[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.

[Orders Showed Marginal Improvement, Zinc Oxide Operating Rates Rose] Driven by marginal improvement in downstream orders, the industry's operating rate edged up this week...

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: At the beginning of the week, futures prices saw wider fluctuations driven by market news. As the news was debunked, futures prices weakened again. Yesterday, SMM east China oxygen-blown #553 silicon was at 8,900-9,100 yuan/mt, and #441 silicon was at 9,100-9,300 yuan/mt. Yesterday, the most-traded SI futures contract closed at 8,320 yuan/mt, down 95 yuan/mt from the previous day but up 70 yuan/mt from Monday. Polysilicon: N-type recharging polysilicon was quoted at 34-36.5 yuan/kg. Polysilicon prices continued to edge down slightly this week, but the decline narrowed. On one hand, prices were already approaching the cost lines of most producers; on the other hand, some market "rumors" circulating earlier, combined with unusual movements in futures, gave polysilicon producers more options.

According to SMM data, China’s average operating rate of zinc oxide stood at 38.88% in Q1 2026, down 3.98 percentage points year-on-year.What are the reasons behind this?

[Demand Continues to Recover, Zinc Oxide Production Keeps Rising] High prices suppressed downstream order-taking, and some enterprises saw continued accumulation of finished product inventories, with inventory pressure increasing. Production starts rose WoW during the week, mainly driven by the gradual recovery of orders across downstream sectors, which boosted overall production capacity utilization of enterprises...

[SMM Silicone Weekly Review: Supported by Cost and Emission Reduction Among Other Factors, Silicone DMC Prices Still on the Rise] This week, China's silicone DMC mainstream transaction range was 14,500-14,800 yuan/mt, up 200 yuan/mt WoW, with the transaction center leaning toward the lower end. Regionally, Shandong monomer enterprises suspended quotations starting yesterday, with the last quoted price at 14,500 yuan/mt, up 100 yuan/mt WoW; mainstream quotations in other regions were 14,500 yuan/mt, with individual enterprises quoting 14,600-14,800 yuan/mt.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices trended weaker yesterday. SMM east China oxygen-blown #553 silicon was at 8,900-9,100 yuan/mt, down 100 yuan/mt from the previous day. #441 silicon was at 9,200-9,300 yuan/mt, down 100 yuan/mt from the previous day. The SI2605 contract closed at 8,260 yuan/mt yesterday. The decline in silicon prices stimulated the release of some rigid demand orders from downstream buyers and traders. With weak supply and demand, silicon prices consolidated at lows. Polysilicon: N-type recharging polysilicon was quoted at 34.5-37.5 yuan/kg. Polysilicon prices continued to decline recently, and bearish sentiment persisted in the market. Some individual transactions below current mainstream transaction prices emerged. Polysilicon inventory pressure remained significant, exerting pressure on future prices.

[Order Demand Improved in Some Segments, and Zinc Oxide Operating Rates Rebounded Steadily] This week, the rise in zinc oxide operating rates was mainly due to generally strong orders at large plants, while improved orders at some enterprises also drove operating rates higher......

[SMM Weekly Silicone Review: Silicone Product Prices Rebounded, While Overall Market Transactions Remained Sluggish] This week, the transaction range in China’s silicone DMC market was 14,200-14,300 yuan/mt, up 200 yuan/mt WoW, with overall market transaction prices seeing a phased rebound.

[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.