Silicone Market Slightly Strengthened, Wafer Prices Under Pressure [SMM Silicon-Based PV Morning Meeting Minutes]

SMM April 15:

Silicon coal

Prices: Silicon coal market prices were largely stable this week. Specifically, the average price of blended silicon coal in Gansu was 980 yuan/mt, silicon granular coal averaged 1,100 yuan/mt, non-caking silicon coal in Xinjiang averaged around 855 yuan/mt, caking silicon coal price range was around 1,300-1,650 yuan/mt, silicon coal in Inner Mongolia averaged around 1,260 yuan/mt, and silicon coal in Shaanxi averaged around 850 yuan/mt.

Supply: The produce-based-on-sales model was maintained, with production arranged according to order conditions.

Demand: Judging from weekly silicon plant operating conditions, overall operations remained stable, so there was no incremental demand for raw material silicon coal, with only rigid demand sustained.

Silicon metal

Prices: At the beginning of the week, futures prices saw widened fluctuations driven by market news. As the news was debunked, futures prices weakened again. Yesterday, SMM east China oxygen-blown #553 silicon was at 8,900-9,100 yuan/mt, and #441 silicon was at 9,100-9,300 yuan/mt. Yesterday, the most-traded SI contract closed at 8,320 yuan/mt, down 95 yuan/mt from the previous day and up 70 yuan/mt from Monday.

Production:

Recently, a few silicon enterprises in northern China had small amounts of capacity temporarily halted or under maintenance, which affected total silicon metal production. Most other silicon enterprises' operations were basically stable.

Inventory:

Social inventory: According to SMM statistics, as of April 9, social inventory of silicon metal in major regions totaled 564,000 mt, up 4,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Silicone

Prices

DMC: Yesterday's transaction price was 14,500-14,800 yuan/mt, up 200 yuan/mt WoW. Under the combined influence of rising raw material prices, tight supply, and rising transportation costs, some mid- and downstream clients still made as-needed purchases to guard against cost increases from continued price rises, but overall demand remained primarily rigid.

D4: Yesterday's quoted price was 14,500-15,100 yuan/mt, up 150 yuan/mt WoW.

107 silicone rubber: Yesterday's quoted price was 14,700-15,300 yuan/mt, stable WoW.

Raw rubber: Yesterday's quoted price was 15,300-15,700 yuan/mt, stable WoW.

Silicone oil: Yesterday's quoted price was 15,700-16,300 yuan/mt, stable WoW.

Production:

Recently, some monomer enterprises completed maintenance and resumed production at reduced loads, while individual units ramped up operations. As a result, overall supply edged up WoW.

Inventory:

Currently, most upstream producers were still primarily focused on fulfilling pre-sold orders, so overall supply-side inventory levels remained at relatively low levels.

Polysilicon

Prices:

Polysilicon N-type recharging polysilicon was quoted at 34-36.5 yuan/kg. Polysilicon prices continued to edge down slightly this week, but the decline narrowed. On one hand, prices were already approaching the cost lines of most producers; on the other hand, some market "rumors" circulating earlier, combined with unusual movements in futures, gave polysilicon producers more options.

Production

Recently, more production bases cut production in April. April polysilicon production may fall short of expectations, with production expected to drop below 90,000 mt.

Inventory:

Polysilicon inventory currently showed a slight upward trend. Purchases were relatively low, not enough to cover production, leading to inventory buildup. Multiple enterprises had month-end inventory above 20,000 mt in March, with some even higher.

Wafer

Prices

Market 18X wafer prices were at 0.88-0.93 yuan/piece, 210RN wafer prices at 1.00-1.05 yuan/piece, and 210N wafer prices at 1.2-1.25 yuan/piece. Yesterday, the lower end of wafer price ranges continued to slide, with 18X breaking below key levels. Recent market sentiment was bearish.

Production

April wafer production schedules were revised down by 5.4%. Recently, integrated enterprises all showed signs of production cuts, and actual planned production may be slightly below expectations. Toll processing orders in the market increased and showed a trend toward greater concentration.

Inventory

Wafer enterprise inventory shifted to a slight increase. Cell enterprises cut production more than wafer enterprises in April, causing the wafer segment to return to slight inventory buildup.

High-Purity Quartz Sand

Prices

Currently, China's inner-layer sand prices were at 50,000-53,000 yuan/mt, middle-layer sand prices at 20,000-25,000 yuan/mt, and outer-layer sand prices at 16,000-18,000 yuan/mt. Imported high-purity quartz sand prices were at 65,000-68,000 yuan/mt. 33-inch quartz crucible prices were at 6,000-6,300 yuan/piece, and 36-inch quartz crucible prices were at 7,000-7,300 yuan/piece.

Production

April quartz sand enterprise production schedules were expected to edge up slightly. China's high-purity quartz sand enterprises formulated production plans in line with wafer demand, while an ex-China high-purity quartz sand enterprise postponed its production equalization plan.

Inventory

In Q2 2026, crucible enterprises made reasonable purchases based on wafer planned production, and quartz sand inventory levels continued to increase.