[Silicon Metal Market Sees Rising Bargaining Sentiment, Focus on Changes in Supply-Side Operating Rates]: This week, the silicon metal market remained in a bargaining stalemate, with the price center of some specifications edging up slightly. As of March 26, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, up 100 yuan/mt WoW. #441 silicon was at 9,300-9,500 yuan/mt, flat WoW, and #3303 silicon was at 10,200-10,400 yuan/mt, also flat WoW. In the futures market, affected by sentiment and expectations surrounding supply-side factors such as “self-discipline among silicon enterprises and anti-involution,” the most-traded silicon metal contract continued to hold up well over the past week, closing at 8,735 yuan/mt late on Thursday with a notable gain. In terms of quotations, silicon enterprises mostly kept shipment quotes stable, with some quotes testing slight increases; the quote center of trading firms engaging in both spot and futures market rose markedly, and low-priced cargoes disappeared. As downstream acceptance of high prices was limited, high-priced transactions in the market were difficult to conclude.

[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 Meeting Summary: Polysilicon Prices Remained Slightly Weak, While Module Prices Were Overtly Stable but Softened in Practice] Over the weekend, N-type recharging polysilicon was quoted at 39.5-47.5 yuan/kg, the N-type polysilicon price index stood at 43.64 yuan/kg, and granular polysilicon was quoted at 40-43 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, with reports of some transactions concluded at low prices. Bearish sentiment among upstream and downstream enterprises persisted, and prices were expected to remain weak.

[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: Module Prices Have Softened Somewhat, While Polysilicon Prices Remain Temporarily Stable] Recently, transaction prices for modules in China have softened somewhat. As demand outside China declines and domestic projects are at the point of being about to start, module enterprises have shown differing attitudes in their quotations. Some enterprises have begun offering concessions in advance to take orders, and distributors have also recently started shipments at low prices, thereby leading to a decline in the market transaction price center. At present, quoted prices for distributed Topcon183, 210R, and 210N high-efficiency modules are 0.752 Yuan/W, 0.767 Yuan/W, and 0.77 Yuan/W, respectively, while quoted prices for centralized Topcon182/183 and 210N high-efficiency modules are 0.727 Yuan/W and 0747 Yuan/W, respectively.

[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.

[SMM Silicon-Based PV Morning Meeting Minutes: Silicon Metal Prices Recovered Slightly; Module Prices Temporarily Stable] Over the weekend, N-type recharging polysilicon was quoted at 45-53 yuan/kg, the N-type polysilicon price index stood at 48.21 yuan/kg, and granular polysilicon was quoted at 43-45 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. Bearish market sentiment was strong, with limited transactions this weekend. The market focused on subsequent order signings and operating dynamics of top-tier enterprises.

[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 meeting summary: upstream silicon market prices mostly stable over the weekend downstream module quotes show an upward trend] over the weekend, n-type recharging polysilicon quotes were 48-56 yuan/kg, the n-type polysilicon price index was 51.4 yuan/kg, and granular polysilicon quotes were 49-51 yuan/kg. polysilicon prices remained temporarily stable over the weekend. previously, the market sentiment was bearish, with limited transactions this weekend. the market is focusing on order signing conditions in early march, as well as the trend of silver prices amid international situations.

[Post-holiday silicon metal market activity gradually recovers; focus on operating rate changes on both supply and demand sides]: During the first workweek after the Chinese New Year holiday, downstream users of silicon metal mainly inquired about prices, with only small volumes of rigid demand restocking transactions concluded. Trading firms engaging in both spot and futures market quoted prices actively, while silicon enterprises mostly maintained stable offers and adopted a wait-and-see stance compared to pre-holiday levels. As of February 26, SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, #441 silicon at 9,300-9,500 yuan/mt, and #3303 silicon at 10,200-10,400 yuan/mt. On the export front, overseas users showed active inquiry performance after the holiday, but export order prices remained involutionary. In the futures market, the most-traded contract weakened on Thursday afternoon, closing at 8,335 yuan/mt at the end of the session. Throughout the week, the most-traded contract moved within a range of 8,330-8,495 yuan/mt. Most silicon enterprises maintained strong wait-and-see sentiment with stable offers, while futures consolidated at lows and trading firms engaging in both spot and futures market quoted actively, resulting in on-demand transactions in the market.