短期展望：供应方面，减产氛围依旧浓厚，头部企业减产幅度高于预期，整体开工率将维持低位。需求 方面，下游硅片价格有所回暖，叠加电池片、组件环节为完成订单而维持一定刚性采购需求，对硅料市 场形成一定支撑，但终端需求全面复苏尚需时日。库存方面，短期内产需基本匹配，暂未大量累库，但 绝对库存水平仍处于高位，去库压力依然存在。 注2:"一"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 | | 新特能源股份有限公司 | 东方希望集团有限公司 | | 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 | 新疆晶诺新能源产业发展有限公司 | | 新疆其亚硅业有限公司 | | 综合判断，当前多晶硅市场价格的小幅上扬和成交的温和放量，表明市场信心正在逐步修复。预计短期 内，在供应主动紧缩，以及下游价格传导逐步顺畅的共同作用下，多晶硅市场有望实现量价双重企稳。 国内太阳能级多晶硅价格(2025. 12.24) | 国内太阳能级多晶硅成交价 | | | | | | | --- | --- | --- ...

注1:此价格根据9家多晶硅生产企业的n型料、p型料产量占比,通过加权平均 整理所得(参与价格统计的9家企业2025年3季度产量占国内总产量的89.3%,n型用 料占比91.5%),均为含税价,涨跌幅度根据前一次价格比较所得。 国内太阳能级多晶硅价格(2025.12.17) | 国内太阳能级多晶硅成交价 产品 | 最高价 | 最低价 | 用价 | 波动 | 波动% | | --- | --- | --- | --- | --- | --- | | n型复投料成交价 | 5.50 | 4.90 | 5.32 | 0.00 | 0.00% | | n型致密料成交价 | 5.20 | 4.70 | 4.97 | 0.00 | 0.00% | | p型多晶硅成交价 | | | | | - | | n型颗粒硅成交价 | 5.10 | 5.00 | 5.05 | 0.00 | 0.00% | | 单位:万元/吨 | | | | 更新日期: | 2025-12-17 | 智通财经APP获悉，12月17日，硅业分会发布多晶硅周评。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/ ...

Core Viewpoint - The article provides an overview of the domestic solar-grade polysilicon prices in China as of December 10, 2025, highlighting the stability in pricing across various product categories [2]. Price Summary - The highest price for n-type re-investment material is 5.50 million CNY per ton, while the lowest is 4.90 million CNY, with an average price of 5.32 million CNY, showing no fluctuation [2]. - The n-type dense material has a highest price of 5.20 million CNY, a lowest price of 4.70 million CNY, and an average price of 4.97 million CNY, also with no fluctuation [2]. - The n-type granular silicon has a highest price of 5.10 million CNY, a lowest price of 5.00 million CNY, and an average price of 5.05 million CNY, maintaining stability [2]. Price Calculation Methodology - The prices are derived from a weighted average based on the production output of nine polysilicon manufacturers, which account for 89.3% of the total domestic output in Q3 2025, with n-type materials comprising 91.5% of the total [2][3]. - The prices are inclusive of tax, and the fluctuation percentage is calculated based on comparisons with previous prices [2]. Participating Companies - The article lists nine companies involved in the price statistics, including Sichuan Yongxiang Co., Ltd., Xinte Energy Co., Ltd., and GCL-Poly Energy Holdings Limited, among others [3]. Product Definitions - N-type re-investment material is used for producing n-type monocrystalline silicon and must meet electronic grade II standards [3]. - N-type dense material is also for n-type monocrystalline silicon production, requiring electronic grade III standards [3]. - P-type polysilicon includes various forms used for p-type monocrystalline silicon production [3]. - N-type granular silicon is specifically for n-type monocrystalline silicon production [3].

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 ...

Core Viewpoint - The polysilicon market continues to exhibit a weak supply and demand dynamic, with expectations of maintaining a stable but weak operational trend in the short term [1][2]. Supply and Demand Analysis - 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, remaining flat compared to the previous period [1]. - The transaction price range for n-type granular silicon is between 50,000 to 51,000 CNY/ton, with an average price of 50,500 CNY/ton, also unchanged from the previous period [1]. - The number of mainstream signing enterprises remains at 4-5, with a decrease in signing volume for rod silicon, while granular silicon shows resilience due to its improved quality recognition and cost-effectiveness [1]. Market Stability Factors - The stability in market prices is supported by both supply and demand sides. On the supply side, polysilicon companies are determined to maintain price stability, with two leading companies implementing significant production cuts this month [1]. - There is a clear consensus across the industry chain that price instability could harm the entire chain, contributing to price stability [2]. - Despite production cuts in the silicon wafer segment, downstream companies maintain their procurement plans, particularly for granular silicon, providing a bottom support for prices [1][2]. Price Statistics - The highest and lowest prices for n-type recycled polysilicon are 55,000 CNY/ton and 49,000 CNY/ton, respectively, with no price fluctuation [3]. - The average price for n-type dense material is 49,700 CNY/ton, with no fluctuation reported [3]. - The average price for p-type polysilicon is not specified, indicating no transactions occurred this week [3]. Participating Companies - The price statistics are based on data from nine polysilicon production companies, which account for 89.3% of the domestic total production in Q3 2025 [4].

Core Insights - The domestic polysilicon market is currently exhibiting a weak and stable trend, with prices remaining unchanged despite a decline in downstream prices and production cuts by some silicon wafer companies due to weak demand [1][2]. Price Trends - The transaction price range for n-type polysilicon is between 49,000 to 55,000 CNY/ton, with an average price of 53,200 CNY/ton, showing no change week-on-week [1]. - The transaction price for n-type granular silicon is between 50,000 to 51,000 CNY/ton, with an average price of 50,500 CNY/ton, also stable compared to the previous week [1][3]. Supply and Demand Dynamics - The supply side has contracted significantly, with expectations that domestic polysilicon production will drop to below 120,000 tons in November, representing a month-on-month decrease of approximately 14% [1][2]. - Despite the recent production cuts in downstream sectors, the overall tolerance for supply-demand changes among upstream and downstream companies remains high, indicating a strong willingness to maintain price stability [2]. Market Outlook - The consensus among industry players is to maintain price stability to avoid disrupting the fragile market equilibrium established since July, as further price declines could jeopardize the entire pricing structure of the industry [1][2]. - The forecast for December indicates that polysilicon production will remain around 120,000 tons, with an annual total production of approximately 1.33 million tons, reflecting a year-on-year decline of 27.8% [2].

Core Insights - The domestic polysilicon market is experiencing a weak and stable trend, with slight increases in transaction activity and a stable pricing environment due to supply-side production cuts and supportive policies [1][2]. Group 1: Pricing Trends - The transaction price range for n-type reprocessed material is between 49,000 to 55,000 yuan/ton, with an average price of 53,200 yuan/ton, remaining flat week-on-week [1]. - The transaction price range for n-type granular silicon is between 50,000 to 51,000 yuan/ton, with an average price of 50,500 yuan/ton, also remaining flat week-on-week [1]. - The overall polysilicon market is still in a state of oversupply despite the supply contraction, with high industry inventory and weak end-user demand limiting price increases [2]. Group 2: Supply Dynamics - Currently, there are 11 domestic polysilicon producers, with two major companies expected to reduce production and undergo maintenance, leading to a significant estimated decrease in total output by 12.4% month-on-month [2]. - The production plan for domestic polysilicon in November is expected to drop below 120,000 tons, primarily due to rising electricity costs during the dry season in the southwestern region [1]. Group 3: Policy Developments - The new national standard for energy consumption limits for polysilicon and germanium products is in the consultation phase, which is expected to promote capacity clearance and industry upgrades once officially implemented [1].

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].