Most active contract of industrial silicon futures fluctuated and fell to close down 0.26%

Today the most active industrial silicon contract (2404) opened at 13,370 yuan/ton and closed at 13,275 yuan/ton, down 35 yuan/ton from the previous trading day, a decrease of 0.26%; the highest price was 13,385 yuan/ton, the lowest price was 13,260 yuan/ton; 54,886 lots were traded, an increase of 19,218 lots from the previous trading day; open interest was 90,751 lots, an increase of 48,380 lots from the previous trading day.

Spot: The spot price of industrial silicon fell by 50-100 yuan/ton in most areas today. Today, the average spot price of above-standard #553 in East China is 14,800 yuan/ton, which is 1,525 yuan/ton higher than the closing price of the most active contract, an increase of 3.39%; the average spot price of #421 in East China is 15,300 yuan/ton, and the spot price is 25 yuan/ton higher than the closing price of the most active contract, narrowing by 133.33%.

Fundamentals: Transactions in the industrial silicon market were light, and traders and terminal purchasers were increasingly keen to lower prices. Although upstream silicon factories want to raise prices, some silicon factories lowered prices to incentivise transactions. This round of silicon powder bidding has been launched one after another, and the bid price of some 99 silicon powder has dropped by about 300-500 yuan/ton compared with before the CNY holiday.

The most active industrial silicon contract has fluctuated around 13,300 yuan/ton in recent days, and is expected to continue to fluctuate at this level in the short term