Trading sentiment is subdued, and polysilicon prices are under downward pressure.

According to Antaike statistics, this week’s transaction prices range for n-type polysilicon re-melt feedstock was 42,000–45,000 yuan/ton, with an average transaction price of 43,200 yuan/ton, down 4.42% month over month. The transaction price range for n-type granular silicon was 43,000–45,000 yuan/ton, with the average transaction price remaining at 44,000 yuan/ton. In the short term, weak demand and high inventory pressure are still the core contradictions dominating the market. Starting April 1, the export VAT rebate for products such as photovoltaic (PV) items will be fully canceled. The industry’s overall export growth rate may face added pressure to slow, and polysilicon demand may also weaken accordingly. At the same time, industry inventories are still being accumulated continuously, and the inventory drawdown inflection point has not yet appeared. From the perspective of both policy direction and market-based mechanisms, the elimination of weaker players and the survival of the fittest across the industrial chain is an inevitable trend. In this round of deep adjustment, companies with lower production costs and better technical performance indicators will gain relative advantages, while capacity with higher costs and relatively backward technology will face accelerated market exit. (Silicon Industry Branch)