[SMM Cast Aluminum Alloy Morning Comment: ADC12 Generally Stable with Slight Fall amid Tug-of-War between Sellers and Buyers] Last Friday, the ADC12 market overall operated in a generally stable with slight fall manner. Some enterprises followed with slight declines driven by weakening aluminum prices, while others maintained a wait-and-see stance with stable pricing due to high costs and tight compliant supply. Supply-demand structure perspective, demand side performance remained mediocre, suppressing price rise; however, the supply side saw marginal tightening due to factors such as invoice shortages, import contraction, and phased production cuts, providing certain support for prices. Against this backdrop, ADC12 prices are expected to continue to move sideways in the short term, with relatively limited downside room.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stable, Module Prices Relatively Weak] Last week, China's module prices were basically stable, but amid this stability there was a tug-of-war between upstream and downstream. Currently, distributed and some centralized procurement plans are increasing, but for current module prices, negotiation and pushing for lower prices remain the main approach. However, on the module side, due to support from the cost side, especially silver prices, and strengthened support from solar cell prices, maintaining stable prices remains the priority. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.7445 Yuan/W, 0.752 Yuan/W, and 0.755 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.7235 Yuan/W and 0.7435 Yuan/W respectively.

[Bulls Cut Open Interest, Silicon Metal Prices Weakened; Polysilicon Prices Remained Stable Overall]: Spot prices were mostly stable this week, with prices of certain silicon grades edging down slightly. As of May 14, SMM east China oxygen-blown #553 silicon was at 9,200-9,400 yuan/mt, down 50 yuan/mt WoW; #441 silicon was at 9,400-9,600 yuan/mt, flat WoW; #3303 silicon was at 10,100-10,300 yuan/mt, flat WoW. Futures market sentiment cooled. In terms of total open interest, it began to decline sharply from Tuesday as funds took profits and exited, causing futures prices to pull back. On Thursday (May 14), total open interest in silicon metal stood at 450,000 lots, down 85,000 lots or 16% from Monday. The most-traded SI2609 contract closed at 8,655 yuan/mt on Thursday, down 455 yuan/mt or 5% from Monday, as the silicon market returned to fundamentals-driven logic. Transaction side, downstream users showed strong wait-and-see sentiment amid the price fluctuations, with transactions mainly driven by rigid restocking demand.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Alloy Futures Fluctuated Higher in Night Session, Cost Support Kept Short-Term Bias to the Upside] The most-traded aluminum alloy 2607 contract opened higher overnight and then fluctuated upward. It opened at 23,605 yuan/mt in the night session, reaching a high of 23,680 yuan/mt and a low of 23,480 yuan/mt. It closed at 23,595 yuan/mt in the night session, up 115 yuan/mt or 0.49% from the previous trading day.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 34-36.1 yuan/kg. Polysilicon prices were relatively stable overall, with extremely limited order signing in the market. Some crystal pulling plants showed low-price purchase willingness, but top-tier manufacturers still held the floor above 35 yuan. With cost setting imminent, manufacturers had a strong wait-and-see sentiment. Wafer: Market 18X wafer prices were 0.9-0.93 yuan/piece, 210RN wafer prices were 1.00-1.03 yuan/piece, and 210N wafer prices were 1.2-1.23 yuan/piece. Recently, a top-tier enterprise completed bulk transactions of 210R wafers at 1.02 yuan/piece. Currently, except for 210N, the other two sizes had already accepted the previous round of price increases, and subsequent trends would depend on downstream cell price movements.

[SMM Cast Aluminum Alloy Morning Comment: Tightening Supply Sources Combined with Pullback in Imports, Tight Aluminum Scrap Circulation Underpins Prices] Aluminum alloy 2607 in the night session exhibited an overall trend of "retreat after rapid rise, hover at lows." From the intraday perspective...