硅业分会：市场供需双弱 多晶硅价格平稳运行

Core Insights - The polysilicon market is currently undergoing a critical phase of industrial restructuring, with supply significantly contracting year-on-year, yet inventory is slightly accumulating, indicating weak terminal demand [1][2] - The average transaction price for n-type polysilicon remains stable at 53,200 RMB/ton, while n-type granular silicon averages 50,500 RMB/ton, reflecting a lack of price movement [1][3] - The number of mainstream signing enterprises in the polysilicon market has increased to 5-6, but overall market transactions remain relatively light, with signing volumes consistent with previous periods [1] Supply and Demand Analysis - The production capacity of polysilicon enterprises remains at 11, with expectations of a peak production month in October, followed by gradual reductions in November and December due to maintenance [2] - Domestic polysilicon production is projected to be around 382,000 tons in Q4, a slight year-on-year increase of 3.0%, but a significant decrease of 27.3% is expected by 2025, leading to an estimated inventory accumulation of 20,000 tons [2] Price Trends - The price range for n-type polysilicon is between 49,000 to 55,000 RMB/ton, with no fluctuations reported this week [3] - The weighted average price for n-type recycled material is 53,200 RMB/ton, while n-type dense material averages 49,700 RMB/ton, indicating stable pricing across the board [3] Market Participants - The price statistics are based on data from nine polysilicon production companies, which account for 89.3% of the domestic total production in Q3 2025, with n-type materials comprising 91.5% of the total [3][5]