Silicon Industry Sub-Association: Polysilicon market transactions rebound this week, cumulative inventory pressure eases.

On May 13, the Silicon Industry Branch released their weekly review of polysilicon. According to Antaike statistics, the transaction price range for n-type recycled materials (silicon rods) was 35,000-36,000 yuan/ton, with an average transaction price of 35,300 yuan/ton, holding steady compared to the previous week; the transaction price range for n-type granular silicon was 34,000-36,000 yuan/ton, with an average transaction price of 34,300 yuan/ton, also holding steady compared to the previous week. The market showed positive changes this week, with the number of new signed orders increasing to 4-5 companies and overall order volume increasing simultaneously. The main reasons for the increase in market activity are: on one hand, downstream silicon wafer companies increased their production rates slightly due to an increase in some terminal orders and the belief that the price of raw material polysilicon has bottomed out, leading to an increase in demand for silicon materials; on the other hand, the stabilization of polysilicon prices over the past few weeks has reinforced the market's consensus on "price bottoming out," prompting some previously hesitant downstream companies to start implementing phased inventory replenishment plans. The positive changes in the market this week indicate that after prices stabilized, essential purchases are gradually being released. From a monthly supply-demand perspective, there are signs of marginal improvement in the market. According to production scheduling by companies, domestic polysilicon production in May is expected to be around 83,000 tons, with a slight increase in silicon wafer production rates during the same period, matching the demand for silicon materials with the output for the month. Therefore, the inventory accumulation in the polysilicon market in May is expected to significantly narrow compared to earlier periods, and the pressure of supply-demand imbalance is expected to be temporarily relieved. Currently, the market is in a critical period of transitioning from "continual inventory accumulation" to "rebalancing". It is important to focus on the execution of maintenance in the silicon materials sector, the pace of production resumption, the sustainability of silicon wafer production rate increases, and the actual resolution of high inventory levels in the future.