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]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The polysilicon market price is temporarily stable, but the supply - side has all manufacturers in a reduced - load operation state. The market's expectation of new capacity launch is increasing, and most enterprises are in the stage of losing cash cost, with production enthusiasm frustrated and some suspending delivery product lines [3]. - The demand side is relatively weak. Downstream photovoltaic module production scheduling has been reduced, the demand margin is weakening, silicon wafer enterprises' production is expected to decline, and cell enterprises also have production - reduction plans. The terminal market has strong wait - and - see sentiment after the "rush installation" boom [3]. - Polysilicon inventory is at a high level. The inventory backlog from silicon wafer enterprises' previous purchases suppresses the market price. Long - term operation should still be mainly short - selling [3]. 3) Summary by Relevant Catalogs a) Market Data - **Futures Market**: The closing price of the main polysilicon contract is 31,085 yuan/ton (up 470), the position volume is 72,286 lots (down 5,897), the Aug - Sep polysilicon price difference is 360 (up 100), and the polysilicon - industrial silicon price difference is 23,600 yuan/ton (up 405) [3]. - **Spot Market**: The spot price of polysilicon is 34,500 yuan/ton (unchanged), the basis is 3,885 yuan/ton (up 1,085), the weekly average price of photovoltaic - grade polysilicon is 4.25 US dollars/kg (down 0.03), and the average prices of different types of polysilicon such as cauliflower, dense, and re - feeding materials are unchanged [3]. - **Upstream**: The closing price of the main industrial silicon contract is 7,485 yuan/ton (up 65), the spot price is 8,150 yuan/ton (unchanged), the monthly export volume is 52,919.65 tons (down 12,197.89), the monthly import volume is 2,211.36 tons (up 71.51), the monthly output is 299,700 tons (down 36,050), and the total social inventory is 559,000 tons (down 13,000) [3]. - **Industry**: The monthly yield of polysilicon is 95,000 tons (down 1,000), the monthly import volume is 793 tons (down 161), the weekly import spot price of polysilicon in China is 4.88 US dollars/kg (down 0.13), and the monthly import average price is 2.19 US dollars/ton (down 0.14) [3]. - **Downstream**: The monthly output of solar cells is 7,056,900 kW (down 135,900), the average price of solar cells is 0.82 RMB/W (up 0.01), the monthly export volume of photovoltaic modules is 103,399,980 units (up 19,610,660), the monthly import volume is 12,098,490 units (down 8,021,950), and the monthly import average price is 0.29 US dollars/unit (up 0.02) [3]. b) Industry News - As of June 23, the mainstream market prices of P - type and N - type polysilicon of different types are stable. China's polysilicon import volume in May was 793 tons, a year - on - year decrease of 80.5%, and the cumulative import volume from January to May was 10,097 tons, a year - on - year decrease of 42.7% [3].

Report Industry Investment Rating - Not provided Core View of the Report - The polysilicon market price is temporarily stable, but the supply - side has all manufacturers operating at reduced loads, while the market's expectation of new capacity launch is increasing. Most enterprises are in the stage of losing cash - cost, and production enthusiasm is frustrated. The demand side is relatively weak, with downstream photovoltaic component production schedules and silicon wafer enterprise quotas being adjusted down, and cell manufacturers having production cut plans. Terminal market has strong wait - and - see sentiment. Overseas market demand is uncertain due to macro - economic instability and trade frictions. Polysilicon inventory is at a high level, suppressing market prices. Long - term operation should focus on short - selling [3]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of polysilicon is 33,955 yuan/ton, down 150 yuan; the main contract position is 62,708 lots, down 2,267 lots. The price difference between the 06 - 07 contracts of polysilicon is 2,825 yuan/ton, up 565 yuan; the price difference between polysilicon and industrial silicon is 26,540 yuan/ton, down 90 yuan [3]. Spot Market - The spot price of polysilicon is 36,500 yuan/ton, unchanged; the average price of cauliflower - type polysilicon is 29 yuan/kg, unchanged; the average price of dense - type polysilicon is 31.5 yuan/kg, unchanged; the average price of re - feeding polysilicon is 32.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon is 4.28 US dollars/kg, unchanged. The basis of polysilicon is 2,545 yuan/ton, up 150 yuan [3]. Upstream Situation - The closing price of the main contract of industrial silicon is 52,919.65 yuan/ton, down 60 yuan; the export volume of industrial silicon is down 12,197.89 tons. The spot price of industrial silicon is 8,150 yuan/ton, unchanged; the import volume is 2,211.36 tons, up 71.51 tons. The monthly output of industrial silicon is 299,700 tons, down 36,050 tons; the total social inventory is 587,000 tons, down 2,000 tons [3]. Industry Situation - The monthly output of polysilicon is 96,000 tons, down 1,000 tons; the monthly import volume is 954 tons, down 1,952 tons. The weekly spot price of imported polysilicon in China is 5.01 US dollars/kg, unchanged; the monthly average import price is 2.19 US dollars/ton, down 0.14 US dollars/ton [3]. Downstream Situation - The monthly output of solar cells is 71,928,000 kilowatts, down 6,516,000 kilowatts. The average price of solar cells is 0.82 RMB/W, up 0.01 RMB/W. The monthly export volume of photovoltaic modules is down 11,583.8 units; the monthly import volume is 20,120.44 units, up 10,274.32 units; the monthly average import price is 0.29 US dollars/unit, up 0.02 US dollars/unit. The weekly comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 22.29, unchanged [3]. Industry News - As of June 9, the mainstream market prices of P - type cauliflower - type polysilicon, N - type dense - type polysilicon, N - type re - feeding polysilicon, N - type granular silicon, and N - type polysilicon are all stable. The first meeting of the China - US economic and trade consultation mechanism was held in London on June 9 and continued on June 10 [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The polysilicon market price is temporarily stable, but the supply and demand situation is complex. On the supply side, all polysilicon manufacturers are operating at reduced loads, and the expectation of new capacity launch is increasing. Most enterprises are in the stage of losing cash - cost, and production enthusiasm is frustrated. On the demand side, the downstream photovoltaic module production schedule is synchronously reduced to 50 - 55GW, and the demand side shows an obvious marginal weakening trend. The inventory of the polysilicon industry remains high, and it is difficult to reduce inventory, putting serious pressure on the spot price. The macro - economic environment and international trade frictions also suppress overseas demand [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of polysilicon is 35,625 yuan/ton, a decrease of 1,525 yuan/ton compared with the previous period. The main contract position is 70,536 lots, an increase of 41,848 lots. The price difference between the 06 - 07 contracts of polysilicon is 1,100 yuan/ton, an increase of 225 yuan/ton. The price difference between polysilicon and industrial silicon is 27,715 yuan/ton, a decrease of 1,305 yuan/ton [2]. 3.2 Spot Market - The spot price of polysilicon is 38,000 yuan/ton, a decrease of 750 yuan/ton. The average price of polysilicon (cauliflower material) is 30.5 yuan/kg, unchanged. The basis of polysilicon is 850 yuan/ton, a decrease of 1,050 yuan/ton. The average price of polysilicon (dense material) is 33.5 yuan/kg, unchanged. The weekly average price of photovoltaic - grade polysilicon is 4.3 US dollars/kg, a decrease of 0.04 US dollars/kg. The average price of polysilicon (re - feeding material) is 34.5 yuan/kg, unchanged [2]. 3.3 Upstream Situation - The closing price of the main contract of industrial silicon is 7,910 yuan/ton, a decrease of 220 yuan/ton. The export volume of industrial silicon is 52,919.65 tons, a decrease of 12,197.89 tons. The spot price of industrial silicon is 8,950 yuan/ton, a decrease of 150 yuan/ton. The import volume of industrial silicon is 2,211.36 tons, an increase of 71.51 tons. The output of industrial silicon is 335,750 tons, an increase of 46,400 tons. The total social inventory of industrial silicon is 599,000 tons, an increase of 3,000 tons [2]. 3.4 Industry Situation - The monthly output of polysilicon is 97,000 tons, an increase of 7,000 tons. The monthly import volume of polysilicon is 2,906 tons, a decrease of 222 tons. The weekly spot price of imported polysilicon materials in China is 5.01 US dollars/kg, a decrease of 0.13 US dollars/kg. The monthly average import price of polysilicon in China is 2.19 US dollars/ton, a decrease of 0.14 US dollars/ton [2]. 3.5 Downstream Situation - The monthly output of solar cells is 78,444,000 kilowatts, an increase of 11,443,000 kilowatts. The comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 22.91, a decrease of 0.62. The average price of solar cells is 0.82 RMB/W, an increase of 0.01 RMB/W. The monthly export volume of photovoltaic modules is 95,373,120 pieces, an increase of 24,038,530 pieces. The monthly import volume of photovoltaic modules is 9,846,120 pieces, a decrease of 2,122,260 pieces. The monthly average import price of photovoltaic modules is 0.27 US dollars/piece, an increase of 0.01 US dollars/piece [2]. 3.6 Industry News - As of May 19, the mainstream market prices of P - type polysilicon cauliflower material, N - type dense material, N - type re - feeding material, and N - type granular silicon are stable at 32 yuan/kg, 35.5 yuan/kg, 39 yuan/kg, and 37 yuan/kg respectively. From January to April, the social financing increment was 163.4 billion yuan, and the new loans were 100.6 billion yuan. In April, M2 increased by 8% year - on - year [2].