Everbright Futures: Policies Reiterate "Anti-Internal Competition," Multi-Crystalline Silicon Soars in a Single Day

On Monday, the long-silent polysilicon futures suddenly surged. The main 2609 contract experienced a continuous rise during trading, hitting the daily limit. Against the backdrop of most domestic commodity futures contracts declining today, the strong performance of polysilicon stood out. According to SMM, the most direct cause of this is still policy-driven. On July 31, the State Administration for Market Regulation provided price compliance guidance for the photovoltaic industry in Yancheng, Jiangsu Province, implementing decisions to severely address involution competition and encouraging photovoltaic companies to shift from competing on price to competing on quality. Just a week prior, the China Photovoltaic Industry Association had released the General Principles for Cost Accounting Models in the Photovoltaic Industry. After the introduction of the new regulations establishing a unified cost accounting model, regulatory authorities will conduct price enforcement based on the actual production costs of companies and will impose strict penalties for deliberate predatory pricing behaviors. After the meeting, most polysilicon manufacturers began implementing measures to "suspend offers" over the weekend, and by Monday morning, they had not yet resumed pricing. With market sentiment buoyed, short-term polysilicon prices may remain strong.