GCL cuts granular silicon production costs by 15%
GCL Technology Holdings Ltd., a Hong Kong-listed Chinese polysilicon manufacturer, has announced the latest developments in its granular silicon business.
In the fourth quarter of 2024, GCL produced 70,900 tons of granular silicon and sold 74,600 tons, cutting cash costs by 15% to CNY 28.17/kg from CNY 33.18 in the third quarter. For the year, GCL produced 269,200 tons and shipped 281,900 tons, while silicon inventories declined steadily.
Figures from the Silicon Branch of the China Nonferrous Metals Industry Association (CNMIA) show that recent polysilicon prices ranging between CNY 37/kg and 42.5/kg, with granular silicon trading at CNY 36/kg to 38/kg. By comparison, Daqo Energy reported a unit cash cost of CNY 38.93/kg in the third quarter, while Xinte’s semi-annual report listed a cost of around CNY 48/kg, and other Siemens-process producers reported about CNY 40/kg. These figures highlight GCL’s cost and margin advantages in granular silicon production.
The cost reductions align with GCL Chairman Zhu Gongshan’s pledge during the company’s 2024 interim results briefing, where he forecasted granular silicon costs would fall below CNY 30/kg after September 2024 due to technological advancements and rapid capacity expansion. A GCL representative confirmed to pv magazine that production costs have now dipped below selling prices, signaling an end to losses in the polysilicon business.
GCL credited the lower costs to improved production processes, optimized equipment configurations, balanced production cycles, and reduced energy use. With downstream customers increasingly adopting granular silicon, its selling price has surpassed n-type dense material prices and is nearing that of premium n-type refeeding materials.
As of January 2025, GCL’s silicon production capacity totals 460,000 tons, including 220,000 tons across two Inner Mongolia bases, 100,000 tons in Leshan, Sichuan, and 140,000 tons in Xuzhou, Jiangsu – all upgraded to granular silicon. GCL has also announced plans for its first overseas granular silicon plant in the United Arab Emirates and held talks with Saudi Arabia on a 120,000-ton-per-year silicon facility.
Industry analysts believe GCL’s cost-cutting measures will strengthen its competitive edge and accelerate the replacement of outdated silicon capacity.
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