Silicon Metal Raw Material Silica Prices and Demand Both Weak, Petroleum Coke Prices Consolidate at High Levels [SMM Weekly Review on Silicon Metal Raw Materials]

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Silica: This week, silica prices showed signs of loosening. The silicon metal market remained weak, with industry operations mainly supported by leading large-scale plants, which are mostly equipped with silica resources. Small-scale silicon plants experienced sluggish operations, leading to insufficient overall demand for silica procurement. Many traders reported difficulties in silica sales recently, resulting in slight price loosening. Currently, the mine-mouth price of low-grade silica in Yunnan is 330-350 yuan/mt, with an average price decrease of 5 yuan/mt. The mine-mouth price of high-grade silica in Inner Mongolia is 350-380 yuan/mt, with an average price decrease of 10 yuan/mt. The mine-mouth price of high-grade silica in Hubei is 400-450 yuan/mt, with an average price decrease of 10 yuan/mt. The mine-mouth price of high-grade silica in Jiangxi is 430-460 yuan/mt, with an average price decrease of 10 yuan/mt.

Silicon Coal: This week, silicon coal prices remained stable. With the resumption of production and transportation in various regions, the supply side of silicon coal continued to ease. However, the overall industry operations of downstream silicon metal plants remained relatively low, especially for small and medium-sized silicon plants, which had undergone significant production cuts earlier and currently have no production resumption plans. Overall, the demand for silicon coal procurement was poor, and new transactions this week remained weak, mainly focusing on the delivery of long-term contracts signed earlier by a few leading silicon plants. Currently, the ex-factory price of silicon coal (granular) in Ningxia is 1,340-1,500 yuan/mt, and the ex-factory price of silicon coal (mixed) in Ningxia is 1,150-1,180 yuan/mt. The ex-factory price of silicon coal (mixed) in Gansu is 1,140-1,160 yuan/mt, and the ex-factory price of silicon coal (granular) in Gansu is 1,300-1,320 yuan/mt. The ex-factory price of silicon coal in Xinjiang is 1,800-1,900 yuan/mt, and the ex-factory price of non-caking silicon coal in Xinjiang is 1,100-1,120 yuan/mt. The ex-factory price of silicon coal in Shaanxi is 940-960 yuan/mt.

Petroleum Coke: During the week, under the influence of downstream resistance to high prices, petroleum coke prices showed slight divergence. For mainstream refineries, good sales performance led to a slight increase in petroleum coke prices. However, for local refineries, weak sales resulted in a pullback in prices. According to the latest SMM data, the average price of petroleum coke from local refineries has reached approximately 3,100 yuan/mt, down 1.05% MoM. Additionally, Formosa coke showed mediocre performance in transactions, with prices remaining in the range of 1,350-1,500 yuan/mt. From the perspective of overall supply, the tight supply situation of petroleum coke is unlikely to improve in the short term. However, rigid downstream demand continues to support the market, and petroleum coke prices are expected to remain at high levels.

Electrodes: Electrode prices remained stable. On the cost side, calcined petroleum coke prices stayed at high levels, pushing up the production cost pressure for electrodes. However, manufacturers of electrodes used in silicon production continued to adopt stable pricing strategies. Some manufacturers even reported that low-price orders signed earlier had not yet been fully delivered, and new orders were currently limited. With weak demand and poor market conditions from downstream silicon metal plants, it was difficult to increase electrode prices. Currently, the ex-factory price of ordinary power carbon electrodes (diameter 960-1,100mm) is 7,400-7,800 yuan/mt. The ex-factory price of ordinary power graphite electrodes (diameter 960-1,100mm) is 11,000-12,000 yuan/mt. The ex-factory price of ordinary power graphite electrodes (diameter 1,272mm) is 12,000-13,000 yuan/mt. The ex-factory price of ordinary power graphite electrodes (diameter 1,320mm) is 13,000-14,000 yuan/mt.

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