SMM April 23 News:Silicon Metal:Silicon metal prices remained stable and consolidated this week. As of April 23, SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, up 50 yuan/mt WoW; #441 silicon was at 9,200-9,400 yuan/mt, up 50 yuan/mt WoW; #421 silicon (used in silicone) was at 9,300-9,800 yuan/mt, flat WoW; #3303 silicon was at 10,100-10,300 yuan/mt, flat WoW. In the futures market, the SI2609 contract fluctuated within 8,550-8,750 yuan/mt during the week. After futures rose, northern silicon enterprises increased shipments to futures-spot traders via listed hedging orders, while silicon enterprises' spot quotes remained largely stable WoW. Downstream users showed inactive new order procurement, with stronger tendencies to digest low-priced inventory and wait-and-see sentiment. The market traded on rigid demand only, and spot silicon metal prices encountered resistance.
On the demand side, polysilicon enterprises maintained stable weekly operating rates, though individual enterprises have maintenance plans to reduce polysilicon capacity loads going forward. Polysilicon supply was expected to contract, and silicon metal consumption showed a gradual declining trend in the short term. Silicone enterprises' weekly operating rates edged down slightly WoW, with a small amount of capacity under maintenance expected to resume next week. On a monthly basis, operating rate changes were insignificant, and demand for silicon metal remained stable. Alloy enterprises' weekly comprehensive operating rates were broadly stable, with primary aluminum alloy enterprises' operating rates rising marginally, while secondary aluminum alloy enterprises' operating rates were under pressure and slightly weaker due to insufficient downstream orders.
On the supply side, silicon metal production saw a slight WoW increase in weekly volume, driven by production ramp-ups in Xinjiang. Silicon metal supply and demand were in tight balance in April. The key supply-demand imbalance lay in constrained end-use demand, as downstream polysilicon, silicone, and other sectors were unlikely to see sustained and significant demand growth. The supply-demand relationship largely depended on adjustments in silicon enterprises' operating rates on the supply side. Spot silicon metal lacked upward momentum, and prices continued to consolidate.
Polysilicon:The polysilicon price index was 35.31 yuan/kg this week, with N-type recharging polysilicon quoted at 34.1-36.4 yuan/kg and granular polysilicon quoted at 33-36 yuan/kg. Polysilicon market prices stopped falling and stabilized this week, with some producers even showing willingness to explore slight price increases. On one hand, some leading enterprises had previously signed large volumes of orders, significantly reducing their inventory pressure. On the other hand, multiple industry-related meetings were held, and expectations regarding cost allocation provided certain confidence to hold quotes firm in the market. Market sentiment subsequently improved noticeably, with multiple parties competing over future price expectations. Currently, on one hand, factors such as costs and policies provided certain support for prices. On the other hand, the yet-unresolved supply-demand relationship and upstream/downstream inventory also exerted certain downward pressure on the market.
Wafer:Wafer price ranges were adjusted this week. Specifically, N-type 183 wafer prices were at 0.9-0.93 yuan/piece, 210R wafer prices were quoted at 1-1.03 yuan/piece, and 210mm wafer prices were quoted at 1.2-1.23 yuan/piece. As of now, the 183 wafer price increase in this round has been accepted by downstream battery enterprises, while the other two sizes were still under negotiation. Currently, battery prices were also on the edge of cash costs, resulting in very low tolerance for wafer price increases. Going forward, if driven by policy, industry chain prices could be transmitted from downstream to upstream; if driven solely by supply and demand, the short-term negotiation would likely conclude with battery production cuts.
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