Polycrystalline silicon inventory pressure remains, prices continue to decline

According to Antaike, this week’s polycrystalline silicon n-type re-investment material transaction price range is 42,000-48,000 RMB/ton, with an average transaction price of 45,200 RMB/ton, down 6.42% week-on-week; the transaction price range for n-type granular silicon is 43,000-45,000 RMB/ton, with an average remaining at 44,000 RMB/ton. Market activity remains low this week, with only 3-4 companies securing new orders, and prices continue to decline. The main reasons for the continued downward shift in price center are: first, the slow start of terminal installation projects, with downstream cell and module production rates struggling to recover, leading to weak actual demand for silicon material and insufficient support for prices. Second, the social inventory of polycrystalline silicon has reached a historic high and continues to accumulate. High inventory has become the core contradiction; although silicon suppliers are eager to sell, downstream companies are cautious in procurement due to sufficient stockpiles, resulting in a market trend of “lower prices for higher volume.” Third, recently, some traders and futures traders have quoted prices 2-3 RMB/kg below the production companies’ selling prices, with these sources priced less constrained by costs, further accelerating the decline of spot prices. (Antaike)