[ADC12 Price Daily Review: ADC12 Prices Remain in the Doldrums, with Focus on Marginal Changes in Raw Materials and Demand] In the spot market, today's SMM A00 aluminum price fell by 50 yuan/mt from the previous trading day to 20,720 yuan/mt, while the domestic SMM ADC12 price decreased by 50 yuan/mt to 19,900-20,200 yuan/mt. Market quotes diverged amid the continued decline in aluminum prices.

[SMM Analysis: Brief Analysis of Silicone Export Data in May 2025] In May 2025, China's exports of primary form polysiloxane in silicone amounted to 46,600 mt, down 2.10% MoM and 4.51% YoY. From January to May 2025, the cumulative exports of primary form polysiloxane in silicone reached 228,900 mt, up 5.73% YoY. Among them, South Korea received the largest trade volume in May, with 7,700 mt, down 18.95% MoM from April. Although it maintained the top position in trade volume, the demand decreased by 1,800 mt compared to April.

The 650W module will be a watershed moment," said Qian Jing, Vice President of Jinko Solar (688223.SH), during an exchange with media outlets including Cailian Press. In June this year, the company launched its TigerNeo3.0 module product, achieving a maximum power output of 670W on the basis of a 2382*1134 size, further elevating the power of TOPCon technology products to a new level. "Top-tier enterprises are breaking free from the price war dilemma by increasing the proportion of high-power modules," an industry insider told a Cailian Press reporter. Whether they can "achieve the maximum power gain with the minimum retrofitting cost" will become the core criterion for measuring a company's competitiveness, while the speed of technological iteration is a crucial factor in reshaping the industry landscape in this round.

[Overall Operating Rate of Silicon Metal Industry Shows Increase] According to market feedback, from June 13 to June 19, the weekly production of sampled silicon metal plants in Xinjiang was 33,280 mt, with a weekly operating rate of 69%, showing an increase WoW. The eastern plant area of large plants in Xinjiang has seen a rapid increase in production, with over 10 furnaces resuming production recently. As it takes time for production to ramp up after resumption, it is expected that there will still be a significant increase in production in Xinjiang next week.

On June 19, Hebei Huadian Leting 300MW PV Base Project PC EPC tender was launched. According to the tender announcement, the project is divided into three sections: A, B, and C. The project is planned to construct a 300MW PV power generation system, with a rated capacity of 300MW on the AC side and a rated capacity of 386.31384MWp on the DC side. A new 220kV booster station will be built, along with a self-built 45MW/180MWh energy storage system (ESS). The transmission line will be approximately 10 kilometers long.

[SMM: Social Warehouses of Silicon Metal Maintain Destocking Pace] SMM statistics show that the total social inventory of silicon metal in major regions was 559,000 mt on June 19, down 13,000 mt WoW.

[Tug-of-War Between Longs and Shorts: Spot Silicon Metal Prices Stagnant]: This week, spot silicon metal prices consolidated horizontally, while futures prices remained relatively firm. In the spot market, SMM's oxygen-blown #553 silicon in east China was priced at 8,000-8,300 yuan/mt, unchanged WoW. #441 silicon was priced at 8,400-8,600 yuan/mt, unchanged WoW, and #421 silicon was priced at 8,400-9,000 yuan/mt, also unchanged WoW. In the futures market, the closing price of the main SI2509 contract for silicon metal today was 7,470 yuan/mt, up 15 yuan/mt WoW. This week, futures prices fluctuated within the range of approximately 7,300-7,500 yuan/mt. Recently, market transactions have been dominated by purchases based on futures market pricing, driving a continuous decline in silicon metal warrant data. On June 19, silicon metal warrants stood at 55,179 lots (275,895 mt), a decrease of 3,193 lots (15,965 mt) WoW. From the perspective of social inventory, some goods have been transferred from in-plant inventory to social inventory, with the destocking rate of social inventory falling short of the reduction in warrant volume.

[Silicon Metal Raw Material Electrode Market in the Doldrums, Petroleum Coke Prices Fluctuate in the Short Term] This week, the petroleum coke market bottomed out and rebounded, with downstream enterprises showing increased enthusiasm for procurement. In particular, prices of medium and low-sulphur petroleum coke turned from decline to increase, while high-sulphur petroleum coke prices were largely stable.

[Weekly Review of Aluminum Scrap and Secondary Aluminum: Futures' Four-Day Winning Streak Fails to Conceal Spot Cargo Weakness, Off-Season Deepening Suppresses Upside Room for ADC12] Overall, the rigid cost support and weak off-season demand continue to grapple, leading to a fluctuating rangebound price for ADC12. With the off-season deepening, the short-term price of ADC12 is expected to remain in the doldrums, and the discount status to A00 aluminum is difficult to reverse. Continuous attention should be paid to changes in raw material circulation and marginal fluctuations in off-season demand.

[ADC12 Price Daily Review: Decline in Raw Material Prices Coupled with Reduced Demand Drives Down Secondary Aluminum Prices] In the spot market, today's SMM A00 aluminum price fell by 130 yuan/mt from the previous trading day to 20,770 yuan/mt. The domestic SMM ADC12 price decreased by 50 yuan/mt to 20,000-20,200 yuan/mt, primarily due to the resumption of the aluminum price decline, which led to a reduction in the price of secondary aluminum raw materials. This, combined with insufficient new orders during the off-season for demand and the impact of low-priced supply on the market, jointly dragged down the ADC12 price.