On June 11, 2025, the latest situation in the polysilicon market attracted widespread attention. In futures trading, price volatility has significantly intensified. However, the price in the spot market remained stable and there were no obvious changes. Under this market prospect, its uncertainty is becoming increasingly prominent. Investors and practitioners are closely watching the development of this situation.
Futures contract fluctuations
On June 11, the price of the main contract for polysilicon futures 2507 fluctuated significantly. The opening price was 33,980 yuan/ton, and rose to 34,255 yuan/ton at the close, an increase of 0.72%. The holdings rose sharply to 60,199 lots. On the same day, the trading volume also soared to 79,861 lots. The market continues to fluctuate, which makes traders nervous and the trading atmosphere extremely active.
Spot prices remain stable
The spot price of polycrystalline silicon remained unchanged on that day. The quotation for re-injected materials is set at RMB 32.00 to RMB 35.00 per kilogram, the quotation range for dense materials is RMB 30.00 to RMB 34.00 per kilogram, and the quotation range for cauliflower materials is RMB 29.00 to RMB 31.00 per kilogram. The price range of granular silicon is locked between 32.00 and 33.00 yuan/kg, the quotation range of N-type materials is 35.00 to 38.00 yuan/kg, while the quotation range of n-type granular silicon is 33.00 to 35.00 yuan/kg. Price stability ensures that the pace of procurement and sales of relevant companies continues.
Inventory output has changed
The inventory status and silicon wafer reserves of polysilicon manufacturers both show an upward trend. Specifically, the inventory of polysilicon has climbed to 26.90, up 0.37% from last month; at the same time, the inventory of silicon wafers has also increased to 20.02 GW, up 7.80% from last month. In terms of output data, the weekly output of polysilicon was 22,000.00 tons, an increase of 1.85% over the previous month; at the same time, the production of silicon wafers was 13.04 GW, a decrease of 2.67% over the previous month. These changes in inventory and output reveal that the market supply and demand relationship is showing an imbalance within a certain range.
Silicon wafer price situation
There is price imbalance in the domestic silicon wafer market. In the N-type silicon wafer product line, the price of 18Xmm-sized silicon wafers is 0.92 yuan per piece, the price of 210mm-sized silicon wafers is 1.28 yuan per piece, and the price of 210R-sized silicon wafers is 1.08 yuan per piece (including tax of 0.00 yuan). The price difference between these silicon wafers of different specifications reflects the market's tendency to demand for different types of products.
Battery price level
The quotation of battery cells remains stable. According to specific analysis, the quotation of high-performance battery cells is stable at 0.27 yuan per watt, while the quotation range of conventional battery cells is generally between 0.25 yuan and 0.28 yuan per watt. The price of half a battery rose to RMB 0.37 per watt. This price stability has had a significant impact on cell manufacturers in formulating production and sales strategies.
Component trading quotes
The trading price of components fluctuates within a specific range, with the specific transaction price ranging from 0.67 to 0.74 yuan per watt. For N-type 182mm size components, the mainstream trading price in the market is roughly 0.69 to 0.70 yuan per watt. As for N-type 210mm size components, the mainstream trading price of the market is also between 0.70 and 0.70 yuan per watt. In addition, the trading trends of the component market are also an important reflection of the polysilicon market conditions.
On June 11, the polysilicon market showed a complex and changeable trend. On this day, the futures market fluctuated significantly, while spot trading seemed relatively stable. As June begins, the production of silicon wafers and battery cells has decreased compared with last month, making the market fundamentals appear weak. Despite this, market sentiment has improved in the short term, and funds have begun to actively participate in market competition, which may trigger large fluctuations in the market. Under the current situation of complex market risks, what are people from all walks of life who have any opinions on the future development direction of the polysilicon market?
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