Core Viewpoint - The industrial silicon market is experiencing a slight decline in prices due to a combination of increased supply and reduced demand, leading to a pessimistic market sentiment [1][2]. Price Trends - The main contract price fluctuated from 9945 CNY/ton to 9785 CNY/ton, with a decrease of 1.61% [1]. - The national average price is 10676 CNY/ton, down by 135 CNY/ton [1]. - Specific prices for different grades are as follows: 553 at 10002 CNY/ton, 441 at 10471 CNY/ton, and 421 at 10875 CNY/ton [1]. - Regional prices include Xinjiang at 10133 CNY/ton, Yunnan at 10883 CNY/ton, Fujian at 15640 CNY/ton, and Sichuan at 11000 CNY/ton [1]. - FOB prices remain stable [1]. Market Dynamics - The industrial silicon market is seeing weak transactions, with downstream purchases primarily driven by immediate needs [1]. - Supply remains stable with minimal changes in national production, except for major northern manufacturers resuming operations as planned [1]. - There is no significant willingness for other manufacturers to resume production, leading to an overall increase in supply [1]. - Demand is expected to decrease due to the implementation of production cuts by organic silicon monomer plants, which may further reduce demand for industrial silicon [1][2]. - The production of polysilicon remains stable, maintaining demand for industrial silicon, while aluminum alloy manufacturers are purchasing based on their needs [1]. Future Outlook - The supply of industrial silicon is expected to increase, while demand is anticipated to decrease, indicating no significant improvement in the supply-demand fundamentals [2]. - Inventory pressure remains high, and prices are expected to continue fluctuating within a bottom range [2].

本周工业硅现货价格持稳。过去一周（2025年2月27日-3月5日），主力合约收盘价从10330元/ 吨震荡波动至10190元/吨，跌幅为1.36%。全国综合价格和各地区综合价格持稳。FOB价格下跌10- 20美元/吨。 本周工业硅市场表现较为平淡，成交较少，市场情绪悲观，下游采购多以刚需为主，买方有压 价意愿，但在目前市场价格下，卖方降价意愿较低，双方僵持博弈，价格持稳。供应端，南方地区 开工低位，产量变动较小；北方地区大厂开始按计划复产，叠加新增产能投放产出，产量增加，总 体产量增加。需求端，有机硅单体厂继续实行减停产，产量变动较小，对工业硅需求持稳；多晶硅 厂开工较为稳定，对工业硅需求持稳；铝合金厂节后继续复工复产，产量增加，对工业硅需求小幅 增加，总需求有增加趋势。价格方面，有机硅价格较为稳定，下游对高价接受度较低，询单热情较 低；多晶硅价格稳定。 总体来看，后续将处于供需双增的局面，但供应增量大于需求增量，叠加超30万吨的仓单库 存，价格上方压力较大，但下方成本支撑，预计价格继续低价持稳运行。 （李敏） ...