SMM survey data showed that the total capacity of delayed coking units in Chinese refineries reached approximately 150 million mt/year in 2024, up 1.28% MoM, continuing the upward trend. The capacity of delayed coking units at mainstream refineries remained stable, while local refineries continued to expand, with capacity reaching 71 million mt/year, accounting for 47%. No additional capacity elimination was observed in 2025, and the capacity of delayed coking units transitioned smoothly.

SMM survey data showed that the total capacity of delayed coking units in Chinese refineries reached approximately 150 million mt/year in 2024, up 1.28% MoM, continuing the upward trend. The capacity of delayed coking units at mainstream refineries remained stable, while local refineries continued to expand, with capacity reaching 71 million mt/year, accounting for 47%. No additional capacity elimination was observed in 2025, and the capacity of delayed coking units transitioned smoothly.

Wei Li, Chairman of Yankuang Energy, stated that in 2025, Yankuang Energy will commence the construction of the Huolinhe No. 1 Coal Mine. Over the next three years, the company will successively start the construction of the Liusangegda Coal Mine and the Galutu Coal Mine. Upon completion, these three mines will add a coal production capacity of over 25 million mt per year. In 2026, the company will begin the construction of the Caosiyao Molybdenum Mine, aiming to diversify its mineral resources and enhance profitability. By 2025, the supply of coking coal in Shandong is expected to increase, coupled with the completion of the coking capacity elimination in the region, which may lead to a more relaxed supply of coking coal, with prices still having downside room.

The year 2024 is expected to witness intense competition in the polysilicon market. Although polysilicon prices experienced a brief increase at the beginning of 2024, the fundamental market oversupply rendered the price unsustainable. Following this short-lived "prosperity," polysilicon prices entered a downward trajectory. Taking the price of P-type dense polysilicon as an example, it hit a three-year low within the year, dropping to as low as 33.5 yuan/kg. Meanwhile, the spot price of N-type recharging polysilicon also fell to a yearly low of 38.5 yuan/kg. Looking ahead to 2025, SMM forecasts that 2025 will be a year of large-scale elimination for polysilicon enterprises, with capacity reductions expected both domestically and internationally. For the domestic market, the gradual implementation of supply-side reforms in the polysilicon sector, combined with the natural laws of market surplus, is expected to lead to the exit of most tail-end enterprises. Overseas polysilicon producers, burdened by "extremely high" electricity costs, are also expected to gradually shut down. As for production, SMM predicts...

Since 2024, the main materials in the photovoltaic sector have been severely impacted by overcapacity, leading to a continuous decline in overall prices. Polysilicon industry has now sufferred industry-wide losses...

As of March 2024, domestic installed alumina capacity was 100 million mt, which does not include closed capacity that has no hope of immediate resumptions.