Silicon Metal Market Consolidated at Lows, Polysilicon Prices Remained Under Pressure Going Forward [SMM Silicon-Based PV Morning Meeting Minutes]

SMM April 8:

Silicon Coal

Prices: Silicon coal market prices were largely stable this week. Specifically, the average price of blended silicon coal in Gansu was 980 yuan/mt, and silicon granular coal averaged 1,100 yuan/mt. In Xinjiang, non-caking silicon coal averaged around 855 yuan/mt, with caking silicon coal in a price range of around 1,300-1,650 yuan/mt. Silicon coal in Inner Mongolia averaged around 1,260 yuan/mt, and in Shaanxi around 850 yuan/mt.

Supply: With no incremental downstream demand for the time being, overall operating rates remained largely stable.

Demand: Purchasing as needed remained the dominant mode. Buyers were relatively sensitive to changes in raw material silicon coal prices and were cautious about accepting high price levels.

Silicon Metal

Prices: 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.

Production:

According to SMM data, China's silicon metal production in March 2026 was 329,900 mt, up 19.7% MoM and down 3.6% YoY. The MoM increase in March production was mainly attributable to some capacity resuming production in early March and the greater number of production days in March.

Inventory:

Social Inventory: According to SMM statistics, social inventory of silicon metal in major regions totalled 560,000 mt as of April 2, flat WoW (excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Silicone

Prices

DMC: Transaction prices yesterday were 14,400-14,500 yuan/mt, up 200 yuan/mt WoW. Downstream raw material inventory was relatively sufficient at present, with consumption of existing inventory being the priority. Overall market transactions were limited to small volumes of rigid-demand purchases.

D4: Quoted at 14,300-15,000 yuan/mt yesterday, up 100 yuan/mt WoW.

107 Silicone Rubber: Quoted at 14,700-15,300 yuan/mt yesterday, up 200 yuan/mt WoW.

Crude Rubber: Quoted at 15,300-15,700 yuan/mt yesterday, up 400 yuan/mt WoW.

Silicone Oil: Quoted at 15,700-16,300 yuan/mt yesterday, up 200 yuan/mt WoW.

Production:

With operating rates remaining relatively stable, weekly supply was flat WoW.

Inventory:

Upstream enterprises were mainly fulfilling pre-sold orders at present, so inventory levels remained relatively stable.

Polysilicon

Prices:

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. Inventory pressure on polysilicon remained significant, exerting pressure on future prices.

Production

Recently, more bases cut production in April. April polysilicon production may fall short of expectations, with production expected to drop below 90,000 mt.

Inventory:

Polysilicon inventory currently shows a slight upward trend. Purchases are relatively low, not enough to cover production, leading to inventory buildup. Multiple enterprises had month-end inventory above 20,000 mt at the end of March, with some even higher.

Wafer

Prices

The market price of 18X wafers was 0.95-1.00 yuan/piece, 210RN wafers 1.03-1.05 yuan/piece, and 210N wafers 1.23-1.30 yuan/piece. The low-end prices of 18X and 210N shifted downward. After the Qingming Festival, companies began to negotiate and sign orders successively.

Production

April wafer production schedules were revised down by 5.4%. Recently, integrated enterprises have shown signs of production cuts, and actual production schedules may be slightly below expectations. Toll processing orders in the market increased and showed a more concentrated trend.

Inventory

Wafer enterprise inventory turned to increase slightly. Cell enterprises cut production more than wafer enterprises in April, causing the wafer segment to shift back to slight inventory buildup.

High-Purity Quartz Sand

Prices

Currently, China's inner-layer sand was priced at 50,000-53,000 yuan/mt, middle-layer sand at 20,000-25,000 yuan/mt, and outer-layer sand at 16,000-18,000 yuan/mt. Imported high-purity quartz sand was priced at 65,000-68,000 yuan/mt. The price of 33-inch quartz crucibles was 6,000-6,300 yuan/piece, and 36-inch quartz crucibles 7,000-7,300 yuan/piece.

Production

April production schedules of quartz sand enterprises are expected to increase slightly. China's high-purity quartz sand enterprises formulated production plans in line with wafer demand, while an ex-China high-purity quartz sand enterprise postponed its production equalization plan.

Inventory

In Q2 2026, crucible enterprises purchase reasonably based on wafer planned production, and quartz sand inventory levels continue to increase.