Latest Update in the SMM Silicon Market

On May 25, 2025, the Turkish Ministry of Trade issued Announcement No. 2025/8, stating that, in response to an application from Turkish producers, an anti-dumping investigation had been initiated into Junction Boxes for solar panels originating in China. The dumping investigation period for this case covered the entire year of 2024, while the injury investigation period spanned from January 1, 2022, to December 30, 2024. The Turkish tariff codes for the products in question are 8544.42.90.00.11, 8544.60.10.00.11, and 8544.60.90.00.00. The announcement took effect on the date of its issuance.

According to Thai media reports, the Thailand Board of Investment (BOI) held a meeting on the 19th and introduced four measures to help Thai enterprises cope with US tariffs and external challenges. First, it will cease to offer investment promotion incentives for industries with a supply surplus or industries vulnerable to trade restrictions imposed by the US and other countries. These industries include solar cell and panel manufacturing, certain automotive parts (such as lead-acid batteries, decorative parts, and other accessories that do not affect vehicle driving performance and safety), metal cutting, waste sorting outside industrial parks without recycling links, the downstream steel industry (e.g., long product manufacturing), sheets & plates (only including hot-rolled coil steel and thick steel plates), and various types of steel pipes.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the mainstream transaction prices of N-type recharging polysilicon were 35-38 yuan/kg, and the N-type polysilicon price index was 35.11 yuan/kg. As transactions in the early market gradually unfolded, polysilicon prices declined. Wafer: The market prices for N-type 18X wafers were 0.93-0.95 yuan/piece, and for N-type 210RN wafers, they were 1.05-1.1 yuan/piece. Overall, wafer prices were largely stable, with relatively limited market transactions.

On May 27, China Railway Construction Network Information Technology Co., Ltd. issued a change announcement for the 2025 framework procurement tender for PV modules. Compared with the previous tender documents, the period for obtaining the tender documents has been changed from May 20, 2025 to May 26, 2025, to May 26, 2025 to May 30, 2025. The bid opening date has been changed from June 12 to June 16.

On May 26, the winning candidate for the 2025 Framework Procurement of Intelligent PV Inverters by China TIS Netwin Technology Co., Ltd. was announced, with Shenzhen Sofar {{Company}} being selected as the candidate. The tender announcement indicated that the bidder was China TIS Netwin Technology Co., Ltd., with a budget of 320,000 yuan (tax included), subject to actual procurement orders. The delivery location is within Jiangsu Province.

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Downward, Spot Prices in the Doldrums] The SM2509 contract opened at 5,662 yuan/mt. After the morning session, it fluctuated downward, eventually closing at 5,616 yuan/mt, down 1.23%. The daily high was 5,672 yuan/mt, and the low was 5,588 yuan/mt. Trading volume was 293,076 lots, with open interest at 440,811. On the raw material side, inventory buildup of manganese ore at ports continued, and the enthusiasm for stockpiling and purchasing by downstream alloy plants was weak ahead of the Dragon Boat Festival. On the spot side, SiMn plants' willingness to offer quotes actively was weak. End-users of SiMn were more inclined to drive down prices during purchases, and some holders slightly lowered their quotes.

According to customs data: Exports: In April 2025, China's silicon metal exports reached 60,500 mt, up 2% MoM and down 9% YoY. From January to April 2025, cumulative silicon metal exports stood at 216,700 mt, down 7% YoY. Imports: In April 2025, China's silicon metal imports amounted to 500 mt, down 70% MoM and 83% YoY. From January to April 2025, cumulative silicon metal imports reached 5,200 mt, down 43% YoY.

[Daily Review of ADC12 Prices: Aluminum Prices Decline Further, Secondary Aluminum Prices Under Pressure in Tandem] Today, the SMM A00 aluminum price fell by 150 yuan/mt from the previous trading day to 20,200 yuan/mt, with the secondary aluminum market also under pressure in tandem. The domestic SMM ADC12 price dropped by 100 yuan/mt to the range of 20,200-20,400 yuan/mt.