Silicon metal social inventories stood flat on week

Lundin Mining Corporation reported third-quarter 2026 molybdenum production of 130 tonnes at the Caserones mine on a 100% mine basis. SMM calculations indicate declines of 65.6% quarter on quarter and 77.4% year on year. January–September output fell 29.5% to 1,097 tonnes. Molybdenum grade remained unchanged from the second quarter at 0.017%, but ore milled dropped 46.9% to 4.45 million tonnes. Two severe winter storms caused prolonged power outages and suspended operations for approximately 30 days in total. Lundin did not provide separate revised molybdenum guidance.

[SMM Weekly Review: Wafer Prices Fall Under Pressure Again, Cost Drag Weakens and Inventory Drawdown Accelerates, Module Prices Expected to Stop Falling] This week's module market changes were concentrated at both ends—individual specifications saw supplementary price cuts while inventory drawdown accelerated. On the distributed side, 182mm and HJT modules were each lowered by 0.0025 yuan/W, while all other specifications remained stable, and guidance prices were still not adjusted. On the centralized side, the three-tier quotes remained flat for the second consecutive week, with downward pressure further narrowing to individual specifications. As of now, the average price of domestic Topcon modules-182mm (distributed) is 0.6995 yuan/W; Topcon modules-210mm (distributed) average 0.718 yuan/W; Topcon modules-210R (distributed) average 0.7145 yuan/W; Topcon modules-210R high power (distributed) average 0.754 yuan/W; BC modules-210R (distributed) average 0.763 yuan/W; HJT modules-210mm (distributed) average 0.721 yuan/W. On the centralized side, 182 modules are priced at 0.691 yuan/W, 210 modules at 0.702 yuan/W, and 210R modules at 0.697 yuan/W.

South Africa’s high-carbon ferrochrome exports rose to 166,215 mt in September 2026, up 41.85% month-on-month from August’s 117,180 mt and the highest level of the April–September series. China took 70,075 mt, up 241.74%, lifting its share from 17.5% to 42.2%. Its gain of 49,570 mt exceeded the total net increase of 49,035 mt, as exports to all other destinations combined were essentially flat, down 0.55%. Canada fell 78.36% to 5,706 mt and the United States eased 5.88% to 24,499 mt, while “Others” rose 232.67% to 32,457 mt to become the second-largest destination. Glencore’s third-quarter report confirmed that Boshoek restarted in September and Wonderkop in October, but SMM’s reports show Chinese import demand remaining capped by ample domestic supply.