Polysilicon Order Signing Increased Significantly, Module Prices Rose Slightly [SMM Silicon-Based PV Morning Meeting Minutes]

SMM April 20 News:

Silicon Metal

Price

Last week, spot silicon metal prices remained stagnant. SMM east China oxygen-blown #553 silicon was at 9,000-9,100 yuan/mt, and #441 silicon was at 9,200-9,300 yuan/mt. Spot silicon metal prices remained stagnant, with the balance sheet showing basically balanced supply and demand for silicon metal. On the cost side, raw material prices stayed stable, and the logic of cost support remained unchanged.

Production

In early April, temporary shutdowns or maintenance at a few northern silicon enterprises with small amounts of capacity impacted total silicon metal production. As some capacity is expected to recover, silicon metal production in late April is expected to increase WoW.

Inventory

Social inventory: According to SMM statistics, as of April 16, the total social inventory of silicon metal in major regions was 559,000 mt, down 5,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was quoted at 34-36 yuan/kg. Weekend market prices were temporarily stable. The market is currently approaching lows, and frequent meetings are being held, providing some support for prices, with order signing increasing notably. However, downstream players are currently resistant to high-priced resources, and wait-and-see sentiment has re-emerged in the market.

Production

In April, some Chinese polysilicon production resumptions were delayed or additional maintenance was added, and production may fall short of earlier expectations. April production in the Chinese market is estimated to be less than 90,000 mt.

Inventory

Inventory pressure at polysilicon producers has decreased to some extent. Earlier, some producers chose to make shipments via futures amid unusual futures movements, and in April some crystal pulling plants signed orders appropriately, leading to inventory reduction.

Module

Price

Toward the end of last week, leading Chinese module enterprises slightly raised their quotes. However, the overall market transaction center has not yet shifted. In the short term, upstream and downstream module enterprises will continue to negotiate, with end-users still favoring low-price purchases. Meanwhile, small enterprises face significant shipment pressure and still maintain a low-price shipment strategy. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.7455 Yuan/W, 0.7545 Yuan/W, and 0.7565 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.723 Yuan/W and 0.743 Yuan/W respectively.

Production

In mid-to-late April, module order-taking began to improve moderately, and planned production began to edge up.

Inventory

With the start of purchasing for distributed projects in China and the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn, module inventory declined slightly.

High-Purity Quartz Sand

Price

Currently, Chinese inner-layer sand prices are at 50,000-53,000 yuan/mt, middle-layer sand prices at 20,000-25,000 yuan/mt, and outer-layer sand prices at 16,000-18,000 yuan/mt. Imported high-purity quartz sand prices are at 65,000-68,000 yuan/mt. 33-inch quartz crucibles are priced at 6,000-6,300 yuan/piece, and 36-inch quartz crucibles at 7,000-7,300 yuan/piece. Overall quartz sand prices remained basically stable.

Production

In April, quartz sand enterprise production schedules decreased slightly, with Chinese high-purity quartz sand enterprises formulating production plans to match wafer demand.

Inventory

In April, imported quartz sand inventory levels continued to increase, and crucible enterprises made reasonable purchases based on wafer planned production.

PV Glass

Price

3.2mm single-layer coating: 3.2mm single-layer coating PV glass was quoted at 15.8-17 yuan/m², with prices declining.

3.2mm double-layer coating: 3.2mm double-layer coating PV glass was quoted at 16.8-18 yuan/m², with prices declining.

2.0mm single-layer coating: 2.0mm single-layer coating PV glass was quoted at 9.0-10.0 yuan/m². In mid-to-late April, glass enterprises still faced significant shipment pressure, and the transaction center shifted downward under pressure from module manufacturers pushing for lower prices.

2.0mm double-layer coating: 2.0mm double-layer coating PV glass was quoted at 10-11 yuan/m², with prices declining.

Production

Recently, cold repair and port-blocking capacity in China is expected to increase, and oversupply pressure continues to grow.

Inventory

Glass inventory stayed high. Industry glass inventory rose further, and with increasing supply pressure, inventory is expected to continue rising.