On April 1, the Guangzhou Futures Exchange (GFEX) issued a notice on revisions to the Detailed Rules for Polysilicon Futures and Options Trading, updating and disclosing changes to delivery contract specifications. This indicates that GFEX has approved the inclusion of granular silicon in polysilicon futures delivery, filling the previous gap where only rod-shaped (chunk) silicon was deliverable.

This move represents an important step in GFEX’s mission to “empower green development and innovation” and marks the financial market’s recognition of both the industrial value of granular silicon and the photovoltaic industry’s transition toward N-type technologies.

As the global leader in both capacity and technology of granular silicon, GCL Technology will leverage its strengths to actively participate in futures pricing, contributing to the stable development of the entire industry chain.

Polysilicon is a core raw material in the photovoltaic sector, and its price stability is critical to the entire value chain. With the industry accelerating toward N-type technologies, granular silicon—featuring low power consumption and low carbon footprint—has been gaining market share. Its inclusion in futures delivery effectively addresses the longstanding issue of “product mismatch hindering hedging.” Downstream companies can now use futures instruments to hedge against price volatility when procuring granular silicon, thereby improving their risk management systems.

At the same time, this development establishes the financial status of the granular silicon technology route, shifting industry competition from a sole focus on capacity and quality to a coordinated emphasis on low carbon performance and cost efficiency. GCL Technology’s granular silicon achieves power consumption as low as 13.8 kWh/kg, significantly below traditional processes. Its inclusion is expected to accelerate the phase-out of high-cost, outdated capacity and promote supply-side reform across the industry.

For GCL Technology, granular silicon can now be registered as standard warehouse receipts, effectively alleviating inventory depreciation risks and capital occupation during price downturns. As the world’s only company to achieve large-scale mass production of granular silicon, GCL currently has an effective capacity of 480,000 tons. Its standardized product advantages enhance its attractiveness in futures delivery, strengthening its pricing power and resilience against market cycles.

The inclusion of granular silicon will also inject vitality into the futures market by significantly increasing deliverable supply, helping prevent futures prices from deviating from spot fundamentals. It will optimize the premium-discount mechanism, making futures prices more representative, and form a “dual-silicon” linkage with industrial silicon futures. This will further improve the photovoltaic financial ecosystem and enhance China’s influence in global PV pricing.

A representative of GCL Technology stated that the revision of the GFEX polysilicon futures and options rules is a key practice of financial services supporting the real economy. The company will proactively utilize futures tools to strengthen risk management, continue advancing technological innovation, and play a leading role in improving industry standards. Together with industry partners, GCL aims to drive cost reduction, efficiency improvement, and green development, contributing to China’s “dual carbon” goals and enhancing the global competitiveness of the photovoltaic industry.

As a global pioneer in granular silicon, GCL Technology has devoted years to the R&D and industrialization of Fluidized Bed Reactor (FBR) technology, demonstrating long-term commitment and perseverance. The company has successfully established large-scale production and remains the only enterprise worldwide to achieve mass production of FBR granular silicon. Its capacity scale and technological capabilities are both globally leading.

GCL’s granular silicon products are well aligned with the requirements of high-efficiency N-type modules and the trend of the EU’s Carbon Border Adjustment Mechanism (CBAM). Its customer base already includes leading global wafer and module manufacturers, with market recognition continuing to grow.