[安泰科]多晶硅周评- 主流签单维稳 后市预期探涨 （2025年8月27日）

Core Viewpoint - The multi-crystalline silicon market remains stable with slight price fluctuations, while supply and demand fundamentals have not significantly improved, leading to a reliance on market expectations for price increases [1]. Price Summary - The transaction price range for n-type re-investment materials is between 46,000 to 51,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, remaining flat week-on-week [1][2]. - The average transaction price for n-type granular silicon is 47,000 yuan/ton, reflecting a week-on-week increase of 2.17% [1][2]. - The main order prices for rod silicon remain stable, while other small orders and granular silicon prices have increased by 1 yuan per kilogram [1]. Market Dynamics - The number of main signing enterprises in the multi-crystalline silicon market has decreased to 3-4, indicating a reduction in market activity [1]. - One new silicon material enterprise has resumed production, bringing the total number of operating multi-crystalline silicon enterprises in China to 10 [1]. - Companies are implementing self-reduction in production and controlling sales, while downstream demand for inventory has increased, contributing to a bullish sentiment in the industry [1]. Production and Supply Outlook - The expected production volume for September is around 125,000 to 130,000 tons, down from an original planned production of 140,000 tons [1]. - Silicon wafer companies are also planning to reduce their operating rates to alleviate supply-demand pressure in the silicon wafer segment [1]. - The multi-crystalline silicon sector continues to face inventory accumulation risks, indicating that the supply-demand fundamentals have not yet formed substantial improvement [1].