference price of industrial silicon spot from Baichuan was 9,603 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 grade remained stable at 8,850 yuan/ton, and the spot shifted from a premium to a discount of 65 yuan/ton [2]. - Polysilicon showed a volatile and slightly weaker trend. The main contract 2605 closed at 57,890 yuan/ton, with an intraday decrease of 0.19%. The open interest decreased by 12,300 lots to 83,000 lots. The price of N-type recycled polysilicon material from Baichuan was raised to 52,500 yuan/ton, and the price of the lowest deliverable silicon material was also raised to 52,500 yuan/ton. The spot discount to the main contract widened to 5,390 yuan/ton [2]. - Industrial silicon plants in the southwest region reduced production again. In the northwest region, there were both increases and decreases in production, and there were expectations of environmental - related production cuts in the future. Due to high - level hedging, the overall inventory pressure on silicon plants was limited. In the short term, industrial silicon continued to follow the logic of cost and production - cut - driven price increases [2]. - Battery cell production was cut and prices were raised again due to the sharp increase in silver prices. Silicon wafer manufacturers significantly raised their quotes. However, the price increase effect on the crystalline silicon end was not good, and several polysilicon plants reported production cuts in January. As the market feedback on the state reserve purchase weakened, the issues of industrial chain profit distribution and downstream production - cut pressure were re - discussed, and new warehouse receipts were registered to relieve pressure, the polysilicon futures price gradually corrected downward [2]. - There were still risks of disturbances in the futures market's capital situation. Investors were advised to be cautious about short - selling and focus on the implementation of production cuts by polysilicon plants [2]. Daily Data Monitoring Industrial Silicon - Futures settlement prices: The main contract increased from 8,715 yuan/ton on December 29 to 8,915 yuan/ton on December 30, up 200 yuan/ton; the near - month contract increased from 8,625 yuan/ton to 8,785 yuan/ton, up 160 yuan/ton [3]. - Spot prices of various grades remained mostly stable, with no change in most regions for不通氧553 and通氧553 and 421 silicon [3]. - The current lowest deliverable price remained at 8,850 yuan/ton, and the spot premium changed from 135 yuan/ton to a discount of 65 yuan/ton, a decrease of 200 yuan/ton [3]. - The industrial silicon warehouse receipts increased by 120 to 10,027 (daily), and the Guangzhou Futures Exchange inventory increased by 2,040 to 47,135 (weekly). The total social inventory of industrial silicon increased by 6,000 tons to 462,150 tons [3]. Polysilicon - Futures settlement prices: The main contract increased from 56,500 yuan/ton on December 29 to 57,890 yuan/ton on December 30, up 1,390 yuan/ton; the near - month contract increased from 57,750 yuan/ton to 58,350 yuan/ton, up 600 yuan/ton [3]. - The price of N - type recycled polysilicon material increased by 100 yuan/ton to 52,500 yuan/ton, and the current lowest deliverable price also increased by 100 yuan/ton to 52,500 yuan/ton. The spot discount widened from 4,100 yuan/ton to 5,390 yuan/ton, a decrease of 1,290 yuan/ton [3]. - The polysilicon warehouse receipts increased by 20 to 4,020 (daily), and the Guangzhou Futures Exchange inventory increased by 0.9 million tons to 11.91 million tons (weekly). The total social inventory of polysilicon increased by 0.2 million tons to 30.8 million tons [3]. Organic Silicon - The price of DMC in the East China market remained at 13,700 yuan/ton, and the prices of raw rubber and 107 glue remained stable. The price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,200 yuan/ton [3]. Chart Analysis Industrial Silicon and Cost - Side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][8][10]. Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][14][16]. Inventory - Charts present the futures inventory of industrial silicon and polysilicon, the weekly industry inventory of industrial silicon, the weekly inventory change of industrial silicon, the weekly inventory of polysilicon, and the weekly inventory of DMC [19][23]. Cost and Profit - Charts show the average cost and profit levels of industrial silicon, the weekly cost - profit of industrial silicon, the processing industry profit of polysilicon, the cost - profit of DMC, and the cost - profit of aluminum alloy [25][27][29]. Team Introduction - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and a gold intermediate investment analyst. He has more than a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won the Best Metal Industry Futures Research Team Award from Futures Daily & Securities Times for four consecutive sessions [33]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research. He won the 18th Best Green Finance New Material Futures Analyst Award from Futures Daily & Securities Times [33]. - Zhu Xi, a science master from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel research. She won the 18th Best Green Finance New Material Futures Analyst Award from Futures Daily & Securities Times [34].