【安泰科】多晶硅周评—节后首周签单 价格暂时稳定（2025年6月4日）

Group 1 - The core viewpoint of the articles indicates that the prices of various types of polysilicon remain stable despite limited order transactions following the holiday period [1][2] - The transaction price range for n-type re-investment materials is between 36,000 to 38,000 yuan per ton, with an average transaction price of 37,500 yuan per ton, unchanged from the previous period [1] - The transaction price range for n-type granular silicon is between 34,000 to 35,000 yuan per ton, with an average transaction price of 34,500 yuan per ton, also unchanged from the previous period [1] - The transaction price range for p-type polysilicon is between 30,000 to 33,000 yuan per ton, with an average transaction price of 31,300 yuan per ton, remaining stable compared to the previous period [1] - Due to the Dragon Boat Festival holiday, most orders have not yet been finalized, with only 3-4 companies signing new orders, indicating a temporary stability in prices [1] - There is still a certain demand for silicon material procurement from downstream, and the price will depend on the new round of orders, with limited expected decline [1] - The end of the terminal rush installation has occurred, and downstream crystal pulling plants are still exerting strong pressure on silicon material prices, making it difficult for companies to maintain price levels [1] - If prices decline further, more companies are expected to accelerate production halts and maintenance strategies to cope with extreme market conditions [1] Group 2 - As of now, there are 11 polysilicon production companies, all operating at reduced capacity [2] - In May 2025, China's polysilicon production is projected to be 101,600 tons, reflecting a 2.52% increase compared to the previous period [2] - This month, polysilicon companies will undergo capacity replacement, which may lead to a slight increase in production at some bases, while overall supply is expected to remain stable [2] - It is anticipated that the monthly supply will gradually begin to decline in the third quarter, leading to a gradual easing of supply-demand relations and potential for a phase of market recovery [2]