本周多晶硅价格震荡 、备货低迷，人民币走强带动微涨！

Group 1 - The price of polysilicon in China has shown fluctuations without a clear upward or downward trend, with the global average price increasing slightly by 0.2% to $7.08/kg, driven mainly by the strengthening of the Renminbi rather than fundamental supply-demand support [1] - The price index for high-quality polysilicon for n-type ingots in China remained stable this week, with no new data released by the Silicon Industry Association due to a lack of actual transaction records [1] - Different institutions reported varied data, with the PVinsights price index showing a notable decline of nearly 3.5 CNY/kg, while the Shanghai Metals Market (SMM) indicated a price trend of initial decline followed by a rebound, closing above the previous week's level of 52 CNY/kg [1] Group 2 - Unlike previous years, polysilicon manufacturers have not engaged in inventory stocking ahead of the upcoming Spring Festival due to sufficient raw material inventory and weak market demand [2] - The recent decline in silver prices has mixed implications for polysilicon prices, with SMM suggesting it may provide some support, while the Silicon Industry Association believes high silver paste costs will limit widespread impact [2] - The production of polysilicon in China decreased by 8.3% from 111,200 tons in December 2025 to approximately 102,000 tons in January 2026, which is lower than the previous forecast of a 15% decline [2]