Institution: limited downstream pressure transmission, stable pricing trend unchanged.

According to An Taike statistics, this week the transaction price range for n-type polysilicon recycled materials is 4.9-5.5 yuan per ton, with an average transaction price of 5.32 yuan per ton, holding steady compared to the previous week. The transaction price range for n-type granular silicon is 5.0-5.1 yuan per ton, with an average transaction price of 5.05 yuan per ton, holding steady compared to the previous week. The domestic polysilicon market continued to show a weak and stable trend this week. Despite downstream silicon wafers and battery prices showing varying degrees of decline, and some silicon wafer companies starting to gradually reduce production in response to weak demand, the actual transaction price of polysilicon remains stable. The number of mainstream signing companies remains at around 5, and market transaction activity is roughly the same as in the previous period. The main reasons for the stable prices this week are twofold: on the one hand, the contraction of supply effectively offset the impact of weakening demand. Due to factors such as the dry season in the southwest region, some companies have significantly reduced production or even stopped production. It is expected that domestic polysilicon production in November will decrease to less than 120,000 tons, a decrease of about 14% compared to the previous month, which has to some extent eased the supply pressure. On the other hand, there is a tacit consensus forming along the industrial chain. In the current relatively fragile market environment, a decrease in polysilicon prices not only cannot effectively stimulate demand, but may disrupt the stabilizing expectations gradually established since July, and may even trigger a collapse of the entire price system of the industry chain. Therefore, polysilicon companies are very determined to maintain price stability.