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 tonnes, but Galaxy Futures notes this will not necessarily be priced into futures absent visible production

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 tonnes, 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.