Spot polysilicon transactions were few, and prices for some wafer sizes were weak [SMM Silicon-based PV Morning Meeting Minutes]

SMM August 26 News:

Silicon Coal

Price:

Recently, silicon coal prices across different production regions have diverged. Caking coal prices in Xinjiang weakened from the beginning of the month, while silicon coal prices in Gansu and Ningxia edged up at different paces. Prices in other regions mostly remained stable. Specifically, caking silicon coal in Xinjiang was around 1,160 yuan/mt, silicon granular coal in Gansu was 1,240 yuan/mt, silicon mixed coal was 1,160 yuan/mt, silicon coal in Inner Mongolia was 1,340 yuan/mt, and non-caking silicon coal in Xinjiang was 855 yuan/mt.

Silicon Metal

Price:

Yesterday, SMM's east China oxygen-blown #553 silicon was around 9,300-9,500 yuan/mt, and #441 silicon was around 9,500-9,600 yuan/mt. The market recently has been trading mainly on expectations for production cuts by large plants in Xinjiang at month-end. Market sentiment was bullish but views remained cautious, with downstream users making purchases as needed.

Production:

In early August, silicon metal production in multiple regions such as Gansu and Sichuan experienced cuts. Production in August decreased significantly MoM from July. At the end of August, large plants in the north have a production cut plan. Attention should be paid to the implementation of these cuts.

Inventory:

According to SMM statistics, as of August 20, the social inventory of silicon metal in major regions totaled 493,000 mt, down 8,000 mt WoW (excluding Inner Mongolia, Ningxia, and Gansu). Cargo pick-up continued in some regional warehouses, and physical warehouse inventory decreased WoW. In-factory inventory increased.

Silicone

Price

DMC: Quoted at 13,200-13,800 yuan/mt yesterday, with the main transaction price at 13,200-13,500 yuan/mt. The price center moved up WoW. Some monomer plants increased quotes again yesterday, but downstream purchasing was cautious, mainly focusing on restocking for rigid demand.

D4: Quoted at 13,600-14,000 yuan/mt yesterday, with an average of about 13,500 yuan/mt.

107 Silicone Rubber: Quoted at 13,700-14,000 yuan/mt yesterday, with an average of about 13,850 yuan/mt.

Raw Silicone Rubber: Quoted at 14,200-14,800 yuan/mt yesterday, with an average of about 14,500 yuan/mt.

Silicone Oil: Quoted at 14,700-15,500 yuan/mt yesterday, with an average of about 15,100 yuan/mt.

Production:

In August, the industry's coordinated production reduction continued, with overall operating rate maintained around 60%. Some monomer plants were under maintenance or reduced load. Currently, monomer plants had sufficient order backlogs, with some enterprise orders extending to late August to early September.

Inventory:

Monomer plant inventory was at a mid-year low. The pace of subsequent destocking will be driven by the actual purchasing volume from downstream.

Polysilicon

Price:

N-type recharging polysilicon was quoted at 38.7-42.7 yuan/kg. Manufacturer quotes were relatively stable recently, with very few transactions in the market. Downstream showed some resistance to high-priced resources.

Production

Polysilicon production continued to increase in August, with output likely exceeding 110,000 mt. Some bases have subsequent production resumption plans, and output is expected to keep rising in September.

Inventory:

Current upstream inventory continued to accumulate, while trader inventory declined as downstream transactions progressed.

Wafers

Prices

Market prices for 18X wafers were 1.113-1.129 yuan/piece, for 210RN wafers 1.113-1.149 yuan/piece, and for 210N wafers 1.18-1.248 yuan/piece. 210R and 210N wafer prices maintained their downtrend. Based on currently procurable raw material prices, the low end of the quoted range for each enterprise has approached cash cost, making further sharp declines relatively unlikely. The key factors to watch are raw material price trends and policy expectations.

Production

According to the latest SMM survey feedback, August production MoM decreased by 1-2 GW. Although production has declined for two consecutive months, overall output remains relatively high compared to demand. This month, many 210 production lines started switching to 183, with slicing capacity operating near full utilization. At one point, 210 ingots were directly sliced into 183 wafers, with leftover material recycled, illustrating the severity of the current 183 wafer supply tightness.

Inventory

Inventory buildup among wafer enterprises showed divergent trends. Top-tier players' inventory had exceeded the reasonable range. India began stockpiling, and demand for P-type 18X orders surged sharply. In addition, transshipment demand also increased, with multiple African countries ranking among the top export destinations.

High-Purity Quartz Sand

Prices

Current domestic inner-layer sand prices were 40,000-47,000 yuan/mt, middle-layer sand prices 21,000-24,000 yuan/mt, and outer-layer sand prices 12,500-18,000 yuan/mt, while imported high-purity quartz sand prices stood at 50,000-54,000 yuan/mt. The price for a 33-inch quartz crucible was 5,800-6,000 yuan/piece, and for a 36-inch quartz crucible 6,500-6,600 yuan/piece. Prices for both 36-inch and 33-inch crucibles were declining. Top-tier players began to gradually loosen prices, and the price divergence among second- and third-tier crucibles was evident.

Production

In August, domestic high-purity quartz sand planned production decreased around 1% MoM, mainly because wafer production had been cut for two consecutive months, prompting crucible manufacturers to calculate demand to match supply, thus slowing down the procurement pace of quartz sand. Recently, consumption of sand for semiconductors, PV quartz plates, and other consumables has increased slightly.

Inventory

In August, imported sand inventory continued to increase. In Q3 2026, wafer enterprises purchased crucibles reasonably based on their planned production, leading to a continued rise in overall quartz sand inventory levels.