Polysilicon Orders Gradually Signed, In-Plant Inventory Decreases, Silicon Wafer Prices Remain Stable [SMM Silicon-Based PV Morning Meeting Summary]

SMM, December 18:

Silica

Prices: Silica prices remained stable. Year-end restocking demand from downstream silicon producers was weak, and winter stockpiling by silicon producers in north China was mostly completed. Overall silica demand is expected to remain weak before the year-end, with purchasing activity likely to recover in late Q1 next year. Currently, the mine-mouth price of high-grade silica in Jiangxi is 440-460 yuan/mt, in Inner Mongolia is 360-390 yuan/mt, and in Hubei is 420-450 yuan/mt.

Production: With the increasing number of supporting mines for silicon producers, the overall domestic silica production supply remained relatively ample.

Inventory: In south-west China, industrial silicon producers have mostly halted furnaces, with no restocking demand for raw materials. In north China, winter raw material restocking by operating silicon producers has been largely completed recently.

Silicon Metal

Prices: Spot silicon metal prices continued to fluctuate downward, with low-priced cargoes entering the market, causing chaotic quotations. Yesterday, in east China, above-standard #553 silicon metal was priced at 11,300-11,500 yuan/mt, and #441 silicon metal at 11,700-11,800 yuan/mt. In the futures market, the most-traded Si2502 contract hit a new low yesterday, reaching a minimum of 11,510 yuan/mt. Downstream users purchased as needed, and market activity was moderate.

Production:

In December, both supply and demand for silicon metal continued to show weakness. On the supply side, silicon metal production decreased significantly compared to November, with the monthly supply-demand structure tending toward balance.

Inventory:

Social Inventory: According to SMM statistics, as of December 13, the national social inventory of silicon metal totaled 536,000 mt, up 9,000 mt WoW. Among this, general warehouses held 151,000 mt, unchanged WoW, while delivery warehouses held 385,000 mt (including unregistered warehouse warrants and spot cargo), up 9,000 mt WoW.

Silicone

Prices:

DMC: Current prices are 12,600-13,500 yuan/mt, with low-end prices moving upward this week.

D4: Current prices are 12,600-14,100 yuan/mt, with high-end prices pulling back slightly this week.

107 Silicone Rubber: Current prices are 13,000-13,500 yuan/mt, with the price center rising.

Raw Silicone Rubber: Current prices are 13,500-14,200 yuan/mt, with prices stable this week.

Silicone Oil: Current prices are 14,700-16,000 yuan/mt, with a slight price increase this week.

Production:

This week, domestic monomer production remained stable, with new capacity facilities steadily ramping up. No production lines were under maintenance in December.

Inventory:

This week, domestic monomer enterprise inventories remained stable. However, with trading volume expected to decline, there is a risk of inventory buildup in the future.

Polysilicon

Prices:

Yesterday, mainstream prices for N-type polysilicon were 39-42 yuan/kg, and dense polysilicon prices were 35-36 yuan/kg. Polysilicon prices rose again this week, with actual transaction prices approaching 40 yuan/kg. For January orders, manufacturers quoted prices concentrated at or above 42 yuan/kg.

Production:

December supply was lower than previously expected. With electricity prices rising MoM, production cuts increased at certain bases. Currently, there is still a small supply from Sichuan, while Yunnan has completely halted production. In January, Sichuan's supply is expected to decline further.

Inventory:

Orders on hand for several manufacturers increased, mainly due to the gradual signing of January contracts, leading to a slight inventory pullback.

Silicon Wafers

Prices:

Market prices for N-type 18X silicon wafers were 1.03-1.05 yuan/piece, and for N-type 210RN silicon wafers were 1.12-1.15 yuan/piece. Overall, silicon wafer prices remained stable this week, with the market temporarily observing upstream price changes.

Production:

December silicon wafer production schedules saw no significant changes. First- and second-tier enterprises continued to lead production increases, with silicon wafer production rising slightly.

Inventory:

Current inventory continued to decline slightly, with older inventory at silicon wafer plants being cleared, reducing pressure.

High-Purity Quartz Sand

Prices:

This week, high-purity quartz sand prices remained stable. Domestic prices for inner-layer sand were 60,000-75,000 yuan/mt, middle-layer sand 35,000-45,000 yuan/mt, and outer-layer sand 19,000-25,000 yuan/mt. Currently, domestic quartz sand enterprises are offering low prices, but these prices have not yet attracted downstream purchasing interest. Crucible enterprises are expected to prioritize consuming their own inventories.

Production:

This week, domestic quartz sand enterprises maintained stable operations, producing based on demand.

Inventory:

Domestic high-purity quartz sand enterprises continued to experience inventory buildup, with inventory levels remaining high. However, crucible enterprises are expected to have a wave of purchasing plans before the year-end, which may reduce inventory levels.

》View SMM Silicon Product Prices