[Market Participants Became More Rational in Sentiment, and Grain-Oriented Silicon Steel Prices May Fluctuate Rangebound Next Week] In terms of transactions, the procurement pace of end-use industries such as downstream transformers and power equipment slowed down, and purchase willingness remained cautious, with procurement mainly consisting of small-volume, as-needed restocking orders, while large-volume purchasing activity was scarce, resulting in relatively low actual market trading activity. In addition, resources from steel mills’ earlier directed orders arrived successively, and traders’ circulating inventory accumulated steadily. Some merchants offered slight price concessions to accelerate turnover and boost shipments, but the overall room for concessions remained limited and failed to effectively lift transactions.

[Weak Market Sentiment Weighed on Both Spot Silicon Metal and Polysilicon Prices]: This week, the silicon metal market moved lower after a stalemate, with weak market sentiment, some downstream procurement demand released, and cautious trading sentiment. SMM east China oxygen-blown #553 silicon stood at 9,000-9,200 yuan/mt, down 100 yuan/mt WoW. At the beginning of the week, silicon metal market prices remained in a stalemate, while the most-traded contract fluctuated around 8,550-8,750 yuan/mt, with downstream procurement mainly focused on factory cargoes. Later, affected by macro factors and capital sentiment, futures prices declined continuously and closed at 8,285 yuan/mt on Thursday. As spot-futures traders' price advantages became apparent, shipments increased, downstream procurement sentiment diverged, and the market saw transactions based on immediate needs.

[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.

[SMM Cast Aluminum Alloy Morning Comment: Overnight Aluminum Futures Closed Lower, Spot Cargo Under Short-Term Pressure] On Wednesday, the ADC12 market generally showed a downward trend, with mainstream producers broadly lowering quotes by 100 yuan/mt. This price adjustment was mainly driven by the pullback in aluminum prices, which weakened cost support. Enterprises accordingly adjusted their quotes in line with market changes, but the overall magnitude of the adjustment remained relatively restrained, indicating a rather cautious market sentiment.

Indian PV manufacturer Waaree Energies Ltd has officially commenced construction of its integrated photovoltaic silicon ingot and wafer manufacturing plant located in the Butibori Industrial Area of Nagpur, Maharashtra. With planned capacity of 10 GW each for silicon ingots and wafers, the plant will, upon completion, become the largest integrated production site of its kind in India and mark an important step in strengthening India’s domestic upstream PV manufacturing ecosystem and advancing the “Atmanirbhar Bharat” initiative. According to reports, the project covers approximately 300 acres and involves a total investment of about INR 62 billion. It is primarily focused on the production of high-purity photovoltaic silicon ingots and wafers.

POSCO Future M announced on the 13th that it signed a memorandum of understanding (MOU) with Sila at InterBattery 2026 held at COEX in Seoul on March 11. Sila, headquartered in California, is a battery materials company specializing in high-performance silicon anode technology.

[SMM Silicon-Based PV Morning Meeting Summary: Module Prices Have Softened Somewhat, While Polysilicon Prices Remain Temporarily Stable] Recently, transaction prices for modules in China have softened somewhat. As demand outside China declines and domestic projects are at the point of being about to start, module enterprises have shown differing attitudes in their quotations. Some enterprises have begun offering concessions in advance to take orders, and distributors have also recently started shipments at low prices, thereby leading to a decline in the market transaction price center. At present, quoted prices for distributed Topcon183, 210R, and 210N high-efficiency modules are 0.752 Yuan/W, 0.767 Yuan/W, and 0.77 Yuan/W, respectively, while quoted prices for centralized Topcon182/183 and 210N high-efficiency modules are 0.727 Yuan/W and 0747 Yuan/W, respectively.

Guibao Science (Guibao Tech) announced on the SZSE interactive platform that its 50,000-ton/year silicon-carbon anode and adhesive project for lithium batteries is progressing smoothly. To date, the company has commissioned 3,000 tons of silicon-carbon anode, 10,000 tons of silicone adhesive, and 5,000 tons of polyurethane sealant capacity. For 2026, the plan includes adding another 17,000 tons of capacity, consisting of 7,000 tons of silicon-carbon anode, 5,000 tons of polyurethane sealant, and 5,000 tons of silicone adhesive. Remaining capacity will be released in phases to strengthen the company’s position in the lithium battery supply chain.

[SMM Cast Aluminum Alloy Morning Comment: Futures Prices Retreated After a Rapid Rise, and Market Divergence Intensified at High Levels] Overnight, the aluminum alloy 2604 contract opened higher and then fluctuated downward, opening at 23,770 yuan/mt, rising to 23,820 yuan/mt during the session, and then pulling back under pressure to a low of 23,525 yuan/mt before closing at 23,645 yuan/mt late in the session, down 80 yuan/mt from the previous settlement price, a decline of 0.34. Open interest edged up by 6 lots to 5,304 lots, with trading volume at 2,417 lots. Wait-and-see sentiment remained strong among market participants, and market divergence intensified at high levels.