CRU held its 16th Silicon Market Forum in Kristiansand, Norway during 7–10 September 2026. The conference featured a site visit to Elkem, presentations and networking opportunities for over 250 professionals from 110 companies globally. We have identified four key topics from the conference discussions.
Trade protections
- The EU’s interim review of antidumping measures on silicon metal imports from China was a focal point during the conference. There is general expectation that this could support European silicon metal price recovery, though the magnitude will eventually depend on the final rates determined.
- Silicon metal from Angola falls outside the scope of the above investigation, raising concerns that Angolan materials could continue to pressure European market prices. This will need to be filed in a separate EU antidumping case, with market sources indicating that Angolan silicon metal imports to the EU have now reached the filing
- Market feedback suggests that potentially strengthened import reporting requirements have prompted European buyers to favour domestic materials. In addition, silicon metal exporters are facing stricter certification requirements from European buyers, creating near-term challenges for market access.
- With US AD/CVD orders now effective on silicon metal imports from Norway, Australia, Angola and Laos, imports from these regions are likely to remain limited unless US market prices surge sufficiently to offset the duties.
Demand
- No clear evidence of silicon metal demand recovery into 2027 is yet visible, with concerns that potential delays in discretionary spending from end consumers – amid moderate global economic growth and higher inflation – could weigh on consumption.
- While trade measures on silicon metal may support near-term price gains, demand development will be the ultimate driver of medium-term price increases. Market participants recognise that it requires: 1) trade protections across the entire value chain, particularly for downstream industries; and 2) innovation to bring additional silicon applications to support silicon metal demand growth.
- Amid competition from low-priced commodity products, western downstream players are shifting focus towards value-add products that can deliver better margins, such as specialty silicones, semi-grade polysilicon and high value-added aluminium-silicon alloys.
- Medium-term silicon metal opportunities could emerge from high-than-expected solar PV installations and regional reshoring trends.
Supply
- New greenfield silicon metal capacities in Southeast Aisa and the Middle East are expected to come online next year, according to participant feedback.
- Despite recognising potential volume opportunities from furnace restarts in the Americas, current price levels continue to weigh on supply and margin considerations for silicon metal producers.
- Should US silicon metal prices rise further, it could trigger additional supply from various regions into the market, potentially create downward pressure on prices.
- The leading Chinese silicon metal producer have shut down some furnaces to temporarily reduce supply and support prices. They are also switching several furnaces to ferrosilicon production.
Costs
- Logistics costs have surged due to high crude oil prices and will remain subject to increasing geopolitical uncertainty and evolving silicon metal trade dynamics in 2027.
- Key silicon metal producing countries, such as China, Norway and Brazil, have experienced local currency appreciation against the US dollar during the year.
- Reductant and electrode prices are anticipated to rise into next year, driven by elevated coal prices.
- Chinese silicon metal production costs have increased throughout 2026 and are expected to rise further as energy supply tightens.
If you would like to know more about the evolving dynamics in the silicon market, please get in touch.
