On January 12, 2026, the Hebei Provincial Development and Reform Commission issued the "Public Notice on Proposed Adjustments to Wind and Photovoltaic Projects Participating in the 2025 Centralized Grid Connection Campaign with Expired Deadlines." The notice proposes extending the grid connection deadlines for 30 wind and photovoltaic projects to 2026, with wind power projects totaling 2.7555 GW and photovoltaic projects totaling 0.45 GW. Among them, the State Power Investment Jingxing 200 MW photovoltaic power generation project has had its construction scale reduced from 183 MW to 127.2 MW.
PriceSeek Analysis on Polysilicon, Bull-Bear Score: -1
The Hebei Provincial Development and Reform Commission announced the extension of grid connection deadlines for 30 wind and photovoltaic projects to 2026, with the State Power Investment Jingxing photovoltaic project's scale reduced from 183 MW to 127.2 MW. The reduction and delay in photovoltaic project scales directly lower the demand in the photovoltaic industry. As polysilicon is a key raw material for photovoltaic cells, weakened demand may increase the risk of oversupply in the spot market, putting downward pressure on spot prices.
Combined with the latest market trends in the polysilicon futures market, such as the closing price of the 2609 contract on January 15, 2026, at 48,800 yuan per ton, down 305 yuan, it indicates market expectations of weakening demand. Futures prices may face further downward pressure, while changes in open interest and trading volume suggest bearish market sentiment. Therefore, a mildly bearish score of -1 is assigned, reflecting the moderate negative impact of reduced demand on prices.
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