SunSirs: Due to Supply Constraints, the Silicon Market Saw a Narrow Upward Adjustment in January

Price trend

According to analysis from the SunSirs' market monitoring system, on January 31, 2026, the domestic market price of silicon 441# was 9,650 RMB/ton, an increase of 30 RMB/ton compared to January 1st (when the price was 9,620 RMB/ton), representing a 0.31% increase.

With supply continuing to tighten, the silicon market saw stable performance with slight upward adjustments in January

In the first half of January (January 1st to January 25th), the domestic market price of silicon 441# remained largely stable at 9,620 RMB/ton. The silicon market was in a state of weak supply-demand balance, with prices remaining stable and no significant fluctuations overall. Towards the end of the month (January 26th to January 31st), driven by factors such as expected supply contraction, prices rose slightly. In some regions, the market price of silicon 441# increased by approximately 50 RMB/ton, bringing the overall domestic price to 9650 RMB/ton. The market trend showed a pattern of calmness at the beginning of the month followed by a slight upward trend at the end of the month.

Analysis of market influencing factors

Supply-wise: Operating rates in the southwestern regions (Sichuan and Yunnan) remained low, with most manufacturers suspending production, leading to a contraction in supply. Some companies in Xinjiang and Inner Mongolia initiated maintenance or reduced production ahead of schedule due to losses, further tightening market supply and supporting market prices.

In terms of demand: Downstream industries such as polysilicon and organosilicon showed relatively weak demand, with low purchasing intentions, limiting the upward potential of prices. The interplay between weak demand during the off-season and supply contraction led to stable prices initially, followed by a slight increase at the end of the month.

Market outlook

In the short term, with the Spring Festival approaching and logistics services gradually shutting down, the market for silicon is expected to see limited changes, mainly exhibiting stable conditions with narrow fluctuations. In the long term, after the holiday, the market should pay close attention to the actual implementation of upstream production reduction plans. If the supply contraction exceeds expectations, prices could show a stronger trend after the holiday. It is also necessary to monitor signals of improved downstream demand, especially changes in the operating rates of the polysilicon and organosilicon industries.

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