Core Viewpoint - The domestic polysilicon market is currently exhibiting a weak and stable trend, with prices remaining steady despite a decline in downstream prices and production cuts by some silicon wafer manufacturers due to weak demand [1][2]. Group 1: Market Prices - The transaction price range for n-type re-investment material is between 49,000 to 55,000 CNY/ton, with an average price of 53,200 CNY/ton, remaining unchanged week-on-week [1]. - The transaction price range for n-type granular silicon is between 50,000 to 51,000 CNY/ton, with an average price of 50,500 CNY/ton, also stable week-on-week [1]. - The overall transaction prices for polysilicon products have shown no fluctuations, indicating a stable market environment [3]. Group 2: Supply and Demand Dynamics - Despite a reduction in downstream production, which is expected to weaken short-term demand for polysilicon, supply has also tightened, leading to a higher tolerance for supply-demand changes among upstream and downstream enterprises [2]. - The expected polysilicon production for December is around 120,000 tons, with an annual total production of approximately 1.33 million tons, reflecting a year-on-year decrease of 27.8% [2]. - The supply contraction is anticipated to support the maintenance of price stability in the polysilicon market, with a strong willingness among producers to keep prices steady [2]. Group 3: Industry Consensus - There is a consensus among the industry chain participants that a price drop in polysilicon would not effectively stimulate demand but could disrupt the stabilization expectations that have been gradually established since July [1]. - The willingness of polysilicon companies to maintain price stability is strong, as they aim to prevent a potential collapse of the entire pricing system within the industry [1].
[安泰科]多晶硅周评-下游压力传导有限 价格持稳基调未改（2025年11月12日）
中国有色金属工业协会硅业分会·2025-11-19 07:32