On December 19, 2025, China's Ministry of Commerce officially confirmed that it had submitted a request for consultations with the World Trade Organization (WTO) regarding India's subsidy measures for photovoltaic (PV) products and tariff measures on information and communication technology products. China stated that India's relevant measures are suspected of violating WTO rules on "national treatment" and constitute prohibited "import substitution subsidies." This marks another significant trade action following China's challenge against India's subsidy measures for electric vehicles (EVs) and cells in October 2025.

[SMM Silicon-Based PV Morning Meeting Minutes] Silicon Metal: Spot silicon metal prices fluctuated rangebound. Yesterday, SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, and #441 silicon at 9,300-9,500 yuan/mt. In the past two days, futures held up well, with the most-traded silicon futures contract closing at 8,780 yuan/mt at the end of yesterday's session, up 185 yuan/mt from the previous day. Silicon enterprise offers were largely stable, while trading firms engaging in both spot and futures market raised their absolute offer prices due to the futures increase. Downstream buyers mainly adopted a wait-and-see approach and made purchases on demand, resulting in a thin trading atmosphere. Polysilicon: N-type recharging polysilicon was offered at 49.7-55 yuan/kg, granular polysilicon at 49-51 yuan/kg, and the polysilicon price index stood at 52.06 yuan/kg. Market prices remained stable. Currently, downstream efforts to push up prices are uncertain, new contract signings have nearly halted, and downstream buyers are temporarily unwilling to accept excessively high polysilicon prices. Approaching year-end, both upstream and downstream participants are adopting a wait-and-see stance for the time being.

The global photovoltaic (PV) industry is currently on the eve of a cyclical adjustment. According to SMM forecasts, after global new PV installations peak at 520.6 GW in 2025, they are expected to decline to 474 GW in 2026. Against this macroeconomic backdrop, the core driving logic of the European PV market has shifted: the market focus is moving from singular capacity growth to grid operational safety, structural adjustments in trade flows, and the establishment of supply chain compliance.

【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.