【Silicon Metal Production in April】According to SMM market exchanges, silicon metal production in April 2025 was 301,000 mt, down 12% MoM and 16% YoY. The cumulative silicon metal production from January to April 2025 decreased by 12.6% YoY.

["[When Will the Decline in Silicon Prices End Amid High Inventory and Weak Demand?]: Silicon Metal: Silicon metal prices continue to fall. Amid sluggish demand from the main consumers of silicone and polysilicon in the downstream, prices of silicone and polysilicon products have also declined, narrowing downstream profits. Coupled with the persistent high inventory in the silicon metal industry that has not been effectively reduced, the cumulative imbalance has not been effectively alleviated, stimulating silicon prices to continue to bottom out."]

① Zhong Baoshen, Chairman of the company, stated that the ability to turn losses into profits is highly correlated with the industry situation, and the company aims to return to the break-even point by Q3 this year. ② Zhong Baoshen predicted that by 2026, with the adaptation and adjustment of the power system to the integration of new energy, the company is expected to return to a growth state. However, it will not return to the growth rate of 40% to 50% seen in previous years, but rather to an increase of around 10%.

[SMM: Mixed Increases and Decreases, Social Inventory of Silicon Metal Rises Slightly] According to SMM statistics, the total social inventory of silicon metal in major regions reached 603,000 mt on April 30, up 1,000 mt WoW.

【Weekly Review of Aluminum Scrap and Secondary Aluminum: Weak Supply and Demand in Secondary Aluminum Market, Short-Term Weakness Persists】This week, the aluminum scrap market showed a pattern of steady differentiation. As of April 30, SMM A00 primary aluminum spot closed at 20,060 yuan/mt, cumulatively rising 80 yuan/mt from last Thursday. The overall price of aluminum scrap remained stable, but performance varied among different grades: low-grade aluminum scrap, such as baled UBC, was supported by marginally improving demand, cumulatively rising 50 yuan/mt to 15,050-15,650 yuan/mt (tax excluded).

[Silicon Coal Prices for Silicon Metal Raw Material Reduced in Multiple Regions; Short-Term Petroleum Coke Prices Predominantly Stable with a Downward Trend] Affected by the downturn in the silicon market, downstream demand continues to shrink, with procurement mainly focused on restocking based on immediate needs, accompanied by a strong sentiment to drive down prices. The market exhibits weakness in demand and difficulty in sales. For petroleum coke, overall, there are many refineries undergoing shutdowns and maintenance, providing a floor for petroleum coke prices. However, the weak downstream demand for petroleum coke has exerted significant downward pressure on its prices. Therefore, in the short term, petroleum coke prices are predominantly stable with a downward trend.

[SMM Silicone Weekly Review: DMC Bottom Support Strengthens, Prices Expected to Rebound] This week, domestic DMC was quoted at 11,300-11,800 yuan/mt, with the average price falling by 50 yuan/mt WoW. This week, the lowest opening quote for DMC on the online mall of a monomer enterprise in Shandong was 11,300 yuan/mt, with trading approaching 11,000 yuan/mt, followed by a price rebound to 11,500 yuan/mt. The leading enterprise quoted DMC at 14,800 yuan/mt, remaining unchanged for the time being. This week, other domestic monomer enterprises quoted DMC at around 11,500 yuan/mt. This week, the transaction price of DMC in the domestic market first fell and then rose, with a strong competitive bidding atmosphere in the market recently. As individual enterprises bid DMC down to 11,000 yuan/mt, downstream enterprises entered the market to buy the dip, and the market trading volume quickly recovered. This week, the inventory of some monomer enterprises even showed a downward trend. With the recovery of trading conditions, DMC quotes began to increase slightly, and the transaction price recovered to 11,500 yuan/mt.

【Daily Review of ADC12 Prices: Weak Sentiment for Inventory Replenishment Before the Holiday Leads to Poor Trading in the Secondary Aluminum Market】Today, aluminum prices rose slightly by 40 yuan/mt to 20,060 yuan/mt. Domestic SMM ADC12 prices remained in the range of 20,400-20,600 yuan/mt.

[SMM Weekly Review: Prices of Key PV Segments Fell in April, Main Material Producers to Implement Production Cuts in May] This week, the mainstream transaction prices for N-type recharging polysilicon in the market were 37-44 yuan/kg, while those for N-type dense polysilicon were 36-40 yuan/kg. The price index for N-type polysilicon. This week, polysilicon prices continued to decline, with the overall sentiment in the polysilicon market remaining weak. The center of transaction prices continued to move downward, with the transaction prices between some top-tier polysilicon enterprises and traders falling by approximately 4 yuan/kg compared to the quotes in early March. In May, some polysilicon enterprises may introduce new production capacity, but several enterprises are also expected to implement production cuts. Overall, polysilicon production schedules are anticipated to decline on a MoM basis in May.

①During the downturn in the PV industry, second- and third-tier PV film enterprises encountered profitability challenges, with multiple enterprises experiencing negative gross profit margins in this business segment. ②Some industry insiders stated that their operational focus has shifted towards cash flow management, adopting the principle of "no unnecessary transactions" and selectively conducting business while ensuring the safety of funds.