Silicon Wafer Production Increased in February, Solar Cell Inventory Decreased, and Module Production May Rise [SMM Silicon-Based PV Morning Meeting Summary]

Silica

Prices

This week, silica prices remained stable. The silicon market continues to be weak, with the overall operating rate of the industry at a relatively low level. Additionally, silicon plants that previously reduced production and shut down furnaces have no short-term plans to resume production. Downstream demand for raw silica remains weak. Currently, the mine-mouth price of low-grade silica in Yunnan is 340-360 yuan/mt. The mine-mouth price of high-grade silica is 360-390 yuan/mt in Inner Mongolia, 420-450 yuan/mt in Hubei, and 440-460 yuan/mt in Jiangxi.

Production

Silica mines have gradually resumed production and shipments, with overall supply relatively ample.

Demand

Downstream demand for industrial silicon remains weak. In south-west China and northern regions, some silicon plants that previously reduced production have no short-term plans to resume operations. Recent restocking demand for raw materials is also weak.

Silicon Metal

Prices

This week, spot silicon metal prices remained stable. In east China, the price of above-standard #553 silicon was 10,800-10,900 yuan/mt, while #441 silicon was 11,100-11,300 yuan/mt. Market sentiment was moderate, with downstream purchasing as needed.

Production:

In February, operating rates among silicon enterprises of different scales are expected to continue diverging. Large enterprises are relatively stable, while small and medium-sized enterprises show weaker operating rates.

Inventory

Social Inventory: According to SMM data, as of February 7, the national social inventory of industrial silicon totaled 543,000 mt, an increase of 3,000 mt compared to before the Chinese New Year. Among this, social general warehouses held 150,000 mt, a decrease of 1,000 mt, while social delivery warehouses held 393,000 mt (including unregistered warehouse warrants and spot cargo), an increase of 4,000 mt compared to before the holiday.

Silicon Wafer

Prices

The market price of N-type 18X silicon wafers was 1.18-1.18 yuan/piece, while N-type 210RN silicon wafers were priced at 1.26-1.35 yuan/piece. Silicon wafer prices saw a slight decline, mainly reflected in minor price reductions by second- and third-tier manufacturers.

Production

In February, silicon wafer production continued to increase, with the growth mainly concentrated in integrated enterprises. Based on downstream demand, further increases are possible in March.

Inventory

Silicon wafer inventory has gradually started to rise, primarily due to reduced downstream purchases and inventory buildup during the Chinese New Year holiday.

Solar Cell

Prices

The price of high-efficiency PERC182 solar cells (efficiency of 23.2% and above) was 0.325-0.34 yuan/W. There were no transactions in the PERC210 solar cell market, and prices remained stable. The price of Topcon183 solar cells (efficiency of 25% and above) was approximately 0.285-0.295 yuan/W, while Topcon210RN solar cells were priced at 0.28-0.285 yuan/W, and Topcon210 solar cells at 0.285-0.295 yuan/W. Prices remained stable after the holiday. The mainstream price of HJT210 half-cell products was 0.36-0.38 yuan/W, with prices also stable after the holiday.

Production

Module manufacturers' solar cell bases have gradually resumed operations, leading to increased production. Specialized solar cell manufacturers maintained stable operating rates.

Inventory

Recent battery orders have been relatively sufficient, with normal deliveries ongoing, and inventory showing a decreasing trend.

PV Film

Prices

PV-Grade EVA

The transaction price of PV-grade EVA was 11,200-11,400 yuan/mt. The domestic delivery-to-factory price of PV-grade POE was approximately 12,000-13,500 yuan/mt, with POE prices remaining stable.

PV Film

Currently, the mainstream price of 420g transparent EVA film is 5.29-5.46 yuan/m², 420g white EVA film is 5.67-6.05 yuan/m², 380g EPE film is 5.79-5.89 yuan/m², and 380g POE film is 6.84-7.22 yuan/m².

Production

In February, the planned production of PV-grade EVA was approximately 1.1 million mt, while the planned production of PV film was approximately 340 million m².

Inventory

Currently, petrochemical enterprise inventories are relatively low. A slight inventory buildup is expected in the second half of February. Subsequently, with the increase in module production, EVA demand is expected to rise. However, on the supply side, due to maintenance and planned production shifts, supply is expected to remain tight.