The Actual Transaction Center of Polysilicon Slightly Increased Compared to Pre-Holiday Levels, While Silicon Wafer Prices Remained Stable [SMM Silicon-Based PV Morning Meeting Summary]

SMM February 12 News:

Silica

Prices: Silica prices remained stable, while the silicon metal market continued to be weak. Overall industry operating rates stayed low, and silicon enterprises that had previously shut down for maintenance showed no short-term intention to resume production. The demand for restocking silica raw materials was also low, with overall demand for silica raw materials still relatively insufficient. Currently, mine-mouth prices for high-grade silica in Jiangxi are at 440-460 yuan/mt, in Inner Mongolia at 360-390 yuan/mt, and in Hubei at 420-450 yuan/mt.

Production: At present, production and shipments at mine sites have mostly returned to normal. However, due to relatively weak restocking demand downstream, the supply side appeared slightly loose.

Inventory: Silicon plants that had previously halted production currently have no plans for production resumption or raw material restocking.

Silicon Metal

Prices: Spot silicon metal prices remained stable yesterday, with above-standard #553 silicon metal in east China at 10,800-10,900 yuan/mt, unchanged from the previous day. Some downstream orders were gradually released, and transactions were made on an as-needed basis.

Production:

In January 2025, silicon metal production decreased by 8.3% MoM and 12.2% YoY. In February, operating rates of silicon enterprises of different scales are expected to diverge further, with large-scale enterprises maintaining higher rates and small- to medium-scale enterprises showing weaker rates.

Inventory:

Social Inventory: According to SMM data, as of February 7, national social inventory of silicon metal totaled 543,000 mt, an increase of 3,000 mt compared to pre-Chinese New Year levels. Among this, general social warehouses held 150,000 mt, down 1,000 mt from pre-holiday levels, while social delivery warehouses held 393,000 mt (including unregistered warehouse warrants and spot cargo), up 4,000 mt from pre-holiday levels. (This inventory data excludes regions such as Inner Mongolia and Gansu.)

Silicone

Prices:

DMC: Current quotations are at 12,600-13,500 yuan/mt. After the holiday, monomer enterprises slightly raised their quotes, but transaction centers have not shifted yet. There is potential for concentrated price firmness in the future.

D4: Current quotations are at 12,600-14,000 yuan/mt, with market prices remaining stable.

107 Silicone Rubber: Current quotations are at 12,700-13,500 yuan/mt, with market prices remaining stable.

Raw Silicone Rubber: Current quotations are at 13,600-14,200 yuan/mt, with market prices remaining stable.

Silicone Oil: Current quotations are at 14,000-15,500 yuan/mt, with market prices remaining stable.

Production:

This week, a 200,000 mt facility in central China began maintenance shutdowns. Additionally, a 200,000 mt facility in east China is also scheduled for shutdown, leading to a downward trend in monomer enterprise operating rates.

Inventory:

As downstream enterprises gradually resume operations and begin procurement, industry inventory is expected to decline slightly.

Polysilicon

Prices:

Yesterday, mainstream transaction prices for N-type recharging polysilicon were at 39-45 yuan/kg. This week, multiple transactions occurred in the polysilicon market. Based on current order signing, some actual transactions showed an increase of about 1 yuan/kg compared to pre-holiday levels, but prices remained within the current quotation range.

Production:

Polysilicon production in February is expected to see a slight decrease, with operating rates showing little change due to offsetting increases and decreases. The reduction is mainly attributed to the impact of calendar days.

Inventory:

Recently, multiple orders were signed, but only partial shipments were made. From the perspective of supply and demand, changes in polysilicon inventory remain limited.

Silicon Wafer

Prices:

Market prices for N-type 18X silicon wafers were at 1.18-1.18 yuan/piece, and for N-type 210RN silicon wafers at 1.3-1.35 yuan/piece. Silicon wafer prices remained stable, with limited market transactions.

Production:

Previously, silicon wafer enterprises, especially integrated enterprises, had ramped up production. In February, silicon wafer operating rates are expected to increase slightly.

Inventory:

Post-holiday silicon wafer transactions remained slightly below supply levels, leading to continued inventory buildup and a further MoM increase.

High-Purity Quartz Sand 

Prices:

This week, high-purity quartz sand prices remained stable. Domestic prices for inner-layer sand were at 60,000-75,000 yuan/mt, mid-layer sand at 35,000-45,000 yuan/mt, and outer-layer sand at 19,000-25,000 yuan/mt.

Production:

Leading enterprises maintained low operating rates, with overall market operations continuing at low levels.

Inventory:

Crucible enterprises are gradually resuming production. After the Lantern Festival, a new round of sand price negotiations is expected to begin, with market trading volume likely to increase and the inventory buildup trend expected to slow.

》View SMM Silicon Product Prices