According to statistics, domestic industrial silicon production in January 2026 was 375,500 tons, a decrease of 5.5% month-on-month and an increase of 23.5% year-on-year. PriceSeek's analysis of industrial silicon, with a long-short rating: 1. The month-on-month decrease of 5.5% in domestic industrial silicon production in January 2026 indicates a recent tightening of supply, which provides favorable support for spot prices, as reduced supply may drive up spot quotations. However, the year-on-year increase of 23.5% suggests that overall supply remains relatively ample, potentially limiting the extent of price increases. Combined with futures market data, the main industrial silicon contract, such as SI2605, closed at 8,815 yuan/ton (2026-02-03), with recent prices showing minor fluctuations (change: -5). Expectations of reduced production may enhance bullish sentiment in the market, supporting an upward trend in futures prices. Overall, the short-term contraction in supply dominates as a favorable factor, with a rating of +1 (generally favorable).