CITIC Futures: Rising Anti-Overcompetition Sentiment, Increased Volatility in Polysilicon

Recently, market concerns about supply-side disruptions have deepened, leading to increased volatility in polysilicon prices. From a supply fundamentals perspective, it is currently the dry season, and polysilicon capacity in Southwest China remains in a state of reduction, with northern factories also undergoing maintenance and shutdowns, resulting in overall polysilicon output remaining relatively low. On the demand side, polysilicon demand continues to be weak, wafer production schedules remain low, and the inventory of polysilicon warehouses is also increasing. Overall, weak demand has dragged down the price trend of polysilicon, but in the medium to long term, considering that polysilicon supply is also shrinking concurrently and leading companies are strengthening integration and mergers, the supply and demand of polysilicon are expected to tighten in the future, and prices may experience wide fluctuations. (CITIC Futures)