Module Price-Firming Sentiment Increases Slightly, Polysilicon Prices Temporarily Stable [SMM Silicon-Based PV Morning Briefing]

SMM, June 15 –

Silicon Metal

Prices

Last week, SMM East China oxygen-blown #553 silicon was at 9,100-9,200 yuan/mt, and #441 silicon at 9,300-9,400 yuan/mt. The most-traded contract in the futures market hovered around 8,700 yuan/mt. On the supply side, silicon enterprises maintained strong sentiment to hold prices firm or keep them stable, with spot prices largely remaining stable. Last week, discussions on energy consumption and carbon emission standards for the supply side of silicon metal took place, with attention focused on the subsequent implementation and publicization of these standards in the long term. In the short term, supply-demand stalemate for silicon metal persisted, and prices moved sideways.

Production

According to SMM data, silicon metal production in May was 331,300 mt, up 3.6% MoM and up 7.6% YoY. In early June, operating rates of silicon enterprises in the north were largely stable, with a small number of silicon enterprises in Sichuan and Yunnan resuming production at a relatively slow pace.

Inventory

Social inventory: As of June 11, SMM statistics show total social inventory of silicon metal in major regions was 560,000 mt, unchanged WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Polysilicon

Prices

Last weekend, quotes for N-type recharging polysilicon were at 32-34.5 yuan/kg. Order signing in the market was limited, and prices remained temporarily stable over the weekend. After the exhibition, initial market quotes had expectations for a decrease, but subsequently held steady due to the influence of relevant “unofficial” news.

Production

In June, domestic polysilicon production rose significantly, mainly driven by increases in Sichuan, Qinghai, Inner Mongolia, etc., while expectations for production cuts at some bases in Xinjiang were also added later.

Inventory

Inventory decreased. Previously, relatively large-scale centralized order signing combined with subsequent deliveries led to a slight reduction in inventory. After shipments, some top-tier players’ inventories fell to around 100,000 mt.

Modules

Prices

Last week, prices of domestic distributed modules were mostly stable, as enterprises’ sentiment to hold prices firm strengthened somewhat, particularly among some second-tier players that had previously experienced significant price drops. For centralized, projects have increased recently, but prices have started to decline, with the lowest ex-factory prices for some deliveries already falling to 0.68 yuan/W, and new order prices also dipping below 0.7 yuan/W. Currently, quotes for distributed high-efficiency Topcon modules are at 0.734 yuan/W for 183, 0.74 yuan/W for 210R, and 0.7425 yuan/W for 210N, while centralized high-efficiency Topcon modules are at 0.721 yuan/W for 182/183 and 0.741 yuan/W for 210N.

Production

Recently, operating rates of domestic module plants have slightly declined, mainly due to limited orders. In the short term, operating rates are expected to remain at low levels.

Inventory

Last week, domestic module inventory decreased, but the extent was relatively small, as downstream enterprises have not yet started large-scale procurement.

High-Purity Quartz Sand

Prices

Currently, domestic inner-layer sand prices are 40,000-45,000 yuan/mt, middle-layer sand at 20,000-24,000 yuan/mt, outer-layer sand at 16,000-18,000 yuan/mt, and imported high-purity quartz sand at 50,000-55,000 yuan/mt. 33-inch quartz crucibles are at 6,000-6,100 yuan/piece, and 36-inch quartz crucibles at 6,500-6,600 yuan/piece. The average price center for large-sized crucibles is still shifting downward.

Production

In June, quartz sand enterprises’ planned production is expected to edge up slightly. Driven by increased wafer production schedules, multiple crucible plants have reported better order demand. Domestic high-purity quartz sand enterprises are making production plans to match wafer demand, and recently, demand for PV-grade high-purity quartz sand used in semiconductors has begun to increase.

Inventory

In June, imported sand inventory continues to increase. In Q2 2026, wafer enterprises made reasonable purchases of crucibles based on planned production. Overall, quartz sand inventory levels continue to rise.

PV Glass

Prices

3.2mm single-layer coating: 3.2mm single-layer coating PV glass quotes are 15-16 yuan/m², prices are stable.

3.2mm double-layer coating: 3.2mm double-layer coating PV glass quotes are 16-17 yuan/m², prices are stable.

2.0mm single-layer coating: 2.0mm single-layer coating PV glass quotes are 8.5-9.5 yuan/m². After the exhibition, some module enterprises began to increase procurement volumes, but prices remained temporarily stable, with only glass enterprises raising their quotes. In the short term, glass enterprises are still focused on destocking.

2.0mm double-layer coating: 2.0mm double-layer coating PV glass quotes are 9.5-10.5 yuan/m², prices are stable.

Production

In June, glass operating rates are expected to remain on a downtrend. Domestic production cuts are expected to continue at a relatively fast pace, and subsequently, according to incomplete statistics, around 6,000 mt/day of furnace capacity is planned for production cuts or shutdowns.

Inventory

Industry days of inventories approached 40 days, with top-tier players seeing a decrease of around 4 days, while second-tier enterprises largely remained above 45 days.