[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stable, Module Prices Drop] Over the weekend, polysilicon N-type recharging polysilicon was quoted at 32.7-35.5 yuan/kg. Market order signing was limited, and prices remained temporarily stable over the weekend. After the exhibition, no new orders were signed, and the market is watching for subsequent policy developments.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 33-35.7 yuan/kg. Polysilicon prices remained generally weak, with sluggish market transactions. Previous order signing had concluded, and the current focus was primarily on shipments, with market participants watching for subsequent policy developments. Wafer: Market prices for 18X wafers were 0.88-0.9 yuan/piece, 210RN wafers were priced at 0.98-1.00 yuan/piece, and 210N wafers were priced at 1.18-1.2 yuan/piece. Top-tier players continued to hold prices, and improving quality to justify price increases had become the most pressing task in the wafer segment.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stable, Module Transaction Center Continued Weak] Last week, module prices in China maintained a downward trend. The atmosphere of enterprises competing on prices to push shipments intensified again, and currently, enterprise quotes for centralized modules also began to decline continuously. The overall market transaction center kept shifting downward, and subsequent module lows were expected to reach 0.7 yuan/W. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.742 Yuan/W, 0.749 Yuan/W, and 0.752 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.723 Yuan/W and 0.743 Yuan/W respectively.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 33-35.9 yuan/kg. Polysilicon prices were generally weak. Dense/recharging prices were relatively stable, with low trading volume. Mixed packages gradually became the market mainstream, with prices for some grades falling to around 30 yuan. Wafer: Market 18X wafer prices were 0.88-0.9 yuan/piece, 210RN wafer prices were 0.98-1.00 yuan/piece, and 210N wafer prices were 1.18-1.2 yuan/piece. Currently, the lower end of the 210R price range still showed a downward trend, while the other two sizes remained temporarily stable. Leading wafer enterprises continued to hold prices firm. According to SMM statistics, the overall furnace-loading costs across companies declined notably, and current selling prices could still cover cash costs.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stable, Module Prices Relatively Weak] Last week, China's module prices were basically stable, but amid this stability there was a tug-of-war between upstream and downstream. Currently, distributed and some centralized procurement plans are increasing, but for current module prices, negotiation and pushing for lower prices remain the main approach. However, on the module side, due to support from the cost side, especially silver prices, and strengthened support from solar cell prices, maintaining stable prices remains the priority. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.7445 Yuan/W, 0.752 Yuan/W, and 0.755 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.7235 Yuan/W and 0.7435 Yuan/W respectively.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 34-36.1 yuan/kg. Polysilicon prices were relatively stable overall, with extremely limited order signing in the market. Some crystal pulling plants showed low-price purchase willingness, but top-tier manufacturers still held the floor above 35 yuan. With cost setting imminent, manufacturers had a strong wait-and-see sentiment. Wafer: Market 18X wafer prices were 0.9-0.93 yuan/piece, 210RN wafer prices were 1.00-1.03 yuan/piece, and 210N wafer prices were 1.2-1.23 yuan/piece. Recently, a top-tier enterprise completed bulk transactions of 210R wafers at 1.02 yuan/piece. Currently, except for 210N, the other two sizes had already accepted the previous round of price increases, and subsequent trends would depend on downstream cell price movements.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon was quoted at 34-36 yuan/kg. Polysilicon prices remained relatively stable during the holiday, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Post-holiday surveys and conferences were scheduled, and the market was watching subsequent developments. Wafer: Market prices for 18X wafers were 0.9-0.93 yuan/piece, 210RN wafers were 1.00-1.03 yuan/piece, and 210N wafers were 1.2-1.23 yuan/piece. During the holiday, wafer prices remained stable, and cell prices were expected to rise after the holiday.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Yesterday, 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. Pre-holiday downstream procurement saw strong sentiment to push for lower prices. Some suppliers made minor concessions on transactions, while most maintained stable quotes. Supply and demand remained weak, and the market was in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34-36.3 yuan/kg. Polysilicon prices were relatively stable this week overall, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Related meetings concluded, with some results falling short of expectations, and wait-and-see sentiment in the market increased.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Generally Stable, Module Production Schedules Expected to Rise] Over the weekend, N-type recharging polysilicon was quoted at 34.1-36.5 yuan/kg. Weekend market prices remained temporarily stable. In the earlier period, frequent industry meetings were held, with results presenting a mix of bearish and bullish signals. Parties held divergent views, wait-and-see sentiment increased, and prices remained temporarily stable.

[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.