【SMM: Social Inventory of Silicon Metal in Major Regions Declined WoW】According to SMM statistics, the social inventory of silicon metal in major regions totaled 602,000 mt on April 25, down 10,000 mt WoW.

【ADC12 Price Daily Review: Aluminum Prices Rise for Three Consecutive Days, Upward Pressure on Secondary Aluminum Prices Remains】 Aluminum prices continued their rebound today, with the SMM A00 aluminum price increasing by 90 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.

【SMM Weekly Review: Frequent Upstream PV Meetings, Widespread Expectations for Production Cuts in the Subsequent Market】This week, domestic N-type 18Xmm wafers were priced at 1.1-1.2 yuan/piece, N-type 210R at 1.3-1.35 yuan/piece, and N-type 210mm wafers at 1.4-1.45 yuan/piece. Wafer prices continued to pull back this week, with a decline observed across all sizes. Wafer companies initiated industry meetings on Tuesday, implementing a certain reduction in Q2 quotas. There are significant expectations for subsequent production cuts in wafers and cells, which are expected to alleviate the supply surplus situation to some extent.

The German Federal Network Agency recently announced the results of the ground-mounted PV project tender conducted on March 1, 2025. This round of tender once again saw oversubscription, reflecting the continued strong market enthusiasm. A total of 420 bid projects were received in this round, with a combined capacity of 3.839GW, significantly higher than the 2.625GW tender capacity provided. Ultimately, 271 projects were awarded, with a total awarded capacity of 2.638GW, slightly exceeding the original target.

On April 24, Linfen Zhonglineng New Energy Co., Ltd. issued a tender announcement for the EPC of the 100MW independent hybrid ESS project in the High-tech Zone. The project is located in Yaodu District, Linfen City, Shanxi Province. This project will construct a new independent hybrid ESS power station with a total capacity of 100MW. (China Public Bidding Service Platform)

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.