The China Mono Premium, the OPIS assessment for mono-grade polysilicon used in n-type ingot production, was unchanged at CNY 38.786 ($5.82)/kg, or CNY 0.081/W, according to the OPIS Global Solar Markets Report released on Oct. 27.

According to market participants, the fundamentals of the Chinese polysilicon market remain unchanged, with the market continuing to be characterized by manufacturers holding firm to full-cost-based offers while downstream buyers show limited willingness to accept current prices. This has kept prices largely at a standstill, with inventory levels exceeding 500,000 metric tons (MT) further prolonging the impasse.

Industry participants widely noted that futures prices, which remain significantly below mainstream spot prices, have provided a degree of balance to the ongoing standoff between upstream suppliers and downstream buyers. According to data from the Guangzhou Futures Exchange on Oct. 26, settlement prices for polysilicon futures contracts for delivery between November 2026 and October 2027 ranged from a low of CNY 33.620/kg to a high of CNY 37.180/kg, with even the highest about 4.14% below the latest spot assessment.

Market participants explained that actual spot transactions continue to be concluded at higher prices than futures contracts, partly because customers with long-term purchase agreements still need to procure some material in the spot market. To offset the higher procurement costs, these buyers also source relatively lower-priced polysilicon from futures traders, helping to balance their overall purchasing costs.

One trade participant said that futures traders had been gradually selling off previously accumulated stocks of low-priced polysilicon into the spot market.

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