SHANGHAI, Feb 10 (SMM) - The price of silicon metal was largely stable underpinned by downstream orders and rose marginally due to large plants in north China raising their quotes. As of February 10, the prices of above-standard #553 silicon stood at 17,200-17,400 yuan/mt, up 250 yuan/mt from a week earlier. The prices of #441 silicon remained flat at 17,700-18,000 yuan/mt,. The prices of #421 silicon lost 100 yuan/mt from a week earlier to 18,700-18,900 yuan/mt. Brisk market inquiries were reported after a slight gain in the above-standard #553 silicon prices. Traders and downstream users purchased on demand. While it is currently in the cyclical destocking stage, the oversupply in 2022 has kept the spot supply ample. The demand for silicone and polysilicon appears to be improving, while the demand for aluminium alloy has yet to pick up.
Aluminium alloy plants resumed the production. They restocked silicon metal as required in the midst of fewer orders in February than in January driven by sluggish automobile consumption. A traditional peak season has set in for silicone plants as the recovery of end-user housing construction gradually benefits the middle and upstream industries. Marginal gains in DMC prices, coupled with the low prices of raw material #421 silicon, helped restored the profitability of DMC plants, thus lifting their operating rates. The demand for silicon metal improved. The operating capacity of polysilicon plants has continued to increase. According to SMM statistics, domestic polysilicon output in January was around 102,800 mt, an increase of nearly 4.58% from December. The output in February is expected to grow to 105,000 mt, thus consuming a larger amount of silicon metal.
SMM maintains the view that downstream demand would improve but the improvement should be insignificant. The supply and demand pattern is unlikely to change in the near term. The recent rally in silicon metal prices is believed to have been driven by cost pressure. Silicon metal prices are set to stabilise next week.
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