[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices remained stagnant this week. SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. Silicon metal futures prices fluctuated around 8,700 yuan/mt. With absolute prices on the high side, downstream players mainly digested inventories, and new order transactions were sluggish. Supply and demand were largely balanced, and prices remained in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34.1-36 yuan/kg. Polysilicon prices were relatively stable overall this week. Orders were signed both in the preceding period and this week. Industry conferences continued to be held this week, coupled with wild swings in futures, and wait-and-see sentiment in the market gradually increased.

[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.

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.

The price of silicon coal continued to decline, reaching a low in recent years. The silicon coal market recently experienced a continuous price drop, with prices in many regions loosening and decreasing throughout March. Amid the already weak overall coal market environment this year, the demand for silicon coal was also not ideal. Under the dual impact of these weaknesses, the price of silicon coal continued to fluctuate downward.

[Overall Demand for Raw Material of Silicon Metal Remains Weak with Slightly Lower Price Trends] The overall demand for raw material of silicon metal has not shown a significant recovery, and the price trends at all stages remain slightly weak.

[Demand and Cost Both Lack Support, Silicon Coal Prices Continue to Decline] Recently, the price of silicon coal, a raw material for silicon metal, has continued to decrease, with the most significant drops observed in Ningxia and Gansu regions. Currently, silicon coal prices have fallen to their lowest levels in recent years.

[Tongwei Co. Ltd. Launches New "Granular Silicon" Production Project, Company Claims It as an Independent Technological Pathway] ① Tongwei Co. Ltd. has for the first time ventured into "granular polysilicon," with the project adding one silane-based granular polysilicon pilot production unit, enabling an additional granular polysilicon capacity of 10,000 mt per year; ② The PV industry is currently still at the bottom of the cycle, and for polysilicon companies, there remains stringent cost reduction pressure. (CLS)

[Further Decline in Silicon Coal Prices in Early 2025 May Reduce Silicon Plant Losses] Entering January 2025, silicon coal prices in the raw material segment of silicon metal were the first to decrease. Starting with silicon coal in the Xinjiang region at the beginning of the month, recent price reductions have also been observed in the Ningxia and Gansu regions to varying degrees. The decline in silicon coal prices in multiple regions at the beginning of 2025 is expected to slightly lower the production costs of silicon metal.

[SMM Weekly Review: Upstream Transactions Remain Flat with High Quotations; Weak Demand and Prices for Modules] This week, the mainstream transaction prices for N-type recharging materials were 39-45 yuan/kg, while those for N-type dense materials were 38-42 yuan/kg. The quotation range for polysilicon remained stable this week, with several new transactions recorded—small-volume supplementary purchases of polysilicon by downstream buyers. Based on the transactions, rod-shaped silicon was priced around 42 yuan/kg, and granular silicon was priced around 38 yuan/kg. Currently, polysilicon enterprises are generally standing firm on quotes. However, as downstream stockpiling for the Chinese New Year has been completed and raw material inventories are at high levels, short-term transaction willingness is weak. Polysilicon prices are likely to experience slight fluctuations.

[SMM Weekly Review: Upstream Transactions Remain Flat with High Quotes Maintained, Weak Volume and Price for Modules] This week, the mainstream transaction prices for N-type recharging materials were 39-45 yuan/kg, and for N-type dense materials, they were 38-42 yuan/kg. The quotation range for polysilicon remained stable this week, with several new transactions added—small-volume multiple transactions from downstream replenished polysilicon. Based on the transactions, rod-shaped silicon was around 42 yuan/kg, while granular silicon was around 38 yuan/kg. Currently, polysilicon enterprises are generally standing firm on quotes, but as downstream stockpiling for the Chinese New Year has been completed and downstream raw material inventory is at a high level, the desire for transactions in the short term is not strong. Polysilicon is likely to experience slight fluctuations.