According to the "GFEX Risk Management Measures," after careful consideration, the exchange will adjust the price limit and trading margin standards for various futures contracts before and after the 2025 Labor Day holiday as follows: Starting from the settlement on Tuesday, April 29, 2025, the price limit for silicon metal futures contracts will be adjusted to 8%, the speculative trading margin standard to 10%, and the hedging trading margin standard to 9%. The price limit for polysilicon futures contracts will be adjusted to 9%, the speculative trading margin standard to 11%, and the hedging trading margin standard to 10%. The price limit for lithium carbonate futures contracts will be adjusted to 10%, the speculative trading margin standard to 12%, and the hedging trading margin standard to 11%.

Recently, Japanese solar manufacturer TOYO announced that its solar cell plant in Ethiopia officially commenced production in early April 2025, with an annual capacity of 2GW, marking the company's official launch of localized manufacturing on the African continent. As planned, the plant will deliver over 80MW of solar cell products to customers by the end of April 2025, and increase its monthly capacity to 150-200MW from May to June, achieving full production.

On April 15, 2025, the National Production Protection Directorate of the Ministry of Industry, Trade, and Supply in Jordan announced in the official gazette that, in response to the application from the domestic producer Philadelphia Solar Energy Company, it initiated an anti-dumping investigation on solar cells originating from or imported from China (Photovoltaic Cells assembled in modules or prepared as panels).

【Silicon Prices Decline as Demand Support Weakens】Silicon Metal: The spot silicon metal market showed a weak trading center this week, while the futures market remained rangebound. In the spot market, as of April 27, oxygen-blown #553 silicon in east China was priced at 9,500-9,800 yuan/mt, down 250 yuan/mt WoW, and #441 silicon was priced at 9,800-10,000 yuan/mt, down 400 yuan/mt WoW. Last Friday, the main futures contract fell by 3.43%, with the lowest point nearing 8,700 yuan/mt. Due to the relatively small fluctuation in the spot-futures price spread, both spot and futures prices dropped rapidly, driving the market trading center downward. This week, the main futures contract fluctuated rangebound around 8,800-8,900 yuan/mt, with futures and spot prices still advantageous compared to silicon producers. Silicon producers' quotations followed the decline with a lag and a slower pace, while some producers maintained stable quotations due to losses and a wait-and-see approach.

Weekly Review of Aluminum Scrap and Secondary Aluminum: Cost-Driven Price Increases Amid Weak Demand Lead to a Dilemma in the Secondary Aluminum Alloy Market. This week, the overall price of aluminum scrap remained stable. As of Thursday, the SMM A00 spot price reached 19,980 yuan/mt, up 180 yuan/mt WoW. The overall price of the aluminum scrap market was basically stable, but there was significant differentiation among varieties. Baled UBC rose by 100 yuan/mt to 15,000-15,600 yuan/mt (tax excluded), reflecting a slight recovery in demand for low-grade aluminum scrap.

【ADC12 Price Daily Review: Aluminum Prices Slightly Rebound, Insufficient Sentiment for Secondary Aluminum Price Adjustment】 Today, aluminum prices continued their rebound trend. The SMM A00 aluminum price increased by 70 yuan/mt to 19,980 yuan/mt compared to the previous trading day. The domestic SMM ADC12 price remained stable in the range of 20,500-20,700 yuan/mt.

①Driven by the government's push for renewable energy transition and the gradual reduction of energy subsidies, Saudi enterprises are accelerating their shift to solar power generation to save energy costs. ②In Saudi Arabia, compared to industrial electricity consumers, commercial electricity consumers are more actively deploying PV systems due to higher electricity prices. ③Experts believe that Saudi Arabia's fiscal and energy subsidy reforms are key to the shift of Saudi enterprises towards clean energy.

The price of silicon coal, a raw material for silicon metal, remained stable this week, while the price of petroleum coke was mainly characterized by short-term fluctuations. Overall, the demand for raw materials for silicon metal remained weak. Although the price of silicon coal remained stable, there was still some room for negotiation in actual transactions. For petroleum coke, the shutdown and maintenance of many refineries provided a bottom support for its price. Despite the low buying sentiment among downstream enterprises, the price of petroleum coke was still dominated by short-term fluctuations.

【SMM Silicone Weekly Review: Intense Bidding Atmosphere, Silicone DMC Transaction Prices Continue to Decline】This week, domestic DMC quotations ranged from 11,200 to 12,000 yuan/mt, with the average price down 1,000 yuan/mt WoW. A Shandong monomer enterprise's online mall opened DMC quotations at 11,500 yuan/mt, with a second bid at 11,300 yuan/mt, significantly lower WoW. The leading enterprise's DMC quotation remained unchanged at 14,800 yuan/mt. This week, other domestic monomer enterprises' DMC quotations dropped to around 12,000 yuan/mt, showing signs of loosening. Domestic DMC market transaction prices fell sharply this week. As domestic bidding began, DMC quotations continued to decline. However, downstream enterprises' purchasing sentiment remained limited, with only some enterprises buying the dip. Market trading volume recovered somewhat, but monomer enterprises' current inventory levels remain high. It is expected that DMC prices will mainly fluctuate at lows in the short term.

On April 22, the Datang Group released the framework tender for PV inverters for 2025-2026, procuring large power string inverters and centralized inverters, with a tender scale of 16GW.