According to an announcement by the Shanghai International Energy Exchange, with the approval of the China Securities Regulatory Commission, effective April 22, 2026 (from the night continuous trading session on April 21), the Shanghai International Energy Exchange (hereinafter referred to as INE) will further expand the range of tradable products available to Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors (collectively, Qualified Foreign Investors), with the newly added commodity options contracts open for trading as follows: TSR 20 rubber and international copper options contracts.

[Zinc Oxide Operating Rates Remain Stable, End-Use Demand Shows Divergence] In terms of orders, overall demand for rubber-grade zinc oxide remained stable, but some enterprises were relatively cautious about expectations for subsequent demand from tyre factories; orders for major ceramic-grade zinc oxide producers were relatively stable, but affected by the overall weakness in the real estate market, overall demand in the sector was average......

[SMM Silicone Weekly Review: Silicone Market Transaction Center Stabilized, Downstream Purchased as Needed on Price Dips] This week, the transaction range in China's silicone DMC market was 13,800-14,300 yuan/mt, stable WoW. By regional quotes, monomer enterprises in Shandong quoted 14,000 yuan/mt, while mainstream monomer enterprises in other regions mostly quoted 14,300 yuan/mt. After the phased price fluctuations last week, the main transaction range gradually stabilized.

[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 Silicone Weekly Review: The Center of Market Transactions Shifted Slightly Lower, and Downstream Wait-and-See Sentiment Increased] This week, the quotation range for mainstream quotations in China’s silicone DMC market was 13,800-14,300 yuan/mt, down 100 yuan/mt WoW. Overall market trading sentiment remained weak, with increased back-and-forth negotiations between upstream and downstream. As raw material support still persisted, midstream players remained cautious in procurement sentiment, and wait-and-see sentiment in the market was strong.

[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.

[Operating Rates Continued to Rise This Week, but Order Demand Had Not Fully Started] The rise in operating rates this week was mainly driven by enterprises gradually resuming operations and production. On the order side, orders at top-tier enterprises generally remained stable, but overall industry demand had not yet fully recovered. Affected by the relatively late Chinese New Year break, current end-use demand in rubber, desulfurization, and other sectors still had not fully started, while performance in the ceramics sector was also relatively weak, and it would still take time for demand to see a substantive improvement......

[SMM Silicone Weekly Review: Downstream Procurement Sentiment in the Silicone Market Remained Cautious, and New Order Transactions Were Relatively Weak] After completing the price increase last week, quoted prices generally remained stable this week, but actual market transactions were relatively weak. Cost side, affected by geopolitical developments, raw material methanol prices held up well, which also provided some support for silicone DMC prices. However, subsequent impacts and changes still require close attention to the extent of raw material price fluctuations and the duration of their effects.

[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 Silicone Weekly Review: Silicone Product Prices Increased, New Orders Were Mainly Driven by Rigid Demand] This week, domestic silicone DMC market prices rose, with the quotation range of mainstream quotations raised to 14,000-14,300 yuan/mt, up 250 yuan/mt WoW. By region, monomer enterprises in Shandong quoted 14,000 yuan/mt, up 200 yuan/mt from the previous period, while mainstream monomer enterprises in other regions quoted 14,300 yuan/mt, up 300 yuan/mt from the previous period.