硅业分会点评上半年多晶硅市场概况：开工低位压减库存 多措并举缺一不可

Core Insights - The polysilicon industry is experiencing widespread losses as prices remain below production costs in the first half of 2025 [1] - Historical low operating rates have been recorded for polysilicon, industrial silicon, and silicon wafers, with respective rates of 41.9%, 38.6%, and 44.3% [1] - The average monthly production has dropped to only 100,000 tons, with the lowest operating load of the top five companies at 24.1% [1] Price Trends - Prices initially stabilized after a slight increase from January to April, averaging between 40,600 to 41,700 yuan per ton, before declining to 34,400 yuan per ton from late April to the end of June [1] - The average price for the first half of the year was 36,800 yuan per ton, reflecting a year-on-year decrease of 28.8% [1] Production and Inventory - Domestic production is projected to reach 1.35 million tons for the year, with an expected increase in inventory by approximately 30,000 tons in the second half if production resumes as planned [1] - Inventory levels have decreased from a high of 398,000 tons at the end of 2024 to 367,000 tons by the end of June 2025, with a reduction of 31,000 tons in the first half of the year [1] Industry Response - The industry is implementing various measures such as reducing internal competition, capacity mergers, and performance standards to adjust supply and demand dynamics and restructure the market [1]