This week, silicon metal prices diverged. These are silicon metal prices (by type) as of June 6, and their WoW changes: above standard #553 silicon metal (13,000-13,200 yuan/mt, flat WoW)), 441# silicon metal (13,200-13,500 yuan/mt, -50 yuan/mt WoW); 421# silicon metal (13,500-13,700 yuan/mt, flat WoW); #421 silicon metal for silicone (13,800-13,900 yuan/mt, +50 yuan/mt WoW); and #3303 silicon metal (14,000-14,100 yuan/mt, up 50 yuan/mt WoW ). For low-grade silicon, Hoshine's quotations, which already had a price advantage, were further reduced by 100 yuan/mt for #553 and #441 silicon metal on Thursday. Most other silicon plants maintained stable quotations or suspended offers. For high-grade silicon, there were inquiries from a few DMC plants. DMC plants rejected high prices and drove a hard bargain, while silicon plants are delivering a large number of previous orders. In response, most silicon plants increased offers for #421 silicon metal. For silicone companies, the industry off-season and losses led to strong resistance to price increases from silicon plants, leaving them delaying some procurement orders. Therefore, silicone companies and silicon plants were in a stalemate. In terms of market transactions, downstream maintained purchases as needed.
The operating rate in Southwest China increased rapidly during the rainy season, and demand from downstream polysilicon decreased. Therefore, June and July will see a trend of supply surplus, with industry inventory continuing to accumulate. The current industry inventory is mainly concentrated in the warehouses of leading companies and delivery warehouses. In the past two weeks, high silicon futures prices have not effectively driven up the spot prices, but deliveries for hedging purpose can ease the sales pressure on silicon plants in Southwest China. It is expected that the spot silicon metal prices will move sideways in the short term. There is still a risk of price decline due to potential discount sales by leading companies.
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