SMM, February 19:
Silica
Prices: Silica prices remained stable, while the silicon metal market continued to fluctuate downward. Currently, overall operating rates remain relatively low, and demand for raw silica is insufficient, leading to a downward trend in prices. At present, the mine-mouth price of high-grade silica in Jiangxi is 430-460 yuan/mt. In Inner Mongolia, the mine-mouth price of high-grade silica is 350-380 yuan/mt, with an average decrease of 10 yuan/mt. In Hubei, the mine-mouth price of high-grade silica is 400-450 yuan/mt, with an average decrease of 5 yuan/mt.
Production: Mines are operating and shipping normally, but overall supply remains ample due to insufficient downstream demand.
Inventory: Silicon plants that had previously halted production currently have no production resumption plans, nor are there plans for raw material restocking. Several top-tier silicon plants in operation mainly rely on self-supplied silica to replenish inventory.
Silicon Metal
Prices: Spot silicon metal prices remained stable yesterday, with above-standard #553 silicon in east China priced at 10,800-10,900 yuan/mt. Downstream market orders were released based on rigid demand, and actual transactions in the silicon market were mediocre.
Production:
From January to February, the silicon supply-demand balance showed a slight destocking, with a net decrease of approximately 30,000 mt over the two months. This marks the first destocking since May 2024, based on supply-demand balance data.
Inventory:
Social Inventory: According to SMM statistics, as of February 14, the national social inventory of silicon metal totaled 544,000 mt, up 1,000 mt WoW. Among this, general warehouses held 149,000 mt, down 1,000 mt WoW, while delivery warehouses (including spot cargo) held 395,000 mt, up 2,000 mt WoW. (This inventory data excludes Inner Mongolia, Ningxia, and other regions.)
Silicone
Prices:
DMC: Current quotations are 13,000-13,800 yuan/mt. This week, mainstream quotations and transaction prices from monomer enterprises rose to around 13,500 yuan/mt, and further joint price increases are expected.
D4: Current quotations are 13,200-14,400 yuan/mt, with market prices rising WoW.
107 Silicone Rubber: Current quotations are 13,200-14,000 yuan/mt. Recently, end-use market demand has started to increase. With the rise in 107 silicone rubber prices, some downstream enterprises have begun moderate purchasing.
Raw Silicone Rubber: Current quotations are 14,000-14,800 yuan/mt, with market prices rising. In south China, demand increased this week as silicone product factories resumed production.
Silicone Oil: Current quotations are 14,500-15,700 yuan/mt, with market prices rising.
Production:
This week, monomer enterprises slightly reduced operating rates, and more enterprises are expected to conduct maintenance shutdowns in the near future.
Inventory:
This week, monomer enterprise inventories remained relatively stable. Early in the week, inventories increased due to rising prices, but recent higher transaction volumes have led to a slight decline in inventories.
Polysilicon
Prices:
Yesterday, the mainstream transaction price of N-type recharging polysilicon was 39-45 yuan/kg. This week, polysilicon prices remained stable. Downstream production schedules are undecided, market sentiment is cautious, and no concentrated order signing period has occurred, resulting in relatively small price fluctuations.
Production:
Polysilicon production in February is expected to decline slightly. In March, with the increase in calendar days and the expected resumption of production by some enterprises, production may increase.
Inventory:
Recent order signings and partial order pick-ups have resulted in relatively stable inventories.
Silicon Wafers
Prices:
The market price for N-type 18X silicon wafers is 1.16-1.18 yuan/piece, while N-type 210RN silicon wafers are priced at 1.26-1.35 yuan/piece. Silicon wafer prices continued to decline, with price reductions mainly seen among smaller manufacturers.
Production:
February production schedules showed a slight MoM increase. In March, module demand is expected to be strong, but some top-tier enterprises may implement production cuts due to self-regulation.
Inventory:
Post-holiday silicon wafer transactions remained slightly below supply levels, leading to continued inventory accumulation and a further MoM increase.
High-Purity Quartz Sand
Prices:
This week, high-purity quartz sand prices remained stable. Domestic inner-layer sand prices were 60,000-75,000 yuan/mt, middle-layer sand prices were 35,000-45,000 yuan/mt, and outer-layer sand prices were 19,000-25,000 yuan/mt. Prices are temporarily stable, with downstream crucible enterprises primarily negotiating prices and showing relatively mediocre demand for quartz sand.
Production:
Operating rates at sand enterprises slightly rebounded, but some enterprises continued to operate at low rates.
Inventory:
This week, domestic sand enterprise inventories continued to increase slightly.
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