[安泰科]多晶硅周评- 成交相对清淡 库存小幅增加（2025年10月15日）

Core Insights - The domestic polysilicon market is experiencing stable prices with a slight decrease in transaction volume, primarily due to stable production rates and inventory levels among silicon wafer manufacturers [1][2]. Group 1: Price Trends - The transaction price range for n-type re-investment material is between 49,000 to 55,000 yuan/ton, with an average price of 53,200 yuan/ton, remaining unchanged week-on-week [1]. - The transaction price for n-type granular silicon is between 50,000 to 51,000 yuan/ton, with an average price of 50,500 yuan/ton, also stable compared to the previous week [1]. - The overall transaction prices for polysilicon products have shown no fluctuation, indicating a stable market environment [3]. Group 2: Production and Consumption - The number of operating polysilicon enterprises has increased to 11, including one that has resumed operations after maintenance [2]. - In September, domestic polysilicon production was approximately 129,000 tons, a month-on-month increase of 5.3%, while consumption was about 116,000 tons, up 3.4% month-on-month [2]. - Cumulatively, from January to September 2025, domestic polysilicon production reached 956,000 tons, a year-on-year decrease of 35.1%, while consumption was around 964,000 tons, down 20.1% year-on-year [2]. Group 3: Market Dynamics - The decrease in new orders is attributed to maintenance or production cuts by some silicon material companies, leading to limited sales availability and a backlog in delivery schedules extending to November [1]. - The production forecast for October is approximately 130,000 tons, with expectations of slight inventory accumulation due to stable demand [2].