Views: 0 Author: Site Editor Publish Time: 2026-08-27 Origin: Site
China's polysilicon market continues to search for a new price equilibrium, with limited spot transactions and subdued downstream demand keeping the industry in a cautious mood.
Market observations this week indicate that a small number of deals were concluded at around RMB 40–43/kg, but trading volumes remained low. Most purchases were for immediate inventory needs, while some suppliers and buyers used futures warehouse receipts to complete transactions.
Rather than a broad-based price recovery, the market appears to be in a price-discovery stage, with producers testing higher levels while buyers remain reluctant to make large commitments.
China's latest trade data also points to continued domestic supply availability. In July, polysilicon imports totaled approximately 790.7 tonnes, compared with exports of 2,344.1 tonnes, leaving the country a clear net exporter.
Domestic production is also expected to remain relatively strong in August. Output increases from several major manufacturers are partly offsetting maintenance shutdowns and production cuts elsewhere.
At the same time, relatively low operating rates among wafer manufacturers are limiting demand for polysilicon. This could result in further inventory accumulation during August.
The main uncertainty for the market is no longer simply whether producers can raise quotations, but whether downstream demand can support those prices.
With buyers mainly purchasing for immediate needs and overall supply still relatively loose, a sustained recovery will require stronger orders and a meaningful reduction in inventories.
For now, the polysilicon market remains caught between producers seeking higher prices and buyers waiting for clearer signs of demand recovery. The next major catalyst will likely come from the pace of downstream solar demand rather than from producer quotations alone.
