According to data from SunSirs, as of September 25, 2025, the domestic price of #441 silicon in China reached 9,720 CNY/ton, marking a 3.63% increase from 9,360 CNY/ton at the beginning of the month. This steady upward trend in the silicon market during September reflects a combination of cost pressures, rising demand, and supply dynamics, as outlined below.

Market Overview: The silicon market in China has shown a stable yet upward trajectory throughout September. Prices across key regions, such as East China, Kunming, and Tianjin, for #441 silicon ranged between 9,600-9,900 CNY/ton, while oxygen-passivated #553 silicon was priced at 8,900-9,600 CNY/ton. The market's positive momentum aligns with the "Golden September" period, traditionally a strong season for industrial activity.

Cost Factors: On the cost side, firm prices for silica coal, a key raw material, have bolstered silicon prices. Additionally, as Yunnan and Sichuan approach the dry season, electricity prices are expected to rise, further increasing production costs. These factors have provided robust cost-side support, encouraging suppliers to maintain firm pricing strategies.

Demand Dynamics: With the upcoming "Double Festival" period, downstream users have begun pre-holiday stockpiling, boosting demand. Positive market sentiment and expectations of sustained demand growth have driven the steady price increase, as buyers anticipate tighter supply conditions in the near term.

Supply Conditions: Although silicon production capacity slightly declined in September compared to August, overall output has remained stable, creating some supply pressure. However, rising production costs, including anticipated electricity price hikes and potential further increases in silica coal prices, have prompted suppliers to hold firm on prices, supporting the market's upward trend.

Market Outlook: The silicon market currently exhibits a balanced supply-demand dynamic, with mild inquiries and minor negotiations. Post-holiday, the market is expected to stabilize with a focus on consolidation. Future price movements will largely depend on developments in raw material costs and supply-demand shifts. Stakeholders are advised to closely monitor these factors for strategic planning.

In conclusion, the silicon market's steady rise in September 2025 is driven by a combination of cost pressures, seasonal demand growth, and constrained supply dynamics. While short-term stability is anticipated, ongoing attention to cost and supply-demand trends will be critical for market participants.

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