[SMM Silicon-Based PV Morning Conference Summary] Silicon Metal: Spot silicon metal prices edged lower. Yesterday, SMM oxygen-blown #553 silicon in east China was quoted at 9,300-9,500 yuan/mt, down 50 yuan/mt from the previous day. The futures market experienced strong fluctuations due to market rumors, with the intraday low at 8,455 yuan/mt and the high at 8,770 yuan/mt. It closed at 8,520 yuan/mt at the end of the session, down 285 yuan/mt from the previous day and 165 yuan/mt from Monday. Trading activity was relatively active yesterday. Polysilicon: Prices for N-type recharging polysilicon were quoted at 50.5-55 yuan/kg, granular polysilicon at 50-51 yuan/kg, and the polysilicon price index at 52.65 yuan/kg. The market was largely stable overall, with no substantial increase occurring yet, mainly due to fluctuations in some orders and expected prices. As industry meetings are about to be held, the market is focusing on the meeting outcomes.

The latest Renewable Energy 2025 report released by the International Energy Agency shows that, due to recent policy adjustments by the Trump administration, the agency has lowered its forecast for US renewable energy growth through 2030 by 50%.

[SMM Silicon-Based PV Morning Meeting Minutes: Silicon Metal Prices Fluctuate Amid Tug-of-War Between Longs and Shorts, Polysilicon Largely Stable as Market Awaits Conference Results] Over the weekend, N-type recharging polysilicon was quoted at 50.1-55 yuan/kg, the N-type polysilicon price index stood at 52.37 yuan/kg, and granular polysilicon was quoted at 50-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend, as downstream crystal pulling plants had previously built up sufficient raw material inventory, leading to limited market transactions. With another industry conference expected to take place soon, the market is awaiting the conference results.

On September 29, the Directorate General of Trade Remedies (DGTR) under India's Ministry of Commerce and Industry issued the final ruling in the anti-dumping investigation concerning solar cells and modules originating from China. It proposed imposing anti-dumping duties for a period of three years on solar cells and modules produced in or imported from China. The final ruling, signed on September 30, 2025, recommended implementation "from the date of notification" and specified three tiers of duty rates: 0%, 23%, and 30%, applicable for three years.

[SMM Analysis] A Summary of Major National and Regional Policies in the Global PV Market in September 2025, Categorized by China, Europe (EU), US, India, and Southeast Asia.

[SMM Analysis] A Compilation of PV Market Policies at the National and Regional Levels Globally in September 2025, Categorized by China, Europe (EU), US, India, and Southeast Asia.

[SMM Analysis] Recently, Zhuhai Hongjun SoleFiori (a subsidiary of China's Hongjun New Energy) announced a partnership with local Saudi counterparts to build a 6 GW HJT PV module factory.

[SMM Analysis] On September 29, the Yunnan Provincial Energy Bureau and the Yunnan Energy Regulatory Office jointly issued the "Implementation Rules for the Development and Construction Management of Distributed PV Power Generation in Yunnan Province (Trial)," which took effect immediately upon issuance and will remain valid for five years. This represents a concrete implementation measure by Yunnan following the national-level "Management Measures for the Development and Construction of Distributed PV Power Generation (2025 Edition)," tailored to local conditions, aiming to promote the healthy and orderly development of distributed PV and support the construction of a new-type power system.