[SMM Silicon-Based PV Morning Briefing] Silicon metal: The silicon metal market remained in a weak stalemate. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,200 yuan/mt, down 50 yuan/mt from the previous day. Weaker expectations for production cuts on the supply side weighed on market sentiment. At the start of the week, futures prices trended weaker, and the center of spot transactions for some cargoes in the market edged lower. Cost support from the raw material side remained firm, and prices may fall back into stalemate. Polysilicon: N-type recharging polysilicon was quoted at 35.5-41.5 yuan/kg. Polysilicon prices have continued to decline recently, mainly affected by market sentiment and inventory exit the market among some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some producers, and the sentiment to hold quotes firm has strengthened somewhat. Relevant meetings still need to be monitored going forward.

The International Finance Corporation ('IFC') is providing a loan of up to $125 million to 'OCI TerraSus Sdn. Bhd.' for a semiconductor-grade polysilicon manufacturing facility in Malaysia. The plant, a joint venture between Korea's 'OCI' and Japan's 'Tokuyama Corporation', is located in Sarawak and has a planned capacity of 10,000 MT with a total investment of $435 million. Powered by renewable energy, it is billed as Southeast Asia's first such facility, producing high-purity materials for silicon wafers and semiconductor chips amid surging 'AI' demand. This follows a $250 million 'IFC' loan granted last August for a 100,000 MT polysilicon plant in Oman.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon Metal: Spot silicon metal prices remained in a stalemate consolidation. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon at 9,300-9,500 yuan/mt, unchanged from the previous day. The quote center of some silicon enterprises was slightly lower than that of trading firms engaging in both spot and futures market, while downstream users mainly transacted at lower prices, and overall market trading activity was subdued. Polysilicon: N-type recharging polysilicon was quoted at 38-47 yuan/kg. Polysilicon prices continued to decline somewhat recently, mainly affected by market sentiment and inventory clearance by some leading enterprises. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the sentiment to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price movements.

[SMM Silicon-Based PV Morning Briefing] Polysilicon: The quoted price for N-type recharging polysilicon was 42-49 yuan/kg. Polysilicon prices continued to decline recently, mainly affected by wafer price cuts and market sentiment. At present, low-priced polysilicon has already fallen below the cost line of some manufacturers, and the willingness to hold quotes firm has strengthened somewhat. The upstream market was also still watching wafer price moves. Wafer: In the market, 18X wafer prices were 1.00-1.05 yuan/piece, 210RN wafer prices were 1.1-1.15 yuan/piece, and 210N wafer prices were 1.3-1.35 yuan/piece. Wafer prices remained stable. Current selling prices have already fallen below cash cost, so the likelihood of another sharp price cut was relatively small.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon was at 9,300-9,600 yuan/mt, down 50 yuan/mt from the previous day. Yesterday, the futures market fluctuated rangebound near 8,600 yuan/mt and closed at 8,625 yuan/mt late in the session, down 45 yuan/mt from the previous close. Market and macro sentiment caused large fluctuations in futures prices, while downstream inquiries were subdued and transactions were mainly concluded for rigid demand orders. Silicon metal prices faced resistance on the upside and were supported by costs on the downside. Polysilicon: N-type recharging polysilicon was quoted at 44.7-53 yuan/kg. Polysilicon prices have fallen sharply recently, mainly affected by wafer price cuts and market sentiment. At present, some manufacturers continued to lower polysilicon prices, and some small-volume orders were concluded at relatively low market prices. Market sentiment remained bearish.

[Industrial Silicon Prices Fluctuated; Polysilicon Price Sentiment Was Weak]: This week, the silicon metal market fluctuated significantly on news, falling first and then rising. As of March 5, SMM east China oxygen-blown #553 silicon was at 9,000-9,100 yuan/mt, with the transaction center moving down WoW; some suppliers quoted at 9,200 yuan/mt. The futures market fell first and then rose, with large fluctuations; amid disruptions from news such as expectations for Xinjiang electricity prices and environmental protection, futures prices recovered from the bottom. As futures prices rose, trading firms engaging in both spot and futures market raised their quotes accordingly; silicon enterprises held quotes steady or increased them by 100 yuan/mt. Low-priced supply in the market shifted from spot-futures to silicon enterprises, and downstream users purchased as needed, selecting lower-priced offers.

[SMM Silicon-Based PV Morning Meeting Minutes] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,000-9,200 yuan/mt, and 441# silicon was at 9,200-9,500 yuan/mt. Yesterday afternoon, silicon metal futures prices fluctuated sharply due to macro disruptions; the most-traded contract fell below 8,200 yuan/mt at its low and closed at 8,205 yuan/mt in late trading. Some silicon enterprises in northern China lowered their quoted prices, but they still did not match the price advantage of spot-futures traders, and downstream users mainly bought the dip. Polysilicon: N-type recharging polysilicon was quoted at 46-53 yuan/kg, the polysilicon price index was 49.17 yuan/kg, and polysilicon prices have declined significantly recently, mainly due to pressure from wafer price cuts and the impact of related meetings. At present, as the wafer segment has yet to stop falling, market sentiment is weak, and there may still be some downside room going forward.

[SMM Silicon-Based PV Morning Conference Summary] Silicon Metal: Post-Chinese New Year, the market exhibited strong wait-and-see sentiment, with silicon enterprise offers remaining basically stable compared to pre-holiday levels. Yesterday, SMM assessed oxygen-blown #553 silicon in east China at 9,200-9,400 yuan/mt and #441 silicon at 9,300-9,600 yuan/mt. The most-traded futures contract fluctuated near 8,350-8,450 yuan/mt, while some futures-spot traders saw their spot-futures price spread quotes strengthen slightly. On the first trading day after the holiday, market activity was dominated by inquiries, with limited spot transaction volumes. Silicone: Yesterday's transaction price stood at 13,800-14,000 yuan/mt, holding steady from pre-holiday levels. During the Chinese New Year holiday, demand remained stagnant. Post-holiday, as downstream plants resumed operations and the first wave of rigid restocking demand gradually emerged, coupled with low operating rates on the supply side and the upcoming silicone monomer industry conference in Zhejiang from late February to early March, silicone prices are still expected to rise.

[Weekly production of silicon metal samples in major production areas increased WoW] According to market feedback, from June 6 to June 12, the weekly production of silicon metal samples in Xinjiang was 31,670 mt, with a weekly operating rate of 65%, unchanged WoW. The operating capacity in Xinjiang was basically stable during the week, with the operating rate remaining unchanged. There is room for an increase in the operating rate in Xinjiang in the future. Following the recent rebound in silicon metal futures prices, the volume of spot sales by silicon enterprises in Xinjiang increased significantly, and the proprietary inventory of silicon enterprises decreased significantly compared to the previous period.

[Spot Silicon Metal Prices Consolidate, Polysilicon Price Center Weakens]: This week, spot silicon metal prices consolidated. In the spot market, SMM east China oxygen-blown #553 silicon was priced at 8,000-8,300 yuan/mt, unchanged WoW. #441 silicon was priced at 8,400-8,600 yuan/mt, unchanged WoW. #421 silicon was priced at 8,400-9,000 yuan/mt, unchanged WoW. In the futures market, the main silicon metal contract Si2507 fluctuated considerably around 7,300-7,550 yuan/mt. Futures prices rose by approximately 200-300 yuan/mt WoW. After the futures market rose, spot-futures price spread quotes remained stable, with absolute prices increasing WoW. There was a strong sentiment among downstream buyers of silicon metal to drive down prices, and their acceptance of high prices was poor. The availability of low-priced cargoes in the market decreased, and the transaction center for some specifications moved higher WoW.