Polysilicon front-month futures jumped intraday then pulled back, finishing
about 3% higher. Galaxy Futures says downstream inventories average >30 days;
only 2–3 downstream firms report low stocks and may make modest purchases by
month-end, so high-priced spot transactions are unlikely near term. Producers
met again on Sept. 11; market chatter suggests a one-year output cap near 1.05
mln tons, but Galaxy Futures notes this will not necessarily be priced into
futures absent visible production cuts. Producers retain a not-below-cost
selling stance and are quoting 40–43 yuan/kg. As industry expectation of reduced
internal competition strengthens, nearby contracts may see discount repair;
Galaxy Futures cites a short-term reference range of 36,000–39,000 yuan/ton.
