[SMM Silicon-based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. On the futures market, the most-traded contract consolidated at 8,400 yuan/mt. With strong support below prices, there is limited downside room, while upside bullish drivers are insufficient. The silicon metal market was stagnant and consolidating at lows. Wafers: In the wafer market, 18X wafer prices are at 0.85-0.88 yuan/piece, 210RN wafers at 0.96-0.98 yuan/piece, and 210N wafers at 1.16-1.18 yuan/piece. Wafer prices have temporarily stopped falling and stabilized.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: SMM oxygen-blown #553 silicon in east China was at 9,100-9,200 yuan/mt yesterday, and #441 silicon was at 9,300-9,400 yuan/mt. The most-traded futures contract hovered around 8,500 yuan/mt. Silicon metal prices continued to move sideways in a narrow range. In recent days, the market has seen no new news disruptions, leading to a stalemate in price changes. Increasing supply put prices under pressure in the short term. Wafer: Market prices for 18X wafers were 0.86-0.9 yuan/piece, 210RN wafers were 0.96-1.00 yuan/piece, and 210N wafers were 1.16-1.2 yuan/piece. Smaller factories have already begun to see transactions at lower prices. 18X wafers are under the most severe pressure, and the high end of the overall price range is trending further downward.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for N-type recharging polysilicon is 32-34.2 yuan/kg. Polysilicon prices remain generally weak. A few large-volume orders are currently under negotiation, with the market watching for subsequent outcomes and policy developments. Wafers: Market prices for 183mm wafers stand at 0.88-0.9 yuan/piece, 210RN wafers at 0.98-1.00 yuan/piece, and 210N wafers at 1.16-1.20 yuan/piece. The low-end prices of 183mm and 210N wafers also show a downward trend, widening the price range across all wafer sizes. Top-tier players are holding prices, while smaller enterprises have concluded deals at lower prices.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 33-35.7 yuan/kg. Polysilicon prices remained generally weak, with sluggish market transactions. Previous order signing had concluded, and the current focus was primarily on shipments, with market participants watching for subsequent policy developments. Wafer: Market prices for 18X wafers were 0.88-0.9 yuan/piece, 210RN wafers were priced at 0.98-1.00 yuan/piece, and 210N wafers were priced at 1.18-1.2 yuan/piece. Top-tier players continued to hold prices, and improving quality to justify price increases had become the most pressing task in the wafer segment.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 33-35.9 yuan/kg. Polysilicon prices were generally weak. Dense/recharging prices were relatively stable, with low trading volume. Mixed packages gradually became the market mainstream, with prices for some grades falling to around 30 yuan. Wafer: Market 18X wafer prices were 0.88-0.9 yuan/piece, 210RN wafer prices were 0.98-1.00 yuan/piece, and 210N wafer prices were 1.18-1.2 yuan/piece. Currently, the lower end of the 210R price range still showed a downward trend, while the other two sizes remained temporarily stable. Leading wafer enterprises continued to hold prices firm. According to SMM statistics, the overall furnace-loading costs across companies declined notably, and current selling prices could still cover cash costs.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 34.1-36.1 yuan/kg. Polysilicon prices were relatively stable overall, with almost no new order signing in the market. Currently, top-tier players plan to resume production successively, and the market is watching related meetings and specific production resumption developments. Wafer: Market prices for 18X wafers were 0.9-0.93 yuan/piece, 210RN wafers at 1.00-1.03 yuan/piece, and 210N wafers at 1.2-1.23 yuan/piece. Wafer prices have remained stable overall in recent days.