FLASH: Industrial silicon spot holds as cuts begin

East China industrial silicon prices were stable on November 10, with 553# material quoted at Yuan 9,300-9,400/tonne and 421# material at Yuan 9,500-9,600/t. The cited report did not state delivery terms or VAT treatment. Northwest producers maintained output while the first southwestern production cuts took effect. Futures traded in a range as expectations of lower polysilicon output and cautious downstream purchasing weighed on sentiment. Stable spot prices provide a short-term cost floor for polysilicon producers, but lower smelter utilisation and soft demand cap upside. Overseas buyers should monitor southwestern supply losses against ample inventory before extending purchases.