In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

In March, China’s composite PMI for aluminum processing registered 65.6%, rebounding strongly above the 50 mark.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Stable on the Surface but Fell in Practice] Over the weekend, N-type recharging polysilicon was quoted at 36-43.5 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, and the market reported that some crystal pulling facilities had extremely low target prices, which upstream suppliers had not yet accepted.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Overtly Stable but Softened in Practice] Over the weekend, N-type recharging polysilicon was quoted at 39.5-47.5 yuan/kg, the N-type polysilicon price index stood at 43.64 yuan/kg, and granular polysilicon was quoted at 40-43 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, with reports of some transactions concluded at low prices. Bearish sentiment among upstream and downstream enterprises persisted, and prices were expected to remain weak.

[Weekly Operating Rates in the Aluminum Processing Industry: China's Aluminum Processing Sector Sees Modest Growth Amid Peak Season Demand] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China edged up 1 percentage point WoW to 62.9%.

On 9 January, China’s Ministry of Finance and the State Taxation Administration released a new export tax rebate policy. From 1 April 2026, China’s export tax rebates of up to 13% for solar battery panels will be rolled back, while the rebate rate for battery products will be reduced from 9% to 6%. The complete phase-out of tax rebates for the above-listed products is scheduled for 1 January 2027. This policy aims to negate price distortions emerged in overseas battery markets, which have long affected the profit margins of domestic manufacturers.