Chinese polysilicon holds at 43,000 yuan a tonne as plants cut output

n-type recharge polysilicon traded at 43,000 yuan per tonne in the week of October 28, unchanged — the floor agreed by leading producers on Oct 11, according to Caixin and Mysteel — and n-type granular silicon averaged 40,300 yuan (range 40,000–41,000), also flat, according to consultancy Antaike’s weekly review.

Spot trading stayed thin, with few contracts signed. Plants’ production adjustments took effect from October and some capacity in southwest China halted, beginning to shrink supply. Buyers, however, keep drawing down stocks and will only restock once inventories normalise. Antaike says the market remains oversupplied with high inventories.

The consultancy expects further cuts in November. In futures, expected cancellation of warehouse receipts in November led traders to raise quotes, and producers began limiting low-price sales, strengthening the floor.

CSP take: the industry is trying to hold prices through output cuts. For module buyers, the point is that raw material has stopped falling; if cuts hold, room to negotiate panel prices narrows. This reading is ours, not Antaike’s.