硅业分会：本周多晶硅市场成交清淡 新单报价探涨

Core Insights - The domestic polysilicon market is experiencing a "sluggish transaction and rising quotes" situation, with the average transaction price for n-type re-investment material remaining stable at 53,200 yuan/ton [1] - The industry anticipates a recovery in terminal demand by the end of Q1 2026, prompting polysilicon companies to raise new order quotes to above 65,000 yuan/ton to stabilize the price system and inventory [1][2] - The overall supply of polysilicon remains stable, with production expected to stay within 120,000 tons in December, while demand continues to be weak due to high inventory levels and slow project initiation [2] Price Trends - The transaction price range for n-type re-investment material is between 49,000 and 55,000 yuan/ton, with an average price of 53,200 yuan/ton, showing no fluctuation [3] - The transaction price for n-type granular silicon is between 50,000 and 51,000 yuan/ton, with an average price of 50,500 yuan/ton, also stable [3] - The price statistics are based on nine polysilicon production companies, which account for 89.3% of the domestic total production in Q3 2025 [3][4] Supply and Demand Dynamics - The number of operating polysilicon companies remains at 11, with production limited by maintenance and low operating rates, while the southwest region faces reductions due to dry conditions [2] - The expected annual production of polysilicon in 2025 is around 1.33 million tons, with the top five companies accounting for approximately 78% of this output [2] - The current supply-demand imbalance is expected to lead to continued inventory accumulation, with an estimated increase of 70,000 tons for the year [2]