PV-Grade EVA Resin Prices Basically Stable, Demand Recovery Still Needs Time

Zhitong Finance learned that PV stocks pulled back collectively. As of 14:16 on the afternoon of April 22, Junda Technology (02865) fell 4.63% to HK$32.52; Xinyi Solar (00968) fell 4.4% to HK$3.04; Xinyi Glass (00868) fell 2.54% to HK$9.6; Flat Glass (06865) fell 1.28% to HK$10.04. CICC issued a report stating that multiple government departments recently reiterated anti-involution measures for the PV industry. The PV glass sector reacted more significantly because there were enterprises in the market quoting ultra-low prices to ensure cash flow turnover. According to SCI data, the current quoted price for 2.0mm glass was 9.2-9.8 yuan/m², with the midpoint continuing to trend downward, and some enterprises had quoted prices as low as 9 yuan/m². If price enforcement and quality supervision were carried out in accordance with the meeting requirements, it would effectively safeguard the interests of enterprises that comply with market rules.

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices remained stagnant this week. SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. Silicon metal futures prices fluctuated around 8,700 yuan/mt. With absolute prices on the high side, downstream players mainly digested inventories, and new order transactions were sluggish. Supply and demand were largely balanced, and prices remained in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34.1-36 yuan/kg. Polysilicon prices were relatively stable overall this week. Orders were signed both in the preceding period and this week. Industry conferences continued to be held this week, coupled with wild swings in futures, and wait-and-see sentiment in the market gradually increased.

The blockade of the Strait of Hormuz has delivered a direct and material external shock to Southeast Asia’s energy supply structure. Solar (PV) is emerging as the main alternative for reducing exposure to fossil fuel price volatility. However, the structural tension between accelerating PV penetration and entrenched electricity market models will be the decisive factor governing the region’s energy transition pace.