Core Viewpoint - The industrial silicon market is experiencing a differentiated trend with rising futures prices and stable spot prices, indicating a tight supply-demand balance in the short term [1][2]. Price Trends - The main futures contract (2601) closed at 9170 CNY/ton, up by 110 CNY/ton from the previous week [1]. - The national comprehensive price for industrial silicon remained stable at 9174 CNY/ton as of October 29 [1]. - Prices for different grades of industrial silicon are as follows: 553 at 8708 CNY/ton, 441 at 9055 CNY/ton, and 421 at 9658 CNY/ton, all showing stability [1][3]. Regional Price Analysis - Regional prices are stable, with Xinjiang at 8798 CNY/ton, Yunnan at 9753 CNY/ton, and Sichuan at 9950 CNY/ton [1][3]. - The export FOB prices have slightly increased, reflecting a stable market condition [1]. Supply and Demand Dynamics - Domestic industrial silicon production capacity is being released steadily, but there is a strong reluctance to sell among producers, leading to a relatively tight spot supply [2]. - Demand from downstream industries such as organic silicon and aluminum alloys is primarily focused on meeting rigid needs, with no large-scale stockpiling observed [2]. - A forecast for November indicates simultaneous supply contraction and demand decline, which may maintain the current tight balance in the market [2]. Market Outlook - The short-term outlook suggests that rising futures prices may alleviate some pressure on the spot market, while the reluctance to sell in the southwestern region will further support the stability of the spot market [2].