Silicon coal prices rise in some regions, with few polysilicon spot transactions [SMM Silicon-based PV Morning Meeting Summary]

SMM, September 2:

Silicon coal

prices:

Affected by supply-side disruptions in silicon coal, prices in Gansu, Ningxia, Shaanxi, and other regions have recently risen by varying degrees. Prices of low-caking coal in Xinjiang edged up, while non-caking coal prices remained stable. Specifically, silicon particle coal in Gansu was at 1,360 yuan/mt, and silicon mixed coal at 1,280 yuan/mt; Shaanxi silicon coal was at 950-1,000 yuan/mt; Xinjiang non-caking silicon coal was at 855 yuan/mt.

Silicon metal

prices:

Yesterday, SMM oxygen-blown #553 silicon in east China was around 9,500 yuan/mt, and #441 silicon was around 9,500-9,700 yuan/mt. On the supply side, silicon enterprises held their quotes firm, and some suppliers raised their offers slightly. The most-traded futures contract pulled back weakly, affected by long positions taking profits and exiting. Downstream buyers remained on the sidelines, with transactions limited to essential needs. Low-priced cargoes were scarce in the market, and the price center consolidated at highs.

Production:

According to SMM data, China's silicon metal production in August was 356,300 mt, down 8.2% MoM and down 7.6% YoY. In early September, affected by production cuts at large plants in Xinjiang, silicon metal production is expected to continue its downtrend in September.

Inventory:

SMM statistics show that as of August 27, total social inventory of silicon metal in major regions stood at 493,000 mt, flat WoW. (Excluding Inner Mongolia, Ningxia, Gansu, and other regions.)

Silicone

prices

DMC: Yesterday's quotes were 13,600-14,000 yuan/mt, with the main transaction prices at 13,600-13,800 yuan/mt. The price center moved up WoW. Monomer plants showed strong willingness to control supply and hold prices firm. Downstream purchased as needed overall, mainly digesting existing inventory.

D4: Yesterday's quotes were 13,900-14,500 yuan/mt, with an average price of about 14,200 yuan/mt.

107 silicone rubber: Yesterday's quotes were 13,800-14,300 yuan/mt, with an average price of about 14,050 yuan/mt.

Raw rubber: Yesterday's quotes were 14,500-14,800 yuan/mt, with an average price of about 14,650 yuan/mt.

Silicone oil: Yesterday's quotes were 15,000-15,500 yuan/mt, with an average price of about 15,250 yuan/mt.

Production:

Affected by the ongoing industry-wide coordinated production cuts in August, the overall operating rate remained at around 60%. Combined with maintenance at some monomer plants, spot supply in the market tightened. Most monomer plants had sufficient order backlogs, with pre-sale orders scheduled through mid-to-late September.

Inventory:

Overall inventory at monomer plants remained at mid-to-low levels for the year.

Polysilicon

prices:

Quotes for N-type recharging polysilicon were 38.8-42.5 yuan/kg. Currently, producers' quotes were relatively stable, with very few market transactions. Downstream buyers showed some resistance to high-priced resources. Renewed on-site energy consumption inspections in some regions have given the market a degree of positive confidence.

Production

September polysilicon production is around 120,000 mt, mainly driven by production resumptions at some enterprises. In Q4, expectations for production cuts in some regions may lead to lower production.

Inventory:

Upstream inventory continues to build, while trader inventory has declined somewhat as downstream transactions progress.

Wafer

Prices

Market prices for 18X wafers are 1.105-1.127 yuan/piece, 210RN wafers are 1.108-1.146 yuan/piece, and 210N wafers are 1.187-1.245 yuan/piece. Wafer transaction prices edged down, but the decline has narrowed significantly. Relatively firm raw material prices have made the bottom of the wafer price range fairly clear.

Production

According to the latest SMM survey, September production is up 1-2 GW MoM. Although production was cut for two consecutive months in July-August, overall production remains relatively high compared with demand. In addition, demand for 183 wafers has begun to weaken marginally.

Inventory

Inventory buildup at wafer enterprises is diverging. Inventory at top-tier players has already exceeded a reasonable range. India has begun to stockpile gradually, with P-type 18X orders surging. Re-export demand has also increased, and several African countries have moved into the top ranks of export destinations.

High-purity quartz sand

Prices

Current domestic prices are 40,000-47,000 yuan/mt for inner-layer sand, 21,000-24,000 yuan/mt for middle-layer sand, and 12,500-18,000 yuan/mt for outer-layer sand. Imported high-purity quartz sand is priced at 50,000-54,000 yuan/mt. 33-inch quartz crucibles are priced at 5,500-5,700 yuan/piece, and 36-inch quartz crucibles at 6,500-6,600 yuan/piece. Prices for both 36-inch and 33-inch crucibles are falling. Top-tier players have begun to ease prices, and price divergence among second- and third-tier crucible makers is pronounced.

Production

August domestic high-purity quartz sand planned production fell about 1% MoM, mainly because wafer production cuts for two consecutive months led crucible makers to calculate demand and match supply, thereby slowing their quartz sand procurement pace. Recently, consumption of semiconductor-grade sand, PV quartz plates, and other consumables has edged up slightly.

Inventory

Imported sand inventory continued to increase in August. In Q3 2026, wafer enterprises purchased crucibles rationally based on planned production, and overall quartz sand inventory levels continued to rise.