Wafer Manufacturers Were Still Pushing for Lower Polysilicon Prices, While Individual Module Quotes Recovered [SMM Silicon-Based PV Morning Meeting Summary]

SMM News, March 30:

Silicon Metal

Prices

Last week, spot silicon metal prices remained in a stagnant tug-of-war. SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, and #441 silicon was at 9,300-9,500 yuan/mt. Market sentiment cooled somewhat, and futures prices pulled back slightly on Friday to around 8,600 yuan/mt. Silicon metal had limited upside and downside room, while operating rates on the demand side were largely stable, with attention focused on whether there would be any changes on the supply side.

Production

At the beginning of March, some supply-side capacity resumed production. In mid-March, the silicon metal operating rate remained largely stable, and total silicon metal production in March increased from February.

Inventory

Social inventory: According to SMM statistics, as of March 26, social inventory of silicon metal in major regions totaled 560,000 mt, up 7,000 mt WoW, with the increase mainly in Xinjiang. (Excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Polysilicon

Prices

As of the weekend, quotes for N-type recharging polysilicon were 36-43.5 yuan/kg. Polysilicon prices still appeared slightly weak over the weekend, and the market reported extremely low expected prices from some crystal pulling plants, which upstream suppliers had not yet accepted.

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. Some domestic bases also plan to raise production in April.

Inventory

Polysilicon inventory pulled back somewhat in March. Although market transactions were limited, sales under dual-channel distribution increased significantly at many producers, easing inventory pressure.

Module

Prices

Last week, module prices in China remained temporarily stable. Some local quotes were raised, but mainstream transaction prices in the market had not yet changed. As the export tax rebate window is about to close, export orders decreased significantly. Domestic distributed projects showed poor acceptance of current module prices, and amid sluggish domestic demand, modules are expected to face greater difficulty in holding prices firm. Currently, quotes for distributed Topcon183, 210R, and 210N high-efficiency modules were 0.752 Yuan/W, 0.764 Yuan/W, and 0.765 Yuan/W, respectively, while quotes for centralized Topcon182/183 and 210N high-efficiency modules were 0.727 Yuan/W and 0747 Yuan/W, respectively.

Production

China's module scheduled production in April is expected to decline sharply. Some module plants are still producing based on previous orders, and if those earlier orders are exhausted, module scheduled production will remain on a downward trend.

Inventory

Module inventory maintained a slight increase, with producer inventory on hand approaching 30 GW.

High-Purity Quartz Sand

Prices

Currently, prices in China for inner-layer sand are 50,000-53,000 yuan/mt, middle-layer sand 20,000-25,000 yuan/mt, and outer-layer sand 16,000-18,000 yuan/mt, while imported high-purity quartz sand is priced at 65,000-68,000 yuan/mt. Prices for 33-inch quartz crucibles are 6,000-6,300 yuan/piece, and 36-inch quartz crucibles are 7,000-7,300 yuan/piece. Spot order prices for imported sand were lowered.

Production

In March, quartz sand enterprises were expected to maintain a slight increase in production schedules, with China's high-purity quartz sand enterprises formulating 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

Prices

3.2 mm single-layer coating: 3.2 mm single-layer coating PV glass was quoted at 16.8-18.0 yuan/m², with stable prices.

3.2 mm double-layer coating: 3.2 mm double-layer coating PV glass was quoted at 17.8-19.0 yuan/m², with stable prices.

2.0 mm single-layer coating: 2.0 mm single-layer coating PV glass was quoted at 9.7-10.5 yuan/m². Pressure on the glass supply side further affected glass prices, and when glass pricing is set in April, glass enterprises are expected to have weaker bargaining power, with actual transaction prices still likely to fall.

2.0 mm double-layer coating: 2.0 mm double-layer coating PV glass was quoted at 10.7-11.5 yuan/m², with stable prices.

Production

Glass supply in April is expected to decrease slightly, but overall there are still not many domestic production lines undergoing cold repair-related production cuts.

Inventory

Glass inventory continued to increase, with overall industry days of inventories approaching 45 days.