Asia
In Asia, polysilicon prices during Q4’25 showed high volatility but remained relatively firm compared to earlier in the year. The market was influenced by production cuts, policy expectations, and weak downstream demand. In China, electricity costs increased during the dry season, which lowered operating rates in key producing regions and reduced output. This supported prices to some extent. However, demand from the photovoltaic sector stayed weak as wafer and module producers reduced operating rates during the off-season. Inventory levels continued to rise, showing that real consumption remained slow. Policy discussions around capacity control and stockpiling improved market sentiment, but actual implementation remained limited.
Europe
In Europe, polysilicon prices during the fourth quarter stayed mostly stable with limited movement. Demand from the solar sector remained cautious as downstream manufacturers faced weak margins and slow project execution. Buyers avoided excessive procurement and focused on short-term needs. European supply depended heavily on imports, and sufficient availability prevented supply tightness. Market sentiment was also affected by trade and policy uncertainty, which made companies more careful with long-term commitments. Overall, the market remained balanced but lacked strong demand support.
North America
In North America, polysilicon prices during Q4’25 remained steady with mild support. Demand for domestically produced material improved due to tighter traceability rules and policy concerns around imports. This created interest in local supply, especially from the solar industry. However, overall downstream demand stayed moderate, and buyers continued cautious purchasing strategies. Supply conditions were comfortable, which limited strong price increases. The market stayed stable but lacked strong momentum.