In September, wafer production schedule is expected to increase, while the price center of imported silicon sand remains weak [SMM Silicon-based PV Morning Meeting Summary]

SMM September 10 news:

Silicon coal

prices: Bonded silicon coal prices in Xinjiang rose sharply this week. Recently, bonded silicon coal in Xinjiang was strongly supported by cost increases as raw coal prices surged by 400 yuan/mt, driving synchronized price hikes. Current bonded silicon coal prices in Xinjiang range between 1,600-1,800 yuan/mt, up approximately 270 yuan/mt WoW. If cost support remains strong, Xinjiang bonded silicon coal prices may continue to climb.

Supply: Tightened supply of higher-quality raw coal in Xinjiang has led to reduced silicon coal production, while other regions maintain production-to-sales balance.

Demand: Overall demand remains necessity-driven, but significant regional price divergences prompt some downstream silicon plants to adopt blended procurement strategies based on silicon coal properties and pricing.

Silicon metal

prices: Trading activity in the spot market stayed sluggish. Yesterday, SMM oxygen-blown #553 silicon in east China traded at 9,000-9,200 yuan/mt, with #441 silicon at 9,300-9,500 yuan/mt. Some traders' high offers faced difficulty closing deals. In futures, intraday volatility peaked with the most-traded contract first rallying then plunging sharply by 2 pm, hitting a session high of 8,620 yuan/mt and low of 8,385 yuan/mt before settling at 8,410 yuan/mt, down 120 yuan/mt from the previous day.

Production:

China's silicon metal output reached 386,000 mt in August 2025, up 14% MoM but down 19% YoY. September production is expected to grow further MoM, though the growth rate may narrow to around 5% compared with August.

Inventory:

Social inventory: SMM data showed total industrial silicon social inventory across major regions stood at 537,000 mt as of September 4, down 4,000 mt WoW. This included 117,000 mt in general warehouses (down 2,000 mt WoW) and 420,000 mt in delivery warehouses (including unregistered warrants and spot cargoes, down 2,000 mt WoW). (Excluding Inner Mongolia, Gansu etc.)

Silicone

prices

DMC: Current offers held steady WoW at 10,500-10,800 yuan/mt. Although the market remains in discount-driven order-taking mode, some monomer producers show stronger price resilience with pre-sold order support.

D4: Prices were unchanged WoW at 10,700-12,000 yuan/mt.

107 silicone rubber: Offers stabilized WoW at 11,000-11,500 yuan/mt.

Raw rubber: Prices remained flat WoW at 11,500-12,000 yuan/mt.

Silicone oil: Current offers stood at 12,800-13,400 yuan/mt, flat WoW.

Production:

The overall operating rate of monomer enterprises was around 71%. As previously idled units gradually resume operations, the overall supply is expected to see a modest increase.

Inventory:

Monomer enterprise inventory levels remained basically stable WoW.

Wafer

Price

Market prices for N-type 18X wafers were 1.25-1.3 yuan/piece, while N-type 210RN wafers were priced at 1.4 yuan/piece. Transactions have been sporadically concluded at higher price levels, though the total transaction volume remained relatively small. Recent market chatter suggested slight price softening for 210R wafers.

Production

September saw the first upward revision in production schedules, with multiple specialized domestic enterprises ramping up output. Overall production showed an upward trend compared to August, though subsequent developments warrant monitoring of raw material prices and downstream demand absorption.

Inventory

Wafers transitioned from destocking to minor inventory buildup, with overall inventory remaining at reasonable levels.

High-purity quartz sand

Price

Current domestic prices stood at: inner-layer sand (59,000-64,000 yuan/mt), middle-layer sand (27,000-33,000 yuan/mt), and outer-layer sand (17,000-22,000 yuan/mt). Domestic high-purity quartz sand prices held stable this week, while the price center of imported sand declined further, primarily due to expectations of new capacity coming online. The domestic quartz sand market is anticipated to remain well-supplied, with prices facing downward pressure.

Production

Quartz sand operating rates remained largely stable this week, with domestic enterprises showing tepid production enthusiasm—most maintained just-in-time production.

Inventory

Quartz sand inventories stayed basically stable, with crucible enterprises continuing to make just-in-time procurement.