【安泰科】多晶硅周评—硅料成交较少，价格维持稳定（2025年4月2日）

Core Viewpoint - The price of polysilicon remains stable this week, with various types showing specific price ranges and average transaction prices, indicating a cautious market sentiment among downstream buyers [1]. Price Summary - N-type re-investment material transaction price range is 39,000-46,000 CNY/ton, with an average transaction price of 41,700 CNY/ton - N-type granular silicon transaction price range is 38,000-41,000 CNY/ton, with an average transaction price of 39,000 CNY/ton - P-type polysilicon transaction price range is 32,000-36,000 CNY/ton, with an average transaction price of 34,000 CNY/ton [1]. Market Activity - The number of transactions for polysilicon is low this week, with most companies' orders not yet finalized - Only four companies have completed transactions for N-type polysilicon, reflecting a significant wait-and-see attitude from downstream buyers and a low willingness to purchase [1]. Inventory and Pricing Pressure - Due to an industry inventory of 400,000 tons, some companies are facing considerable shipping pressure, leading to strong price-cutting motives from downstream [1]. - Currently, there has not been a large-scale price adjustment, and actual transaction prices will need to be determined after the holiday [1]. Impact of External Events - The earthquake in Myanmar on March 28 has affected the single crystal pulling capacity in Yunnan and Sichuan, causing delays in some polysilicon orders [1]. - There is an expectation of a slowdown in polysilicon inventory reduction in April due to these disruptions [1]. Production Status - All operating polysilicon companies in China are currently running at reduced capacity, with no new shutdowns or maintenance plans reported [1]. - According to April production plans, a small amount of new capacity is expected to be released, with an overall production forecast of around 100,000 tons [1].