Institution: Tight supply of industrial silicon continues to be verified this week, and demand fatigue constrains rebound.

This week, the industrial silicon market continued to show a "weak supply and demand" situation, with prices fluctuating in the game between supply contraction and weak demand. The futures market was further affected by weak macroeconomic sentiment and lack of follow-up in spot prices, leading to further price correction. As of February 11, the main contract 2605 closed at 8370 yuan/ton, a cumulative decrease of 235 yuan/ton. The spot market continued to show a stalemate, with prices overall stable. According to Antaike's spot price statistics on February 11, the national industrial silicon comprehensive price remained at 9245 yuan/ton, unchanged from last week. In terms of specifications, the price of 553# remained stable at 8713 yuan/ton, and the price of 441# remained stable at 9169 yuan/ton. In regional markets, the comprehensive prices in Xinjiang, Yunnan, and Sichuan were 8810 yuan/ton, 10005 yuan/ton, and 10050 yuan/ton, respectively, with no significant changes in the price system. Export FOB prices also remained unchanged from last week. It is worth noting that spot prices have remained unchanged, and transactions have remained light, with most silicon producers still implementing pre-New Year prices and lacking willingness to adjust prices; coupled with futures being in a long-term contango state, spot prices lack a basis for following, resulting in a dulled reaction to futures decline and continuous unchanged prices. Currently, spot prices are caught between demand suppression and cost support, temporarily decoupling from the trend in futures.