[Silicon Metal Market Stalemate, Prices Consolidate at Lows]: On the supply side, silicon metal production in June stood at 358,400 mt, up 8% MoM. In July, production ramp-up in Sichuan and Yunnan will become the main driver of supply growth, with July production expected to increase 9% MoM. The fundamental logic of both supply and demand growth and relatively heavy supply pressure remains unchanged. With no news disturbances from policy or macro liquidity, and in the absence of unexpected events, silicon metal prices continue to consolidate at lows.

[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 Minutes: Module Hold-Price Sentiment Edges Up, Polysilicon Prices Temporarily Stable] Last week, mainstream transaction prices in China changed little, but the price spread between high and low prices remained large. EXW prices from enterprises competing for orders have recently started approaching 0.65 Yuan/W, though trading volume was limited. Mainstream tax-inclusive delivered prices in China stayed above 0.7 Yuan/W, and current quotations from top-tier players are still relatively high. The market exhibited a situation where half are holding prices firm while the other half are selling at low prices. Currently, high-efficiency distributed Topcon 183, 210R, and 210N modules are quoted at 0.731 Yuan/W, 0.736 Yuan/W, and 0.739 Yuan/W, respectively; and centralized Topcon 182/183, 210N, and 210R high-efficiency modules are quoted at 0.7185 Yuan/W, 0.7385 Yuan/W, and 0.729 Yuan/W, respectively.

[Sichuan-Yunnan Silicon Enterprises’ Operating Rate Increase Puts Silicon Metal Market Under Pressure]: On the supply side, the rainy season production resumptions at silicon enterprises in Sichuan and Yunnan have pushed operating rates higher. From a supply-demand balance perspective, the silicon metal supply growth outpaces demand growth in June-July, leaving theoretical industry inventory in a buildup state. Fundamentals are weak, and coupled with a lack of recent positive news to provide a boost, the silicon metal market lacks sufficient upward momentum and has limited downside support from costs. Overall, prices are in the doldrums within a narrow range.

[SMM Silicone Weekly Review: Silicone DMC Transaction Center Dips Again, Market Bearish Sentiment Intensifies Further] This week, the transaction center of silicone DMC in China continued to decline, with the transaction range at 13,800-14,200 yuan/mt, an average price of 14,000 yuan/mt, down 150 yuan/mt WoW.

[SMM Morning Comment on Cast Aluminum Alloy: Overnight Cast Aluminum Prices Fell Back Significantly, While Tightened Aluminum Scrap Supply Supports Spot Prices] On Tuesday, the ADC12 market maintained a steady overall trend, with SMM ADC12 price unchanged from the previous trading day at 24,100 yuan/mt.