市场去库压力较大 多晶硅预计仍以弱势格局为主

Core Viewpoint - The overall sentiment in the polysilicon market is weak, with expectations for a continued decline in prices and demand due to inventory pressures and reduced downstream procurement [1][2]. Group 1: Market Performance - On May 7, polysilicon futures experienced a sharp decline, hitting a low of 35,655.0 yuan, with a current price of 35,700.0 yuan, reflecting a drop of 2.65% [1]. - The current inventory of polysilicon is around 250,000 tons, with total industry inventory estimated at nearly 500,000 tons, indicating significant de-stocking pressure [1]. Group 2: Supply and Demand Dynamics - The polysilicon market is in a capacity reduction cycle, with production cuts across various segments, leading to a slight recovery in March production to 96,000 tons, but overall price support remains weak [1]. - Downstream silicon wafer production shows signs of stabilization, but the focus remains on depleting polysilicon inventory, with new orders being limited [1]. - The demand side is negatively impacted by the end of the photovoltaic rush, with expected declines in silicon wafer production in May and June [2]. Group 3: Price Trends and Future Outlook - The N-type silicon material price has dropped nearly 4%, and the overall market is expected to see further price declines due to weak demand and inventory accumulation [1][2]. - The average cash cost for mainstream silicon material manufacturers is around 35,000-36,000 yuan per ton, which may provide some support for prices in the near term [2]. - The market is anticipated to remain in a weak state, with potential short-term rebounds as the market approaches delivery pricing in mid to late May [2].