For the Quarter Ending December 2025
North America
• In the USA, the Silicon Metal Price Index fell by 3.53% quarter-over-quarter, reflecting inventory builds.
• The average Silicon Metal price for the quarter was approximately USD 2932.67/MT, reflecting CFR Illinois transactions.
• Silicon Metal Spot Price remained pressured as duty-free imports and oversupply pushed CFR offers lower.
• Silicon Metal Price Forecast indicates softening as destocking and cheaper energy lower smelter cash costs.
• Silicon Metal Production Cost Trend eased with lower natural gas, reducing cash costs, pressuring margins.
• Silicon Metal Demand Outlook remains muted as automotive and construction sectors plateau, limiting spot upside.
• Silicon Metal Price Index showed steady-to-bearish weekly prints amid balanced imports and regional smelter curtailments.
• Port inventories and logistics normalization softened rally prospects despite tariff protections, keeping trade flows well supplied.
Why did the price of Silicon Metal change in December 2025 in North America?
• Rising duty-exempt shipments from Brazil and Canada increased port inventories, creating supply overhang in December.
• Lower natural-gas prices reduced smelter cash costs, enabling sellers to cut offers and intensify competition.
• End-user destocking and seasonal automotive shutdowns weakened immediate offtake, reducing spot procurement ahead of year-end.
APAC
• In China, the Silicon Metal Price Index fell by 0.38% quarter-over-quarter, reflecting inventory overhang pressure.
• The average Silicon Metal price for the quarter was approximately USD 1298.00/MT based on FOB Shanghai.
• Silicon Metal Spot Price eased; elevated stocks pressured sellers, with the Price Index indicating softness.
• The Silicon Metal Price Forecast anticipates volatility into Q1, while the Price Index remains subdued.
• Silicon Metal Production Cost Trend stable with quartz and coke prices unchanged, limiting upward cost-push.
• Silicon Metal Demand Outlook shows cautious restocking by polysilicon and alloy buyers, insufficient to absorb.
• High inventories and muted exports weighed on the Silicon Metal Price Index, prompting lower offers.
• Domestic smelters ran full rates, keeping spot liquidity, the Silicon Metal Price Index stayed range-bound.
Why did the price of Silicon Metal change in December 2025 in APAC?
• Rising domestic production and higher social stocks created visible inventory overhang, reducing producers' pricing power.
• Soft export appetite and weaker aluminium-alloy orders limited demand, exacerbating downside pressure on FOB values.
• Stable feedstock costs and uninterrupted smelter run-rates prevented cost-push, allowing spot prices to drift lower.
Europe
• In Germany, the Silicon Metal Price Index fell 2.93% quarter-over-quarter, reflecting oversupply and weak demand.
• The average Silicon Metal price for the quarter was approximately USD 1679.00/MT, reflecting muted downstream consumption.
• Silicon Metal Spot Price softened as inventories rose and regional Price Index signalled bearish sentiment.
• Silicon Metal Price Forecast points modest near-term downside amid seasonal shutdowns and sustained imported availability.
• Silicon Metal Production Cost Trend remained elevated from energy and material costs, not lifting offers.
• Silicon Metal Demand Outlook stays subdued with automotive and construction sectors reducing purchasing and offtake.
• Silicon Metal Price Index movements reflected inventory builds, euro strength and export flows to Europe.
• Chinese producer restarts marginally increased global flows, pressuring CIF Hamburg offers and loosening spot liquidity.
Why did the price of Silicon Metal change in December 2025 in Europe?
• Inventory builds across major warehouses increased spot availability, exerting downward pressure on December quarter prices.
• Seasonal automotive shutdowns across Germany reduced alloy demand, diminishing offtake and weakening short-term pricing dynamics.
• Strong feedstock flows and softer freight lowered landed costs, preventing cost-push support for Hamburg offers.
For the Quarter Ending September 2025
North America
• In the USA, the Silicon Metal Price Index rose by 4.8% quarter-over-quarter, due to tight imports.
• The average Silicon Metal price for the quarter was USD 3028.67/MT on CFR Illinois basis.
• Inventory adequate, export demand subdued, keeping Silicon Metal Spot Price stable amid ample global shipments.
• Downstream procurement steady; Silicon Metal Demand Outlook supported by aluminum alloys, silicones, solar PV offtake.
• Rising energy and freight costs influenced CFR parity; Silicon Metal Production Cost Trend showed pressure.
• USITC probes and tariff risk tightened import availability, informing Silicon Metal Price Forecast for Q4.
• High domestic furnace utilisation and occasional outages limited supply upside for Silicon Metal Price Index.
• Market expects range-bound movement; Silicon Metal Spot Price sensitivity remains given Chinese export and shipping.
Why did the price of Silicon Metal change in September 2025 in North America?
• Surging Chinese output increased global availability, lowering import parity and pressuring US landed prices marginally.
• Logistics improvements reduced freight costs, augmenting imports and easing Silicon Metal Price Index upward pressure.
• Domestic demand steady while construction slowdown tempered offtake, leaving supply surplus influencing September pricing volumes.
APAC
• In China, the Silicon Metal Price Index rose by 2.57% quarter-over-quarter in Q3 2025, driven by Xinjiang production cuts.
• The average Silicon Metal price for the quarter was approximately USD 1383.33/MT, reflecting tighter supplies and steady downstream procurement.
• Silicon Metal Spot Price stayed supported as Price Index resilience followed inventory drawdowns and orders.
• Silicon Metal Price Forecast indicates modest upside if Xinjiang outages persist and polysilicon demand strengthens.
• Silicon Metal Production Cost Trend is rising as electrode and coking coal futures push costs.
• Silicon Metal Demand Outlook remains mixed as polysilicon supports prices while aluminum alloy consumption stays subdued.
• Silicon Metal Price Index volatility moderated despite weekly spikes, as social inventories oscillated with regional production resumptions.
• Major producers partially resumed capacity while social stocks fluctuated, balancing spot tightness against increasing national output projections.
Why did the price of Silicon Metal change in September 2025 in APAC?
• Increased national production in September, driven by Xinjiang resumptions, expanded available supply and tempered upward price pressure.
• Social inventories rose marginally, easing spot tightness and providing sellers with more willingness to offer cargoes.
• Downstream demand remained cautious, with aluminum alloy buyers procuring just-in-time and polysilicon support insufficient to absorb surplus.
Europe
• In Germany, the Silicon Metal Price Index fell by 7.78% quarter-over-quarter, reflecting weaker downstream demand overall.
• The average Silicon Metal price for the quarter was USD 1729.67/MT, supported by CFR Hamburg stability.
• Silicon Metal Spot Price remained range bound as balanced imports and muted procurement kept availability high.
• Silicon Metal Price Index showed muted volatility while higher freight and carbon costs offset demand weakness.
• Silicon Metal Production Cost Trend rose as coking coal and carbon compliance expenses increased supplier costs.
• Silicon Metal Demand Outlook remains cautious with automotive and PV sectors destocking, limiting aluminum-silicon alloy orders.
• Silicon Metal Price Forecast shows upside risk if Rhine logistics deteriorate or Chinese export availability tightens.
• Major producer operations mostly stable; Chinese restarts and Xinjiang cuts remain key swing factors for exports.
Why did the price of Silicon Metal change in September 2025 in Europe?
• Chinese production restarts and prior Xinjiang cuts increased global availability, easing upward pressure on German prices.
• Freight and carbon compliance costs rose, partially offsetting weaker demand and supporting spot offers marginally overall.
• Elevated inventories and subdued downstream procurement constrained immediate call-offs, maintaining range-bound Price Index movement through September.
For the Quarter Ending June 2025
North America
• Silicon Metal Price Index rose by 9.6% quarter on quarter compared to Q1 2025, reflecting the combination of robust demand and supply-side pressures.
• Silicon Metal Production Cost Trend saw moderate relief in raw material expenses, but elevated energy and freight costs especially in late Q2 limited cost easing and contributed to price firmness.
• Silicon Metal Demand Outlook remained strong across multiple downstream sectors: the automotive industry (notably EV/PHEV), aluminum alloy production, solar energy, and semiconductor manufacturing all showed solid or accelerating consumption throughout the quarter.
• Supply conditions were steady from domestic producers like Ferroglobe and Mississippi Silicon, but global trade uncertainties (including potential antidumping tariffs on imports from Vietnam, Angola, Australia, Norway, and Thailand) weighed on near term availability.
• At the start of the quarter, prices experienced modest upward momentum (around +0.5 % CFR Illinois Port) due to sustained demand, the Semiconductor and EV/PHEV markets were especially supportive amid stable supply dynamics.
• Mid quarter, supply disruptions triggered by severe flooding in the Ohio and Mississippi river valleys tightened domestic supply, prompting force majeure declarations and pushing spot prices up ~1.5%, raising concern among downstream alloy and silicone producers.
• By the end of the quarter, freight cost spikes and slower import logistics (particularly from Brazil, Norway, and China), combined with ongoing trade tension, exerted incremental upward pressure on prices despite some demand slowdown in aluminum and silicone procurement.
Why did the price of silicon metal change in July 2025 in USA?
The Silicon Metal Price Index decreased slightly due to improving trade flows, weakening freight rates, and modest restocking by downstream users after Q2 tightness. The North America Metal silicon price index was about US $3.06/kg in July, down ~0.3% from June 2025 levels.
APAC
• The APAC Silicon Metal Price Index fell by approximately 17.8% quarter on quarter, reflecting continued oversupply and weak absorption across key regional markets in China and Southeast Asia.
• Metal Price Index remained under strain due to persistent oversupply and weak downstream purchasing sentiment.
• Silicon Metal Production Cost Trend stayed relatively stable—with modest relief from raw material cost declines (silica, silicon coal), but those weren’t enough to offset price weakness.
• Silicon Metal Demand Outlook remained subdued across key consuming sectors (aluminium alloy, polysilicon/solar, automotive), with most buyers depleting existing stocks rather than initiating new orders—especially in export markets like Japan and South Korea.
• Silicon Metal Price Forecast for APAC suggests continued softness into the near term unless demand revives or inventory levels correct; medium-term recovery is possible if deferred restocking occurs later in 2025.
• On the supply side, production continued ramp ups in Xinjiang, Inner Mongolia, Sichuan (including newly commissioned capacities), while some maintenance shutdowns in Yunnan/Qinghai had only minor impact, so output continued to exceed demand across Q2.
• Demand side: downstream industries remained cautious; order activity stayed minimal, carried by slow industrial growth and global uncertainties dampening consumption expectations.
• Why did the price of Silicon Metal change in July 2025 in Asia?
In early July, Silicon Metal Price Index in APAC began to increase, reversing several months of decline. The rebound was driven by unexpected production cuts in major Chinese hubs especially Xinjiang—where facilities curtailed output in late June, tightening supply sharply. As a result, futures rose month on month and spot quotes climbed; this supply shock intersected with slightly improved downstream inquiries, triggering buyers to step in ahead of tighter condition
Europe
• Europe Silicon Metal Price Index in Q2 2025 declined by approximately 20.2% quarter on quarter, reflecting persistent oversupply and weak downstream demand across the region.
• Silicon Metal Production Cost Trend saw moderate declines in raw material and energy inputs, European freight rates eased, and silica and silicon coal prices remained stable, providing minimal cost support amid falling commodity prices.
• Silicon Metal Demand Outlook remained soft in Europe: key sectors such as aluminium alloys, automotive and solar downstream industries continued to destock and postpone procurement, prioritising inventory drawdowns over fresh purchases.
• Silicon Metal Price Forecast for the region suggests that unless industrial and green energy demand rebounds materially later in 2025, prices are likely to remain under pressure in the short term, with potential recovery only emerging if supply tightens or demand improves.
• By the start of the quarter, supply was ample: imports from China, Norway, France and other suppliers remained steady; Chinese exports rose sharply, intensifying global oversupply pressures. Freight costs along major Asia Europe routes declined, allowing cheaper shipments into European markets.
• Mid quarter trading saw CFR Hamburg prices slide—weekly drops of 1.3–3.5% were reported—as subdued industrial activity and ample global inventories sustained bearish sentiment. Although European production remained stable, it simply added to the excess.
• By the end of the quarter, inventory levels across European warehouses remained elevated, trading volumes thin, and buyer sentiment cautious—further reinforcing downward momentum in the Price Index.
Why did the price of Silicon Metal change in July 2025in Europe?
In early July, the Europe Silicon Metal Price Index posted a further decline month on month, as reported in the July 2025 metal silicon price index; the decrease was driven by continued weak downstream demand in Europe, easing logistics costs, and persistent oversupply from China and secondary suppliers.
For the Quarter Ending March 2025
North America
• The Silicon Metal Price Index in the US market settled in Q1 2025 at USD 2,751/MT CFR Illinois Port, showcasing continuous upward pressure throughout the quarter.
• Why did the price of Silicon Metal change in April 2025?
Prices increased marginally in the early weeks of April 2025, supported by sustained downstream demand and logistical constraints from earlier supply disruptions.
• The region experienced tight supply conditions due to severe winter storms that disrupted key Gulf ports and production halts caused by force majeure declarations from U.S. producers.
• Imports from Brazil, Chile, and Norway were stable, while Asian imports faced delays, compounding the supply tightness.
• Strong Silicon Metal Demand Outlook was recorded from automotive, solar, and semiconductor industries, especially with a surge in EV-related manufacturing and infrastructure-led aluminum usage.
• Despite intra-quarter price hikes, a quarter-on-quarter decrease of 13.2% was observed compared to Q4 2024 due to previous elevated base prices.
• The Silicon Metal Spot Price reflected the region’s strained supply chain and robust industrial consumption patterns.
• The Silicon Metal Production Cost Trend remained elevated due to energy disruptions and supply chain volatility.
• The Silicon Metal Price Forecast suggests a continuation of tight market conditions, with gradual stabilization as domestic output recovers.
Europe
• The Silicon Metal Price Index in Europe stood at USD 2,191/MT CFR Hamburg by the end of Q1 2025, reflecting mild gains compared to the previous quarter.
• Why did the price of Silicon Metal change in April 2025?
in the early weeks of April, Silicon Metal prices decreased marginally due to weak downstream activity and persistent macroeconomic sluggishness across the region.
• The market experienced price declines throughout the quarter, especially pronounced toward the end, despite supply-side constraints due to maintenance shutdowns and energy limitations in Norwegian and Icelandic facilities.
• Demand was muted, notably from the aluminium alloy and semiconductor sectors, both facing a downturn due to softening EV production and lackluster industrial output.
• The Silicon Metal Spot Price remained under pressure from subdued consumption trends.
• Imports from Norway, France, Brazil, and China were stable, and inventory levels remained healthy, preventing any sharp rebounds.
• While energy costs remained elevated, these did not significantly affect price movement due to oversupply and underwhelming demand.
• The Silicon Metal Production Cost Trend was influenced by higher power tariffs but mitigated by operational stability.
• The Silicon Metal Price Forecast anticipates further softness in the near term, with potential recovery hinging on a rebound in industrial and green energy demand.
• Quarter-on-quarter, prices rose 3.5% compared to Q4 2024, driven largely by earlier energy-linked price corrections.
Asia-Pacific (APAC)
• The Silicon Metal Price Index in APAC, particularly China, closed Q1 2025 at USD 1,459/MT FOB Shanghai, marking a 12% quarter-on-quarter decline from Q4 2024.
• Why did the price of Silicon Metal change in April 2025?
Prices decreased marginally in early April 2025 due to overcapacity, soft downstream demand, and bloated inventory levels.
• The market faced bearish sentiment, with sluggish procurement activity and abundant inventories weighing down pricing.
• China’s major producing provinces like Xinjiang and Inner Mongolia maintained steady or rising output, further worsening oversupply conditions.
• The Silicon Metal Spot Price trended downward due to reduced offtake from polysilicon, semiconductor, and aluminum alloy sectors, all of which showed lackluster demand.
• Regional Silicon Metal Production Cost Trends remained relatively stable but were insufficient to counter the effects of weak demand and inventory buildup.
• Procurement strategies among end users were cautious, driven by global economic uncertainties and conservative forecasting by manufacturers.
• The Silicon Metal Demand Outlook in APAC remains muted in the short term, with no immediate signs of significant consumption rebound.
• The Silicon Metal Price Forecast suggests potential further price pressure unless inventory levels are corrected or demand recovers materially in downstream sectors.
