According to statistics from the Silicon Industry Branch of the China Nonferrous Metals Industry Association, there are currently 11 domestic polysilicon producers in operation. Domestic polysilicon output in October reached approximately 137,000 metric tons, marking a 6.2% month-on-month increase and exceeding expectations by 5.4%. This growth primarily resulted from some enterprises slightly raising operating rates within limited capacity to spread costs as the fourth quarter commenced.

Meanwhile, polysilicon demand remained relatively stable. New inventory additions in October are projected to exceed 20,000 tons, setting a new monthly record for annual stockpiling. Based on production schedules, major first-tier manufacturers in Southwest China plan significant output cuts in November-December, while Inner Mongolia facilities undergo simultaneous maintenance. This is expected to reduce domestic monthly polysilicon output to 125,000-130,000 tons. Downstream operating rates remain relatively stable, suggesting a potential slowdown in polysilicon inventory accumulation from November to December. However, industry inventories are still highly likely to exceed 400,000 tons by the end of 2025.

Overall, the current oversupply situation in the polysilicon market has not fundamentally improved. In the short term, the market may maintain a weak but stable operation amid policy expectations.

As an integrated internet platform providing benchmark prices, on November 4th, the benchmark price of polysilicon on SunSirs was 52,000.00 RMB/ton, unchanged from the beginning of the month.

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Traders can price spot and contract transactions based on the pricing principle of agreed markup and pricing formula (Transaction price=SunSirs price + Markup).

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