Wait-and-See Sentiment Increased in Polysilicon Market, Initial Signs of Wafer Price Increase Sentiment Emerged [SMM Silicon-Based PV Morning Meeting Minutes]

SMM April 29:

Silicon Coal

Price: Silicon coal market prices were largely stable this week. 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, and caking silicon coal price range was around 1,300-1,650 yuan/mt. Shaanxi silicon coal averaged around 850 yuan/mt, and Inner Mongolia silicon coal was 1,250-1,290 yuan/mt.

Supply: The produce based on sales model was maintained, with production arranged based on order conditions.

Demand: With the overall silicon metal market still in a weak position, silicon plants maintained rigid demand-based procurement of raw material silicon coal.

Silicon Metal

Price: Yesterday, 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. Pre-holiday downstream procurement sentiment to push for lower prices was strong. Some suppliers made minor concessions on transactions, while most quotes remained stable. Supply and demand were weak, and the market remained stagnant.

Production:

In April, some northern silicon enterprises were affected by maintenance or production cuts, and April silicon metal production weakened MoM.

Inventory:

Social inventory: According to SMM statistics, as of April 24, social inventory of silicon metal in major regions totaled 556,000 mt, down 3,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Silicone

Price

DMC: Yesterday's transaction price was 14,700-15,000 yuan/mt, up 100 yuan/mt WoW. Recently, DMC market prices continued to hold up well. Downstream procurement sentiment remained cautious, mainly on an as-needed basis. However, with the Labour Day holiday approaching, some mid- and downstream players made moderate purchases based on production needs.

D4: Yesterday's quote was 14,800-15,100 yuan/mt, stable WoW.

107 silicone rubber: Yesterday's quote was 14,700-15,300 yuan/mt, stable WoW.

Raw rubber: Yesterday's quote was 15,300-15,700 yuan/mt, stable WoW.

Silicone oil: Yesterday's quote was 15,700-16,300 yuan/mt, stable WoW.

Production:

From the weekly operating perspective, some producers resumed production after maintenance and increased operating loads, resulting in a slight edge up in overall supply.

Inventory:

With upstream producers operating at low levels and pre-sales orders being sufficient, spot cargo circulation continued to tighten. As a result, upstream producer inventory remained at low levels.

Polysilicon

Price:

Polysilicon N-type recharging polysilicon was quoted at 34-36.3 yuan/kg. Polysilicon prices were relatively stable this week. Order signing in the market was extremely limited, and crystal pulling plants had no significant procurement demand for the time being. Relevant meetings concluded, with some results falling short of expectations, and wait-and-see sentiment in the market increased.

Production

Recently, more bases cut production in April, and April polysilicon production may fall short of expectations, with production estimated to drop below 90,000 mt. In May, one base plans to resume production, and one base has a production cut plan.

Inventory:

Polysilicon inventory increased recently. Order signing decreased this week while production did not change significantly, leading to a rise in inventory.

Wafer

Price

The market price of 18X wafers was 0.9-0.93 yuan/piece, 210RN wafers 1.00-1.03 yuan/piece, and 210N wafers 1.2-1.23 yuan/piece. After a significant reduction in wafer inventory, cell enterprises accelerated their procurement pace, and bullish pricing sentiment began to emerge.

Production

Based on current survey feedback, May wafer production schedules were raised by approximately 6%, with multiple specialized enterprises increasing production and individual leading integrated enterprises raising operating loads. The toll processing landscape underwent relatively notable changes.

Inventory

Wafer enterprise inventory declined notably. Overseas warehouses shipped out goods successively, and inventory in China shifted notably from the wafer segment to the cell segment, driving the wafer segment into a destocking cycle.

High-Purity Quartz Sand

Price

Currently, the price of inner-layer sand in China was 40,000-45,000 yuan/mt, middle-layer sand 20,000-25,000 yuan/mt, and outer-layer sand 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 6000-6200 yuan/piece, and 36-inch quartz crucibles 6700-6900 yuan/piece. Inner-layer sand prices continued to decline after a brief period of stability.

Production

May production schedules of quartz sand enterprises are expected to edge up. High-purity quartz sand enterprises in China 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 purchased reasonably based on wafer planned production, and quartz sand inventory levels continued to increase.