Module Prices Eased Slightly, Polysilicon Prices Temporarily Remained Stable [SMM Silicon-Based PV Morning Meeting Minutes]

SMM News, March 16:

Silicon Metal

Prices

Last week, spot silicon metal transactions remained in a stalemate. SMM east China oxygen-blown #553 silicon was quoted at 9,100-9,300 yuan/mt, and #441 silicon at 9,300-9,600 yuan/mt. The most-traded silicon metal futures contract fluctuated around 8,600-8,800 yuan/mt, with the price center edging up slightly from the previous period. Downstream players mostly digested inventories or purchased as needed, while wait-and-see sentiment remained relatively strong and inquiries and procurement were sluggish. Silicon metal prices mainly fluctuated.

Production

At the beginning of March, some capacity on the supply side resumed production. As production was released, silicon metal production increased from the beginning of the month.

Inventory

Social inventory: According to SMM statistics, as of March 12, social inventory of silicon metal in major regions totaled 552,000 mt, down 1,000 mt WoW. (Excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Polysilicon

Prices

Over the weekend, N-type recharging polysilicon was quoted at 42-50 yuan/kg, the N-type polysilicon price index stood at 45.64 yuan/kg, and granular polysilicon was quoted at 43-45 yuan/kg. Polysilicon prices temporarily held steady over the weekend. Currently, affected by wafers, bearish market sentiment persists, but some top-tier enterprises also intend to hold quotes firm, so prices are temporarily stable. Meanwhile, news emerged last week that the industry had launched investigations into some low-price and cost issues, drawing certain market attention.

Production

Affected by calendar days and the resumption of production at some bases, polysilicon production in March is expected to increase, with China production expected to be around 85,000 mt,

Inventory

Polysilicon inventory increased slightly. Order signing in the market was limited, and current production was not enough to cover short-term shipments, so inventories rose accordingly.

Module

Prices

Recently, transaction prices for modules in China have loosened somewhat. As demand outside China declines and domestic projects are about to start, module enterprises have shown differing quote sentiment. Some enterprises have started to offer concessions in advance to take orders, and distributors have also begun shipping at low prices recently, leading to a decline in the market transaction price center. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.752 Yuan/W, 0.767 Yuan/W, and 0.77 Yuan/W, respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.727 Yuan/W and 0747 Yuan/W, respectively.

Production

In March, operating rates in China declined slightly. With difficult shipments outside China and domestic demand yet to start, module enterprises made slight adjustments to operating rates, but overall China production still remained above 35 GW.

Inventory

Inventory increased slightly last week. As overseas transportation was curbed, inventory at China module enterprises increased somewhat, with enterprise inventory on hand approaching 30 GW.

High-Purity Quartz Sand

Price

Currently, the price of inner-layer sand in China is 50,000-55,000 yuan/mt, the price of middle-layer sand is 20,000-25,000 yuan/mt, and the price of outer-layer sand is 13,000-20,000 yuan/mt, while imported high-purity quartz sand is priced at 65,000-70,000 yuan/mt. The price of 33-inch quartz crucibles is 6,000-6,300 yuan/piece, and the price of 36-inch quartz crucibles is 7,200-7,300 yuan/piece. Spot order prices for imported sand declined.

Production

In March, the planned production of quartz sand enterprises is expected to maintain a slight increase, and high-purity quartz sand enterprises in China formulated production plans in line with wafer demand.

Inventory

At the beginning of 2026, crucible enterprises made reasonable purchases based on wafer planned production, and imported quartz sand inventory continued to increase.

PV Glass

Price

3.2 mm Single-Layer Coating: 3.2 mm single-layer coating PV glass is quoted at 17-18 yuan/m², with stable prices.

3.2 mm Double-Layer Coating: 3.2 mm double-layer coating PV glass is quoted at 18-19 yuan/m², with stable prices.

2.0 mm Single-Layer Coating: 2.0 mm single-layer coating PV glass is quoted at 10-10.5 yuan/m². Glass demand remains weak at present, while supply continues to fluctuate at highs, resulting in a slight imbalance in supply and demand. Although the cost side provides support, enterprises still face significant pressure in negotiated shipments.

2.0 mm Double-Layer Coating: 2.0 mm double-layer coating PV glass is quoted at 11-11.5 yuan/m², with stable prices.

Production

Recently, some small and medium-sized enterprises in China began planning production cuts and shutdowns, but there are currently no large-scale cold repair plans.

Inventory

At present, glass enterprise inventory continues to increase, and demand outside China has also started to decline over the past week, while module purchasing as needed remains the main approach in China.