新能源及有色金属日报：交割博弈仍在，多晶硅盘面持续向上修复-20250425

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - On April 24, 2025, the industrial silicon futures price maintained a bottom - range oscillation, while the spot price continued to decline slightly. The polysilicon futures contract 2506 continued to rebound recently, mainly due to a rapid decline last week and the contract facing its first delivery [1][2][5] Group 3: Market Analysis of Industrial Silicon Futures Market - On April 24, 2025, the main contract 2505 of industrial silicon futures opened at 8,900 yuan/ton and closed at 8,875 yuan/ton, a change of (-10) yuan/ton or (-0.11)% from the previous settlement. The position of the main contract 2505 was 182,653 lots, and the total number of warehouse receipts was 69,680 lots, a change of -140 lots from the previous day [1] Supply Side - The spot price of industrial silicon decreased slightly. For example, the price of East China oxygen - passing 553 silicon was 9,500 - 9,800 (-100) yuan/ton; 421 silicon was 10,300 - 10,600 (-100) yuan/ton. The prices in various regions also continued to decline [1] Consumption Side - The domestic DMC market's transaction price dropped significantly this week. Although the market trading volume recovered, the monomer enterprises' current inventory level remained high [2] Overall Situation - The futures price of industrial silicon oscillated weakly on that day, and the spot price continued to decline slightly. The production in northern Xinjiang decreased, and the production in the southwest region improved but was still lower than the historical level. The cost has fallen below that of most producers [2] Group 4: Strategies for Industrial Silicon - Unilateral: Mainly conduct range operations, and upstream enterprises should sell hedging at high prices - Inter - period: None - Inter - variety: None - Futures - cash: None - Options: None [3] Group 5: Market Analysis of Polysilicon Futures Market - On April 24, 2025, the main contract 2506 of polysilicon futures continued to rebound, opening at 38,900 yuan/ton and closing at 39,375 yuan/ton, with a closing price change of 2.26% from the previous trading day [3] Spot Market - The spot price of polysilicon remained stable. For example, the price of polysilicon re - feedstock was 35.00 - 37.00 (0.00) yuan/kg [3] Inventory and Production - Polysilicon manufacturers' inventory increased slightly, while silicon wafer inventory decreased. The weekly production of polysilicon was 22,300.00 tons, a change of 2.76% month - on - month, and the silicon wafer production was 13.57GW, a change of 0.70% month - on - month [4] Overall Situation - The futures price of polysilicon has continued to rebound recently. The 2506 contract is facing its first delivery, and there are currently only 10 lots of warehouse receipts. Attention should be paid to warehouse receipt registration and delivery games [5] Group 6: Strategies for Polysilicon - Unilateral: In the short term, be cautiously bullish on the 2506 contract, pay attention to the delivery game. If the rebound is significant, upstream enterprises should sell hedging at high prices - Inter - period: None - Inter - variety: None - Futures - cash: None - Options: None [6]