Supply and demand of silicon metal both increased in June, while silicone demand was weak and prices were sluggish [SMM Silicon-based PV Morning Meeting Summary]

SMM June 11 News:

Silicon Coal

Prices: This week, silicon coal prices showed no significant fluctuations. Currently, the average price of non-caking silicon coal in Xinjiang is 710 yuan/mt, the average price of caking silicon coal in Xinjiang is 1,300 yuan/mt, the average price of silicon mixed coal in Gansu is 870 yuan/mt, the average price of granular coal is 1,000 yuan/mt, the average price of silicon mixed coal in Ningxia is 900 yuan/mt, the price of granular coal is 1,140 yuan/mt, and the average price of granular coal (with 5-6% ash content) is 1,310 yuan/mt.

Supply: There is significant competitive pressure among regions on the supply side. To reduce the risk of inventory buildup, supply is mainly based on demand.

Demand: As silicon plants generally hold a bearish outlook on the overall market, procurement on the demand side remains focused on small, just-in-time restocking. Overall demand remains weak.

Silicon Metal

Prices: Spot silicon metal prices are generally stable. Yesterday, SMM east China oxygen-blown #553 silicon was priced at 8,000-8,300 yuan/mt, unchanged from the previous day. The main continuous contract for silicon metal rebounded slightly, with the Si2509 contract closing at 7,575 yuan/mt yesterday. The availability of low-priced cargoes in the market decreased, and the transaction price center for some specifications shifted upward.

Production:

According to SMM data, silicon metal production in May 2025 was 307,700 mt, up 2.3% MoM and down 24.6% YoY. In June, with the production release from resumed capacity and the gradual commissioning of new capacity, total silicon metal production is expected to continue increasing MoM from May.

Inventory:

Social Inventory: SMM statistics show that the total social inventory of silicon metal in major regions was 587,000 mt on June 5, a decrease of 2,000 mt WoW. Among this, social general warehouses held 135,000 mt, an increase of 1,000 mt WoW, while social delivery warehouses held 452,000 mt (including unregistered warrants and spot cargoes), a decrease of 3,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Silicone

Prices

DMC: Currently quoted at 10,700-11,500 yuan/mt. This week, DMC quotes in some domestic regions were lowered again, with transaction prices falling below 11,000 yuan/mt. Weak end-use demand led to the price decline.

D4: Currently quoted at 11,300-12,200 yuan/mt. This week, D4 transaction prices dropped slightly.

107 Silicone Rubber: Currently quoted at 11,800-12,400 yuan/mt. This week, 107 silicone rubber prices remained stable for the time being.

Raw Silicone Rubber: Currently quoted at 12,300-12,800 yuan/mt. This week, the transaction price center in the mainstream market for raw silicone rubber shifted downward.

Silicone Oil: Currently quoted at 13,600-14,200 yuan/mt. This week, silicone oil prices remained stable for the time being.

Production:

Recently, the operating rates of monomer enterprises have increased, with some previously shut-down units resuming production.

Inventory:

This week, the inventory levels of monomer enterprises rose, and downstream enterprises faced difficulties in taking orders.

Polysilicon

Price

Yesterday, the mainstream transaction prices for N-type recharging polysilicon were 35-38 yuan/kg, and the N-type polysilicon price index was 35.21 yuan/kg. Market transactions are gradually drawing to a close, with some market competition remaining, and polysilicon transactions are limited.

Production

The latest production in June is expected to increase to around 101,000 mt. Subsequently, some polysilicon bases are expected to resume production, and polysilicon production may continue to increase.

Inventory

There is still significant inventory pressure for polysilicon, with large disparities among enterprises, and overall inventory levels have not significantly improved.

Wafer

Price

The market prices for N-type 18X wafers are 0.9-0.93 yuan/piece, and for N-type 210RN wafers are 1.05-1.1 yuan/piece. Wafer prices continue to decline, with 183 sales hindered and prices weakening.

Production

There were slight changes in the actual production schedule in May, with domestic actual production reaching approximately 58.06 GW. Driven by production cuts at multiple specialized enterprises in June, wafer production decreased.

Inventory

Recently, market transactions have remained limited, with cautious purchasing sentiment, and inventory levels have been largely stable with slight fluctuations.

High-purity quartz sand

Price

Currently, the domestic prices for inner-layer sand are 60,000-68,000 yuan/mt, middle-layer sand are 31,000-42,000 yuan/mt, and outer-layer sand are 17,000-24,000 yuan/mt. This week, domestic quartz sand prices fell, and under the influence of inventory pressure, sand enterprises began to slightly reduce their high prices.

Production

This week, the operation of quartz sand enterprises remained stable with a slight increase, and overall production increased slightly.

Inventory

This week, the inventory of sand enterprises increased, and the willingness of downstream enterprises to purchase continued to decline.

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