Core Insights - The domestic polysilicon market is experiencing a "sluggish transaction and rising quotes" situation, with most polysilicon companies raising new order quotes to around 65,000 yuan/ton, despite a significant drop in new orders [1][2] - The core motivation for the price increase is the expectation of improved terminal demand by the end of Q1 2026, making it crucial to maintain price stability and inventory during the transitional period of January-February [1][2] Market Conditions - The transaction price range for n-type recycled material is between 49,000 to 55,000 yuan/ton, with an average price of 53,200 yuan/ton, remaining stable week-on-week [1][3] - The supply side remains stable, with 11 polysilicon companies in production and an expected December output of no more than 120,000 tons, despite minor increases from some companies [2] - The overall production capacity is expected to reach approximately 1.33 million tons in 2025, with the top five companies accounting for about 78% of the total output [2] Demand Dynamics - The downstream sectors, including silicon wafers, battery cells, and modules, are facing high inventory levels and slow project initiation, leading to increased production cuts [2] - The expected annual silicon wafer production is around 640 GW, corresponding to a silicon material demand of approximately 1.26 million tons [2] Inventory Trends - The current supply-demand imbalance is expected to lead to continued accumulation of polysilicon social inventory, with an estimated increase of about 70,000 tons for the year [2] - The prevailing high inventory and weak demand fundamentals have not changed, but a stronger consensus on price stability is currently influencing market sentiment [2]

智通财经APP获悉，12月3日，硅业分会发布多晶硅周评。本周多晶硅市场继续呈现供需双弱的局面。主流签单企业数量维持在5家左右，但成交结构呈 现分化：头部棒状硅企业和颗粒硅企业签单量和成交价格与前期基本持平，而部分二线企业因下游需求疲软，签单量略有受阻，成交价格在区间不变的 情况下，重心小幅下移。但二线企业成交量占比较小，未对本周整体均价产生实质性影响。 据安泰科统计，本周多晶硅n型复投料成交价格区间为4.9-5.5万元/吨，成交均价为5.32万元/吨，环比持平。n型颗粒硅成交价格区间为5.0-5.1万元/吨，成 交均价为5.05万元/吨，环比持平。 根据硅业分会统计，11月份国内多晶硅产量约11.49万吨，环比大幅减少15.9%。11月尽管有大全、东方希望、丽豪、南玻等部分企业复产带来增量，但 整体供应收缩明显，月度净减量约2.2万吨，主要来自通威、协鑫等头部企业的计划内减产或检修。 注2:"—"表示本周无成交。 参与价格统计企业名单: 四川永祥股份有限公司 协鑫科技控股有限公司 东方希望集团有限公司 新特能源股份有限公司 亚洲硅业(青海) 股份有限公司 青海丽豪清能股份有限公司 新疆戈恩斯能源科技有限公司 ...

此外，交割仓单集中注销现象也引起市场关注。"按照多晶硅期货的合约规则，生产日期在90天以外的 仓单将在每年11月的最后一个交易日闭市后集中注销，而新注册仓单需满足生产日期在90天以内的要 求。"中信建投期货分析师刘佳奇表示，在多晶硅期货仓单临近集中注销之际，交割仓单数量变化也会 受到关注，从而间接驱动多晶硅期货价格偏强运行。"在实际生产消费中，下游企业倾向于采购电子三 级质量的非标品，标品的流通规模或相对有限。因此，市场普遍关注硅料厂在销售配额有限的情况下， 是选择将有限的资源供应给下游核心客户，还是选择注册新的期货仓单。"刘佳奇解释称。 韩心阔也表示，当前市场供需格局有变，中间商硅料标准交割品库存占比较低，开工率下调之后，企业 出仓单速度明显放缓，可能会造成近月标准仓单供应阶段性减少。 从基本面来看，在供应收缩的同时，多晶硅的下游需求也有走弱迹象。据韩心阔介绍，随着光伏产业进 入需求淡季，当前多晶硅市场处于供需双弱的状态，下游开工率持续下降，预计12月硅片整体排产量下 降20%左右。广发期货分析师纪元菲也表示，在需求疲软的情况下，下游排产量大幅下滑，预计12月硅 片排产量将大幅下降至45.7GW，组件排产量 ...

上周，多晶硅期货多个合约震荡走强。其中，近月2512合约盘中一度突破60000元/吨关口。11月28日， 主力2601合约收报56425元/吨，周度涨幅为5.27%。 多位业内人士认为，当前，多晶硅期货价格上涨是基本面矛盾与交易逻辑转变所致。百川盈孚分析师韩 心阔表示，目前西南地区已进入枯水期，电价全面上涨，四川、云南等地的多晶硅企业开工率下降，多 晶硅出货量也明显下降，给价格带来了一定的支撑。根据百川盈孚数据，今年11月，国内多晶硅产量为 12.2万吨，环比下降1.5万吨左右。 此外，交割仓单集中注销现象也引起市场关注。"按照多晶硅期货的合约规则，生产日期在90天以外的 仓单将在每年11月的最后一个交易日闭市后集中注销，而新注册仓单需满足生产日期在90天以内的要 求。"中信建投期货分析师刘佳奇表示，在多晶硅期货仓单临近集中注销之际，交割仓单数量变化也会 受到关注，从而间接驱动多晶硅期货价格偏强运行。"在实际生产消费中，下游企业倾向于采购电子三 级质量的非标品，标品的流通规模或相对有限。因此，市场普遍关注硅料厂在销售配额有限的情况下， 是选择将有限的资源供应给下游核心客户，还是选择注册新的期货仓单。"刘佳奇解 ...

Core Insights - The current market for polysilicon remains oversupplied, with prices stabilizing due to weak demand and limited supply adjustments [1][2] Price Trends - The transaction price range for n-type recycled polysilicon is between 49,000 to 55,000 CNY/ton, with an average price of 53,200 CNY/ton, showing no change from the previous period [1] - The average price for n-type granular silicon is 50,500 CNY/ton, also remaining stable [1] - The average price for n-type dense silicon is 49,700 CNY/ton, with no fluctuations reported [3] Supply and Demand Dynamics - The domestic polysilicon market is experiencing low activity, with only 3-4 main signing companies and a decrease in order scale [1] - The monthly production of polysilicon is expected to rise to approximately 130,000 tons in Q4, an increase of 8.3% month-on-month, but many companies are nearing saturation in order intake [1][2] - In October, domestic polysilicon production reached about 137,000 tons, a month-on-month increase of 6.2%, exceeding expectations by 5.4% [1] Future Outlook - Production plans for major manufacturers in the Southwest region indicate significant reductions in output for November and December, with total monthly production expected to drop to 125,000 to 130,000 tons [2] - Despite stable downstream operating rates, the inventory accumulation of polysilicon is anticipated to slow down in the last two months of the year, yet the industry inventory is likely to exceed 400,000 tons by the end of 2025 [2]

Core Insights - The multi-crystalline silicon market is currently experiencing a critical period of industrial restructuring, with supply significantly contracting year-on-year, yet inventory is slightly accumulating, indicating relatively weak terminal demand [1] - The average transaction price for n-type recycled material is stable at 53,200 CNY/ton, while n-type granular silicon averages 50,500 CNY/ton, both showing no change compared to the previous period [1][3] - The number of mainstream signing enterprises in the multi-crystalline silicon market has increased to 5-6, but overall market transactions remain relatively light, with demand expectations for Q4 photovoltaic installations being weak [1][2] Supply and Demand Analysis - The number of operating multi-crystalline silicon enterprises remains at 11, with production expected to peak in October at approximately 382,000 tons, a slight year-on-year increase of 3.0% [2] - In Q4, domestic multi-crystalline silicon production is projected to decrease gradually after November due to maintenance and reduced production in the southwestern region [2] - By 2025, the annual domestic multi-crystalline silicon production is expected to be around 1.34 million tons, a significant year-on-year decrease of 27.3%, indicating a slight oversupply compared to demand [2] Price Trends - The price range for n-type recycled material is between 49,000 and 55,000 CNY/ton, with the highest price at 55,000 CNY/ton and the lowest at 49,000 CNY/ton, reflecting no price fluctuation [3] - The price for n-type granular silicon is stable, with a range of 50,000 to 51,000 CNY/ton, maintaining an average of 50,500 CNY/ton [3] - The pricing data is based on weighted averages from nine multi-crystalline silicon production enterprises, which account for 89.3% of the domestic total production in Q3 2025 [3][4]

Core Viewpoint - The domestic polysilicon market is experiencing a slowdown in transactions, with a decrease in order volume and a stable pricing environment due to stable production rates and inventory levels among silicon wafer manufacturers [1][2]. Group 1: Market Transactions - The overall transaction volume in the domestic polysilicon market has decreased, with the number of main signing companies reduced to 2-3 [1]. - The average transaction price for n-type recycled polysilicon remains stable at 53,200 CNY/ton, while n-type granular silicon averages 50,500 CNY/ton, both showing no change from the previous period [1][3]. Group 2: Production and Consumption - In September, domestic polysilicon production reached approximately 129,000 tons, a month-on-month increase of 5.3%, while consumption was about 116,000 tons, up 3.4% [2]. - Cumulatively, from January to September 2025, domestic polysilicon production totaled 956,000 tons, a year-on-year decrease of 35.1%, with consumption at approximately 964,000 tons, down 20.1% [2]. Group 3: Price Statistics - The highest and lowest prices for n-type recycled polysilicon are 55,000 CNY/ton and 49,000 CNY/ton, respectively, with an average price of 53,200 CNY/ton showing no fluctuation [3]. - The price statistics are based on data from nine polysilicon production companies, which account for 89.3% of the total domestic production in the third quarter of 2025 [3][4].

Core Viewpoint - The domestic polysilicon market has seen a decrease in order activity this week, with a reduction in the number of main signing companies to four, indicating a potential stabilization in the market [1]. Group 1: Market Activity - The signing volume of polysilicon has decreased week-on-week, reflecting a slowdown in market activity [1]. - The number of active polysilicon producers remains at ten, with an overall low operating rate, suggesting stable supply conditions [1]. Group 2: Pricing Trends - The transaction price range for n-type recycled material is between 49,000 to 55,000 yuan/ton, with an average price of 53,200 yuan/ton, remaining stable compared to the previous week [2]. - The transaction price for n-type granular silicon has increased by 2.02%, with an average price of 50,500 yuan/ton [2]. - The price of rod silicon has remained stable, while granular silicon prices have seen a slight increase of 1 yuan/kg, indicating a divergence in price trends between the two products [1]. Group 3: Supply and Demand Dynamics - Upstream supply continues to exceed downstream demand, leading to inventory pressure across various segments, and prices from batteries to components have not met expectations [1]. - Some downstream users of granular silicon are extending their delivery periods to ensure stable supply, reflecting a strategic move to lock in resources [1].

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].

Core Insights - The average transaction price for n-type polysilicon has increased to 47,400 RMB per ton, reflecting a week-on-week rise of 0.42% [1] - The transaction volume of polysilicon has slightly decreased, but the number of signing companies has increased to six, with some companies maintaining prices while others raised them by 1 RMB per kilogram [1] - The primary reason for the price increase is the significant order volume from leading companies after prices reached cost levels in July, leading to a notable reduction in inventory [1][2] Price Trends - The price range for n-type recycled material is between 45,000 and 49,000 RMB per ton, with an average of 47,400 RMB per ton, showing a 0.42% increase [3] - The price range for n-type granular silicon is between 44,000 and 45,000 RMB per ton, with an average of 44,500 RMB per ton, reflecting a 0.45% increase [3] Production and Supply - The number of operating polysilicon manufacturers remains at nine, with an expected domestic production of 125,000 tons in August and a potential increase to around 140,000 tons in September [2] - To alleviate supply-demand pressure, some silicon material companies are planning coordinated production cuts, which may stabilize output in September [2] Market Dynamics - The current market is characterized by a dual distribution model or high-cost performance procurement, which has not yet returned to a rational purchasing state [2] - It is anticipated that current prices are nearing a temporary peak, with market prices expected to stabilize unless there are significant changes in industrial policy or end-user demand [2] Participating Companies - The companies involved in the price statistics include Sichuan Yongxiang Co., Ltd., GCL-Poly Energy Holdings Limited, Xinte Energy Co., Ltd., and others [4]