Core Viewpoint - The article discusses the developments and trends in the silicon industry in China, highlighting the growth potential and challenges faced by the sector [1][2]. Group 1: Industry Overview - The silicon industry in China is experiencing significant growth, driven by increasing demand in various applications such as electronics and renewable energy [1]. - The Chinese government is supporting the silicon industry through policies aimed at enhancing production capabilities and technological advancements [1]. Group 2: Market Dynamics - The article notes that the global silicon market is projected to grow, with China playing a crucial role in meeting the increasing demand [1]. - There are challenges related to environmental regulations and competition from international players that could impact the growth of the industry [1].

本周多晶硅现货市场成交较少，价格逐渐松动。 n型复投料成交价格区间为3.70-4.50万元/吨，成交均价为3.92万元/吨，环比下降 2.73%；n型颗粒硅成交价格区间为3.60-3.80万元/吨，成交均价为3.70万元/吨，环比下降2.63%；p型多晶硅成交价格区间为3.10- 3.50万元/吨，成交均价为3.23万元/吨，环比下降2.12%。 本周多晶硅市场买卖双方博弈情绪依旧较强，下游企业采购心理预期价格较低，签单积极性较弱，多数企业仍在观望五一节后市场变 化。从市场供需的角度看，全社会多晶硅库存略有减少，但由于下游采购放缓，硅料库存向上游集中。 本轮行情多晶硅企业面临的困境主 要在于有价无市。 一方面，目前下游企业的预期价格过低，为绝大多数多晶硅企业难以承受的水平，已经严重偏离行业平均生产成本。另 一方面，本年光伏抢装带来的需求前置过于显著，导致 5月及6月下游企业开工就将开始出现一定下调。对多晶硅企业来讲，既不利于其稳 定产品价格，也不利于企业维持正常出货。目前部分多晶硅企业已经在积极评估筹划减停产方案以应对本次极端市场行情。 截至目前，我国所有在产多晶硅企业基本处于降负荷运行状态。预计 5月多晶硅 ...

Core Viewpoint - The price of polysilicon remains stable this week, with specific price ranges and average prices for different types of polysilicon being reported. The overall market dynamics indicate a low transaction volume and high inventory levels among downstream enterprises, affecting price transmission in the supply chain [1]. Price Trends - The transaction price range for n-type polysilicon is between 39,000-46,000 CNY/ton, with an average price of 41,700 CNY/ton. The n-type granular silicon has a transaction price range of 38,000-41,000 CNY/ton, with an average price of 39,000 CNY/ton. The p-type polysilicon has a transaction price range of 32,000-36,000 CNY/ton, with an average price of 34,000 CNY/ton [1]. Market Dynamics - A few polysilicon companies have completed their orders for the month, while others still have room for signing contracts. The number of companies that have transacted n-type polysilicon this week is seven. Feedback from enterprises indicates that the transaction volume is at a low level, with downstream companies maintaining high raw material inventory and only engaging in essential purchases [1]. Inventory and Production - The high inventory levels and low purchasing frequency among downstream enterprises significantly impact the smooth transmission of prices in the supply chain, resulting in the continued low and stable operation of polysilicon prices during this round of installations. As of now, all operating polysilicon companies in China are basically running at reduced capacity, and the expected maintenance plans for this month have been postponed, with no companies undergoing maintenance during the month [1]. Future Outlook - According to the production plans for April, an overall increase in demand is expected, and the polysilicon sector is likely to maintain a slight destocking trend. With the upcoming warehouse receipt registration in April, some companies have begun to actively increase the proportion of dense material products, which may lead to clearer demand from traders and futures merchants, potentially creating a new growth point [1].

Core Viewpoint - The article highlights the current stability in the pricing of polysilicon, with a notable decrease in new orders and a cautious market outlook from both upstream and downstream players [1]. Pricing Summary - The transaction price range for n-type re-investment materials is between 39,000 to 46,000 yuan/ton, with an average transaction price of 41,700 yuan/ton. The price range for n-type granular silicon is 38,000 to 41,000 yuan/ton, with an average of 39,000 yuan/ton. The p-type polysilicon transaction price range is 32,000 to 36,000 yuan/ton, with an average of 34,000 yuan/ton [1]. Market Activity - Most polysilicon companies are primarily executing previous orders, with only a small number of spot and futures orders being completed. Due to the low transaction volume, the market average price remains stable, and there is a noticeable wait-and-see attitude from both upstream and downstream [1]. Demand and Supply Dynamics - The demand for polysilicon has slightly decreased due to self-regulation within the industry, with some downstream companies adjusting their output. Downstream procurement is primarily driven by economic considerations, favoring granular silicon and mixed package materials with price advantages [1]. Future Market Expectations - It is expected that the upcoming concentrated procurement market will maintain stable prices, with leading manufacturers keeping their prices firm. Additionally, the upcoming April futures delivery for polysilicon will see some registered brand companies slightly increase the density of their products to facilitate warehouse registration [1]. Production Status - Currently, all operating polysilicon companies in China are generally running at reduced capacity, with only one company scheduled for maintenance. There is no significant change in the operating rates of other companies. New production capacities are gradually being put into operation from March to May, with no rapid production increase plans, leading to a slight and stable growth in overall output, which has a limited impact on total volume [1].