The Game of Buying and Selling Polysilicon, Wafer Prices Still Pull Back [SMM Silicon-Based PV Morning Meeting Summary]

SMM April 23 News: Silica prices remained stable this week. Currently, the mine-mouth price of high-grade silica in Inner Mongolia is 320-370 yuan/mt. The mine-mouth price of high-grade silica in Hubei is 350-420 yuan/mt. The mine-mouth price of high-grade silica in Guangxi is 360-380 yuan/mt. The mine-mouth price of high-grade silica in Guizhou is 290-330 yuan/mt. Production supply remained ample. Affected by the recent market downturn, the operating rate of the silicon metal industry remained low, so the overall demand for silica remained rigid. Yesterday, spot silicon metal prices remained stable. SMM oxygen-blown #553 silicon in east China was 9,600-9,900 yuan/mt, flat from the previous day. The main futures contract fluctuated rangebound, closing at 8,800 yuan/mt. This week, the silicon metal market saw purchasing as needed, with prices consolidating at the bottom. As the main futures contract of silicon metal fell below 9,000 yuan/mt and continued to operate below this level, silicon companies faced difficulties in shipments and significant losses on production. Small silicon companies in the north reduced their production willingness, and supply is expected to decrease in May. Social inventory: SMM statistics showed that the total social inventory of silicon metal in major regions on April 18 was 612,000 mt, flat WoW. Among them, social ordinary warehouses were 137,000 mt, down 1,000 mt WoW, and social delivery warehouses were 475,000 mt (including unregistered warrants and spot cargo), up 1,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.) DMC: Current quotes are 11,200-12,000 yuan/mt. This week, market transaction prices fell rapidly, with companies competing to sell, and weekly transaction prices fell by over 1,000 yuan/mt. Downstream companies entered the market to buy the dip, and trading volume increased. Prices are expected to fluctuate at the bottom in the future. D4: Current quotes are 12,500-13,000 yuan/mt. Prices fell this week, and with the collapse of industry quotes, D4 prices also began to decline. 107 silicone rubber: Current quotes are 12,000-13,000 yuan/mt. Domestic 107 silicone rubber began to offer discounts this week, and the support from DMC weakened simultaneously. The transaction center of 107 silicone rubber fell to around 12,000 yuan/mt. Raw rubber: Current quotes are 13,200-14,000 yuan/mt. Market raw rubber prices began to collapse this week, with some companies offering discounts and transaction prices falling below 13,000 yuan/mt. Prices are expected to continue to decline. Silicone oil: Current quotes are 14,000-14,800 yuan/mt. The transaction center in the market shifted downward, and companies competed to sell. Domestic monomer companies maintained low operating loads, but subsequent loads are expected to increase slightly as some monomer companies end their maintenance cycles. Domestic monomer company inventories remained stable this week, with the pace of inventory increases paused. Downstream companies entered the market to buy the dip. Yesterday, the mainstream transaction price of N-type recharging polysilicon was 39-45 yuan/kg. This week, the price center of polysilicon continued to shift slightly downward, and actual market transactions are yet to fully unfold. Affected by downstream and futures market factors, some pulling companies chose to wait and see. Seller companies maintained a firm stance on quotes. Some new capacity may be added in April, and the resumption of production in May is still pending, with production fluctuations to be determined after company meetings. Some orders were picked up at month-end, but recent transactions were very limited, and polysilicon inventory increased slightly. Market N-type 18X wafer prices were 1.15-1.2 yuan/piece, and N-type 210RN wafer prices were 1.35-1.4 yuan/piece. Wafer market prices continued to pull back, with some low-price resources far below previous mainstream transaction prices. Currently, planned production in April is 58GW+, with companies increasing production MoM from March. Some companies maintained stable production plans for May, while others are pending. Battery production remained high in April, and compared to wafer supply, there is an expectation of destocking for wafers throughout the month. High-purity quartz sand prices remained stable this week. Domestic inner layer sand prices were 60,000-75,000 yuan/mt, middle layer sand prices were 36,000-45,000 yuan/mt, and outer layer sand prices were 20,000-25,000 yuan/mt. This week, domestic import sand traders continued to slightly raise quotes, with high points rising above 120,000 yuan/mt. However, downstream crucible companies had limited procurement volume, and price negotiations took priority. Domestic and overseas operations remained stable this week, with supply increasing slightly. Supply is expected to rise with the release of new capacity. Current import sand inventory is maintained at just over 60 days, and subsequent import sand will also arrive at ports, so there is no short-term shortage of sand. View SMM silicon product quotes.