- Global polysilicon prices declined in Q1’26 as oversupply in Asia, elevated producer inventories, and cautious wafer procurement outweighed logistics risks from the Iran war and Strait of Hormuz closure.
- Feedstock and energy-side pressure increased due to higher freight, insurance, and shipping uncertainty, but weak polysilicon market fundamentals kept the overall trend bearish.
- Downstream demand from wafers and solar modules remained slow, with elevated wafer inventories and delayed restocking limiting spot buying across key regions.
Asia
In China, prices showed a 13.76% decrease from January to March, while in India, they witnessed a 14.26% decrease. China remained the main driver of the regional downturn as excess polysilicon availability, high producer inventories, and weak wafer procurement pressured market sentiment. Elevated polysilicon and wafer inventories showed sluggish downstream absorption. India followed the same trend as cheaper Asian cargoes, and weak global solar-chain sentiment reduced replacement costs. The Iran war and Strait of Hormuz closure increased freight and delivery risks, but this was not enough to offset oversupply.
Europe
In Europe, polysilicon prices also moved lower during Q1’26, with Germany recording a 14.06% decrease from January to March. The decline was linked to weaker Asian benchmarks, sufficient availability, soft module-chain demand, and cautious procurement by downstream solar manufacturers. Higher shipping costs and insurance premiums from Hormuz-related disruption raised landed-cost concerns, but buyers resisted higher offers due to weak market sentiment.
North America
In North America, polysilicon prices weakened during Q1’26, with the USA witnessing a 13.59% decrease from January to March. Local buyers remained cautious as global polysilicon oversupply lowered replacement costs. Demand from wafer and module producers stayed restrained, while supply-chain risk from the Middle East mainly affected freight and insurance rather than reversing the bearish price trend.