Silicone quotes rise moderately; polysilicon spot transactions are few [SMM Silicon-based PV Morning Meeting Summary]

SMM, September 9:

Silicon coal

prices:

Disruptions on the silicon coal supply side drove raw coal prices higher. From end-August to early September, silicon coal prices rose by varying degrees across producing regions. Non-caking silicon coal in Xinjiang was priced at 900-950 yuan/mt, silicon coal in Shaanxi at 1,000-1,100 yuan/mt, silicon particle coal in Gansu at 1,460 yuan/mt, and silicon mixed coal at 1,410 yuan/mt.

Silicon metal

prices:

Yesterday, SMM assessed oxygen-blown #553 silicon in east China at around 9,400-9,500 yuan/mt and #441 silicon at around 9,500-9,700 yuan/mt. On the supply side, silicon enterprises held quotes firm, while futures prices consolidated at highs. In some parts of northwest China, spot-futures price spread quotes from traders strengthened slightly from earlier levels. Low-priced cargoes were scarce in the market, and downstream buyers remained cautious, mainly purchasing on dips or making just-in-time procurement.

Production:

China's silicon metal production in August was 356,300 mt, down 8.2% MoM and down 7.6% YoY. In September, operating rates at different silicon enterprises moved in both directions. Production cuts at large plants in Xinjiang were implemented at end-August, while some silicon enterprises in Inner Mongolia, Ningxia, and Xinjiang have expectations for production increase in September. Overall, the reduction is larger, and September silicon metal production is expected to continue its downtrend.

Inventory:

SMM data showed that as of September 3, total social inventory of silicon metal in major regions stood at 492,000 mt, down 1,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Silicone

prices

DMC: Quoted at 13,800-14,200 yuan/mt yesterday, with an average price of around 14,000 yuan/mt. The price center moved up WoW. Monomer plants showed strong willingness to hold prices firm, and downstream procurement was mainly just-in-time restocking.

D4: Quoted at 13,900-14,500 yuan/mt yesterday, with an average price of around 14,200 yuan/mt.

107 silicone rubber: Quoted at 14,100-14,300 yuan/mt yesterday, with an average price of around 14,200 yuan/mt.

Raw rubber: Quoted at 14,900-15,100 yuan/mt yesterday, with an average price of around 15,000 yuan/mt.

Silicone oil: Quoted at 15,200-15,500 yuan/mt yesterday, with an average price of around 15,350 yuan/mt.

Production:

The September meeting confirmed that industry-wide production cuts will continue. Facilities in north China, central China, Shandong, and other producing regions maintained reduced operating loads, and some monomer plants were under maintenance. The overall industry operating rate held at around 60%. Most monomer plants had sufficient orders, with delivery schedules generally extending to late September.

Inventory:

With maintained production cuts on the supply side of the silicone market and recovering demand during the traditional peak season, industry chain inventory remained at mid-to-low levels for the year.

Polysilicon

prices:

Recharging polysilicon for N-type is quoted at 36-42.6 yuan/kg. Producer quotes remain relatively stable, with very few market transactions, and downstream buyers are showing some resistance to high-priced resources. No concrete implementation details have emerged from the relevant meetings, and the market is watching for follow-up developments.

Production

Polysilicon production in September was around 120,000 mt, mainly driven by production resumptions at some enterprises. Expectations for production cuts in some regions during Q4 may lead to lower output.

Inventory:

Upstream inventory continues to accumulate. Some traders have purchased certain volumes, while downstream procurement volume remains relatively small.

Wafer

prices

Market prices for 18X wafers are 1.076-1.1 yuan/piece, 210RN wafers are 1.08-1.104 yuan/piece, and 210N wafers are 1.153-1.207 yuan/piece. Overall wafer prices are consolidating on a subdued note, with downstream demand yet to show clear improvement. Some smaller producers, pressured by cash flow, have a stronger willingness to sell at lower prices, and low-priced supply in the market has increased. Going forward, focus should be on polysilicon price trends and the pace of downstream solar cell restocking.

Production

According to the latest SMM survey, September wafer production is expected to increase by 1-2 GW MoM. Overall wafer supply remains relatively loose, and supply-demand pressure in the market may intensify further.

Inventory

Wafer enterprise inventories are diverging, with top-tier players already at relatively high levels and the industry destocking progress remaining slow.

High-purity quartz sand

prices

Current domestic inner-layer sand prices are 40,000-47,000 yuan/mt, middle-layer sand prices are 21,000-24,000 yuan/mt, and outer-layer sand prices are 12,500-18,000 yuan/mt. Imported high-purity quartz sand prices are 50,000-53,500 yuan/mt. Prices for 33-inch quartz crucibles are 5,500-5,700 yuan/piece, and 36-inch quartz crucibles are 6,500-6,600 yuan/piece. After a series of declines, crucible and quartz sand prices have gradually stopped falling and stabilized. Further significant price cuts are not expected, as even large-size, long-life crucible prices have fallen to near cost levels.

Production

September domestic high-purity quartz sand planned production is expected to decline by about 1% MoM, mainly due to oversupply in the crucible sector, which has led some top-tier crucible enterprises to match supply with calculated demand and slow their quartz sand procurement pace. Consumption of semiconductor-grade sand, PV quartz plates, and other consumables has risen slightly recently.

Inventory

Imported sand inventory continued to increase in September. In Q4 2026, wafer enterprises will purchase crucibles rationally based on planned production, and overall quartz sand inventory levels will continue to rise.