Silicon Metal Focuses on Cost Support, Wafer Production Schedule for April May Be Reduced [SMM Silicon-Based PV Morning Meeting Summary]

SMM News, April 1:

Silicon Coal

Price: Silicon coal prices in Gansu still edged up this week, by 30 yuan/mt, with the average price of mixed silicon coal at 980 yuan/mt and granular silicon coal at 1,100 yuan/mt, still mainly driven by gains on the cost side, while prices in other regions were stable for now. The average price of non-caking silicon coal in Xinjiang was about 855 yuan/mt, the price range of caking silicon coal was about 1,300-1,650 yuan/mt, the average price of silicon coal in Inner Mongolia was about 1,260 yuan/mt, and the average price of silicon coal in Shaanxi was about 850 yuan/mt.

Supply: Overall supply still mainly followed the model of producing based on sales, and with relatively weak demand, the operating rate also remained at a relatively low level.

Demand: Purchasing as needed remained the main approach. In addition, as most silicon plants in south-west China had not yet clearly indicated any production resumption plan for the rainy season, there was still no incremental demand for raw material silicon coal overall.

Silicon Metal

Price: The silicon metal market remained in a weak stalemate. Yesterday, SMM east China oxygen-blown #553 silicon was at 9,100-9,200 yuan/mt, down 50 yuan/mt from the previous day. Declining expectations for production cuts on the supply side weakened market sentiment. At the start of the week, futures prices trended weaker, and the center of spot transaction prices for some cargoes in the market moved down slightly. Supported by firm raw material costs, prices may return to a stalemate.

Production:

According to SMM data, China’s silicon metal production in March 2026 was 329,900 mt, up 19.7% MoM and down 3.6% YoY. The sharp MoM increase in March production was mainly due not only to the boost from some capacity resuming production in early March, but also to the increase in the number of production days in March.

Inventory:

Social Inventory: SMM statistics showed that as of March 26, social inventory of silicon metal in major regions totaled 560,000 mt, up 7,000 mt WoW, with the increase mainly in Xinjiang. (Excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Silicone

Price

DMC: Yesterday’s transaction price was 13,800-14,300 yuan/mt, stable MoM. After slight fluctuations in transaction prices, most downstream clients had completed their phased procurement needs. With relatively ample presale order bookings at present, some upstream monomer enterprises had gradually entered a suspension of quotations since last Thursday and will resume normal quotations after the industry conference.

D4: Yesterday’s quoted price was 14,100-15,000 yuan/mt, stable MoM.

107 silicone rubber: Yesterday’s quoted price was 14,200-15,100 yuan/mt, stable MoM.

Raw rubber: Yesterday’s quoted price was 14,700-15,300 yuan/mt, down 100 yuan/mt MoM.

Silicone oil: Yesterday’s quoted price was 15,500-16,100 yuan/mt, stable MoM.

Production:

With production at some upstream enterprises returning to normal and operating rates improving, weekly supply increased slightly MoM.

Inventory:

Driven by the release of phased purchasing demand from mid- and downstream clients, inventory at upstream enterprises declined.

Polysilicon

Price:

N-type recharging polysilicon was quoted at 35.5-41.5 yuan/kg. Polysilicon prices continued to edge down recently, mainly affected by market sentiment and inventory exit the market at some leading enterprises. At present, low-priced polysilicon has fallen below the cost line of some producers, and sentiment to hold quotes firm has strengthened somewhat. Relevant meetings still warrant attention going forward.

Production

In March, some small enterprises currently plan to start operations, coupled with more calendar days, and polysilicon production may increase to some extent. In April, some bases still plan to raise output.

Inventory:

Polysilicon inventory declined slightly recently. Some leading polysilicon producers have had toll processing plans over the past two months, consuming part of their polysilicon inventory.

Wafer

Price

Market prices for 18X wafers were 0.98-1.00 yuan/piece, 210RN wafers 1.03-1.05 yuan/piece, and 210N wafers 1.25-1.3 yuan/piece. Prices of 210RN and 210N wafers loosened successively, while 18X wafer prices remained temporarily firm.

Production

Wafer production in March increased 16.35% MoM, higher than expectations at the beginning of the month. Recently, integrated enterprises all showed signs of cutting production. Wafer planned production is expected to be revised downward next month, while toll processing orders increased and became more concentrated.

Inventory

Inventory at wafer enterprises turned to a slight increase. Production cuts at cell enterprises in April exceeded those at wafer producers, causing the wafer segment to shift back into inventory buildup.

High-Purity Quartz Sand

Price

Current prices in China were 50,000-53,000 yuan/mt for inner-layer sand, 20,000-25,000 yuan/mt for middle-layer sand, and 16,000-18,000 yuan/mt for outer-layer sand, while imported high-purity quartz sand was priced at 65,000-68,000 yuan/mt. Prices for 33-inch quartz crucibles were 6,000-6,300 yuan/piece, and 36-inch quartz crucibles were 7,000-7,300 yuan/piece.

Production

In April, quartz sand enterprises are expected to maintain a slight increase in production schedule. High-purity quartz sand enterprises in China formulated production plans in line with wafer demand, while an outside China high-purity quartz sand enterprise delayed its average production plan.

Inventory

In Q2 2026, crucible enterprises will purchase rationally based on wafer planned production, and quartz sand inventory levels will continue to increase.