[SMM PV Flash] Xinjiang's 2027 Mechanism Electricity Price Bidding Announcement: PV 0.259 yuan/kWh

In H1 2026, TOPCon solar cell prices drifted lower, with mainstream specifications recording a cumulative decline of about 35%-39%, and the decline accelerated to hit bottom after June. On the production side, output was actively reduced; although the production schedule rebounded in June, demand follow-up was insufficient, inventory pressure intensified, and the structural surplus remained evident. On the export side, rush shipments surged in March before the tax rebate cancellation, then pulled back markedly in April-May, but cumulative exports still increased YoY, reflecting resilient overseas demand. H2 prices are expected to stabilize and rebound in stages after inventory buildup peaks. High-efficiency capacity will benefit from the exit of low-efficiency capacity, and the importance of enterprises’ go-global strategies will further rise.

[SMM Analysis: H1 2026 PV Glass Market Review and Outlook – Oversupply Weighs on Prices, Pace of Cold Repair-Induced Capacity Rationalization Determines Recovery Room] In H1 2026, the PV glass industry went through a full downward cycle marked by oversupply, weakening demand, prices hitting bottom, industry-wide losses, and accelerated capacity rationalization through cold repairs. China's new installations saw a phased pullback, demand dropped after the export tax rebate adjustment, and the release of previously expanded capacity—these three factors caused the PV glass industry to return to a downward trajectory, with the pace of capacity rationalization accelerating.