20251121-华泰期货-新能源及有色金属日报_资金情绪短期消退_工业硅多晶硅盘面回落_7页_1mb

Summary of Industrial Silica and Polysilicon Market Report - 2025-11-21

Industrial Silica Market Analysis

Industrial silica market experienced a price decline, with the main contract closing at 9075 yuan/ton, down 2.37% from the previous day due to reduced trading sentiment and policy influences. Spot prices increased across various regions, supported by tighter supply from reduced output in the southwest following drought conditions, though cumulative inventory rose marginally. Export volumes decreased significantly month-on-month, while domestic demand for organic silicon products, such as DMC, showed strength with rising prices, indicating potential for improved supply-demand balance.

Key strategies include short-term range-bound trading, focusing on lower contracts for possible long positions if supportive policies are implemented. However, risks remain from potential restarts in northwest production areas, variability in polysilicon enterprise output, macroeconomic mood fluctuations, and other external factors.

Polysilicon Market Analysis

Polysilicon prices weakened, with the main contract settling at 52450 yuan/ton, down 2.33%, reflecting a balanced supply-demand scenario marred by increasing inventory levels. Output rose slightly, but inventory pressures and subdued market appetite from lower margins in downstream silicon wafers and panels led to continued trade consolidation. Battery and solar panel components sales slumped due to retail demand weakening, constraining upward movement in the market.

Recommended strategies advise short-term range-bound positions between 48,000 and 55,000 yuan/ton, with cautious approaches due to policy volatility and financial market influences. Risks to consider involve industry-wide initiatives, potential impacts from derivative instruments, funding sentiment shifts, and ongoing policy uncertainties.