There is a certain tug-of-war in polysilicon prices, with module scheduled production further decreasing [SMM Silicon-based PV Morning Meeting Summary]

SMM June 9 News:

Silicon Metal

Prices

Last week, the decline in spot silicon metal prices narrowed, with prices consolidating sideways, while futures prices rebounded slightly. SMM east China oxygen-blown #553 silicon was priced at 8,000-8,300 yuan/mt. The price spread between different grades of silicon metal also continued to narrow.

Production

In May 2025, silicon metal production reached 307,700 mt, up 2.3% MoM and down 24.6% YoY. In June, due to the production release from resumed capacity and marginal increases from newly commissioned capacity, silicon metal supply is expected to increase. Under the pressure of losses and difficulties in selling silicon (Si≥97%) due to lower prices compared to silicon (Si≥99%), only a few silicon (Si≥97%) enterprises are in operation, with monthly production dropping to a few thousand mt.

Inventory

Social Inventory: SMM statistics show that as of June 5, the total social inventory of silicon metal in major regions was 587,000 mt, down 2,000 mt WoW. Among this, general social warehouses held 135,000 mt, up 1,000 mt WoW, while social delivery warehouses held 452,000 mt (including unregistered warrants and spot cargo), down 3,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Polysilicon

Prices

At the end of the week, the price of N-type recharging polysilicon was 35-38 yuan/kg, with the N-type polysilicon price index at 35.2 yuan/kg. Last week, polysilicon prices were largely stable, with limited market transactions during the non-centralized order signing period. Crystal pulling plants and major polysilicon producers engaged in some price negotiations for dense recharging polysilicon around the 34-36 yuan/kg range.

Production

As of June, there are plans to resume production at two bases, with a limited number of enterprises currently cutting production. Polysilicon supply is expected to increase.

Inventory

Currently, polysilicon inventory remains under significant pressure, with polysilicon inventory still above 250,000 mt.

Module

Prices

In the current module market, the mainstream transaction price for N-type 182mm modules in centralized projects is 0.698-0.703 yuan/W, with a slight decline in the average price. The mainstream transaction price for N-type 210mm modules is 0.713-0.718 yuan/W, also with a slight decline in the average price. The price for TOPCon distributed 182mm modules is 0.687-0.69 yuan/W.

Production

In May, the overall production schedule for modules decreased by more than 10% compared to April, expected to be due to weaker subsequent demand.

Inventory

Overall destocking continued in May. The recent decrease in distributed orders will impact inventory levels in June.

High-Purity Quartz Sand

Prices

Currently, the price of domestic inner-layer sand is 60,000-70,000 yuan/mt, middle-layer sand is 32,000-42,000 yuan/mt, and outer-layer sand is 17,000-24,000 yuan/mt. In the past week, high-purity quartz sand prices have slightly declined, with prices for imported sand also loosening. Due to weakened downstream demand, quartz sand prices have recently remained in the doldrums.

Production

This week, there has been no change in the operating rates of quartz sand enterprises. Some medium-grade and lower-quality ores from overseas have entered the market, ensuring sufficient supply.

Inventory

The inventory of quartz sand has remained basically stable. Last week, some crucible enterprises entered the market to make small-batch purchases.

PV Glass

Price

3.2mm single-layer coating: The quoted price of 3.2mm single-layer coated PV glass is 19.5-20.5 yuan/m², with prices declining.

3.2mm double-layer coating: The quoted price of 3.2mm double-layer coated PV glass is 20.5-21.5 yuan/m², with prices declining.

2.0mm single-layer coating: The quoted price of 2.0mm single-layer coated PV glass is 12-12.5 yuan/m², with prices declining. The transaction center is strongly suppressed by modules, and there is still downside room for prices in the future.

2.0mm double-layer coating: The quoted price of 2.0mm double-layer coated PV glass is 13-13.5 yuan/m², with prices declining.

Production

As of now in June, there have been no new furnace capacities commissioned domestically. A 1,000 mt/day furnace in Xinjiang is undergoing cold repair, and some enterprises have plans for cold repairs with damming in the subsequent period of June. The growth rate of production has begun to slow down.

Inventory

This week, domestic module enterprises are planning to start purchases, and it is expected that the inventory in the glass industry will decline slightly.