Overall supply and demand for wafers are in a tight balance, and cell supply continues to tighten due to weak demand [SMM Silicon-based PV Morning Meeting Summary]

Published: Jun 17, 2025 09:15

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[SMM Silicon-based PV Morning Meeting Summary: Overall supply and demand for wafers remain in tight balance, while solar cell supply continues to tighten due to weak demand] Wafers: The market price for N-type 18X wafers is 0.9-0.92 yuan/piece; the price for 210R model wafers is 1.05-1.1 yuan/piece. Wafer prices continue to weaken, with some producers standing firm on quotes above 0.9 yuan/piece, while some solar cell plants and crystal pulling plants are negotiating at 0.9 yuan/piece. Solar cells: Preliminary estimates indicate that the global production schedule for June is 57-58 GW, down 4-5% MoM. Solar cell supply continues to tighten due to weak demand. If the supply-demand imbalance widens, producers will need to continue cutting production.

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SMM News on June 17:

Wafer

Prices: The market price of N-type 18X wafers is 0.9-0.92 yuan/piece; the price of 210R wafers is 1.05-1.1 yuan/piece. Wafer prices continue to weaken, with some producers standing firm on quotes at 0.9+ yuan/piece, while some solar cell plants and crystal pulling plants are engaged in a pricing battle at 0.9 yuan/piece.

Production: Domestic wafer production in June is expected to be around 55.9 GW. Currently, the market is seeing an increase in the 210R size against the trend, while the sales of 183 wafers are significantly hindered. Subsequently, influenced by market conditions at month-end, some production capacity may be expected to be cut.

Inventory: Wafer inventory has recently fluctuated slightly. Comparing the operating rates of solar cell and wafer production, the overall supply and demand are in a tight balance, with wafer inventory at around 18 GW.

Solar Cell

Prices: The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) is 0.265-0.27 yuan/W. Domestic demand is minimal, with export demand accounting for a high proportion. Some producers start or stop production lines based on orders. The mainstream quotation for Topcon183 solar cells (with efficiency of 25% and above) is 0.23-0.24 yuan/W; the mainstream transaction price for Topcon210RN is 0.265 yuan/W, with a quotation range of 0.265-0.27 yuan/W; the price of Topcon210N solar cells is around 0.255-0.26 yuan/W. Prices for 183 and 210N continue to decline, with short-term demand-side concerns, and prices are expected to fall further; 210R prices remain stable due to sufficient orders. The mainstream quotation for HJT30% silver-coated copper (with efficiency of 25% and above) is 0.34-0.35 yuan/W. Recently, due to fluctuations in market demand and cost control, prices are expected to fluctuate slightly. HJT has relatively little direct sales, with integrated producers being self-sufficient.

Production: Preliminary estimates indicate that global production in June will be 57-58 GW, down 4-5% MoM. The supply of solar cells continues to tighten due to weak demand. If the supply-demand imbalance widens, producers will need to continue cutting production.

Inventory: Wafer producers for export continued to build up inventory this week. Some enterprises have quickly switched production lines and adjusted their product mix to optimize inventory.

PV Film

Prices

PV-grade EVA: The transaction price of PV-grade EVA is 9,700-9,900 yuan/mt. The domestic settlement price of PV-grade POE is approximately 12,000-14,000 yuan/mt.

PV Film: Currently, the mainstream price of 420 gsm transparent EVA film is 5.17-5.25 yuan/m², the price of 420 gsm white EVA film is 5.67-5.75 yuan/m², the price of 380 gsm EPE film is 5.28-5.32 yuan/m², and the price of 380 gsm POE film is 6.69-6.84 yuan/m².

Production: The production schedule for PV-grade EVA in June decreased by 2.70% MoM, and the production schedule for PV film decreased by 3.1% MoM.

Inventory: Due to weak downstream demand, film enterprises purchased based on rigid demand, and petrochemical plants gradually experienced inventory buildup.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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