Minmetals Futures: Currently, the downstream demand in the polysilicon industry chain remains sluggish with no substantial change in the trend

The current market remains in a policy expectation trend.
Back to reality, the downstream demand in the current industry chain remains sluggish with no substantial change, and the transaction prices in downstream links still stay in a relatively low range.
After the rapid rebound in futures prices, spot orders for silicon materials increased, reflecting that the quick shift in futures sentiment has a certain impact on market psychology, with transaction prices at low levels and trading at a discount.
After factories ship goods, internal inventories decrease and shift downstream, but the overall industry inventory remains high with limited clearance.
Currently, the expectations for polysilicon futures lead the actual supply and demand changes, which are far weaker than the sentiment shift, and policy expectations and sentiment have a much greater influence on market pricing than fundamentals.
The upside potential depends on the premium brought by policy expectations, while market volatility increases.
Focus on whether the spot prices will follow and rise accordingly, and whether new policies will be implemented in practice. (Minmetals Futures)