[smm silicon-based pv morning meeting summary] silicon metal: the silicon metal futures market experienced significant fluctuations yesterday, with futures prices pulling back rapidly in the afternoon. silicon enterprise quotations remained temporarily stable. smm east china oxygen-blown #553 silicon was at 9,400-9,500 yuan/mt. the most-traded si2601 contract opened at 9,130 yuan/mt, reached an intraday low of 8,860 yuan/mt, and a high of 9,175 yuan/mt, closing at 8,895 yuan/mt. the cost-effectiveness of futures and spot cargoes increased, leading to more orders from downstream buyers and traders, with active trading in xinjiang and inner mongolia. polysilicon: n-type recharging polysilicon was quoted at 49.4-55 yuan/kg, granular polysilicon at 50-51 yuan/kg, and the polysilicon price index stood at 52.01 yuan/kg. overall, the market was largely stable, awaiting new quotations for the latest round of order signing at month-end and updates on self-regulation.

According to the National Energy Administration, as of the end of September this year, China's total installed power generation capacity reached 3.72 billion kW, up 17.5% YoY.

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stable, Expectations for Module Production Cuts in November] Polysilicon production in October is expected to be around 134,000 mt, showing an increase MoM from September and exceeding previous market expectations. In November, some top-tier enterprises are expected to cut production, with expectations for a decline in output.

In October 2025, Chinese solar giant LONGi and the Energy Commission of Nigeria (ECN) concluded strategic cooperation negotiations at its headquarters in China. Both parties agreed to advance the establishment of a solar cell/module factory in Nigeria with a capacity of 500–1,000 MW (0.5–1 GW). The official press release from Nigeria and multiple industry media outlets confirmed this intention, noting that the cooperation was deepened based on a memorandum of understanding (MoU) signed earlier in the year in London.

[SMM In-depth Analysis: October PV Industry Policies Reverse the Fundamental Downturn] From October 13 to 15, the industry association held two rounds of meetings in Beijing, with the themes being the monthly regular meeting and industry self-discipline 2.0. The meetings essentially determined the production costs of polysilicon, wafers, solar cells, and modules.

[SMM Silicon-Based PV Morning Conference Summary] Silicon Metal: Spot silicon metal prices remained low and stagnant. Yesterday, SMM oxygen-blown #553 silicon in east China was quoted at 9,300-9,400 yuan/mt, flat from the previous day. Futures prices fluctuated, with the SI2512 contract hitting a low of 8,975 yuan/mt and closing at 8,980 yuan/mt at the end of the session, unchanged from the previous day. Operating rates of silicon enterprises diverged between the north and south. As the dry season approaches in Sichuan and Yunnan, some silicon enterprises in Yunnan and Sichuan recently implemented production cuts, leading to a downward trend in silicon metal supply. Polysilicon: N-type recharging polysilicon was quoted at 50.9-55 yuan/kg, granular polysilicon at 50-51 yuan/kg, and the polysilicon price index at 52.66 yuan/kg. Market prices were largely stable overall, as the market awaited the latest offers from the new round of order signing at month-end and the latest developments in this week's meetings.

[SMM Silicon-Based PV Morning Meeting Summary: Silicon Metal Sees Volatility Amid Tug-of-War Between Longs and Shorts, Polysilicon Largely Stable as Market Awaits Meeting Results] Over the weekend, N-type recharging polysilicon was quoted at 50.95-55 yuan/kg, with the N-type polysilicon price index at 52.71 yuan/kg, and granular polysilicon 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. The market holds some expectations for price increases from polysilicon manufacturers by month-end, though actual developments in the follow-up still require attention.