Silicon Industry Branch: Domestic downstream enterprises end raw material preparation and demand decreased in April, China's polysilicon imports decreased by about 67.16% month-on-month

The Zhitong Finance App learned that according to the latest customs data, China's polysilicon imports in April 2025 were 954.3 tons, a decrease of about 67.16% over the previous month. According to an analysis by the Silicon Industry Branch, the decline in polysilicon imports was affected to a certain extent by the end of raw material preparation by domestic downstream companies and a decrease in demand. It is expected that this impact will continue for a certain period of time. Polysilicon exports continued to decline this month, mainly from Malaysia. It is speculated that the negative impact of the US Department of Commerce on the final anti-dumping and countervailing duty rates in the four Southeast Asian countries continues, and demand for polysilicon raw materials in Southeast Asia has declined again.

Industrial silicon

According to customs statistics, industrial silicon exports in April 2025 were 60,500 tons, an increase of 1.64% over the previous year and a decrease of 9.19% over the previous year. The overall export volume in April increased compared to March, but the increase was small. The overall overseas market was relatively stable, and there was little change in export volume. The average export price was 1,478 US dollars/ton, down 4.46% month on month and 23.42% year on year. Mainly affected by low prices in the domestic industrial silicon market, export prices continued to drop slightly.

By region, exports to Japan were 10,500 tons, a decrease of 15.55%. Automobile exports from Japan fell due to tariffs in April, leading to a slight decrease in demand for industrial silicon; exports to South Korea were 0.57 million tons, a decrease of 1.99%; exports to Europe were 11,000 tons, a decrease of 15.81% month over month, mainly due to a decrease in local automobile sales in Europe in April and a decrease in demand for industrial silicon; exports to Asia other than Japan and South Korea were 29,300 tons, an increase of 25.56% over the previous month, although orders from some factories in Southeast Asia declined due to tariffs. However, China and Southeast Asia have added many new collaborations, compounding the relatively low price advantage of China's industrial silicon, and demand for industrial silicon in China has not declined but increased.

A total of 45 countries and regions were exported in April. The top five countries were India 10,700 tons, Japan 105,000 tons, South Korea 0.4,800 tons, Thailand 0.4,800 tons, and the Netherlands 0.4,500 tons. The total export volume was 36,200 tons, accounting for 59.83% of the month's total exports. The main export region of China's industrial silicon was still the Asian region.

Overseas purchases in May 2025 are still mainly on-demand. The export volume of industrial silicon is expected to change little compared to the export volume of industrial silicon in April.

Figure 1 Industrial silicon export volume (unit: ton) and price (unit: USD/ton)

Figure 2 Export volume share of industrial silicon by country and region

polysilicon

According to the latest customs data, in April 2025, China's polysilicon import volume was 954.3 tons, a decrease of about 67.16% over the previous month. Of these, the import volume from Germany was 665.0 tons, accounting for 69.68% of total imports. The import volume from Japan was 182.0 tons, accounting for 19.07% of total imports. The procurement of polysilicon imported from the above two countries accounted for 88.75% of the total import volume. Polysilicon imports continued to decline in April, especially in Malaysia, where only 2.2 tons of polysilicon were imported in April. The decline in polysilicon imports was affected to a certain extent by the end of raw material preparation by domestic downstream companies and a decrease in demand. It is expected that this impact will continue for a certain period of time.

The average import price of polysilicon in April was 32.60 US dollars/kg, up 53.72% from the previous month. The average import prices of the two major import source countries are: Germany 29.96 US dollars/kg and Japan 41.46 US dollars/kg, respectively. Price changes were -16.64% and -1.39%, respectively. The current rise in the average import price has a lot to do with the rapid decline in the share of solar-grade polysilicon imported from Malaysia. Other regions account for more electronic-grade polysilicon products, and the price is also relatively high. However, if we look at regional price changes, there was a slight decline in import prices in April. The overall trend of changes in domestic polysilicon spot prices in April is quite consistent.

Figure 1: Polysilicon import volume (unit: ton) and price (unit: USD/kg)

Figure 2: Percentage of polysilicon imports by country

According to the latest customs data, in April 2025, China exported 1262.3 tons of polysilicon. Among them, the export volume to the Netherlands was 562.8 tons, accounting for 44.59% of the total export volume. Exports to Malaysia amounted to 480 tons, accounting for 38.03% of total exports. Polysilicon exports to these two places account for 82.62% of the total export volume. Polysilicon exports continued to decline this month, mainly from Malaysia. It is speculated that the negative impact of the US Department of Commerce on the final anti-dumping and countervailing duty rates in the four Southeast Asian countries continues, and demand for polysilicon raw materials in Southeast Asia has declined again. In April, the average export price of polysilicon in China was 6.74 US dollars/kg, down 8.17% from the previous month. Average prices in major exporters are: Malaysia $10.92/kg; South Korea $8.81/kg. Price changes were -1.28% and -0.52%, respectively. Export prices continued to fall.

Figure 3: Polysilicon export volume (unit: ton) and price (unit: USD/kg)

Figure 4: Share of polysilicon exports by country

monocrystalline silicon

In April 2025, domestic silicon wafer exports were 4.81 GW, up 3.66% month on month. Among them, monocrystalline silicon wafer exports were 4.64 GW, up 0.39 GW month on month, polycrystalline silicon wafer exports were 0.17 GW, a decrease of 0.22 GW month on month; in January-April, domestic silicon wafer exports were 16.45 GW, a year-on-year decrease of 3.91%. According to statistics by country in April, the four Southeast Asian countries of Cambodia, Malaysia, Thailand, and Vietnam accumulated exports of 2.17 GW, an increase of 0.16 GW over the previous month, with a small increase of 0.16 GW.

Southeast Asia's exports have not changed much. The main reason is due to the impact of the US policy of imposing high anti-dumping duties on Southeast Asian photovoltaic products. The operating rate of local PV module factories, especially in Vietnam and Malaysia, has declined sharply. Demand for silicon wafers is purchased as needed, and there are no regulations on large-scale stocking. Recently, the price of silicon wafers has dropped significantly. It has fallen below the industry's cash costs. There is little range where it continues to decline again, and the downstream demand side has a high degree of acceptance of current prices.

Meanwhile, the US International Trade Court ruled on the 28th that the president has no right to levy comprehensive tariffs on almost all trading partners. It is unconstitutional for the US Congress to grant “unrestricted tariff powers” to the president. Congress established powers in the International Emergency Economic Powers Act to limit when and how the President levies tariffs. Therefore, with the adjustment of the US tariff policy, the degree of export restrictions is expected to improve. Coupled with the recent expectation that downstream purchase orders will increase, it is expected that the silicon wafer market will have steady upward momentum in the future.

Silicon wafer export volume from January to April 2025 (unit: GW)

Silicon wafer export volume by country in April 2025 (unit: GW)