Silicon Industry Sub-Association: In the first half of the year, polycrystalline silicon basically reached a production and sales balance, even showing a slight reduction in inventory.

According to the news from the Silicon Industry Branch of China Nonferrous Metals Industry Association, in the first half of 2025, the market prices of various links in the silicon industry chain have continued to be lower than production costs, even cash costs, and the vast majority of production enterprises are deeply trapped in the dilemma of operating at a loss. The average price of polysilicon dropped to 38,000 yuan/ton in mid-May 2024, lower than the industry average cost operation time has exceeded 14 months; the average price of industrial silicon dropped to 9,648 yuan/ton at the end of April 2025, lower than the industry average cost operation has been around three months; the average price of 182 size silicon wafers started to drop to 0.95 yuan/piece in mid-May 2025, with a cost reversal time of more than two months. In order to improve the supply-demand contradiction in the industry chain, enterprises in various links have successively reduced their load, with the monthly operating rates of industrial silicon, polysilicon, and silicon wafers reaching historical lows of 41.9%, 38.6%, and 44.3% respectively. In the first half of 2025, the average monthly output of domestic polysilicon was 100,000 tons, with the monthly output in February dropping to 92,000 tons, a year-on-year decrease of 47.4%. The overall operating rate of the top five enterprises in the first half of the year was 42.2%, with the lowest operating rate of a leading enterprise in the first half of the year reaching only 24.1%. Through reducing production and load along the entire industry chain, the polysilicon market in the first half of the year has basically achieved a balance between production and sales, and even a slight reduction in inventory.