【In November, Wafer Enterprises Took the Lead in Production Cuts and Held Prices Firm】According to SMM statistics, the two enterprises reduced production by a total of 1.95 GW in November, while other enterprises collectively cut production by only about 1 GW. Silicon wafer production in November is expected to be in the range of 57–58 GW, with little change from the production schedule anticipated at the beginning of the month. It has become a near-certainty that demand conditions deteriorated in the fourth quarter of this year, prompting the two leading enterprises to initiate production cuts to stabilize the supply landscape.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon Metal: Spot silicon metal prices were basically stable. Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,100-9,300 yuan/mt, and #441 silicon was at 9,300-9,500 yuan/mt. Futures prices moved sideways. The most-traded silicon futures contract closed at 8,365 yuan/mt at the end of the session, up 15 yuan/mt from the previous day. After spot-futures price spreads strengthened last week following a sharp decline in futures prices and smooth sales by spot traders, the spreads were largely stable this week. Silicon enterprises held prices firm and were not keen to sell at low prices. Spot prices remained stagnant and stable. Polysilicon: Polysilicon N-type recharging material was quoted at 49.6-55 yuan/kg, granular polysilicon at 49-51 yuan/kg, and the polysilicon price index at 51.9 yuan/kg. Market prices remained stable. Currently, top-tier enterprises showed some intention to push prices higher, but no actual transactions occurred in the market. Downstream resistance to excessively high prices was evident. Trading activity may remain weak this month, and the market requires continued monitoring.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Prices Temporarily Stable, Module Market Sentiment Slightly Weaker] Over the weekend, the quotation for N-type recharging polysilicon was 49.6-55 yuan/kg, the N-type polysilicon price index stood at 51.99 yuan/kg, and granular polysilicon was quoted at 49-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. The association confirmed the establishment of a platform company, which provided some boost to market sentiment. A polysilicon meeting was held over the weekend, with polysilicon producers showing some intention to hold quotes firm, while downstream acceptance capacity was limited due to cost pressures. The market requires continued observation.

The US energy landscape has abandoned the ’green nation‘ ideal and instead adopted a hardline approach of "energy dominance." The enactment of the One Big Beautiful Bill Act (OBBBA) signifies not only legislative updates but also a structural overhaul of the nation's energy framework and priorities. From canceling the large-scale Esmeralda 7 solar project to undertaking a comprehensive reorganization of the Department of Energy, this administration has established a new strategic triad. In short, the era of federal collaboration with renewable energy has ended; the new reality is defined by fossil fuel dominance, supply chain decoupling, and a pragmatic reshaping of power grid reliability.

[SMM Silicon-Based PV Morning Conference Minutes] Silicon Metal: In the past two days, silicon metal futures prices have fallen sharply and continuously, with the SI2601 contract closing at 8,340 yuan/mt yesterday, down 335 yuan/mt from the previous day. SMM oxygen-blown #553 silicon in east China was at 9,100-9,300 yuan/mt. As futures prices declined, spot-futures price spread resources followed the downtrend, with some downstream users and traders increasing purchase volumes. Transactions improved, and some spot-futures price spread quotations strengthened by 50-100 yuan/mt. Due to the rapid decline in silicon prices, silicon metal producers adopted a wait-and-see approach, either temporarily suspending quotations or maintaining prices steady from the previous week.

Solar cell manufacturers are currently weathering a cost storm triggered by silver prices.

[ SMM Silicon-Based PV Morning Meeting Minutes: Silicon Metal Transaction Center Weakens, Polysilicon Prices Temporarily Stabilize ] Over the weekend, N-type recharging polysilicon was quoted at 49.6-55 yuan/kg, the N-type polysilicon price index stood at 51.99 yuan/kg, and granular polysilicon was quoted at 49-51 yuan/kg. Polysilicon prices temporarily stabilized over the weekend, with the current market showing strong wait-and-see sentiment. The Guangzhou Futures Exchange added new delivery brands, downstream sentiment was somewhat weaker, and prices were temporarily stable.