Institution: This week, the strong expectations for industrial silicon contrast with weak realities, leading to a divergence in the futures and spot markets.

This week, the industrial silicon market exhibited a differentiated trend of "futures fluctuating and rebounding while spot prices stabilize after a decline." Supported by expectations of industry policies and news of supply-side contraction, futures prices briefly surged to around 8,450 yuan/ton, with an overall rebound exceeding 3% during the week. However, the spot market showed weak upward momentum, maintaining stable prices this week, putting an end to several weeks of decline. Signals of supply-side contraction continue to strengthen, and the characteristics of a market bottom are gradually becoming apparent.