On October 31, 2026, the domestic market price reference for silicon metal # 441 was 9560 yuan/ton, which was an increase of 60 yuan/ton or 0.63% compared to October 1 (market price of silicon metal # 441 was 9500 yuan/ton).
1、 Price market description
In October, the domestic silicon metal 441 # market as a whole showed a running trend of “first rising base note” and “high consolidation”. At the beginning of the month, the domestic market price of metal silicon 441 # remained stable at 9500 yuan/ton. In mid month, the center of gravity of the 441 # market adjusted upwards, and the price rose to around 9610 yuan/ton. Subsequently, the market slightly fell and began to fluctuate downwards. At the end of the month, the market price of silicon metal remained stable at around 9560 yuan/ton, with a slight increase at the end of the month compared to the beginning of the month. As of October 31, the domestic market price of silicon metal 441 # was around 9250-9850 yuan/ton.
2、 Fundamental analysis
In terms of supply: In the early part of the month, some production areas of metallic silicon were subject to power restrictions and maintenance, and the supply of goods was temporarily tightened. The spot circulation of industrial silicon was tight, and coupled with the approaching dry season in Sichuan and Yunnan, the top enterprises in the north had sufficient orders and had intentions to close down. The industrial silicon prices were strong due to strong industrial fundamentals, and the market sentiment increased, driving a wave of rapid market price increases. Subsequently, with the gradual recovery of production capacity and the increase in market supply, the upward momentum weakened, and prices surged before falling back under pressure.
In terms of demand, downstream silicon metal, organic silicon, and aluminum alloy enterprises’ essential procurement support the market, and there is a centralized replenishment of inventory during the price increase stage; But after the high price, downstream procurement tends to be cautious, with weak willingness to chase after high prices, mainly relying on on-demand procurement, making it difficult to sustain price increases.
In terms of cost: 3. Electricity and raw materials such as silica provide certain cost support for metallic silicon, which comes from the bottom support and is stable, with limited price decline.
3、 Future forecast
At present, the negotiation atmosphere in the domestic silicon metal market is light and mild, and the cost support for silicon metal is still acceptable. The downstream demand for organic silicon and alloys continues to exist, providing a bottom line for market prices; It is expected that in the short term, the silicon metal market will mainly experience high-level fluctuations. We also need to pay more attention to changes in supply and demand, as well as the situation of construction.
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