[Production Resumptions and Capacity Release in Xinjiang Lead to Increased Weekly Silicon Metal Supply] According to market feedback, from May 23 to May 29, the weekly production of sampled silicon metal plants in Xinjiang was 27,120 mt, with a weekly operating rate of 59%, an increase of 7 percentage points WoW. The production resumptions and capacity release of large plants in Xinjiang drove up the total weekly supply, and with production continuing to be released, the operating rate is expected to increase further next week. The operating rates of other large plants in Xinjiang remained stable, while those of small-scale silicon enterprises were relatively low.

[Silicon metal raw material market remains weak; petroleum coke prices continue to decline in the short term] Affected by the continued weakness in downstream demand and the weakening support from the cost of various raw materials, the prices of various raw materials are once again under pressure. The petroleum coke market was relatively mediocre during the week, with refineries showing ordinary sales performance, and petroleum coke prices continued to decline.

[SMM Silicon-Based PV Morning Meeting Summary: Wafer Prices Drop Back Slightly, Overall Solar Cell Prices Continue to Decline] The market price of N-type 18X wafers is 0.93-0.95 yuan/piece, and the price of N-type 210RN wafers is 1.05-1.1 yuan/piece. The price of high-efficiency PERC182 solar cells (with an efficiency of 23.2% and above) is 0.275-0.295 yuan/W, and the mainstream quotation for Topcon183 solar cells (with an efficiency of 25% and above) is around 0.255-0.26 yuan/W. The mainstream transaction price for Topcon210RN is 0.265 yuan/W, with a quotation range of 0.26-0.27 yuan/W. The price of Topcon210 solar cells is around 0.275-0.28 yuan/W.

[Demand for raw materials and prices of silicon metal continue to be weak, while petroleum coke prices mainly decline in the short term] Downstream demand remains weak, and some raw material prices have been lowered again. Overall, petroleum coke prices are expected to decline mainly in the short term.

[SMM Silicon-based PV Morning Meeting Summary] Silicon Metal: Yesterday, the futures Si2507 contract was in the doldrums, breaking below 8,000 yuan/mt during the day. The most-traded contract closed at 7,940 yuan/mt yesterday, down 2.3%. Polysilicon: Yesterday, the mainstream transaction prices for N-type recharging polysilicon were 36-39 yuan/kg, and the N-type polysilicon price index was 36.25 yuan/kg. Market transactions gradually picked up, with polysilicon prices declining. The transaction prices for dense polysilicon from some large manufacturers tended towards 35 yuan/kg. Wafer: At the beginning of the week, wafer market prices slightly decreased, showing a weak trend. Small manufacturers lowered their quotes for large orders, but some leading manufacturers gradually strengthened their stance to stand firm on quotes. High-purity Quartz Sand: This week, the transaction prices for spot orders of imported high-purity quartz sand from domestic traders declined. Additionally, negotiations on long-term contract prices have begun recently, and the subsequent performance of quartz sand prices is expected to be mainly downward.

[Both Prices and Demand for Silica and Silicon Coal, Raw Materials for Silicon Metal, Remain Weak; Petroleum Coke Prices Predominantly Stabilize and Decline in the Short Term] Downstream demand continues to be weak, with prices for silica and silicon coal, raw materials for silicon metal, experiencing decreases in some regions. Overall, petroleum coke prices are predominantly expected to stabilize and decline in the short term.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the mainstream transaction prices of N-type recharging polysilicon were 37-44 yuan/kg, and the N-type polysilicon price index was 37.28 yuan/kg. This week, the price center of polysilicon declined slightly, but the overall decline slowed down. The concentrated order signing period in the market has passed, and trading volume was limited. Wafer: The market price of N-type 18X wafers was 1-1.05 yuan/piece, and the price of N-type 210RN wafers was 1.15-1.2 yuan/piece. The market prices of wafers have stabilized somewhat, and trading volume rebounded during the holiday.

【Silicon Metal Express】On April 23, prices for certain specifications in east China were lowered, while the mainstream remained stable. The most-traded SI2506 futures contract held up well, opening at 8,835 yuan/mt and closing at 8,930 yuan/mt, up 1.08%. Spot silicon metal prices still held an advantage, with some silicon metal plants lowering their offers to secure deals, leading to a downward shift in the center of supply-side quotations. Downstream users' stockpiling activity before the Labour Day holiday was moderate.

【Silicon Metal Express】On April 23, prices of some specifications in east China were lowered, while the mainstream remained stable. Oxygen-blown #553 silicon was quoted at 9,600-9,900 yuan/mt, unchanged from the previous day, while #441 silicon was quoted at 9,900-10,100 yuan/mt, down 50 yuan/mt from the previous day. In the futures market, the most-traded SI2506 contract held up well, opening at 8,835 yuan/mt, with a high of 8,955 yuan/mt, a low of 8,835 yuan/mt, and closing at 8,930 yuan/mt, up 1.08%. The spot cargo prices still held an advantage, and some silicon metal plants offered discounts due to capital needs, leading to a downward shift in the supply-side price center. Downstream users' stockpiling activity before the Labour Day holiday was moderate.

The overall demand for raw materials of silicon metal remained weak, with prices of silica in some regions declining this week. For petroleum coke, although many refineries were shut down for maintenance and downstream companies showed low buying sentiment, it was mainly stable in the short term.