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  Is It Reasonable for the Polysilicon Futures Market to Weaken? How Was the Supply and Demand for Polysilicon in May? [Analysis by SMM]

  [SMM Analysis: Is the Weakening of Polysilicon Futures Market Justified? How Will the Supply and Demand of Polysilicon Be in May?] Regarding the market supply and demand situation, according to SMM data statistics, the global polysilicon production in May is expected to be around 99,000 mt (including 94,500 mt of domestic production), showing a decrease of approximately 2% MoM from April. Although the downstream wafer production has also declined MoM, the overall global wafer production is expected to be around 57-58 GW, with the demand for polysilicon from wafers being approximately 110,000 mt. There is an expectation of some destocking for polysilicon in May. Currently, the delivery brands held by many enterprises among the five are relatively limited (mostly concentrated in a few thousand mt). However, it cannot be denied that polysilicon enterprises have been facing some inventory pressure recently, and the raw material inventory held by crystal pulling plants is also relatively abundant, which is the main reason for the weakness in the polysilicon spot market at the end of Q1 and the early stage of Q2. It is expected that some of this pressure will be alleviated as the supply-demand relationship eases in the future.

• Price spread between futures contracts continues to widen, downstream players reluctant to replenish inventory; suppliers can only sell at reduced prices [[SMM Spot Copper in South China]]

• Xingye Silver & Tin: Net profit up 57.82% YoY in 2024, with production of tin, silver, zinc, antimony, copper, and other minerals all increasing YoY

• 【SMM Nickel Ore Daily Review】Overseas mine prices for Philippine nickel ore ease, while tight supply of {{Indonesia's local ore}} persists

  The prices of ore used for pyrometallurgy rose slightly, putting downstream NPI enterprises in a dilemma, while the profit margins of hydrometallurgy enterprises may expand again in the short term.

• Great Wall Motor posts 5.55% YoY rise in April 2025 auto sales, with NEV sales jumping 28.42% YoY

  In April 2025, Great Wall Motor (GWM) sold 100,061 new vehicles, marking a year-on-year increase of 5.55%.