On November 12, 2026, the domestic market price of silicon metal # 441 was referenced at 9540 yuan/ton, a decrease of 20 yuan/ton or 0.21% from November 8 (market price of silicon metal # 441 was 9560 yuan/ton).
1、 Price market description
This week (11.8-11.12), the overall market situation of domestic silicon metal 441 # was under pressure and slightly downward. At the beginning of the week, some regions in China narrowly lowered the market price of 441 # by about 50-100 yuan/ton, and the overall high low price difference in the market narrowed. Subsequently, the market stabilized and operated steadily. As of November 12th, the domestic market price reference for metal silicon 441 # is around 9250-9800 yuan/ton.
2、 Fundamental analysis
On the supply side: Currently, the overall supply performance of silicon metal is still acceptable. Seasonal production cuts in Sichuan and Yunnan have been implemented, and production scheduling has decreased compared to the previous period. The overall inventory in the market has also decreased. Coupled with high costs of raw materials and electricity, this has provided some support for prices. However, the overall demand side transmission is insufficient, and the silicon metal market is still under pressure.
On the demand side: In terms of downstream polycrystalline silicon, currently, the overall operating rate of polycrystalline silicon enterprises downstream of metallic silicon has decreased, and the price of polycrystalline silicon continues to be under pressure, putting greater pressure on metallic silicon. Coupled with the impact of the dry season, it is expected that the overall operating rate of polycrystalline silicon will continue to decrease in winter, and the support provided by demand for metallic silicon is insufficient. In terms of downstream organic silicon, the weekly operating rate of organic silicon enterprises has fluctuated slightly, and organic silicon monomer factories may have joint emission reduction plans. Currently, the overall operating rate of the industry is over 60%, and how to reduce it in the future remains to be seen, which is expected to have a narrow impact on the procurement and storage of industrial silicon raw materials. In terms of downstream aluminum silicon alloys, the weekly operating rate of aluminum silicon alloy enterprises has not changed much, while the operating plans of primary and recycled aluminum alloy enterprises remain stable. The fluctuation space of operating rate is limited, and the consumption of metallic silicon is relatively stable.
3、 Future forecast
At present, the overall trading atmosphere in the domestic silicon metal market is mild, and the supply and demand transmission is still slow. It is expected that in the short term, the silicon metal market will mainly maintain consolidation and operation. In the future, more attention needs to be paid to factors such as the pace of downstream polycrystalline silicon production reduction and the emotional impact of winter environmental protection in some regions.
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