The current industrial silicon market is caught in a pattern of sluggishness on both the supply and demand sides, lacking fundamental impetus for improvement. On the supply front, production in Northwest China remains relatively stable, and even maintains high output due to capacity release. In contrast, Southwest China’s production has dropped to a low ebb under the dual pressures of rising electricity prices during the dry season and routine winter production cuts, leaving limited room for further reduction in the near term. On the demand side, demand continues to be under pressure as the growth rate of terminal photovoltaic installations slows down and the industry grapples with overcapacity, leading to expectations of a decline in polysilicon production scheduling. Meanwhile, the silicone sector has kept reducing output in response to the call for avoiding cut-throat competition, resulting in limited consumption of metallic silicon.