Silica: This week, silica market prices remained broadly stable, with regional quotations holding steady. The mine-mouth price for high-grade silica in Hubei was still at 310-350 yuan/mt, while the mine-mouth price for high-grade silica in Inner Mongolia stood at 290-330 yuan/mt, low-grade silica in Inner Mongolia at 200-240 yuan/mt, and low-grade silica in Yunnan at 150-180 yuan/mt. On the demand side, just-in-time procurement posted a slight increase, but silicon metal plants strictly controlled costs and prioritized price comparisons in procurement, intensifying competition for supply among regions. However, overall supply-side operations were affected by weather and other factors, leading to a slight decline in operating rates; supply tightened somewhat but remained ample overall. As a result, silica prices are expected to stay stable in the short term. Silicon coal: This week, silicon coal market prices held steady, with silicon granular coal in Gansu at 1,140 yuan/mt and silicon mixed coal at 1,060 yuan/mt; silicon granular coal in Inner Mongolia and Ningxia at 1,340 yuan/mt; Xinjiang non-caking silicon coal at 855 yuan/mt; and Xinjiang caking silicon coal at 1,400 yuan/mt. Demand side, Southwest silicon metal plants continued to resume production during the rainy season, and the industry operating rate steadily improved, boosting just-in-time procurement volume for silicon coal, which edged up WoW. However, spot silicon metal prices remain under pressure, and downstream silicon metal plants are struggling with weak profitability, leading to more conservative raw material procurement strategies. Most are restocking only as needed, and cost-control demands are prominent, fueling strong sentiment in the market to push for lower prices. Petroleum coke: This week, China’s petroleum coke market saw decent trading activity. Port spot quotations for Formosa Plastics petroleum coke rose markedly, with mainstream prices climbing to 1,400-1,450 yuan/mt. SMM data showed that as of Thursday, the Shandong 4# petroleum coke price index was at 2,018.56 yuan/mt, up 8.06% from last Thursday. During the week, typhoon-related temporary closures at Shandong ports disrupted discharge and transport of imported petroleum coke, prompting downstream users to turn to domestic supply for just-in-time procurement. Demand for domestic substitution was released in a concentrated manner. Coupled with restricted shipping routes driving up refineries’ crude oil procurement cost expectations, a confluence of positive factors pushed China’s petroleum coke prices significantly higher. Subsequently, as Shandong ports gradually resumed loading and unloading operations, trading sentiment in the domestic coke market shifted from strength to stability, entering a consolidation and adjustment phase. Electrode: This week, prices of electrodes used in silicon production remained low, lacking upward momentum amid weak supply and demand. Production resumptions at Southwest silicon plants brought a small increase in just-in-time procurement, but the overall operating rate of the silicon metal industry is still low, keeping the consumption pace of electrodes used in silicon production slow. Currently, ordinary power carbon electrodes with diameter 960-1,100mm are quoted at 6,000-6,600 yuan/mt; ordinary power carbon electrodes with diameter 1,272mm at 7,000-7,400 yuan/mt; ordinary power graphite electrodes with diameter 960-1,100mm at 10,800-11,200 yuan/mt; ordinary power graphite electrodes with diameter 1,272mm at 12,200-12,800 yuan/mt; and ordinary power graphite electrodes with diameter 1,320mm at 12,800-14,200 yuan/mt. If you would like to learn more detailed market information and dynamics, or have other information needs, please call 021-20707889.

Silica: This week, silica market prices remained largely stable. Supply side, some producing regions were affected by rainy weather, limiting the pace of mining and transportation and resulting in a slight tightening of local cargo supply. However, ample inventories accumulated earlier in the industry kept the overall supply base loose, and the short-term disruptions have yet to exert a notable impact on the broader market. Demand side, as the southwest rainy season continued to advance, silicon metal plants resumed production, driving a MoM increase in overall silicon plant operating rates. Consequently, restocking demand from silicon plants for raw material silica improved marginally, supporting a modest improvement in just-in-time procurement for silica. Nevertheless, sentiment for pushing for lower prices remained strong among silicon plant buyers, which prompted silica's upside room. Silicon Coal: This week, silicon coal market prices remained stable. Specifically, silicon granule coal in Gansu was quoted at 1,140 yuan/mt, and silicon mixed coal at 1,060 yuan/mt; silicon granule coal in Inner Mongolia and Ningxia was at 1,340 yuan/mt; Xinjiang non-caking silicon coal was at 855 yuan/mt; and Xinjiang caking silicon coal was at 1,400 yuan/mt. Supply side, the silicon coal market exhibited a clear divergence pattern: driven by production resumptions at silicon metal enterprises during the southwest rainy season, some coal processing plants that produce based on sales slightly raised their operating rates, with production schedules adjusting in tandem with downstream just-in-time procurement. Meanwhile, other plants that had experienced slowing shipments and accumulated high inventories focused primarily on destocking. Demand side, according to July production schedule statistics for silicon metal, silicon metal production increased MoM, and just-in-time procurement for silicon coal is therefore expected to edge up in tandem. Petroleum Coke: This week, trading performance in China's petroleum coke market was mediocre. Sentiment for low-sulphur petroleum coke improved, with prices recovering slightly; mid- and high-sulphur petroleum coke saw sluggish downstream procurement, with prices consolidating lower. The overall market price center edged down slightly. Trading sentiment for Formosa Plastics petroleum coke was subdued, and port spot cargo offers were basically stable, with mainstream transaction prices holding at 1,300-1,350 yuan/mt. According to SMM monitoring, as of Thursday this week, the Shandong 4# petroleum coke price index was reported at 1,868.08 yuan/mt, down 2.14% WoW from last Thursday. Supply side, concentrated refinery maintenance in July was gradually winding down and resuming production, which, coupled with high port inventories, left the overall market supply relatively ample. Demand side, just-in-time procurement from the carbon used in aluminum production sector formed a bottom support, while purchasing enthusiasm from negative electrode material enterprises improved slightly. In the short term, market divergence across petroleum coke grades is expected to persist, with the overall market price center likely to drift lower. Electrode: This week, prices of electrode used in silicon production continued to operate at low levels. Demand side, production resumptions at silicon metal plants during the southwest rainy season continued to advance, with overall operating rates likely to rise further in July, prompting a modest recovery in raw material procurement by silicon plants. However, the silicon metal market remained in a downturn, with silicon plants exhibiting a strong desire to bargain down prices. Supply side, electrode producers faced inventory pressure while contending with intense competition for shipments. Such a supply-demand dynamic is insufficient to support prices. Therefore, in the short term, electrode used in silicon production still lacks upward driving momentum and is expected to continue its low-level operating trend. If you would like more detailed market information and trends, or have other information needs, please call 021-20707889.

Silica: This week, the silica market price range remained stable. Rainy season in south-west China saw some silicon metal plant production resumptions, driving a slight recovery in just-in-time procurement of silica, but the increment was limited. Currently, spot silicon metal remained persistently sluggish, and most silicon metal plants had limited profits, leading to strong willingness to push for lower prices on the procurement side, which persistently suppressed the upside room for silica prices. On the supply side, with rigid support from costs such as mining and transportation, the downside room for silica prices was also limited. Therefore, subject to constraints from both supply and demand, silica prices are expected to remain stable with a consolidating trend in the short term. The high-grade silica mine-mouth price in Hubei remained at 310-350 yuan/mt, that in Inner Mongolia at 290-330 yuan/mt; the low-grade silica mine-mouth price in Inner Mongolia stood at 200-240 yuan/mt, and that in Yunnan at 150-180 yuan/mt. Silicon Coal: This week, the silicon coal market price remained stable. Regional quotations: Gansu silicon granulated coal at 1,120 yuan/mt, silicon mixed coal at 1,040 yuan/mt; Inner Mongolia and Ningxia silicon granulated coal at 1,340 yuan/mt; Xinjiang non-caking silicon coal at 855 yuan/mt; Xinjiang caking silicon coal at 1,400 yuan/mt. Supply side, driven by production resumptions at silicon metal plants in south-west China during the rainy season, the operating rate at some coal processing plants edged up slightly, but the increment was limited, and the overall supply ease of silicon coal did not improve significantly. Demand side, driven by the overall higher operating rate at silicon metal plants, procurement volume edged up. However, given the persistently sluggish market trend, procurement was still limited to just-in-time purchases in small batches, and raw material inventory was generally maintained at a monthly safe stockpiling level. Petroleum Coke: This week, trading in China's petroleum coke market was moderate. Price trends for products of different specifications continued to diverge, and the overall price center edged down slightly. In the Formosa Plastics petroleum coke market, the transaction atmosphere was subdued. Port spot prices remained generally stable, with mainstream transaction prices maintained at 1,300-1,350 yuan/mt. According to SMM monitoring, as of this Thursday, the price index for 4# petroleum coke in Shandong was quoted at 1,908.99 yuan/mt, down 7.57% from last Thursday. Supply side, affected by concentrated maintenance at some refineries, the coking unit operating rate in China remained persistently low in early July, further tightening domestic petroleum coke supply. Demand diverged significantly: high operating rates in aluminum electrolysis supported anode just-in-time demand, and carbon enterprises’ monthly restocking provided support for medium-sulphur petroleum coke; while negative electrode enterprises reduced costs and procured on a just-in-time basis, leaving low-sulphur petroleum coke with insufficient upward momentum. Overall, the petroleum coke market is expected to maintain a consolidating and divergent trend in the short term. Electrode Used in Silicon Production: This week, prices of electrode used in silicon production continued to run at low levels. Production resumptions at some silicon metal plants in south-west China during the rainy season drove a slight rebound in the overall operating rate of silicon metal plants. Just-in-time procurement of electrodes increased slightly, but the incremental space was limited. Additionally, on the supply side, producers had accumulated inventories from the previous period, leading to fierce competition in shipments. The overall market remained in oversupply, and prices lacked effective support. Therefore, the short-term market is expected to primarily operate at low levels. If you wish to obtain more detailed market information and dynamics, or have other information needs, please call 021-20707889.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for polysilicon N-type recharging polysilicon is 49.7-55 yuan/kg, granular polysilicon is 50-51 yuan/kg, and the polysilicon price index is 52 yuan/kg. Overall, market prices are largely stable, with individual enterprises still maintaining a mindset to hold quotes firm. Top-tier enterprises continue to slow down futures delivery operations, while multiple price reductions downstream have exerted some pressure on spot polysilicon.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Trading Temporarily on Hold, Module Prices Mixed] Over the weekend, the quoted price for N-type recharging polysilicon was 50.1-55 yuan/kg, with the N-type polysilicon price index at 52.37 yuan/kg, and granular polysilicon quoted at 50-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. Downstream crystal pulling plants had previously built up sufficient raw material inventory, leading to limited market transactions. An industry conference is expected to reconvene soon, and the market is awaiting the outcome.