SMM June 1 update:
Silicon Metal
Price
Last week, SMM east China oxygen-blown #553 silicon was at 9,100-9,200 yuan/mt, and #441 silicon was at 9,300-9,400 yuan/mt. In the futures market, the most-traded contract moved sideways around 8,600 yuan/mt. With expectations of both supply and demand increases, silicon metal prices continued to move sideways. In the short term, silicon metal prices may continue to move sideways within a range, and attention should be paid to the pace of production resumptions on both the supply and demand sides going forward.
Production
According to SMM data, silicon metal production in May was 331,300 mt, up 3.6% MoM and up 7.6% YoY. Cumulative silicon metal production from January to May 2026 was 1.6319 million mt, up 6% YoY. Entering June, the pattern of both supply and demand increases for silicon metal is clear. Overall, silicon metal production in June is expected to increase MoM to around 360,000 mt.
Inventory
Social inventory: According to SMM statistics, as of May 28, social inventory of silicon metal in major regions totaled 560,000 mt, down 2,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, and other regions).
Polysilicon
Price
Over the weekend, N-type recharging polysilicon was quoted at 33-35.7 yuan/kg. In the first half of last week, a small number of orders were still signed in the market, but orders gradually decreased in the second half. Weekend prices were temporarily stable, as the market was waiting to see the outcomes of exhibitions and related conferences.
Production
In June, China's polysilicon production is expected to rise notably, mainly driven by production increases in Sichuan, Qinghai, Inner Mongolia, and other regions.
Inventory
Inventory decreased slightly, as the previous large-scale concentrated order signing combined with subsequent shipments led to a slight inventory decline.
Module
Price
Last week, domestic module prices maintained a downward trend. The atmosphere of competitive pricing for shipments among enterprises rose again, and centralized project quotations from enterprises also began to decline continuously. The overall market transaction center kept shifting downward, and the low point for modules is expected to touch 0.7 yuan/W going forward. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.742 Yuan/W, 0.749 Yuan/W, and 0.752 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.723 Yuan/W and 0.743 Yuan/W respectively.
Production
Overall production schedules in June are expected to increase, but the increase is limited. Production schedules among top-tier players are also diverging, and the overall supply side is still driven upward by enterprises that secure orders through low pricing.
Inventory
Recently, module inventory levels are expected to edge down slightly amid enterprises' low-price competition, but overall enterprise inventory remains around 30 GW.
High-Purity Quartz Sand
Price
Currently, domestic inner-layer sand is priced at 40,000-45,000 yuan/mt, middle-layer sand at 20,000-24,000 yuan/mt, and outer-layer sand at 16,000-18,000 yuan/mt. Imported high-purity quartz sand is priced at 50,000-55,000 yuan/mt. 33-inch quartz crucibles are priced at 6,000-6,200 yuan/piece, and 36-inch quartz crucibles at 6,600-6,900 yuan/piece. Prices of various types of sand have shown a tendency to stop falling and stabilize in the short term.
Production
In June, production schedules of quartz sand enterprises are expected to edge up slightly. Driven by increased wafer production schedules, multiple crucible producers reported improved order demand. Domestic high-purity quartz sand enterprises are formulating production plans to match wafer demand, while an ex-China high-purity quartz sand enterprise has postponed its production equalization plan.
Inventory
In June, imported sand inventory continues to increase. In Q2 2026, crucible enterprises are purchasing reasonably based on wafer planned production, and overall quartz sand inventory levels continue to rise.
PV Glass
Price
3.2 mm single-layer coating: 3.2 mm single-layer coating PV glass is quoted at 15-16 yuan/m², with prices stable.
3.2 mm double-layer coating: 3.2 mm double-layer coating PV glass is quoted at 16-17 yuan/m², with prices stable.
2 mm single-layer coating: 2 mm single-layer coating PV glass is quoted at 8.5-9.5 yuan/m². Recently, glass enterprises held meetings to discuss future price trends. With expectations of continued reduction in furnace production on the supply side, glass enterprises are willing to raise quotations in June, but resistance from the purchasing side remains significant.
2 mm double-layer coating: 2 mm double-layer coating PV glass is quoted at 9.5-10.5 yuan/m², with prices stable.
Production
In June, more glass furnaces are expected to undergo planned cold repairs and production cuts. Market supply continues to decline, but a slight surplus still persists.
Inventory
Glass inventory levels edged down slightly, with days of inventories at top-tier producers declining by about 1-2 days. As early June pricing approaches, inventory will also be affected by module purchasing strategies.
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