[SMM Silicon-based PV Morning Meeting Summary] Silicon metal: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. On the futures market, the most-traded contract consolidated at 8,400 yuan/mt. With strong support below prices, there is limited downside room, while upside bullish drivers are insufficient. The silicon metal market was stagnant and consolidating at lows. Wafers: In the wafer market, 18X wafer prices are at 0.85-0.88 yuan/piece, 210RN wafers at 0.96-0.98 yuan/piece, and 210N wafers at 1.16-1.18 yuan/piece. Wafer prices have temporarily stopped falling and stabilized.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: SMM oxygen-blown #553 silicon in east China was at 9,100-9,200 yuan/mt yesterday, and #441 silicon was at 9,300-9,400 yuan/mt. The most-traded futures contract hovered around 8,500 yuan/mt. Silicon metal prices continued to move sideways in a narrow range. In recent days, the market has seen no new news disruptions, leading to a stalemate in price changes. Increasing supply put prices under pressure in the short term. Wafer: Market prices for 18X wafers were 0.86-0.9 yuan/piece, 210RN wafers were 0.96-1.00 yuan/piece, and 210N wafers were 1.16-1.2 yuan/piece. Smaller factories have already begun to see transactions at lower prices. 18X wafers are under the most severe pressure, and the high end of the overall price range is trending further downward.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for N-type recharging polysilicon is 32-34.2 yuan/kg. Polysilicon prices remain generally weak. A few large-volume orders are currently under negotiation, with the market watching for subsequent outcomes and policy developments. Wafers: Market prices for 183mm wafers stand at 0.88-0.9 yuan/piece, 210RN wafers at 0.98-1.00 yuan/piece, and 210N wafers at 1.16-1.20 yuan/piece. The low-end prices of 183mm and 210N wafers also show a downward trend, widening the price range across all wafer sizes. Top-tier players are holding prices, while smaller enterprises have concluded deals at lower prices.

[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 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 Summary] Polysilicon: N-type recharging polysilicon was quoted at 34.1-36.1 yuan/kg. Polysilicon prices were relatively stable overall, with almost no new order signing in the market. Currently, top-tier players plan to resume production successively, and the market is watching related meetings and specific production resumption developments. Wafer: Market prices for 18X wafers were 0.9-0.93 yuan/piece, 210RN wafers at 1.00-1.03 yuan/piece, and 210N wafers at 1.2-1.23 yuan/piece. Wafer prices have remained stable overall in recent days.

[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 Cast Aluminum Alloy Morning Comment: Dual Pressure from Policy and Demand, Secondary Aluminum Weekly Operating Rate Pulls Back] ADC12 prices are expected to move sideways in the short term. On the cost side, high-level support, combined with the tightening of reverse invoicing and expectations for production cuts at some enterprises, limits the downside room for prices; however, demand is unlikely to see significant improvement in the short term, and inventory remains in an accumulation cycle, which will continue to suppress upside room for prices. Going forward, key attention should be paid to the recovery of end-use consumption and the further impact of policies on the scale of production cuts on the supply side.

[Bulls Cut Open Interest, Silicon Metal Prices Weakened; Polysilicon Prices Remained Stable Overall]: Spot prices were mostly stable this week, with prices of certain silicon grades edging down slightly. As of May 14, SMM east China oxygen-blown #553 silicon was at 9,200-9,400 yuan/mt, down 50 yuan/mt WoW; #441 silicon was at 9,400-9,600 yuan/mt, flat WoW; #3303 silicon was at 10,100-10,300 yuan/mt, flat WoW. Futures market sentiment cooled. In terms of total open interest, it began to decline sharply from Tuesday as funds took profits and exited, causing futures prices to pull back. On Thursday (May 14), total open interest in silicon metal stood at 450,000 lots, down 85,000 lots or 16% from Monday. The most-traded SI2609 contract closed at 8,655 yuan/mt on Thursday, down 455 yuan/mt or 5% from Monday, as the silicon market returned to fundamentals-driven logic. Transaction side, downstream users showed strong wait-and-see sentiment amid the price fluctuations, with transactions mainly driven by rigid restocking demand.

[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.