【ADC12 Price Daily Review: Aluminum Prices Plunge, Secondary Aluminum Prices Remain Stable with Downward Trend】 Aluminum prices continued the downward trend from last Friday. The SMM A00 aluminum price dropped by 60 yuan/mt to 20,560 yuan/mt compared to the previous trading day. The domestic SMM ADC12 price remained flat in the range of 20,900-21,100 yuan/mt.

In order to facilitate market participants in referencing or settling transactions, and to more accurately reflect the spot market price information, SMM has optimized the price assessment methodology for silicon metal FOB Huangpu Port. Starting from March 31, 2025, it will be uniformly standardized to the widely traded price excluding VAT.

Expectations for Production Cuts by Major Enterprises Continue to Ferment, Focus on Changes in Operating Rates on the Supply Side. According to market feedback, the weekly production of silicon plants in Xinjiang was 38,585 mt, with a weekly operating rate of 80%, showing a slight increase WoW. The production increase WoW is still attributed to the release of resumed capacity. Recently, some in-plant inventory has been transferred to social inventory, leading to a reduction in the inventory of sample plants in Xinjiang. A top-tier enterprise in Xinjiang plans to implement large-scale production cuts at one of its plants on March 31, which will have a significant impact on the supply side. Focus on the implementation of these production cuts.

SMM: Increased Arrivals at Warehouses in Tianjin, Xinjiang, and Other Regions Lead to Rise in Silicon Metal Inventory. According to SMM statistics, the national social inventory of silicon metal totaled 604,000 mt on March 28, an increase of 13,000 mt WoW.

【ADC12 Price Daily Review: Aluminum Prices Plunge, Secondary Aluminum Prices Steady with Downward Trend】 Aluminum prices experienced a significant correction today. The SMM A00 aluminum price dropped by 190 yuan/mt to 20,620 yuan/mt compared to the previous trading day. The domestic SMM ADC12 price was adjusted downward by 100 yuan/mt to the range of 20,900-21,100 yuan/mt.

The price of silicon coal continued to decline, reaching a low in recent years. The silicon coal market recently experienced a continuous price drop, with prices in many regions loosening and decreasing throughout March. Amid the already weak overall coal market environment this year, the demand for silicon coal was also not ideal. Under the dual impact of these weaknesses, the price of silicon coal continued to fluctuate downward.

SMM Weekly Review: Polysilicon Order Signing Sentiment Remains Weak, Module Production Schedule Maintains Growth in the New Month. This week, the mainstream transaction prices for N-type recharging polysilicon ranged from 39 to 45 yuan/kg, and for N-type dense polysilicon, the mainstream transaction prices ranged from 38 to 42 yuan/kg. The price range for polysilicon remained stable this week. From the market transactions in the new month, the overall order signing sentiment was cautious, with some large manufacturers' quotations being weak in the early stage. Polysilicon inventory is gradually destocking, but the resistance remains relatively significant. Affected by the short window period, the market outlook is pessimistic.

Flat's 2024 revenue was 18.683 billion yuan, down 13.2% YoY, while net profit was 1.007 billion yuan, down 63.52% YoY. In H1, cumulative net profit reached nearly 1.5 billion yuan, with a YoY growth rate of 38%. However, in Q3 and Q4, the company incurred losses of 203 million yuan and 289 million yuan, respectively. As of December 31, 2024, Flat's total production capacity in operation was 19,400 mt/day.

【Increased Uncertainty in Silicon Metal Supply Side, Market Sentiment Remains Cautious】: Silicon Metal: Spot silicon metal prices continued to weaken this week, while the futures market fluctuated due to supply-side news. As of March 27, above-standard #553 silicon in east China was priced at 10,100-10,300 yuan/mt, down 200 yuan/mt WoW, #441 silicon at 10,500-10,700 yuan/mt, down 100 yuan/mt WoW, and #421 silicon at 10,900-11,200 yuan/mt, down 100 yuan/mt WoW. In the futures market, the main contract fluctuated considerably during the week, closing at 9,920 yuan/mt on the afternoon of March 27, up 180 yuan/mt (2%) WoW. News of joint production cuts by major self-disciplined manufacturers was frequent during the week, but the market's reaction was relatively muted. Supply-side quotations remained largely stable, with some sources offering price concessions to promote order signing. Demand-side procurement remained cautious, mainly on a need-to basis. Polysilicon: The mainstream transaction prices for N-type recharging polysilicon this week were 39-45 yuan/kg, and for N-type dense polysilicon, 38-42 yuan/kg. Polysilicon price ranges remained stable this week. From the new month's market transactions, overall order signing sentiment was cautious, with some earlier quotations from major manufacturers being weak. Polysilicon inventory gradually destocked, but resistance remained significant. Due to the short window period, the market outlook was pessimistic.

【Weekly Review of Aluminum Scrap and Secondary Aluminum: Supply-Demand Imbalance in the Secondary Aluminum Market Unresolved, ADC12 Prices Remain Under Pressure】This week, aluminum prices initially declined before rebounding, while secondary aluminum alloy prices remained more likely to fall than rise. As of March 27, the SMM ADC12 price decreased by 100 yuan/mt WoW to 21,100 yuan/mt.