Silicon Metal Prices Hit New Lows Again, While the Center of Polysilicon Transaction Prices Declines Slightly [[SMM Silicon-Based PV Morning Meeting Summary]]

SMM May 7:

Silica

Prices: Silica prices remained in the doldrums this week. Currently, the ex-factory prices of high-grade silica at mine mouths in Hubei range from 350-390 yuan/mt. In Inner Mongolia, the ex-factory prices of high-grade silica at mine mouths range from 320-370 yuan/mt. In Guangxi, the ex-factory prices of high-grade silica at mine mouths range from 360-380 yuan/mt. In Guizhou, the ex-factory prices of high-grade silica at mine mouths range from 290-330 yuan/mt.

Production: The overall supply of silica production at mine mouths is relatively loose.

Demand: Affected by the low operating rates of silicon metal plants in north-west and north China, as well as the weak willingness of silicon plants in south-west China to resume production during the rainy season, the demand side is characterized by price-driving behavior for rigid demand, with only small-order rigid demand restocking. Therefore, the overall demand for silica remains at a low level.

Silicon Metal

Prices: The situation of weak supply and demand for silicon metal remains unchanged. Yesterday, SMM's oxygen-blown #553 silicon in east China was priced at 9,200-9,400 yuan/mt. The futures Si2506 contract continued to decline, closing at 8,325 yuan/mt yesterday, down 2.57%.

Production:

In April 2025, the production of silicon metal was 301,000 mt, down 12% MoM and 16% YoY. From January to April 2025, the cumulative production of silicon metal decreased by 12.6% YoY. At the end of April and the beginning of May, a small number of silicon furnaces in silicon enterprises in the north of the supply side reduced or halted production, and the weekly operating rate of silicon metal was weak.

Inventory:

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 603,000 mt on April 30, an increase of 1,000 mt WoW. Among them, the social general warehouse inventory was 136,000 mt, a decrease of 1,000 mt WoW, and the social delivery warehouse inventory was 467,000 mt (including unregistered warrants and spot cargo), an increase of 2,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Prices

DMC: The current quotation is 11,300-11,800 yuan/mt. Before the Labour Day holiday, domestic downstream enterprises began to enter the market to purchase and appropriately stock up, with trading volume recovering rapidly. The market's low prices experienced a slight correction, and the center of market transactions moved upward.

D4: The current quotation is 12,200-12,700 yuan/mt. With the recent increase in inquiry enthusiasm from downstream enterprises, the price support at the bottom of D4 has strengthened, and prices have remained stable this week.

107 Silicone Rubber: The current quotation is 12,000-12,800 yuan/mt. The cost-side support from DMC has strengthened, and some downstream enterprises have recently begun to enter the market for purchases, driving the center of market transactions upward.

Raw Silicone Rubber: The current quotation is 12,800-13,500 yuan/mt. This week, the low-price quotations for raw silicone rubber in the market have increased somewhat, but the acceptance attitude of the mixed rubber sector is relatively average. The downstream raw material inventory has not yet been fully consumed, and prices are expected to remain stable in the near term.

Silicone Oil: Current quotes range from 14,000 yuan/mt to 14,500 yuan/mt. This week, the high prices of silicone oil continued to decline, with the price range narrowing somewhat. Supported by costs, silicone oil prices are expected to fluctuate in the near term.

Production:

In April, the operating rate of domestic monomer plants continued to decline, with the industry's operating rate expected to drop to around 55%.

Inventory:

Recently, the inventory levels of domestic monomer enterprises have decreased somewhat. With the recent rebound in trading volume, inventory is expected to continue to decline slightly in the coming period.

Polysilicon

Price

Yesterday, the mainstream transaction prices of N-type recharging polysilicon were 37-44 yuan/kg, and the N-type polysilicon price index was 37.28 yuan/kg. This week, the price center of polysilicon declined slightly, but the overall decline slowed down. The concentrated order-signing period has passed, and transactions are limited.

Production

In May, polysilicon production declined slightly by around 2,000 mt MoM. Multiple enterprises cut production, and some enterprises are expected to launch new capacity in May to offset part of the decline.

Inventory

Recently, transactions have been relatively limited, but some orders have been shipped, leading to a slight increase in polysilicon inventory.

Wafer

Price

The market prices of N-type 18X wafers are 1-1.05 yuan/piece, and the prices of N-type 210RN wafers are 1.15-1.2 yuan/piece. Wafer market prices have stabilized somewhat, with trading volume rebounding during the holiday.

Production

In May, wafer production declined by around 4 GW MoM. Production cuts were common among specialized enterprises, while some integrated enterprises increased production.

Inventory

With the rebound in market transactions during the holiday, wafer inventory showed a destocking trend.

High-Purity Quartz Sand 

Price

Currently, the prices of domestic inner-layer sand are 60,000-73,000 yuan/mt, middle-layer sand are 35,000-45,000 yuan/mt, and outer-layer sand are 18,000-25,000 yuan/mt. During the holiday, quartz sand prices remained stable temporarily. However, due to the recent sharp decline in wafer prices, there has been increased resistance to raw material procurement, and quartz sand prices are expected to remain in the doldrums.

Production

Recently, domestic quartz sand enterprises have seen both increases and decreases in operating rates, with a slight increase in overall production.

Inventory

Currently, downstream crucible enterprises are still mainly consuming their own inventory, leading to an accumulation of quartz sand inventory.

》View SMM Silicon Product Quotes