[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 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.

[SMM Cast Aluminum Alloy Morning Comment: Alloy Enterprises Yet to Resume Work, Market Mainly Sluggish] On Tuesday, the SMM ADC12 price was raised by 100 yuan/mt to 23,750 yuan/mt. Post-holiday, futures showed strong performance on the first day, boosting market sentiment, but secondary aluminum enterprises' quotations displayed some divergence. Some enterprises, considering downstream operations have not fully resumed, maintained pre-holiday quotation ranges, holding steady and adopting a wait-and-see approach; others raised prices by 100 yuan/mt accordingly. Inquiry activity in the market gradually recovered, but actual transactions remained relatively light, with the market still dominated by a wait-and-see stance. As the shutdown period for secondary aluminum plants this year was slightly longer YoY, most enterprises are scheduled to resume work between the eighth and fifteenth days of the first lunar month. Supply release pace is expected to be relatively slow in the first week after the holiday, providing phased support to prices. However, demand-side recovery is more likely to be gradual; before end-user orders show significant volume, downstream procurement will remain cautious and need-based. Cost side, continued attention is needed on price fluctuations of aluminum scrap and auxiliary materials such as copper and silicon. Primary aluminum trends remain a key variable affecting market sentiment and the price center. Overall, ADC12 prices are likely to continue the pre-holiday sideways movement pattern in the initial post-holiday period. Subsequent direction will depend on supply-demand matching after full production resumptions and primary aluminum price performance. If phased restocking coincides with primary aluminum holding up well, there is room for price recovery; otherwise, prices may face slight pressure, but the overall trend is expected to remain sideways.

An international team of photovoltaic researchers from King Abdullah University of Science and Technology (KAUST), the University of Freiburg, and the Fraunhofer Institute for Solar Energy Systems ISE have achieved a key step toward the industrialization of perovskite-silicon tandem solar cells.

【SMM Analysis】Recycling Industry Events This Week (Jun. 3-6): This week's recycling industry events.

Integrated enterprises (wafer-cell-module) full costs drop to 0.733 RMB/W. Semi-integrated enterprises (cell-module) full cost increase to 0.728 RMB/W. Specialized enterprises full costs increase to 0.719 RMB/W.

Recently, GCL Technology Holdings Limited released the news, certified by the French Environment and Energy Control Agency (ADEME), the full life cycle carbon footprint of granular silicon products in Hohhot factory down to 18.050 kg CO2 equivalent / kg, refresh the world's single granular silicon production base (excluding industrial silicon) the lowest carbon footprint record.

[Sluggish Orders and Supply Pressure Weigh on Silicon Metal Prices]: Silicon Metal: This week, the mainstream transaction center for spot silicon metal showed a downward trend. As of February 27, the mainstream transaction prices for above-standard #553 silicon in east China ranged from 10,600-10,700 yuan/mt, down 150 yuan/mt WoW. In the futures market, the Si2505 contract fluctuated downward within the range of 10,280-10,550 yuan/mt during the week, closing at 10,330 yuan/mt on Thursday afternoon. Polysilicon: This week, the mainstream transaction prices for N-type recharging polysilicon were 39-45 yuan/kg, while those for N-type dense polysilicon were 38-42 yuan/kg. Polysilicon transaction prices remained relatively stable this week. In March, wafer production schedules are limited due to self-discipline, and market sentiment remained relatively stable. From the perspective of March's supply-demand balance, polysilicon supply and demand are tightly balanced. Currently, there is still some inventory of polysilicon, and prices remain stable. Some enterprises intend to stand firm on quotes, but no actual implementation has been observed yet.

[SMM Silicon-Based PV Morning Meeting Summary: February Silicon Wafer Production Continues to Increase, Solar Cell Inventory Shows a Decreasing Trend] February silicon wafer production continued to increase, with the growth mainly concentrated in integrated enterprises. Recently, battery orders have been relatively sufficient, with normal shipments, and inventory shows a decreasing trend. The price of Topcon183 solar cells remains stable for now, with fewer low-price orders.

[Silicon Metal Prices Continue to Decline, Polysilicon N-Type Recycled Material Prices Rise]: Silicon Metal Market: The silicon metal market continued its downward trend, with silicon prices still showing a declining pattern this week. Futures prices dropped, and spot-futures price spread quotations from traders rose, but they still showed a significant price advantage compared to quotations from silicon producers. Under the influence of low-priced supplies, silicon producers lowered their quotations, but transactions remained difficult. Some producers chose to keep their quotations flat or temporarily stopped quoting. In terms of market transactions, downstream users released orders as needed, and the market transaction atmosphere remained average. Spot silicon prices continuously fell below psychological expectations, affecting the willingness of some traders to stockpile. Polysilicon Market: This week, the mainstream transaction prices for N-type recycled material were 39-45 yuan/kg, while the mainstream transaction prices for N-type dense material were 38-42 yuan/kg. Polysilicon prices rose slightly this week, mainly reflected in the continued increase in quotations for N-type recycled material. However, it should be noted that the latest quotations only resulted in small-volume transactions, with weak market representativeness. Mainstream downstream order-signing enterprises are still in a wait-and-see mode. In January, polysilicon production schedules are expected to continue declining, involving production cuts at 2-3 enterprises, with production expected to decrease by 3,000 mt.