CITIC Futures: Market sentiment fluctuates, polysilicon oscillates and operates

Recently, anti-involution sentiment has reappeared repeatedly, and polysilicon prices have become more volatile. From the supply fundamentals, it is currently the dry season, and polysilicon production capacity in Southwest China is still 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, with photovoltaic installations in March still at a relatively low level, leading to continued low wafer production and an increase in polysilicon inventory. Overall, weak demand has dragged down the spot prices of polysilicon, but in the medium to long term, considering that polysilicon supply is also shrinking simultaneously and leading companies are strengthening integration and mergers, the supply and demand of polysilicon are expected to tighten in the future, and prices may fluctuate within a wide range. (CITIC Futures)