[Market Slump Drives Production Cuts; August Silicon Metal Output Expected to Fall] According to SMM data, silicon metal production in July stood at 388,000 mt, up 8.3% MoM and up 14.7% YoY. Cumulative silicon metal output from January to July 2026 reached 2.3783 million mt, up 8% YoY.

[Tungsten Express] SMM August 5 News: Today, the tungsten concentrate market remained stable, as the market re-evaluated the impact of the "Opinions of the National Mine Safety Administration on Regulating Excavation (Stripping) Construction Teams for Metal and Non-metal Production Mines" on the non-coal mining industry. The document requires that underground mines, by May 1, 2027, and open-pit mines, by May 1, 2028, choose one of two options: ① establish an in-house excavation team; ② outsource to a compliant integrated contractor; prohibit fragmented subcontracting and multi-level subcontracting; ban labor dispatch underground; and mines that fail to complete rectification by the deadline will be ordered to suspend production for rectification. China's tungsten mines are primarily underground (most wolframite mines are underground, while some scheelite mines are open-pit or underground). The main producing regions of Jiangxi and Hunan have a large number of small and medium-sized tungsten mines that have long heavily relied on external excavation subcontracting teams, imposing substantial constraints on the supply side, cost side, and the survival of small and medium-sized mines. Meanwhile, in the past two days, trading in the tungsten concentrate spot market began to turn active, with traders entering actively. Yesterday, a mine in Guangdong auctioned low-grade ore, and all 156 standard tonnes were sold. Downstream smelters remained cautious, awaiting guidance from today's long-term contract prices. Overall, the market was stimulated by frequent mining policies and intensive safety inspections in Yunnan, Jiangxi, Henan, and other regions, easing market sentiment, while supply-side disruptions intensified. If demand enters the market moderately, the tungsten market will see a turnaround.

[SMM Silicon-based PV Morning Meeting Minutes] Silicon metal: Yesterday, SMM east China oxygen-blown #553 silicon was around 9,000-9,100 yuan/mt, and #441 silicon was near 9,200-9,300 yuan/mt. The most-traded futures contract was disturbed by supply-side production cut news and PV anti-involution bullish sentiment, causing the most-traded silicon metal futures contract to trend stronger. Silicon enterprises' quotes were generally stable, with a strong willingness to sell. Watch for the impact of variables on short-term price spikes, with resistance above focused on silicon enterprises' willingness to sell. Polysilicon: N-type recharging polysilicon was quoted at 31.6-33.5 yuan/kg. Currently, most manufacturers continue to hold back from selling, market transactions are very few, but expectations for price hikes are relatively common. Some forward traders received higher quotes, with some prices even exceeding 40 yuan. However, this is limited to forward traders. Spot trading is currently basically at a standstill, awaiting the outcome of today's meeting.

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On July 31, a supplementary allocation notice for the public selection of investment and development entities for the second batch of 2025 new energy projects in Qiubei County, Wenshan Prefecture, Yunnan Province was released. The second batch of 2025 new energy projects for which investment and development entities were selected this time included 4 projects, with a total installed capacity of 290 MW, set as one section. Among them, there were 3 PV projects with a combined capacity of 230 MW and 1 wind power project with a capacity of 60 MW.