Institution: This week, the polysilicon market saw differentiated transactions, while overall prices remained stable.

```htmlThe price of n-type recycled silicon remains in the range of 35,000–36,000 RMB/ton, but there have been no transactions this week. The transaction price range for n-type granular silicon is 34,000–36,000 RMB/ton, with the average transaction price at 34,300 RMB/ton, which is unchanged from the previous week. This week, the polysilicon market saw a marked divergence in transaction activity: rod-shaped silicon enterprises did not secure any new orders, while granular silicon has basically completed order signings for May. The main reasons are: on one hand, amid overall weak end-market demand and strict cost control, granular silicon, which has a relative cost advantage, demonstrates better value for money in a sluggish market. On the other hand, on the supply side, rod-shaped silicon had a market share of approximately 74% in April, while granular silicon accounted for just 26%, making its supply relatively limited. At the same time, rod-shaped silicon holds a higher proportion in current downstream inventories, which means that when new restocking demand arises, companies tend to prioritize procurement of granular silicon, which has tighter supply and lower inventory levels.```