硅业分会：需求不振量价承压 多晶硅市场维持弱稳格局

Core Viewpoint - The polysilicon market is experiencing a dual weakness in supply and demand, with a stable number of main signing enterprises but a divergence in transaction structures among different tiers of companies [1][2]. Group 1: Market Overview - The number of main signing enterprises in the polysilicon market remains around five, with leading companies maintaining stable signing volumes and prices, while some second-tier companies face slight obstacles in signing volumes due to weak downstream demand [1]. - The average transaction price for n-type recycled polysilicon is 53,200 RMB/ton, while n-type granular silicon averages 50,500 RMB/ton, both remaining stable compared to the previous period [1][3]. - In November, domestic polysilicon production was approximately 114,900 tons, a significant decrease of 15.9% month-on-month, primarily due to planned production cuts or maintenance by leading companies [1]. Group 2: December Outlook - For December, domestic polysilicon production is expected to remain below 120,000 tons, with slight increases mainly from the recovery of companies like Tongwei [2]. - Demand is anticipated to weaken further, with various segments planning to increase production cuts in response to high inventory and insufficient end-user demand [2]. - Despite the ongoing dual weakness in the polysilicon market and persistent high inventory pressure, the actual shipment volumes and companies' commitment to maintaining stability in the supply chain are expected to have a greater impact on prices than the basic supply-demand dynamics [2]. Group 3: Price Statistics - The highest and lowest prices for n-type recycled polysilicon are 55,000 RMB/ton and 49,000 RMB/ton, respectively, with an average price of 53,200 RMB/ton showing no fluctuation [3]. - The price statistics are based on nine polysilicon production companies, which account for 89.3% of domestic production in the third quarter of 2025, with n-type materials comprising 91.5% of the total [3][4].