China Silicon Industry Branch: Industrial Silicon Spot Prices Stabilize After Decline

The standoff between cost-line support and weak polysilicon demand is the real story here: futures and spot converging near production costs suggests the market is testing how much downside the marginal producer can absorb. That matters most for southwest smelters, whose expected dry-season cuts have not yet shown up in force — if they stay delayed, the cost floor looks less solid than the price action implies. The open question is whether polysilicon buying stays subdued long enough to force those cuts, or whether supply discipline arrives first and rebalances the market without a further leg down.