Based on supply-demand balance calculations, the industry experienced slight destocking from January to February. However, in March, with the increase in operating capacity on the supply side, production rose sharply, while there was almost no growth on the demand side, shifting the balance back to surplus. Polysilicon enterprises with integrated silicon metal capacities have relatively large production scales. Large-scale silicon enterprises (with annual capacities of 100,000 mt or more) increased their supply share, offering greater supply stability compared to small and medium-sized silicon enterprises. The fundamentals of silicon metal are expected to remain characterized by strong supply and weak demand in the near term, keeping spot silicon metal prices at low levels in the short term.

SMM reports February's scheduled production for 50 solar cell firms is 41.53GW, with P-type at 37.09% and N-type at 62.91%, down 17% from January due to the Spring Festival.

Topcon solar cell production base construction is advancing strongly as demand beat forecasts.