Polysilicon Companies Maintain Firm Quotes, Silicon Wafers Continue Destocking Rhythm with Prices Generally Rising [SMM Silicon-Based PV Morning Meeting Summary]

SMM, January 8:

Silica

Prices: Silica prices remained stable. Before the Chinese New Year, downstream silicon enterprises showed low enthusiasm for restocking raw silica, with mines only delivering part of the undelivered orders. Downstream purchasing enthusiasm is expected to recover significantly around February-March. 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: Recent silica orders and shipments have been limited. The enthusiasm for order-taking and shipments at mines is expected to recover in Q1 next year, with the current supply remaining relatively loose.

Inventory: Downstream silicon enterprises have shown limited demand for restocking raw silica recently.

Silicon Metal

Prices: The silicon metal futures market continued to fluctuate downward. Yesterday, the si2502 contract hit a new low, with the intraday low falling below 10,600 yuan/mt. Spot prices struggled to follow the decline, and market trading sentiment was moderate.

Production:

In December, the supply and demand of silicon metal both remained weak. From the perspective of supply-demand balance, December still showed a slight surplus. In January, as production cuts continue on the supply side, the monthly supply-demand balance is expected to stabilize.

Inventory:

Social Inventory: According to SMM statistics, as of January 3, the national social inventory of silicon metal totaled 539,000 mt, up 1,000 mt WoW. Among them, general social warehouses held 157,000 mt, up 2,000 mt WoW, while social delivery warehouses held 382,000 mt (including unregistered warehouse warrants and spot cargo), down 1,000 mt WoW.

Silicone

Prices:

DMC: Current prices are 12,800-13,500 yuan/mt, with low-end market prices dropping slightly this week.

D4: Current prices are 12,800-14,100 yuan/mt, with low-end market prices dropping slightly this week.

107 Silicone Rubber: Current prices are 12,800-13,500 yuan/mt, with low-end market prices dropping slightly this week.

Raw Silicone Rubber: Current prices are 13,800-14,200 yuan/mt, with prices temporarily stable.

Silicone Oil: Current prices are 14,000-15,800 yuan/mt. Enterprises showed strong willingness to sell at reduced prices, leading to a price decline.

Production:

This week, domestic monomer production remained at a high level. Two monomer enterprises in east China maintained stable output, while other monomer enterprises operated at relatively high loads.

Inventory:

Domestic inventory increased slightly this week. Although some downstream enterprises entered the market for restocking, trading volumes remained limited, leading to an inventory buildup trend.

Polysilicon

Prices:

Yesterday, the mainstream price of N-type polysilicon was 39-45 yuan/kg, and the mainstream price of dense polysilicon was 35-36 yuan/kg. Polysilicon prices continued to rise this week, mainly driven by leading enterprises raising quotes for N-type re-feeding materials.

Production:

In January, supply is expected to see slight production cuts, but the overall scale of reduction is limited.

Inventory:

As January progresses, the delivery pace of some orders is nearing completion, and new order signings in the market are insufficient, leading to a slight inventory increase.

Wafers

Prices:

The market price for N-type 18X wafers is 1.1-1.18 yuan/piece, and for N-type 210RN wafers is 1.2-1.35 yuan/piece. This week, N-type wafer prices saw a general increase, mainly driven by price hikes from top-tier enterprises.

Production:

In January, wafer production schedules are not expected to change significantly. Production increases from first- and second-tier enterprises remain the main contributors, with wafer production increasing slightly.

Inventory:

Current inventory continues to decline slightly, approaching the safety threshold, with tight delivery schedules.

High-Purity Quartz Sand 

Prices:

This week, high-purity quartz sand prices remained stable. Domestic prices for inner-layer sand are 60,000-75,000 yuan/mt, for middle-layer sand are 35,000-45,000 yuan/mt, and for outer-layer sand are 19,000-25,000 yuan/mt. This week, leading domestic high-purity sand enterprises raised their quotes, but downstream crucible procurement has not yet started. Price negotiations are expected to dominate in the near term.

Production:

This week, domestic operating rates continued to decline. Some sand enterprises operated at less than 40% capacity, and future supply issues with raw materials are anticipated. The supply of high-purity quartz sand is expected to decrease slightly.

Inventory:

High-purity quartz sand inventory continues to increase slightly. The new round of crucible procurement plans has not yet started, and inventory buildup is expected to continue in the near term.

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