The center of silicon metal market transactions moved up, and polysilicon enterprises raised their quotes [SMM Silicon-Based PV Morning Meeting Summary]

SMM July 2 News:

Silicon Coal

Price: This week, the silicon coal market price has shown a differentiated pattern. For manufacturers in regions where silicon coal is the main product, the actual transaction price center has slightly moved down. However, for manufacturers whose main products are not limited to silicon coal, prices have remained temporarily stable. 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 1,250 yuan/mt, the average price of silicon mixed coal in Gansu is 840 yuan/mt, the average price of pellet coal is 960 yuan/mt, the average price of silicon mixed coal in Ningxia is 900 yuan/mt, and the price of pellet coal is 1,140 yuan/mt.

Supply: On the supply side, some manufacturers have suspended production due to the pressure of silicon coal inventory, mainly focusing on consuming inventory. However, other diversified production manufacturers still maintain a production schedule based on orders.

Demand: Although a few silicon plants in south-west China have resumed production during the rainy season, the overall downstream demand remains weak. Therefore, procurement is still maintained at a small scale, just meeting the rigid demand for restocking.

Silicon Metal

Price: This week, the spot price of silicon metal has risen slightly compared to last week. In recent days, the futures of silicon metal have fluctuated greatly, and the spot-futures price spread quoted by traders has remained basically stable. Some downstream users have been purchasing as needed, and the transaction price center has moved up compared to last week.

Production:

In June 2025, the production of silicon metal was 327,700 mt, up 6.5% MoM and down 27.7% YoY. The cumulative production of silicon metal from January to June 2025 was 1.8728 million mt, down 17.8% YoY. In July, a small portion of capacity in Yunnan will resume production during the rainy season, and there will be disruptions in production in the north, resulting in strong uncertainty in supply in July.

Inventory:

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 542,000 mt on June 26, down 17,000 mt WoW. Among them, the social general warehouse inventory was 128,000 mt, down 3,000 mt WoW, and the social delivery warehouse inventory was 414,000 mt (including unregistered warrants and spot cargo), down 14,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Silicone

Price

DMC: The current quotation is 10,300 yuan/mt-10,600 yuan/mt. This week, the domestic DMC market price has slightly increased at the low end, and downstream procurement volume has increased compared to the previous period.

D4: The current quotation is 11,100 yuan/mt-12,000 yuan/mt. This week, the D4 price has remained temporarily stable.

107 Silicone Rubber: The current quotation is 11,000 yuan/mt-11,700 yuan/mt. Weakened demand has led to a continued decline in the transaction price of 107 silicone rubber this week.

Raw Silicone Rubber: The current quotation is 11,800 yuan/mt-12,400 yuan/mt. This week, the price spread of raw silicone rubber transactions has widened, and enterprises in North China have offered discounts for shipment.

Silicone Oil: Current quotations range from 13,000 yuan/mt to 13,600 yuan/mt. This week, the high price of silicone oil has been slightly adjusted downward, with the transaction center moving down synchronously.

Production:

Recently, monomer production has remained at a relatively high level. Currently, some monomer enterprises in southwest and east China are still undergoing maintenance.

Inventory:

This week, the inventory of monomer enterprises has remained largely unchanged compared to the previous period. There has been a slight increase in the rigid demand from the downstream market. However, it is expected that with the increase in production, the subsequent inventory will increase slightly.

Polysilicon

Price

Yesterday, the mainstream quotation for N-type recharging polysilicon was 36 yuan/kg, and the mainstream quotation for granular polysilicon was 34 yuan/kg. Currently, market transactions are relatively limited. Top-tier enterprises have raised their quotations uniformly based on cost considerations, and downstream enterprises are adopting a wait-and-see attitude.

Production

The final production schedule for June did not change significantly from previous expectations. In July, several top-tier enterprises increased their production, while some second- and third-tier enterprises cut or halted production. Overall, production increased by approximately 5,000-6,000 mt MoM.

Inventory

There is still significant inventory pressure for polysilicon, with large disparities among enterprises. Overall inventory has increased slightly with the recent decrease in order signing.

Wafer

Price

The market price for N-type 18X wafers is 0.85-0.9 yuan/piece, and the price for N-type 210RN wafers is 1-1.02 yuan/piece. Wafer prices are largely stable with minor fluctuations, and this week, wafer prices have remained weak and stable.

Production

It is expected that global wafer production in June will be around 58GW. In July, some enterprises have already made preliminary plans to reduce their production schedules.

Inventory

Recently, market transactions have remained relatively limited, with a cautious purchasing attitude. Inventory is largely stable with minor fluctuations.

High-Purity Quartz Sand

Price

Currently, the domestic price for inner-layer sand is 60,000-67,000 yuan/mt, the price for middle-layer sand is 31,000-42,000 yuan/mt, and the price for outer-layer sand is 17,000-24,000 yuan/mt. This week, the high price for domestic inner-layer sand has decreased slightly, while the transaction center for middle-layer sand has moved down significantly. It is expected that the subsequent transaction price for middle-layer sand will decrease.

Production

This week, the production of quartz sand has remained stable. Overseas, the expansion capacity of imported sand is still being constructed as planned, and it is expected to be put into production and increase output subsequently.

Inventory

This week, the inventory of sand enterprises has increased slightly. Some domestic sand enterprises are facing significant inventory pressure and have started to offer discounts for shipments.

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