Upstream Silicon Market Prices Mostly Held Steady Over the Weekend Downstream Module Quotes Showed an Uptrend [SMM Silicon-based PV Morning Meeting Summary]

SMM March 2 Update:

Silicon Metal

Price

Last week, silicon metal prices consolidated at lows. SMM east China oxygen-blown #553 silicon was in the range of 9,000-9,200 yuan/mt, with prices declining within the week. After the Chinese New Year, inquiry activity and rigid demand transactions steadily increased. Futures of the most-traded contract fell, but silicon enterprises generally showed no significant willingness to cut prices. Attention is on changes in operating rates on both supply and demand sides.

Production

In February, production decreased by about 26% MoM due to major producers cutting production and fewer calendar days. In March, some maintenance capacities will resume, and it is expected that industrial silicon production will increase significantly MoM.

Inventory

Social Inventory: As of February 26, SMM statistics show that the total social inventory of industrial silicon in major regions was 560,000 mt, an increase of 3,000 mt from before the Chinese New Year (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was quoted at 48-56 yuan/kg, with the N-type polysilicon price index at 51.4 yuan/kg. Granular polysilicon was quoted at 49-51 yuan/kg. Polysilicon prices remained stable over the weekend. Previously, there was a strong sentiment for price declines, but this weekend saw limited transactions. The market is watching order signing conditions in early March and also monitoring silver price trends amid international situations.

Production

Affected by calendar days and partial resumptions of production, polysilicon production is expected to increase in March, with global output projected to exceed 90,000 mt.

Inventory

Polysilicon inventory slightly increased. With limited order signings, current production is not enough to cover short-term shipments, leading to an increase in inventory.

Module

Price

Last week, domestic module quotes began to rise, with top-tier enterprises quoting around 0.9 yuan/W. There have been no high-volume transactions at higher prices yet, but the market's transaction center has slightly risen. Entering the final period of the export tax rebate window, module enterprises continue to focus on export trade, reducing their domestic shipping focus. The recent rebound in silver prices has also provided support for the increase in module prices. Current prices for distributed Topcon 183, 210R, and 210N high-efficiency modules are 0.737 yuan/W, 0.756 yuan/W, and 0.76 yuan/W, respectively. Prices for centralized Topcon 182/183 and 210N high-efficiency modules are 0.718 yuan/W and 0.738 yuan/W, respectively.

Production

In March, module production schedules were raised, with top-tier enterprises increasing their plans to the GW level, fully pushing for overseas orders.

Inventory

Last week, inventories increased. During the Chinese New Year holiday, top-tier module enterprises maintained high operating rates, and with the suspension of logistics, inventory accumulated.

High-purity Quartz Sand

Price

The current domestic price for inner layer sand is 50,000-60,000 yuan/mt, middle layer sand is 20,000-25,000 yuan/mt, and outer layer sand is 13,000-20,000 yuan/mt. The price of imported high-purity quartz sand is 75,000-78,000 yuan/mt. The price of 33-inch quartz crucibles is 6,200-6,300 yuan/piece, and the price of 36-inch quartz crucibles is 7,200-7,300 yuan/piece. The price range for middle layer quartz sand has been adjusted.

Production

In March, the planned production of quartz sand enterprises is expected to increase slightly, with domestic high-purity quartz sand enterprises formulating production plans based on wafer demand.

Inventory

At the beginning of 2026, crucible enterprises made reasonable purchases according to the planned production of wafers, and the inventory level of imported quartz sand continued to rise.

PV Glass

Price

3.2mm Single-layer Coating: The price of 3.2mm single-layer coated PV glass is 17-18 yuan/m², with prices remaining stable.

3.2mm Double-layer Coating: The price of 3.2mm double-layer coated PV glass is 18-19 yuan/m², with prices remaining stable.

2.0mm Single-layer Coating: The price of 2.0mm single-layer coated PV glass is 10-10.5 yuan/m². A meeting is planned in the near future to discuss the pricing for March. Although there is capacity release from the supply side, the current cost of glass remains high, and it is expected that the price negotiation will be stagnant.

2.0mm Double-layer Coating: The price of 2.0mm double-layer coated PV glass is 11-11.5 yuan/m², with prices remaining stable.

Production

In March, there are still kilns scheduled to start operation domestically, but most enterprises have not yet begun to cut production, and the willingness to do so is limited. However, the production cost of small kilns is relatively high, and they may exit in the future.

Inventory

Last week, the days of inventories for glass increased, with the industry's inventory days approaching 40. Starting in March, as most module enterprises have largely completed their stockpiling, they are about to begin purchasing, and the inventory of glass is expected to decrease slightly.