【SMM Silicon-based Photovoltaic Morning Meeting Summary】Metallurgical Grade Silicon (MG-Si): MG-Si spot prices remained stable and consolidated this week. Yesterday, the SMM price of 553# MG-Si with oxygen passivation in East China ranged from 11,400 to 11,600 yuan/ton, while 421# MG-Si was priced at 12,000-12,100 yuan/ton. Futures prices saw a slight rebound, with MG-Si futures Si2409 surpassing 9,600 yuan/ton yesterday. The MG-Si market experienced decent inquiry levels for lower-grade silicon such as 551# and 553#, primarily driven by downstream aluminum alloy enterprises. Firms maintained firm quotes, resulting in a decrease in low-priced supply in the market, and a narrower price gap with high-grade 421# MG-Si. Polysilicon: Yesterday, the mainstream price of N-type polysilicon ranged from 38 to 43 yuan/kg, while that of dense polysilicon was 35 to 38 yuan/kg. Polysilicon transaction prices remained relatively stable this week, as the previous round of contract signing came to an end, limiting market transactions. Consequently, some manufacturers suspended their quotes.