Core Insights - The transaction prices for n-type polysilicon have shown slight fluctuations, with the range for n-type re-investment material at 51,000 to 53,000 CNY/ton and an average price of 51,700 CNY/ton, while n-type granular silicon is priced between 50,000 to 51,000 CNY/ton with an average of 50,500 CNY/ton [1][2] - Market activity has seen a slight rebound, breaking the previous stagnation, with four companies completing small orders, although overall transactions remain exploratory in nature [1] - The transaction structure is characterized by a significant volume of granular silicon sales compared to rod silicon, attributed to weak downstream demand and a cautious market sentiment ahead of the Spring Festival [1] Market Dynamics - Downstream demand has not improved significantly, and the upcoming holiday has led to a low willingness for large-scale procurement [1] - Many silicon material companies are either significantly reducing production or halting operations, resulting in a weak inclination to further lower prices [1] - Granular silicon is achieving more substantial transactions due to its relatively higher cost-performance ratio, making it easier to secure essential orders [1] Future Outlook - The polysilicon market is expected to remain in a stalemate in the short term, primarily influenced by the interplay between weak pre-holiday demand and supply contraction [1] - Post-holiday, as terminal installation projects gradually commence, downstream demand is anticipated to increase, potentially boosting procurement needs [1] - Continuous supply contraction is expected to support improvements in the supply-demand relationship, with recent transactions providing some price floor support [1] - The resolution of core supply-demand conflicts will depend heavily on the comprehensive recovery of terminal demand and the effective implementation of related energy consumption policies [1]

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