In December 2025, the anticipated domestic polysilicon output is set to hit 113,500 metric tons. This figure indicates a minor surplus when compared to the demand for wafers. Looking ahead to January 2026, it's projected that production will remain above 100,000 metric tons. Despite the fact that certain manufacturers have formulated plans to scale back production, the magnitude of this reduction will be relatively constrained.

Recently, there has been an uptick in cell prices. In response, manufacturers have taken the initiative to regulate their shipping speeds as a means of sustaining these price levels. Among downstream buyers, with the exception of those with urgent and indispensable demand, the majority are adopting a wait-and-watch approach. They are exercising caution when making purchases. The intensifying tug-of-war between upstream and downstream players has resulted in an accumulation of cell inventories. Specifically, the inventory levels in the upstream segment of the photovoltaic cell market have continued to edge up on a week-by-week basis.