Silicon Metal Market & Export Situation Last Week

I. Silicon Metal Market Last Week (Feb 23 – Feb 28, 2026)

1. Futures Prices (Guangzhou Futures Exchange, Silicon Main Contract SIZL2)

Weak range-bound movement during the week; SI2605 main contract trended slightly downward.

Feb 24: Open 8,475 RMB/ton, Close 8,410 RMB/ton (+45 RMB/ton)

Feb 25: Open 8,380 RMB/ton, Close 8,430 RMB/ton (+25 RMB/ton)

Feb 26: Open 8,430 RMB/ton, Close 8,335 RMB/ton (-110 RMB/ton, -1.3%)

Feb 27: Open 8,330 RMB/ton, Close 8,395 RMB/ton (-10 RMB/ton)

Weekly performance: Slight volatile downward trend, thin trading volume.

2. Spot Prices (SMM / Business Society)

East China mainstream quotes (Feb 27):

Oxygenated 553#: 9,200–9,300 RMB/ton (stable on the week)

421#: 9,500–9,800 RMB/ton (stable on the week)

521#: 9,300–9,400 RMB/ton (down 50 RMB/ton on Feb 27)

Xinjiang / Northwest China: Oxygenated 553# 8,600–8,800 RMB/ton (stable)

Business Society benchmark price (Feb 27): 9,610 RMB/ton, down 0.41% from early month (9,650 RMB/ton)

3. Supply, Demand & Inventory

Supply: Furnace operating rates generally stable; small plants in Gansu suspended production, 1 furnace restarted in Inner Mongolia. Affected by the Spring Festival, February output expected to drop sharply MoM and turn negative YoY.

Demand: Overall weak downstream demand

Polysilicon: Major producers cut output, reduced operating rates and purchases

Silicone: Monomer plants continued production cuts, demand tightened

Aluminum alloy: Some aluminum bar plants took early holidays, demand weakened

Inventory: Social inventory 557,000 tons on Feb 12, down 0.89% week-on-week; still at a relatively high level.

II. Export Situation (Latest Available Data)

1. Official Monthly Export (December 2025)

Export volume: 59,000 tons, +7.56% MoM, +2.45% YoY

Total exports for 2025: 720,600 tons

2. February 2026 Export (Market Feedback, Unofficial)

Overall: Export orders quiet; only high-grade products (421# / 521#) maintain decent profit margins

Main destinations: Japan, South Korea, India, Southeast Asia, Europe

Prices: FOB quotes softened in line with domestic spot prices

553# FOB: approx. 1,280–1,320 USD/ton

421# FOB: approx. 1,380–1,420 USD/ton

3. Export Influencing Factors

Ample domestic supply and weak domestic demand make exports a key channel for digestion

Overseas buying is mainly on rigid demand, with low acceptance of high prices

Exchange rate and sea freight fluctuations affect export profits

III. Summary

Market: Last week silicon silicon futures weak volatile, spot mainly stable, trading thin; both supply and demand weak, high inventory weighing on prices.

Export: December 2025 exports rebounded slightly; February 2026 exports overall weak, with high-grade grades relatively more competitive.