Industrial Silicon - In February, the spot price of industrial silicon remained stable initially but then declined towards the end of the month due to low market activity and a lack of consensus on price expectations between buyers and sellers [1] - The supply side is expected to increase with the resumption of production by major manufacturers and the introduction of new capacity, while demand remains weak with no significant growth anticipated [1] - Overall, industrial silicon prices are expected to remain stable at low levels due to high inventory and cost support from the lower end [1] Polysilicon - In February 2025, the polysilicon market price remained stable, with n-type raw material monthly average prices at 41,700 CNY/ton and n-type granular silicon at 39,000 CNY/ton [2] - The market saw limited transaction volume as downstream companies completed post-holiday restocking, leading to uneven distribution of raw material inventory [2] - The supply of polysilicon is expected to remain below 100,000 tons in March, with demand primarily driven by rigid procurement [2] Monocrystalline Silicon - The price of silicon wafers remained stable, with N-type G10L at 1.18 CNY/piece, N-type G12R at 1.30 CNY/piece, and N-type G12 at 1.55 CNY/piece [4] - The stability in prices is supported by the proactive response of specialized silicon wafer companies to industry self-discipline and a recovering domestic component market driven by power market reforms [4] - The supply-demand relationship for G12R has improved significantly due to strong downstream purchasing demand, leading to price increases for G12R series batteries [4]