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SMM Jan. 22: Silicon Metal: Spot silicon metal prices remained stable this week, with the most-traded futures contract fluctuating within the range of 8,600-8,900 yuan/mt. As of Jan. 22, SMM oxygen-blown #553 silicon in east China was quoted at 9,200-9,300 yuan/mt, #441 silicon at 9,300-9,500 yuan/mt, and #421 silicon at 9,500-9,800 yuan/mt, all flat WoW. In the futures market, the most-traded contract closed at 8,825 yuan/mt on Thursday, down 20 yuan/mt from Monday but up 220 yuan/mt from last Friday. News about production cuts at large plants in Xinjiang by the end of January fermented at the beginning of the week. Downstream feedback was generally tepid, with sentiment leaning cautious. Seasonal demand off-season, coupled with year-end end-use demand decline, led to scattered release of pre-holiday stockpiling orders, resulting in an overall lukewarm market trading atmosphere. On the demand side, the polysilicon operating rate showed a weakening trend during the week, mainly affected by the subsequent reduction in capacity from previous polysilicon production cuts. Some silicon powder orders were released and concluded recently. The spot polysilicon price center shifted down significantly during the week, warranting attention to its impact on silicon metal market sentiment. The silicone operating rate remained stable around 66% during the week and is expected to stay largely stable next week. The weekly operating rate of aluminum-silicon alloy enterprises held steady WoW. Weakening aluminum prices during the week marginally improved purchasing sentiment from downstream die-casting, supporting alloy plants' operating rates this week. However, actual demand remained sluggish, and some secondary aluminum alloy enterprises might enter the Chinese New Year holiday early. Medium and long-term, the operating rate in the aluminum alloy industry is expected to show weakness. On the supply side, the operating rate center declined due to reduced operations or halts at some furnaces in Inner Mongolia and other regions, combined with expectations for production cuts at large plants in Xinjiang by the end of January. The downward trend in the silicon metal operating rate remained unchanged. The fundamental situation of simultaneous supply and demand reduction in silicon metal persisted. The balance expectation for February shifted towards destocking. Assuming no additional supply cuts, the destocking magnitude is expected to be relatively limited, around 30,000 mt. February includes the Chinese New Year holiday, leading to reduced road transport capacity and lower spot transaction volumes. Coupled with high industry inventory levels, although an improvement in fundamentals is expected, the momentum for a significant spot price increase in silicon metal remains limited. Prices are expected to maintain a fluctuating and narrowly consolidating trend in the near term. Polysilicon: The polysilicon price index was 53.46 yuan/kg this week. N-type recharging polysilicon was quoted at 49.5-58.5 yuan/kg, and granular polysilicon at 50-51 yuan/kg. Market transactions for polysilicon remained weak this week. Price expectations from both polysilicon producers and downstream players began to weaken, with some expected prices already falling to the 40-yuan range. Some polysilicon plants began to proactively lower their quoted prices to downstream customers. The procurement enthusiasm of crystal pulling plants remained relatively weak, and subsequent transactions are expected to potentially weaken further. There are expectations for significant production cuts in polysilicon output in February. Top-tier enterprises are anticipated to implement substantial production cuts. Wafer: This week, overall wafer prices remained stable temporarily, with N-type 183 wafers priced at 1.3-1.4 yuan/piece, 210R wafers quoted at 1.4-1.5 yuan/piece, and 210mm wafers quoted at 1.6-1.7 yuan/piece. The wafer market this week exhibited a trend of "large manufacturers holding prices firm, while small manufacturers rushed to sell," leading to a noticeable decline in the average wafer price. This was mainly due to two reasons: first, the decrease in raw material costs. During recent polysilicon purchases by wafer enterprises, the average transaction price center saw a significant decline, causing wafer costs to follow a downward trend and leading to adjustments in selling prices. Second, the weakening demand for externally purchased batteries. The impact of the export tax rebate cancellation was not immediately reflected in January's battery production, resulting in a surplus of wafer supply compared to battery demand of approximately 4-5 GW. Additionally, battery enterprises themselves held over 7 days of raw material inventory, leading to a slowdown in the procurement pace and intensified bargaining, which prompted some small enterprises with tight cash flow to sell at low prices. Wafer prices are expected to struggle to stabilize quickly in the short term, while the medium-term outlook will depend on March's export demand and expectations for silver price fluctuations. If you would like more detailed market information and dynamics, or have other information needs, please call 021-51666820.

SMM Jan. 19: Silicon Metal Price Spot silicon metal prices largely held stable. SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, and #421 silicon was at 9,500-9,800 yuan/mt. The most-traded silicon futures contract fluctuated rangebound near 8,600-8,800 yuan/mt, influenced by positive macro sentiment but weak fundamentals. Downstream users purchased as needed, and market trading activity was moderate. Production WoW, there were additional production cuts at some silicon furnaces in Sichuan and Inner Mongolia, with operating rates in Sichuan and Yunnan dropping to relatively low levels. In January, operating rates in northern China saw both increases and decreases; overall, the silicon metal operating rate trend was weak in January. Inventory Social inventory: According to SMM data, total silicon metal social inventory in major regions reached 555,000 mt on Jan. 15, up 3,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.). Polysilicon Price Over the weekend, N-type recharging polysilicon was offered at 51-58.7 yuan/kg, the N-type polysilicon price index was 54.65 yuan/kg, and granular polysilicon was offered at 50-58.7 yuan/kg. Polysilicon prices temporarily remained stable over the weekend. Currently, the market is influenced by mixed news; against this backdrop, top-tier polysilicon plants still hold firm price expectations, and with a leading polysilicon producer expected to halt production by month-end, some downstream buyers showed increased acceptance of current prices. However, bulk market transactions are expected to wait until next month-end for clearer direction. Production Polysilicon production in January is projected at 103,800 mt, mainly due to lower-than-expected output as some leading enterprises gradually halted production from mid-month. February polysilicon output may fall below 90,000 mt. Inventory Polysilicon inventory continued to rise. WoW, the increase was mainly due to cancellations of previously unpaid orders, slowing cargo pick-up pace, and some crystal pulling plants opting to buy from term merchants, leading to higher inventory at polysilicon producers. Module Price WoW, domestic module prices continued to increase, with enterprise guidance prices repeatedly hitting new highs, though high-price shipments were limited. Recently, distributors began selling previously low-priced inventory, slightly curbing the rise in the transaction price center. In the centralized sector, there was virtually no trading, with pre-holiday demand extremely low. Current distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.732 Yuan/W, 0.748 Yuan/W, and 0.756 Yuan/W, respectively; centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.689 Yuan/W and 0.709 Yuan/W, respectively. Production Overseas orders currently fell short of expectations, prompting some module plants to slightly lower subsequent production schedules. However, overall planned production in January still increased compared to expectations. Inventory Last week, inventories saw a slight decline, with overseas demand increasing and domestic panic purchasing, leading to an overall decrease in inventory levels. High-Purity Quartz Sand Price Currently, the domestic price for inner-layer sand is 55,000-60,000 yuan/mt, middle-layer sand is 20,000-30,000 yuan/mt, and outer-layer sand is 15,000-20,000 yuan/mt. The price for imported high-purity quartz sand is 74,000-76,000 yuan/mt. The price for a 33-inch quartz crucible is 6,000-6,200 yuan/piece, and for a 36-inch quartz crucible is 7,000-7,400 yuan/piece. Recent negotiations for imported sand remain in a stalemate. Production In January, the planned production of quartz sand enterprises decreased slightly by 2% MoM, and domestic high-purity quartz sand enterprises cut production to match the wafer production schedule. Inventory At the beginning of 2026, crucible enterprises made reasonable purchases based on the wafer production schedule, and the inventory level of quartz sand continued to increase. PV Glass Price 3.2mm Single-Layer Coating: The quoted price for 3.2mm single-layer coated PV glass is 17-18 yuan/m², remaining stable. 3.2mm Double-Layer Coating: The quoted price for 3.2mm double-layer coated PV glass is 18-19 yuan/m², remaining stable. 2.0mm Single-Layer Coating: The quoted price for 2.0mm single-layer coated PV glass is 10-11 yuan/m². Last week, domestic glass enterprises maintained stable quotations. With some recovery in demand and export tax rebates boosting glass export demand, glass prices are expected to rise subsequently. 2.0mm Double-Layer Coating: The quoted price for 2.0mm double-layer coated PV glass is 11-12 yuan/m², remaining stable. Production Domestic operating rates remained largely stable, while Indonesia added new glass furnaces. Inventory The days of inventories for glass continued to decline, with leading glass enterprises' days of inventories dropping to below 35 days, and a further downward trend is expected.

SMM Jan. 14: Silicon Coal Price: Silicon coal prices held steady this week, with the average price of Xinjiang non-caking silicon coal at about 855 yuan/mt, caking silicon coal prices in the range of about 1,300-1,650 yuan/mt, Shaanxi silicon coal at about 880 yuan/mt, Inner Mongolia silicon coal at about 1,260 yuan/mt, Gansu silicon mixed coal at about 930 yuan/mt, and pellet coal at about 1,050 yuan/mt. Supply: Recently, some coal washing plants in Xinjiang suspended production temporarily due to safety inspections, while other regions maintained order-based production. Demand: Based on the weekly operating rates of downstream silicon plants, demand remained relatively stable, with raw material procurement being just-in-time. Silicon Metal Price: The silicon metal market moved sideways. Futures moved sideways in the doldrums yesterday, with SMM oxygen-blown #553 silicon in east China at 9,200-9,300 yuan/mt and #441 silicon at 9,300-9,500 yuan/mt, both flat from the previous day. In futures, the most-traded silicon contract closed at 8,635 yuan/mt at the end of the session, down 120 yuan/mt from the previous day. Pre-holiday stockpiling sentiment among downstream users was not active, and market transactions were need-based. Production: Silicon metal supply and demand were both weak in January. On the supply side, operating rates in northern China were weak, with marginal reductions in Sichuan and Yunnan. On the demand side, polysilicon and silicone production schedules decreased, reducing silicon consumption. Supply remained slightly loose. Inventory: Social Inventory: SMM statistics showed that social inventory of silicon metal in major regions totaled 552,000 mt on Jan. 8, down 5,000 mt from before the New Year's Day holiday (excluding Inner Mongolia, Ningxia, Gansu, etc.). Silicone Price DMC: The transaction price was 13,700-14,000 yuan/mt yesterday, up 250 yuan/mt WoW. Starting this Monday, major monomer producers raised prices by 300 yuan/mt, with a Shandong-based producer offering 13,700 yuan/mt. After the price adjustment, transactions were mainly just-in-time. However, due to the cancellation of the silicone export tax rebate policy, procurement demand from some export-oriented producers increased. D4: The price was quoted at 13,800-15,000 yuan/mt yesterday, up 300 yuan/mt WoW. 107 Silicone Rubber: The price was quoted at 14,200-14,800 yuan/mt yesterday, up 350 yuan/mt WoW. Raw Silicone Rubber: The price was quoted at 14,600-15,000 yuan/mt yesterday, up 300 yuan/mt WoW. Silicone Oil: The price was quoted at 15,200-15,800 yuan/mt yesterday, up 250 yuan/mt WoW. Production: The overall operating rate in the silicone industry currently stands at 66%, with overall supply under control. Amid recent concentrated procurement by downstream users, some monomer producers have production schedules booked until early February. Inventory: With the recent increase in trading volume in the silicone market, the inventory levels of domestic monomer enterprises have decreased. Polysilicon Price: The price of N-type recharging polysilicon is 51-58.5 yuan/kg, and granular polysilicon is 50-58.5 yuan/kg. The polysilicon price index is 54.53 yuan/kg. Top-tier enterprises are still holding prices firm due to the impact of export tax rebates, while the lower prices in the market are mainly from some traders. Currently, the market sentiment remains heavily speculative, with a top-tier upstream enterprise planning a production halt recently. The subsequent situation may depend on the next round of concentrated order signing. Production: The expected domestic production for January may decline by 3-4 kt compared to previous expectations, likely settling around 103,000 mt, mainly affected by the gradual shutdown of top-tier enterprises. February's production is highly likely to fall below 100,000 mt. Inventory: This week, polysilicon inventories continued to rise. The current market is quite chaotic, with some wafer enterprises choosing to purchase from traders. Some previously unpaid orders have been canceled, and inventories may continue to increase. Wafer Price The price of 18X wafers is 1.38-1.4 yuan/piece, 210RN wafers is 1.48-1.5 yuan/piece, and 210N wafers is 1.68-1.7 yuan/piece. This week, the wafer transaction range has narrowed upwards. With the cancellation of export tax rebates, integrated enterprises have significantly resumed and increased production, leading to a substantial increase in wafer purchasing demand. Wafer enterprises have a strong sentiment for price increases. Production In January, the wafer production schedule increased slightly by about 3%. According to surveys, the two enterprises that halted production at the beginning of the month have gradually resumed operations. The market for toll processing orders is recovering, and small enterprises are increasing production at a rate above average. Overall, the January wafer production schedule may be slightly higher than expected. Inventory Wafer enterprises are shifting towards destocking, with upstream finished product inventories starting to be digested in the second week. After the cell plants raised prices, the pace of stockpiling and restocking has slowed down. Currently, the total wafer inventory is approaching a reasonable level. High-purity quartz sand Price The current domestic price for inner-layer sand is 55,000-60,000 yuan/mt, middle-layer sand is 20,000-30,000 yuan/mt, and outer-layer sand is 15,000-20,000 yuan/mt. The price of imported high-purity quartz sand is 74,000-76,000 yuan/mt. The price of 33-inch quartz crucibles is 6,000-6,200 yuan/piece, and 36-inch quartz crucibles is 7,000-7,400 yuan/piece. Recent negotiations for imported sand remain in a stalemate. Production In January, the production schedule of quartz sand enterprises decreased slightly by 2% MoM. Domestic high-purity quartz sand enterprises cut production to match the wafer production schedule, but supply pressure remains significant. Inventory The inventory level of quartz sand increased slightly, and the purchase volume of crucible enterprises decreased.

SMM January 8: Silicon Metal: Spot silicon metal prices held steady this week, while futures prices rose first then fell with large fluctuations. Spot market, as of January 8, 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, #421 silicon (used in silicone) at 9,800-10,200 yuan/mt, and #3303 silicon at 10,200-10,500 yuan/mt, all flat from pre-New Year's Day. Futures market, the most-traded silicon metal futures contract moved sideways near 8,700-9,000 yuan/mt initially, with some silicon plants selling on high spot-futures price spread. Thursday afternoon, the market was in the doldrums, with the afternoon futures decline steepening; the SI2605 contract hit a low of 8,465 yuan/mt and closed at 8,535 yuan/mt. Market transactions, large plants actively sold spot cargo with quotes lower than most trading firms engaging in both spot and futures market and other silicon enterprises; downstream users purchased at low prices. After futures pulled back on Thursday, the volume of buyer futures point-price purchases increased. Demand side, polysilicon operating rate saw limited change WoW. Monitor changes in polysilicon enterprise operating rates. Silicone monomer enterprise weekly operating rate was basically stable WoW; a meeting related to holding prices firm was held again this Friday among silicone monomer enterprises. DMC prices currently held steady at 13,500-13,700 yuan/mt. Monomer plants' purchase prices for #421 silicon were largely stable MoM. Aluminum-silicon alloy enterprises' operating rate was slightly weak, mainly affected by the industry shifting to the off-season and production pressure from high-priced aluminum scrap, resulting in primarily low-price purchases of silicon metal. Supply side, due to production cuts at some northern silicon metal capacity around late December and early January, the silicon metal operating rate trended weaker WoW. Cost side, spot silicon coal prices were unchanged recently, and costs were largely stable. Silicon metal futures face hedging pressure on the upside and buy order support on the downside, while spot prices fluctuated rangebound. Monitor downstream users' restocking ahead of the Chinese New Year. Polysilicon: This week's polysilicon price index was 55.32 yuan/kg, with N-type recharging polysilicon quoted at 52-59 yuan/kg and granular polysilicon at 50-59 yuan/kg. Polysilicon market transaction volume increased this week, with several crystal pulling plants seeing deals in the thousands of tonnes; the market roughly estimated new signings between 10,000-20,000 tonnes. Transaction prices have reached above 60 yuan, but often come with additional clauses or dual distribution agreements, so some extremely high prices were disregarded. Later in the week, market news intertwined regarding self-discipline and anti-monopoly; subsequent mid-January self-discipline meeting progress may see some changes. Market confidence waned, with futures experiencing a sharp decline on January 8. Subsequent spot markets continued to follow suit. Wafer: This week, overall wafer prices continued to rise, with N-type 183 wafers priced at 1.38-1.4 yuan/piece, 210R wafers quoted at 1.48-1.5 yuan/piece, and 210mm wafers quoted at 1.68-1.7 yuan/piece. Today, a top-tier enterprise once again raised its quotation to 1.4-1.55 yuan/piece, primarily to pass on the fact of rising raw material costs. On the other hand, the raw material inventory held by futures and spot traders is below market prices, leading to recent changes in the procurement patterns of wafer enterprises. Top-tier enterprises are still insisting on holding prices firm, but despite significant profit improvements, battery plants continue to engage in bargaining. In contrast, the core risk in the wafer segment lies in the pace of inventory accumulation in January and the extent of production cuts in February. To maintain or even further increase prices, substantial production cuts to below 35 GW in February would be necessary to achieve a tight supply-demand balance and keep overall inventory at reasonable levels. For more detailed market information and dynamics, or for other informational needs, please call 021-51666820.

SMM December 24: Silicon coal price: Non-caking silicon coal price in Xinjiang was raised by 30 yuan/mt WoW, with the average price currently at 855 yuan/mt, while prices in other regions were largely stable. Supply: Coal washing plants maintained production schedules based on sales, but operating rates remained low amid weak demand. Demand: Operating rates at downstream silicon plants were basically stable WoW, but overall raw material demand release was limited as most downstream silicon plants in north China completed winter silicon coal inventory stocking plans. Silicon metal price: Spot silicon metal prices fluctuated rangebound. Oxygen-blown #553 silicon in east China was quoted at 9,200-9,300 yuan/mt yesterday, while #441 silicon was at 9,300-9,500 yuan/mt. Futures held up well in the past two days, with the most-traded contract closing at 8,780 yuan/mt yesterday, up 185 yuan/mt from the previous day. Silicon enterprises' offers were largely stable, while trading firms engaging in both spot and futures market raised absolute price offers as futures rose. Downstream buyers mainly watched the market and made purchases as needed, with transaction atmosphere remaining thin. Production: Operating rates at silicon enterprises were basically stable recently, while silicon metal production schedules saw minor fluctuations WoW, with weekly total supply changing limitedly. Inventory: Social inventory: SMM statistics showed social inventory of silicon metal in major regions totaled 553,000 mt on December 18, down 8,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.). Silicone price DMC: Transaction price was 13,500-13,700 yuan/mt yesterday, flat WoW. Domestic DMC market upstream prices ran steadily this week, with some downstream customers remaining cautious in procurement amid existing raw material inventory support. D4: Offers were 13,500-14,200 yuan/mt yesterday, flat WoW. 107 silicone rubber: Offers were 14,000-14,300 yuan/mt yesterday, flat WoW. Silicone gum: Offers were 14,000-14,500 yuan/mt yesterday, flat WoW. Silicone oil: Offers were 14,800-15,200 yuan/mt yesterday, down 100 yuan/mt WoW. Production: Recently, overall operating rates at monomer enterprises were around 70% amid emission reduction policy implementation. Inventory: Monomer enterprise inventory levels remained basically stable this week. Polysilicon price: Polysilicon N-type recharging polysilicon was offered at 49.7-55 yuan/kg, granular polysilicon at 49-51 yuan/kg, and the polysilicon price index at 52.06 yuan/kg. Market prices remained stable, while downstream price push-up momentum was uncertain, new contract signings nearly halted, and downstream buyers temporarily refused excessively high polysilicon prices. Approaching year-end, upstream and downstream players adopted a wait-and-see stance for the time being. Production: China's polysilicon production in December was projected at 113,500 mt, mainly due to production cuts in Inner Mongolia, with further production cut plans likely. Some reduction plans were observed in December. Production was expected to decline further MoM. Inventory: Polysilicon inventory increased again this week. The market remained chaotic, with crystal pulling enterprises showing significant resistance to high-priced resources. Market transactions were limited, leading to continued inventory buildup. Wafer Price The market price for 18X wafers was 1.2-1.25 yuan/piece, for 210RN wafers 1.25-1.35 yuan/piece, and for 210N wafers 1.5-1.55 yuan/piece. Transactions at higher wafer prices occurred, but the overall volume remained relatively small. Wafer enterprises were unwilling to sell at low prices, resulting in a situation of "high prices but low volume" and intensified bargaining. Production Wafer enterprises implemented significant production cuts in December, with a reduction of about 16%, pushing production to a new low for the year. Similar situations were seen in multiple downstream segments. Recently, two enterprises gradually raised production, reasonably adjusted inventory structures, and strictly implemented production quotas. Inventory Wafer enterprise inventories shifted to destocking. After significant production cuts, supply became slightly tight. Solar cell plants began stockpiling and restocking. Total wafer inventory was now near a reasonable level. High-Purity Quartz Sand Price The current domestic price for inner-layer sand was 55,000-60,000 yuan/mt, for middle-layer sand 20,000-30,000 yuan/mt, and for outer-layer sand 15,000-20,000 yuan/mt. Recently, the price trend for domestic sand stabilized, while negotiations for imported sand remained stagnant. A price decline was expected. Production Domestic high-purity quartz sand enterprises implemented relatively large production cuts in December, partly due to seasonal factors and partly because crucible supply aligned with reduced wafer production schedules, leading to weaker demand. Quartz sand enterprises adjusted production appropriately to match supply-demand. Inventory Quartz sand inventory levels increased slightly, while purchasing volume by crucible enterprises decreased. 》View SMM Silicon Product Quotes

SMM Dec. 11: Silicon Metal: The price center of silicon metal was weak this week, with differentiated sales performance among suppliers. As of Dec. 11, SMM oxygen-blown #553 silicon in east China was at 9,100-9,300 yuan/mt, down 250 yuan/mt WoW; #441 silicon was at 9,300-9,500 yuan/mt, down 250 yuan/mt WoW; #421 silicon (used in silicone) was at 9,800-10,200 yuan/mt, flat WoW. Since last Friday, silicon metal futures prices fell, with the SI2601 contract closing at 8,285 yuan/mt on Dec. 11, down 625 yuan/mt, or 7%, WoW from last Thursday. After the futures decline, trading volume from traders and downstream buyers increased significantly, spot-futures arbitrage suppliers sold smoothly, and the spot-futures price spread strengthened by about 50-100 yuan/mt; calculated as absolute prices, prices weakened noticeably WoW. Most silicon enterprises adopted a wait-and-see approach, either suspending quotes or maintaining original prices. On one hand, recent smelting raw material prices remained stable, including silicon coal prices which were also stable compared to earlier periods; with silicon prices falling, enterprises faced losses and had poor willingness to sell. On the other hand, most northern silicon enterprises had low inventory pressure and no urgent need to sell, resulting in strong sentiment to hold prices firm overall. On the demand side, polysilicon operating rates were basically stable this week, with some silicon powder order tenders during the week; focus on the transaction prices of powder orders. Silicone operating capacity declined slightly this week, with limited impact. Downstream silicone enterprise operating rates were largely stable. Aluminum-silicon alloy enterprise operating rates fell slightly WoW; a Chongqing secondary aluminum-silicon alloy plant cut production due to weather pollution, affecting this week's operating rate, while primary aluminum-silicon alloy enterprise operating rates were largely stable. On the supply side, silicon enterprise production saw both increases and decreases this week, remaining basically stable overall. In winter, air pollution is frequent in the north; Xinjiang, as a major supply region, has changes in operating rates that significantly impact the supply-demand structure. Attention should be paid to the impact of changes in Xinjiang silicon enterprise operating rates on the supply side. Potential positives remain on the supply side, coupled with the limited number of existing silicon metal warrants, stable demand, suggesting the possibility of a rebound and correction after silicon prices hit bottom. Polysilicon: The polysilicon price index was 51.99 yuan/kg this week, with N-type recharging polysilicon quoted at 49.6-55 yuan/kg and granular polysilicon at 49-51 yuan/kg. Suspected industry-related companies were established this week, slightly boosting market sentiment and increasing market confidence in industry self-discipline. Short-term trading in the spot market did not change significantly—the overall trading atmosphere remained slightly sluggish. Some downstream segments began to stop falling due to costs and other factors, but weak downstream demand until the Chinese New Year and cost pressures are expected to remain major obstacles to a polysilicon market rebound. Wafer: Overall wafer prices fell and then rose this week, with N-type 183 wafer prices at 1.15-1.2 yuan/piece, 210R wafer offers at 1.2-1.25 yuan/piece, and 210mm wafer offers at 1.45-1.5 yuan/piece. Notably, the high price of 210R is still subject to back-and-forth negotiations between upstream and downstream. Given the current situation, it is less likely that battery enterprises will expand losses and accept wafer price increases. The main reason for recent price fluctuations is upstream sentiment, while the reality and expectations of weakening demand have not changed. Going forward, close attention should be paid to the results of the association's self-discipline 2.0 meeting and the actual degree of compliance by enterprises. If you would like more detailed market information and dynamics, or have other information needs, please call 021-51666820.

SMM December 10: Silicon Coal Price: Silicon coal prices remained stable this week. However, with recent declines in raw coal and coking coal prices, silicon coal prices in some regions are expected to soften. The average price of non-caking silicon coal in Xinjiang was about 825 yuan/mt, caking silicon coal prices ranged from 1,300-1,650 yuan/mt, the average price in Shaanxi was about 880 yuan/mt, in Inner Mongolia about 1,260 yuan/mt, in Gansu silicon mixed coal averaged about 930 yuan/mt, and pellet coal averaged about 1,050 yuan/mt. Supply: Approaching year-end, most mines cut production due to environmental and safety impacts, tightening raw coal supply. This transmission to the silicon coal segment was limited, as silicon coal is a relatively small branch for coal washing plants; supply side thus maintained a produce based on sales pace. Demand: From the operating rates of downstream silicon plants, although there was a slight WoW increase, the impact was limited, so overall demand for silicon coal raw material remained relatively steady. Silicon Metal Price: Silicon metal futures fell significantly for two consecutive days recently. The SI2601 contract closed at 8,340 yuan/mt yesterday, down 335 yuan/mt from the previous day. SMM East China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt. Spot cargo prices from futures-spot traders followed the futures decline; purchases by some downstream users and traders increased, with good transactions pushing the spot-futures price spread for some quotes up by 50-100 yuan/mt. As prices fell rapidly, producers mainly adopted a wait-and-see approach, either holding quotes steady from last week or not offering prices. Production: Operating rates diverged between north and south China. Enterprises in Sichuan and Yunnan continued production cuts during the dry season, with operating rates continuing to decline. In early December, a few northern enterprises increased or resumed production, pushing operating rates higher. Potential air pollution impacts on production in Xinjiang still require monitoring. Inventory: Social Inventory: SMM statistics on December 4 showed total silicon metal social inventory in major regions was 558,000 mt, up 8,000 mt WoW. This included 131,000 mt in general social warehouses, up 2,000 mt WoW, and 427,000 mt in delivery social warehouses (including unregistered warrants and spot warehouse portions), up 6,000 mt WoW. (Excluding Inner Mongolia, Ningxia, Gansu, etc.) Silicone Price DMC: The transaction price yesterday was 13,500-13,700 yuan/mt, up 250 yuan/mt WoW. As DMC market prices gradually stabilized, procurement sentiment among downstream rigid demand customers became more rational. However, with end-use market demand remaining sluggish, complete price transmission to end-users still requires time to digest. D4: Yesterday's quotes were 13,500-14,200 yuan/mt, up 250 yuan/mt WoW. 107 silicone rubber: Yesterday's quotes were 14,000-14,300 yuan/mt, up 300 yuan/mt WoW. Raw silicone: Yesterday's quotes were 14,000-14,500 yuan/mt, up 150 yuan/mt WoW. Silicone oil: Yesterday's quotes were 15,000-15,200 yuan/mt, up 400 yuan/mt WoW. Production: With the overall operating rate of monomer enterprises slightly decreasing recently, supply showed a small contraction. Inventory: This week, monomer enterprises mainly focused on delivering pre-sold orders, with inventory WoW relatively stable. Polysilicon Price: N-type recharging polysilicon was quoted at 49.7-55 yuan/kg, granular polysilicon at 49-51 yuan/kg, and the polysilicon price index at 52 yuan/kg. The market was largely stable, with some polysilicon enterprises still holding quotes firm. News circulated about the establishment of a related platform company (registered capital 3 billion yuan), and the market is awaiting further actions. Production: Domestic polysilicon production in December was expected to be 113,500 mt, mainly due to production cuts in Inner Mongolia. As of now, no major capacity reduction actions are expected in January. Inventory: This week, polysilicon inventory rose slightly. Recently, wafer enterprises' procurement enthusiasm was limited, but some low-price orders from the previous period were shipped, leading to a slight inventory buildup. Wafer Price The market price for 18X wafers was 1.1-1.2 yuan/piece, 210RN wafers at 1.15-1.2 yuan/piece, and 210N wafers at 1.45-1.5 yuan/piece. If raw material costs do not fluctuate significantly, wafer prices are expected to remain basically stable in the short term. Production In December, wafer enterprises cut production significantly, by about 16%, setting a new low for the year. Similar situations were faced by multiple downstream sectors. According to the survey, this round of production cuts was not due to disorderly competition but rather a consensus decision made under the dual pressures of insufficient domestic demand and high procurement costs. Inventory The rate of inventory accumulation for wafer enterprises slowed down. Solar cell plants were not strongly willing to restock, lowering their turnover inventory by around 5-7 days. Currently, the total wafer inventory approached a reasonable level. High-purity quartz sand Price The current domestic price for inner layer sand was 55,000-60,000 yuan/mt, middle layer sand at 20,000-30,000 yuan/mt, and outer layer sand at 15,000-20,000 yuan/mt. Negotiations for imported sand have entered the second phase and are currently in a stalemate, with prices expected to decline. Production In December, domestic high-purity quartz sand enterprises implemented relatively significant production cuts, partly due to seasonal factors and partly because reduced wafer production schedules corresponding to crucible supply led to weakened demand, prompting enterprises to appropriately cut production to match supply and demand. Inventory Quartz sand inventory levels increased slightly, while purchasing volumes by crucible enterprises decreased.

SMM December 3 News: Silicon Coal Price: Silicon coal prices remained stable this week. The average price of non-caking silicon coal in Xinjiang was about 825 yuan/mt, the price range of caking silicon coal was about 1,300-1,650 yuan/mt, the average price of silicon coal in Shaanxi was about 880 yuan/mt, the average price of silicon coal in Inner Mongolia was about 1,260 yuan/mt, the average price of silicon mixed coal in Gansu was about 930 yuan/mt, and the average price of pellet coal was about 1,050 yuan/mt. Supply: The pace remained to produce based on sales, but with the overall downstream demand shrinking, the operating rate of coal washing plants also declined. Demand: Some silicon plants in north China resumed a small amount of production this week, boosting demand for silicon coal, but the increase was limited. Meanwhile, some silicon plants in south-west China had halted production by the end of November, leading to a corresponding contraction in raw material demand. Overall, demand still showed a contraction. Silicon Metal Price: SMM oxygen-blown #553 silicon in east China was at 9,500-9,600 yuan/mt. Yesterday afternoon, silicon metal futures prices fell, with the SI2601 contract settling at 8,975 yuan/mt at the close, down 170 yuan/mt from the previous day. Purchasing sentiment among downstream users was poor in recent days, and spot silicon prices were deadlocked. Production: The operating rates of silicon metal plants diverged between the north and south. Silicon enterprises in Sichuan and Yunnan continued their production cuts pace during the dry season, with operating rates continuing a downward trend. Individual enterprises in the north increased or resumed production, leading to a rise in operating rates. Considering these offsetting changes, silicon metal production in December is expected to be basically flat compared to November. Inventory: Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 550,000 mt on November 27, an increase of 2,000 mt WoW. This included 129,000 mt in general social warehouses, flat WoW, and 421,000 mt in delivery social warehouses (including portions not registered as warrants and spot cargo), an increase of 2,000 mt WoW. (Excluding Inner Mongolia, Ningxia, Gansu, etc.) Silicone Price DMC: The transaction price yesterday was 13,100-13,300 yuan/mt, flat WoW. Against the backdrop of monomer enterprises' emission reduction and expectations of continued firm price holding, downstream customers' purchasing enthusiasm was stimulated. Furthermore, SMM learned that an industry meeting will be held again on the 4th of this month to further discuss emission reduction and price support matters. This has also improved the market transaction atmosphere. D4: The quotation yesterday was 13,100-14,100 yuan/mt, flat WoW. 107 Silicone Rubber: The quotation yesterday was 13,700-14,000 yuan/mt, flat WoW. Raw Silicone Rubber: The quotation yesterday was 14,000-14,200 yuan/mt, up 100 yuan/mt WoW. Silicone Oil: Yesterday’s quotes were 14,600-14,800 yuan/mt, WoW stable. Production: Under joint emission-reduction expectations, monomer operating rates are set to decline. Inventory: This week monomer enterprise inventory edged down, while downstream procurement sentiment improved. Polysilicon Price: N-type recharging polysilicon is quoted at 49.7-55 yuan/kg, granular polysilicon at 50-51 yuan/kg, and the polysilicon price index at 52 yuan/kg. The overall market remains largely stable. A few polysilicon enterprises still intend to hold quotes firm, top-tier enterprises continue to slow deliveries against futures, and repeated downstream price cuts are exerting some pressure on spot polysilicon. Production: November polysilicon production is expected at 114,600 mt; Sichuan and Yunnan are following their normal seasonal shutdown schedule. December output is forecast to be largely stable, with Xinjiang and Inner Mongolia likely to see offsetting increases and decreases. Inventory: Polysilicon inventory rose slightly this week. Wafer makers’ buying enthusiasm is limited, yet some earlier low-price orders are being shipped, leading to a modest inventory buildup. Wafer Price: Market prices for 18X wafers are 1.15-1.2 yuan/piece, 210RN wafers 1.18-1.25 yuan/piece, and 210N wafers 1.48-1.55 yuan/piece. Low-end prices for 210R and 210N still have room to fall, while 183 appears to have bottomed in the near term. Production: Wafer makers will sharply cut output in December by about 16%. Survey data show this round of cuts is not driven by disorderly competition but is a rational decision forced by weak domestic demand and high procurement costs. Inventory: Both wafer and solar cell plants are seeing inventory buildup; however, cell plants are in a pronounced bargaining mood and have temporarily lowered restocking interest, trimming working inventory by roughly 5-7 days. Overall wafer inventory remains below a reasonable level. High-Purity Quartz Sand Price: Current domestic prices are 55,000-60,000 yuan/mt for inner-layer sand, 20,000-30,000 yuan/mt for mid-layer sand, and 15,000-20,000 yuan/mt for outer-layer sand. Domestic prices are falling; negotiations for imported sand have entered a second phase and remain deadlocked, with declines also expected. Production: Domestic high-purity quartz sand output will drop markedly in December, partly due to seasonal factors and partly because crucible supply is shrinking in line with lower wafer production schedules, weakening demand and prompting enterprises to trim output to match supply and demand. Inventory The inventory level of quartz sand increased slightly, and the purchase volume of crucible enterprises decreased.

SMM November 26: Silicon Coal Price: Silicon coal prices held steady this week. The average price of non-caking silicon coal in Xinjiang was about 825 yuan/mt, caking silicon coal prices ranged from 1,300-1,650 yuan/mt, the average price of silicon coal in Shaanxi was about 880 yuan/mt, the average price of silicon coal in Inner Mongolia was about 1,260 yuan/mt, the average price of silicon mixed coal in Gansu was about 930 yuan/mt, and the average price of granular coal was about 1,050 yuan/mt. Supply: Although washing plants maintained the pace of producing based on sales, operating rates declined in some regions due to falling demand. Demand: Based on the weekly operating rates of downstream silicon plants, the overall operating rate was relatively stable WoW, and demand for silicon coal also remained relatively stable. Silicon Metal Price: Spot silicon metal prices were stable. Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,400-9,600 yuan/mt, flat from the previous day, and #441 silicon was at 9,600-9,800 yuan/mt, also flat from the previous day. In the futures market, the SI2601 contract fluctuated in the range of 8,940-9,050 yuan/mt. Downstream purchasing as needed transactions occurred. Attention is turning to environmental protection-related situations in the north as December approaches. Production: In November, the main decrease in silicon metal supply variables was seen in the Sichuan-Yunnan region, with a small increase in the north, resulting in a significant overall MoM decrease, and total national supply showed a decline. Inventory: Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 548,000 mt on November 20, an increase of 2,000 mt WoW. This included 129,000 mt in general social warehouses, up 2,000 mt WoW, and 419,000 mt in social delivery warehouses (including unregistered warrants and spot warehouse portions), flat WoW. (Excluding Inner Mongolia, Ningxia, Gansu, etc.). Silicone Price DMC: The transaction price yesterday was 13,100-13,300 yuan/mt, up 450 yuan/mt WoW. Stimulated by the price atmosphere over the past week, most rigid demand customers entered the market for procurement. D4: The quotation yesterday was 13,100-14,100 yuan/mt, up 850 yuan/mt WoW. 107 Silicone Rubber: The quotation yesterday was 13,700-14,000 yuan/mt, up 1,600 yuan/mt WoW. Raw Rubber: The quotation yesterday was 14,000-14,000 yuan/mt, up 1,250 yuan/mt WoW. Silicone Oil: The quotation yesterday was 14,600-14,800 yuan/mt, up 950 yuan/mt WoW. Production: Supply increased slightly WoW, mainly due to production resumptions at monomer facilities that had undergone maintenance earlier. Inventory: Monomer enterprises primarily focused on fulfilling pre-sold orders this week, and inventory levels remained relatively stable. Polysilicon Prices: Quotes for polysilicon N-type recharging polysilicon were 49.6-44.9 yuan/kg, granular polysilicon at 50-51 yuan/kg, and the polysilicon price index at 51.9 yuan/kg. Market prices were largely stable overall, with some individual enterprises still holding quotes firm. Top-tier enterprises slowed down their futures delivery actions, and recent news included the official naming of related companies. However, downstream sentiment remained generally weak, with issues of production cuts and price reductions persisting. Under the influence of opposing factors, spot prices temporarily stabilized. Production: Polysilicon production in November was estimated at 115,000 mt. Production suspension schedules in Sichuan and Yunnan regions remained normal. December polysilicon production was expected to be largely stable, with possible increases and decreases in Xinjiang and Inner Mongolia regions. Inventory: Polysilicon inventory rose slightly this week. Wafer enterprises' purchasing enthusiasm was limited recently, but some low-priced orders from earlier were shipped, leading to a slight inventory buildup of polysilicon. Wafer Prices Market prices for 18X wafers were 1.2 yuan/piece, 210RN wafers at 1.25 yuan/piece, and 210N wafers at 1.55-1.58 yuan/piece. Wafer prices converged again, with wafer sizes of all dimensions approaching cash costs; some enterprises with poor non-silicon cost control already saw prices fall below cash cost. Production According to surveys, enterprises accelerated the pace of production cuts by the end of November, with a noticeable decrease in toll processing orders at specialized plants. Therefore, it was basically confirmed that the actual production schedule for the month might be lower than expectations. Inventory The inventory buildup trend for wafers slowed down. Solar cell plants showed obvious gaming sentiment and were temporarily not strongly willing to restock. Total wafer inventory was below a reasonable level, with top-tier enterprises holding prices firm for shipments. High-Purity Quartz Sand Prices Current domestic prices for inner-layer sand were 58,000-63,000 yuan/mt, middle-layer sand at 25,000-30,000 yuan/mt, and outer-layer sand at 17,000-21,000 yuan/mt. Domestic high-purity quartz sand prices remained temporarily stable. Recent import sand negotiations entered the second stage, currently deadlocked in a standoff, while domestic sand prices held steady. Production Domestic high-purity quartz sand enterprises began appropriate production cuts, but supply pressure remained significant. Inventory Quartz sand inventory levels increased slightly. Crucible enterprises had not yet started negotiations or purchases.

Supply-Demand Tight Balance Persists, SHFE Tin Fluctuates Upward at Highs On the afternoon of November 10, 2025, the most-traded SHFE tin 2512 contract performed firmly, closing at 286,560 yuan/mt, up 1.04% from the previous day. The price fluctuated within the range of 283,900-287,600 yuan/mt during the session, showing a technical pattern of fluctuating at highs. Downstream acceptance of high-priced resources was limited. Meanwhile, the three-month LME tin price was quoted at $36,080/mt, up 0.73%. From a macro perspective, bullish and bearish factors were intertwined. US Senate Democrats and Republicans reached an agreement to end the government shutdown, agreeing to extend government funding until January 30 next year. The absence of key economic data made market sentiment cautious. Short-term pressure on the US dollar provided some support for metal prices, but the overall cautious macro environment constrained trading activity. In the short term, tin prices are expected to hover at highs, with resistance near 288,000 yuan/mt and support around 282,000 yuan/mt. In the medium and long term, as the global tin market's structural supply gap may widen to 20,000 mt/year, coupled with the continued surge in AI and new energy demand, tin prices still have the potential to challenge the 300,000 yuan/mt level.

SMM Nov. 6: Silicon Metal: Spot silicon metal prices were largely stable this week. As of Nov. 6, SMM oxygen-blown #553 silicon in east China was at 9,400-9,500 yuan/mt, flat WoW; #441 silicon was at 9,600-9,700 yuan/mt, flat WoW; #421 silicon (used in silicone) was at 9,800-10,200 yuan/mt, flat WoW. The futures market saw significant volatility, falling then rising during the week. The most-traded SI2601 contract hit a weekly low of 8,835 yuan/mt and a high of 9,175 yuan/mt, closing at 9,065 yuan/mt on Thursday, down 90 yuan/mt WoW. From suppliers' quotes, some silicon enterprises initially offered lower prices than trading firms engaging in both spot and futures markets. After a brief dip in futures this week, trading volume from market orders increased, but the spot-futures price spread remained weak due to buyer price pressure. On Thursday, futures prices strengthened, driven by sentiment in coking coal and other markets, with the most-traded contract rebounding above 9,000 yuan/mt. Demand side, polysilicon enterprise operating rates dropped WoW, an expected adjustment ahead of the dry season in southwest China. Silicone operating rates were basically stable, supporting steady silicon metal demand. Alloy enterprises' operating rates also saw limited change, purchasing silicon metal as needed. Overall, recent supply-demand changes in silicon metal were within market expectations, and prices moved sideways. Regarding future price views, a tug-of-war between longs and shorts persists. Without new expectations emerging, recent silicon metal price changes remain limited. Market focus includes policy changes affecting polysilicon enterprise operations on the demand side and potential environmental protection requirements impacting supply in northern China. Polysilicon: The polysilicon price index was 52 yuan/kg this week. N-type recharging polysilicon was quoted at 49.4-55 yuan/kg, granular polysilicon at 50-51 yuan/kg. Polysilicon prices were largely stable, but the trading center shifted lower. There was no further news on the polysilicon platform establishment this week. Downstream prices continued to weaken, coupled with some polysilicon manufacturers selling, leading to a lower price center. However, with frequent market meetings, focus remains on capacity exit and platform implementation. Wafer: Overall wafer prices dropped slightly this week. N-type 183mm wafers were priced at 1.3-1.33 yuan/piece, 210R wafers at 1.33-1.35 yuan/piece, and 210mm wafers at 1.68-1.7 yuan/piece. The price decline resulted from weak demand and a deteriorating wafer supply-demand balance. Overseas demand for batteries weakened, impacting 183mm size adjustments. Although domestic new installations improved marginally, they remained low, leading to overall weaker demand. On the other hand, the phenomenon of battery plants excessively outsourcing polysilicon processing severely infringes upon the interests of wafer enterprises. Small wafer manufacturers, under pressure, are forced to utilize toll processing to circulate cash, indirectly leading to a deterioration in the wafer market structure. This causes wafer prices to lose support even when inventory levels are reasonable. Looking ahead, the wafer market is expected to shift toward a cost-based pricing logic, with limited room for further declines. For more detailed market information and dynamics, or for other informational needs, please call 021-51666820.

SMM Oct. 22: Silicon Coal Price: Silicon coal prices held steady across regions this week, with caking silicon coal in Xinjiang at 1,300-1,650 yuan/mt, non-caking silicon coal averaging 825 yuan/mt, silicon coal in Inner Mongolia averaging 1,190 yuan/mt, silicon mixed coal in Gansu averaging 900 yuan/mt, pellet coal averaging 1,020 yuan/mt, and silicon coal in Shaanxi averaging 750 yuan/mt. Supply: Coal washing plants continued to adopt a sales-based production strategy for scheduling, with supply basically stable WoW. Demand: Demand was basically flat WoW, with overall demand mainly rigid. Demand in south-west China is expected to gradually decrease due to silicon plant shutdowns during the dry season. Silicon Metal Price: Spot silicon metal prices remained low and stagnant. Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,300-9,400 yuan/mt, flat from the previous day, with some spot and futures-linked sources trading as low as around 9,200 yuan/mt. The futures market remained weak, with the lowest point at 8,400 yuan/mt yesterday, closing at 8,505 yuan/mt, down 60 yuan/mt from the previous day. Downstream buyers' sentiment to drive down prices maintained low-price transactions in the market. Production: Silicon metal operating rates in Xinjiang continued to rise in October, and national silicon metal supply maintained an increase. Inventory: Social Inventory: As of Oct. 9, SMM statistics showed total social inventory of silicon metal in major regions was 545,000 mt, up 2,000 mt from before the National Day holiday. This included 120,000 mt in general social warehouses, flat WoW from pre-holiday, and 425,000 mt in delivery social warehouses (including unregistered warrants and spot portions), up 2,000 mt from pre-holiday. (Excluding Inner Mongolia, Gansu, etc.) Silicone Price DMC: Current offers were 11,100-11,500 yuan/mt, flat WoW. Despite cost support and relatively reduced supply keeping DMC prices relatively firm, downstream customers remained cautious in procurement due to unimproved end-use demand and its continued weakness. If back-and-forth negotiations between upstream and downstream intensify further, prices could face some pressure. D4: Current offers were 11,200-12,000 yuan/mt, flat WoW. 107 Silicone Rubber: Current offers were 11,400-11,600 yuan/mt, flat WoW. Raw Gum: Current offers were 11,500-12,200 yuan/mt, flat from last week. Silicone Oil: Current offers were 12,500-13,400 yuan/mt, flat from last week. Production: As some monomer plants entered maintenance last week, overall monomer plant operating rates declined, and supply also decreased slightly. Inventory: Enterprise inventory levels were basically flat WoW, but if monomer enterprises' new order taking falls short of expectations during the back-and-forth negotiations between upstream and downstream, a slight inventory buildup will occur. Polysilicon Price: The quoted price for N-type recharging polysilicon was 50.6-55 yuan/kg, granular polysilicon was 50-51 yuan/kg, and the polysilicon price index was 52.75 yuan/kg. Market prices were largely stable, with no substantial increase yet. The market awaits the latest quotes from the new round of order signing at month-end. Production: Domestic polysilicon production in October was expected to be around 134,000 mt. Currently, supply still exceeds downstream demand, and production cuts are anticipated in some regions in November. Inventory: Polysilicon inventory increased slightly this week. The pace of polysilicon order signing slowed down, and wafer enterprises currently exhibit a strong wait-and-see sentiment towards order signing. Wafer Price The market price for N-type 18X wafers was 1.35 yuan/piece, and for N-type 210RN wafers was 1.38-1.4 yuan/piece. Recently, wafer enterprises showed strong sentiment for price increases, but actual transaction conditions may be closely related to raw material price adjustments at month-end. Demand for 210N wafers increased due to requirements for larger module sizes. Production Wafer production saw a relatively significant increase in October. Operating rates at top-tier enterprises increased rather than decreased, and some specialized factories also had plans to raise production. Overall, based on association quotas for Q4, wafer enterprises are basically set to cut production in November-December. Inventory Recent internal transfers of wafer inventory were noticeable, with downstream raw material inventory shifting to upstream finished product inventories, leading to a slight overall inventory buildup trend. Total inventory is currently below a reasonable level, and enterprises are shipping smoothly. High-Purity Quartz Sand Price The current domestic price for inner-layer sand was 58,000-63,000 yuan/mt, middle-layer sand was 25,000-30,000 yuan/mt, and outer-layer sand was 17,000-21,000 yuan/mt. Imported sand prices fell again, with spot order high prices now down to less than 90,000 yuan/mt, and traders still willing to see further declines. Recent domestic demand remained sluggish compared to the previous period, leading to decreased procurement demand. Meanwhile, the supply side has growth expectations, increasing the risk of a domestic quartz sand supply surplus and putting downward pressure on prices. Production Domestic sand enterprises maintained high operating rates in October, with domestic sand production still increasing slightly, and imported sand supply also rising. Inventory Sand enterprises recently experienced continuous inventory buildup. Production is expected to decrease after raw material consumption bottoms out, and inventory is also projected to stop increasing.

SMM August 18 News: Silicon Metal Prices Last week, spot silicon metal prices fluctuated rangebound. SMM east China oxygen-blown #553 silicon was in the range of 9,300-9,500 yuan/mt, and #441 silicon was in the range of 9,600-9,800 yuan/mt. In the futures market, the most-traded SI2511 contract fluctuated considerably, with the spot-futures price spread remaining largely unchanged. Downstream end-users showed a strong sentiment to drive down prices when buying the dip. Production On the supply side, a small amount of new production resumptions released additional output, leading to a WoW increase in weekly silicon metal production. Recently, supply-side production has maintained a slight increasing trend. Inventory Social Inventory: As of August 14, SMM's statistics show that the total social inventory of silicon metal in major regions was 545,000 mt, down 2,000 mt WoW. This includes 117,000 mt in general warehouses, down 1,000 mt from last week, and 428,000 mt in delivery warehouses (including unregistered warrants and spot cargo), down 1,000 mt WoW. (Excluding Inner Mongolia, Gansu, and other regions) Polysilicon Prices Over the weekend, N-type recharging polysilicon was quoted at 45-49 yuan/kg, with the N-type polysilicon price index at 45.9 yuan/kg. Granular polysilicon was quoted at 43-46 yuan/kg. Polysilicon prices remained stable over the weekend, but the market currently faces limited transactions, and downstream price transmission is under significant pressure. Production In August, polysilicon production will significantly increase, up about 25% MoM, with the main increases concentrated in Yunnan, Sichuan, and Qinghai. In September, there are rumors of some major bases reducing load or halting production, which may lead to a decrease in polysilicon production. Inventory Currently, polysilicon inventory has risen somewhat as previous purchases have concluded, and companies may face greater pressure going forward. Modules Prices Recently, module prices have been mixed. Companies that previously competed for orders at low prices have started to raise their quotes. The high point for distributed modules is approaching 0.72 yuan/W, and there has been a slight reduction in resistance to higher prices from the end-user side. This week, domestic meetings are likely to finalize the future trend of module prices, which are expected to maintain a fluctuating trend in the coming week. Current prices for distributed Topcon 183, 210R, and 210N high-efficiency modules are 0.674 yuan/W, 0.695 yuan/W, and 0.676 yuan/W, respectively. For centralized Topcon 182/183 and 210N high-efficiency modules, the prices are 0.659 yuan/W and 0.674 yuan/W, respectively. Production In the past week, domestic module manufacturers' production schedules have been relatively stable, with overall production showing a slight upward trend compared to early August. Inventory Weekly inventory levels are still expected to rise slightly, with a slight supply surplus. High-purity quartz sand prices Currently, the price of inner layer sand in China is 59,000-64,000 yuan/mt, middle layer sand is 27,000-33,000 yuan/mt, and outer layer sand is 17,000-22,000 yuan/mt. Recently, the prices of domestically produced high-purity quartz sand have remained stable. In terms of trading volume, after crucible enterprises made just-in-time procurement, the recent market trading volume has decreased somewhat, putting a little pressure on purchases by crucible enterprises, but prices remain temporarily stable for now. Production Recently, domestic sand enterprises have seen both increases and decreases in operations, and it is expected that the production of quartz sand in August will be up slightly MoM from July. Inventory Sand enterprise inventories have basically remained stable, with domestic supply and demand being roughly balanced. PV glass prices 3.2mm single-layer coating: The price of 3.2mm single-layer coated PV glass is 17.5-18.5 yuan/m², with prices remaining stable. 3.2mm double-layer coating: The price of 3.2mm double-layer coated PV glass is 18.5-19.5 yuan/m², with prices remaining stable. 2.0mm single-layer coating: The price of 2.0mm single-layer coated PV glass is 11-11.5 yuan/m². Last week, some second-tier domestic companies quoted around 11.5 yuan/m² for new inquiries. Glass companies have sufficient orders on hand, and there is an expectation for further price increases. 2.0mm double-layer coating: The price of 2.0mm double-layer coated PV glass is 12-12.5 yuan/m², with prices rising. Production In the past week, some domestic glass companies have resumed their blocked kilns, and the market supply has started to increase after a decline. Inventory Glass inventory continues to decrease, with leading glass companies' days of inventories dropping to about 25 days, indicating a rapid destocking pace.

SMM reported on July 30 that today, the quoted price for TA1 titanium ingot is 57,000-58,000 yuan/mt, TA2 titanium ingot is 55,000-56,000 yuan/mt, and TC4 titanium ingot is 63,000-65,000 yuan/mt. Today, the titanium metal market is under pressure. The procurement demand for titanium materials from traditional industries continues to shrink, leaving titanium material processing enterprises in a dire situation with a lack of orders and a shrinking market size. Titanium smelters in the Baoji region are facing severe "rat race" competition, and the survival pressure on enterprises is increasing. Meanwhile, the supply of sponge titanium in the market has surged significantly, while the growth rate of downstream titanium material demand has been sluggish, resulting in an oversupply situation in the market. Affected by this, the processing fee for titanium ingot continues to decline. Coupled with the downward trend in the price of raw material sponge titanium, the price of titanium ingot is under pressure.

SMM July 23 News: Silicon coal Prices: This week, prices in some regions of the silicon coal market have slightly increased. In Inner Mongolia and Ningxia, due to a 15 yuan/mt increase in the price of raw coal, silicon coal prices have risen by 10 yuan/mt. Prices in other regions remain stable. Currently, the average price of non-caking silicon coal in Xinjiang is 710 yuan/mt, the average price of caking silicon coal in Xinjiang is 1,250 yuan/mt, the average price of silicon mixed coal in Gansu is 840 yuan/mt, the average price of pellet coal is 960 yuan/mt, the average price of silicon mixed coal in Ningxia is 885 yuan/mt, and the price of pellet coal is 1,050 yuan/mt. Supply: Most coal washing plants continue to arrange production plans based on order quantities. Affected by the resumption of production at some silicon plants in south-west China during the rainy season, demand has slightly increased, and the operating rate has also risen accordingly. Demand: Just-in-time procurement is the main approach. However, influenced by the resumption of production at some silicon plants in south-west China during the rainy season, overall demand has slightly increased. Silicon metal Prices: Yesterday, the main silicon metal contract hit the daily price limit, closing at 9,655 yuan/mt. Mainly driven by strong macro sentiment and continuous policy stimulus, spot market quotes have maintained an upward trend. The spot-futures price spread quoted by futures traders has slightly decreased compared to before, while absolute prices continue to rise. Keep an eye on actual market transactions. Production: With the continuous increase in silicon metal prices, silicon enterprises' profits have improved, and the weekly production of silicon metal is expected to continue to increase. Inventory: Social inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 547,000 mt on July 17, a decrease of 4,000 mt WoW. Among them, social general warehouses held 120,000 mt, a decrease of 4,000 mt WoW, while social delivery warehouses held 427,000 mt (including unregistered warrants and spot cargo), unchanged WoW. (Excluding Inner Mongolia, Gansu, etc.) Silicone Prices DMC: Currently quoted at 11,600 yuan/mt - 12,500 yuan/mt. This week, domestic DMC prices have risen sharply. An unexpected accident at an east China silicone enterprise led to the shutdown of some production capacity, spreading panic in the domestic market and improving market transaction sentiment. D4: Currently quoted at 12,300 yuan/mt - 13,200 yuan/mt. This week, D4 prices have increased. 107 silicone rubber: Currently quoted at 12,500 yuan/mt - 13,000 yuan/mt. This week, 107 silicone rubber prices have increased. Raw silicone rubber: Currently quoted at 12,600 yuan/mt - 13,200 yuan/mt. This week, raw silicone rubber prices have increased. Silicone oil: Currently quoted at 14,000 yuan/mt - 14,500 yuan/mt. This week, silicone oil prices have increased. Production: Recently, monomer operating rates have declined, with some monomer production capacity in east China shutting down. Inventory: This week, the inventory of monomer enterprises has decreased, and downstream enterprises have entered the market for procurement. Polysilicon Price Yesterday, the quoted price for N-type recharging polysilicon was 42-49 yuan/kg, and for granular polysilicon, it was 41-45 yuan/kg. Currently, the market is relatively stable compared to the previous period, with some new transactions occurring. Yesterday, futures prices surged significantly, boosting the sentiment of some producers. Production Currently, there are no major changes planned for the production schedule in July. The total polysilicon production is expected to approach the 110,000 mt mark, with significant increases coming from south-west China. Inventory This week, polysilicon inventory continued to decline. Some orders signed earlier are still being shipped, but the rate of inventory reduction has slowed down significantly. Meanwhile, the inventory of polysilicon at crystal pulling plants has increased. Wafer Price The market price for N-type 18X wafers is 1.1 yuan/piece, and for N-type 210RN wafers, it is 1.25 yuan/piece. Yesterday, wafer prices remained stable overall, with some low-priced items experiencing a rebound. Currently, upstream sentiment is improving, and some wafer enterprises are considering further actions. Production In July, wafer plant operations have been relatively weak. With the increase in wafer prices, some individual enterprises have preliminary plans to restart furnaces, but the specific implementation needs to be further observed. Inventory Recently, influenced by the increase in polysilicon quoted prices and wafer prices, downstream enterprises have accelerated their cargo pick-up pace, leading to a decrease in wafer inventory. High-purity quartz sand Price Currently, the domestic price for inner-layer sand is 59,000-64,000 yuan/mt, for middle-layer sand is 27,000-33,000 yuan/mt, and for outer-layer sand is 17,000-22,000 yuan/mt. This week, the domestic price for high-purity quartz sand has remained stable. With the increase in wafer prices, quartz sand enterprises' willingness to offer discounts for transactions has decreased recently, and there is a high level of back-and-forth negotiations between upstream and downstream. Production This week, quartz sand production operations have temporarily remained stable, with enterprises mainly producing based on demand. Inventory The inventory of quartz sand enterprises still maintains a slight upward trend.