Minmetals Futures: The polysilicon price continues its downward trend, with downstream demand remaining sluggish.

Polysilicon continues to undergo adjustments under a negative feedback trend. Polysilicon plant inventory remains at a high level; downstream restocking willingness is still relatively low. Actual transaction prices continue to drift lower, deepening weak market sentiment. Prices in downstream segments—silicon wafers and battery cells—continue to trend downward, and negative feedback sentiment is passing through to the upstream. Back on the trading board, polysilicon futures’ open interest and liquidity remain at relatively low levels since listing. The current pattern of weak downstream negative feedback and high inventory of silicon material remains unchanged, and the negative feedback in spot and futures prices loosens the support below the market. The 05 contract briefly dipped to probe the 35,000 yuan/ton level on the downside; it has not yet escaped the downward trend. Prices are expected to keep fluctuating as they search for a bottom. Before actual transactions show improvement or new policy guidance is issued, it is recommended to mainly keep observing and to trade cautiously. (Minmetals Futures)