Wafer Prices for Some Sizes Weakened, Polysilicon Market Remained Cautious with Stable Prices [SMM Silicon-Based PV Morning Meeting Minutes]

SMM November 12 News:

Silicon Coal

Price: Prices of silicon coal in some regions continued to rise, with the main driver still being cost-driven increases. The current price of silicon coal in Shaanxi reached 830-850 yuan/mt, the average price in Inner Mongolia reached 1,250 yuan/mt, and the price of ordinary silicon coal in Ningxia reached 1,200 yuan/mt.

Supply: Recent raw coal supply showed a contraction trend, but at the silicon coal end, coal washing plants maintained a produce-based-on-sales model, arranging production according to orders. However, in Shaanxi and Ningxia, affected by the shutdown of silicon plants in the southwest, operating rates decreased accordingly.

Demand: Procurement remained primarily for rigid demand, but with silicon metal production showing a downward trend in November, overall demand for silicon coal also declined correspondingly.

Silicon Metal

Price: Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,400-9,600 yuan/mt, flat from the previous day; #441 silicon was at 9,600-9,800 yuan/mt, flat from the previous day. In the futures market, the SI2601 contract opened at 9,265 yuan/mt and closed at 9,180 yuan/mt, down 110 yuan/mt from the previous day. This week, the spot silicon metal price center was stronger WoW, with silicon enterprises holding prices firm. However, downstream users generally had limited acceptance of high prices, and market transaction sentiment was not active.

Production:

Domestic silicon metal production in October 2025 was 452,200 mt, up 31,400 mt or 7.5% MoM, but down 17,600 mt or 4% YoY. In November, supply variables for silicon metal are mainly reflected in the Sichuan-Yunnan region, with national total supply expected to decrease to below 400,000 mt, a drop of 12%.

Inventory:

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions on October 30 was 558,000 mt, down 1,000 mt WoW. This included 124,000 mt in social ordinary warehouses, up 1,000 mt WoW, and 434,000 mt in social delivery warehouses (including portions not registered as warrants and spot inventory), down 2,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Silicone

Price

DMC: The current mainstream transaction prices were 11,000-11,300 yuan/mt, stable WoW. With the monomer industry conference approaching, monomer plants have halted quotations for silicone products since yesterday, and market quotations will be suspended until the conference concludes.

D4: Current quotations were 11,300-12,500 yuan/mt, up 50 yuan/mt WoW.

107 Silicone Rubber: Current quotations were 11,400-11,600 yuan/mt, flat WoW.

Raw Gum: Current quotations were 11,500-12,000 yuan/mt, flat WoW.

Silicone oil: Current quotes were 12,800-13,300 yuan/mt, flat WoW.

Production:

Supply increased slightly as some monomer units resumed production after maintenance.

Inventory:

Monomer enterprise inventory was largely stable this week, supported by pre-sold orders.

Polysilicon

Prices:

N-type recharging polysilicon was quoted at 49.4-55 yuan/kg, granular polysilicon at 50-51 yuan/kg, and the polysilicon price index at 52 yuan/kg. Overall market prices were largely stable, but market pessimism increased due to falling wafer prices, though top-tier enterprises still intended to hold quotes firm.

Production:

Polysilicon production in November was expected to reach 127,000 mt, with normal production suspension continuing in Sichuan and Yunnan.

Inventory:

Polysilicon inventory rose slightly this week. Expectations for further wafer production cuts may lead to additional inventory buildup.

Wafer

Prices

N-type 18X wafers were priced at 1.25-1.3 yuan/piece, N-type 210R at 1.28-1.3 yuan/piece, and N-type 210N at 1.6-1.65 yuan/piece. Weakening demand expectations accelerated price declines, with 183 falling faster than 210R; only 210N prices remained relatively supported.

Production

A survey indicated that some sizes were already cash-negative after the recent price cuts, and most wafer enterprises were expected to cut production further, lowering November production schedules below expectations.

Inventory

The wafer inventory buildup trend slowed. Solar cell plants purchased at limited prices and showed little restocking willingness. Total wafer inventory was below reasonable levels, but some enterprises were offloading stock.

High-Purity Quartz Sand

Prices

Domestic inner-layer sand was priced at 58,000-63,000 yuan/mt, middle-layer at 25,000-30,000 yuan/mt, and outer-layer at 17,000-21,000 yuan/mt. Imported sand long-term contract negotiations were still in the second round, with significant price drops expected, which would maintain the downward trend for domestic high-purity quartz sand.

Production

Domestic sand enterprise operations were expected to decline in October, with top-tier enterprises reducing supply slightly to ease inventory pressure.

Inventory

Quartz sand inventory levels increased slightly. Crucible enterprises had not yet started negotiations or purchases.