Intense Competition in Wafer Segment, High-Purity Quartz Sand Prices Remain Stable [SMM Silicon-Based PV Morning Meeting Summary]

SMM Jan. 21:

Silicon coal

prices: The average price of non-caking silicon coal in Xinjiang was about 855 yuan/mt, the price range of caking silicon coal was about 1,300-1,650 yuan/mt, the average price of silicon coal in Shaanxi was about 880 yuan/mt, the average price of silicon coal in Inner Mongolia was about 1,260 yuan/mt, the average price of silicon mixed coal in Gansu was about 930 yuan/mt, and the average price of granular coal was about 1,050 yuan/mt.

Supply: Supply remained relatively stable and loose WoW.

Demand: With the relatively stable operating rate of downstream silicon plants WoW, demand was still mainly rigid.

Silicon metal

prices: The silicon metal market moved sideways. SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, and #441 silicon was at 9,300-9,500 yuan/mt, both holding steady from the previous day. In futures, the most-traded silicon contract traded in the range of 8,600-8,900 yuan/mt yesterday, with the fluctuation range widening WoW. Transaction sentiment was cautious in the weak supply and demand market. The implementation of production cut plans on the supply side warrants attention.

Production:

Some silicon furnaces in Sichuan and Inner Mongolia saw new production cuts in mid-January. Overall, the operating rate of silicon metal maintained a weak trend in January. Large plants in Xinjiang have batch production cut plans at month-end, and silicon metal supply is expected to decrease further.

Inventory:

Social inventory: According to SMM data, the total social inventory of silicon metal in major regions was 555,000 mt on Jan. 15, up 3,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Silicone

prices

DMC: The transaction price was 13,800-14,000 yuan/mt yesterday, up 50 yuan/mt WoW. On Monday's opening, Shandong monomer plants raised their offers slightly, pushing up the overall market price center. The overall market transaction atmosphere has turned quiet, with most downstream customers adopting a wait-and-see stance supported by existing inventory.

D4: The offer was 13,900-15,000 yuan/mt yesterday, up 50 yuan/mt WoW.

107 silicone rubber: The offer was 14,200-14,800 yuan/mt yesterday, flat WoW.

Raw rubber: The offer was 14,600-15,000 yuan/mt yesterday, flat WoW.

Silicone oil: The offer was 15,200-15,800 yuan/mt yesterday, flat WoW.

Production:

Monomer enterprises are still operating at reduced loads, with the overall operating rate remaining low.

Inventory:

Supported by pre-sold orders, monomer enterprises currently maintain relatively low inventory levels.

Polysilicon

prices:

The offer for N-type recharging polysilicon was 51.5-59 yuan/kg, granular polysilicon was offered at 51.5-59 yuan/kg, and the polysilicon price index was 54.93 yuan/kg. Influenced by export tax rebates and polysilicon production cuts, the overall procurement and sales sentiment for polysilicon edged up slightly, with some downstream players considering the feasibility of certain prices. However, the overall market quotations have not undergone significant changes at present, with attention being paid to the recent new round of concentrated order signing for polysilicon.

Production:

The expected domestic production in January is anticipated to decline by 3-4 kt compared to previous expectations. The final production volume may be locked at around 103,000 mt, primarily influenced by the gradual shutdown of top-tier enterprises later on. Production in February is likely to drop to around 80,000 mt.

Inventory:

The inventory of polysilicon continued to rise this week, with the current market being relatively chaotic and limited new order signing. Inventory may continue to increase.

Wafer

Price

The market price of 18X wafers is 1.38-1.4 yuan/piece, 210RN wafers is 1.48-1.5 yuan/piece, and 210N wafers is 1.68-1.7 yuan/piece. Wafer prices remained stable this week, with overseas export prices increasing slightly. Currently, there is significant back-and-forth negotiations between upstream and downstream in the wafer sector, and the demand stimulation brought by export tax rebates has not yet been transmitted to the wafer sector.

Production

The planned production of wafers in January increased slightly by approximately 3%. According to a survey, two enterprises that suspended production at the beginning of the month have resumed production, and toll processing orders in the market are recovering. Overall, the planned production of wafers in January may be slightly higher than expected.

Inventory

Wafer enterprises have shifted to slight destocking, while solar cell plants are still negotiating transactions, leading to rapid digestion of downstream raw material inventories. Currently, the total wafer inventory is approaching a reasonable level.

High-purity Quartz Sand

Price

Currently, the price of domestic inner-layer sand is 55,000-60,000 yuan/mt, middle-layer sand is 20,000-30,000 yuan/mt, and outer-layer sand is 15,000-20,000 yuan/mt. The price of imported high-purity quartz sand is 74,000-76,000 yuan/mt. The price of 33-inch quartz crucibles is 6,000-6,200 yuan/piece, and the price of 36-inch quartz crucibles is 7,000-7,400 yuan/piece. Recent negotiations on imported sand remain in a stalemate.

Production

The planned production of quartz sand enterprises in January decreased slightly by 2% MoM, with domestic high-purity quartz sand enterprises cutting production to match the planned production of wafers.

Inventory

At the beginning of 2026, crucible enterprises made reasonable purchases based on the planned production of wafers, and the inventory level of quartz sand continued to increase.