Polysilicon Plants Mostly Quote Based on Costs, With Relatively Limited Market Transactions [SMM Silicon-Based PV Morning Meeting Minutes]

SMM News, Aug 17:

  Silicon metal

prices

Last week, oxygen-blown #553 silicon in east China was 9,100-9,200 yuan/mt, with the price center edging up. With fundamentals improving on the supply side as silicon enterprises implemented production cuts, and supported by bullish sentiment in the market, silicon metal futures prices were pushed higher. Some silicon enterprises increased hedging-driven sell-offs, while others remained on the sidelines. Attention should be paid to subsequent changes in operating rates at leading silicon enterprises, as well as downstream purchase of firm orders.

Production

In late July and early August, more silicon enterprises cut or halted production, and silicon metal production in August is expected to decline significantly MoM.

Inventory

Social inventory:

According to SMM statistics, as of Aug 13, social inventory of silicon metal in major regions totaled 501,000 mt, down 10,000 mt WoW. (Excluding Inner Mongolia, Ningxia, Gansu, and other regions.) Warehouse cargo pick-up continued, and arrivals remained limited, so the downtrend in physical inventory at social warehouses continued.

Polysilicon

prices

Over the weekend, mainstream producers’ expected prices for N-type recharging polysilicon were 40-45 yuan/kg, but downstream acceptance of high prices was limited. Granular polysilicon maintained quotes at around 40 yuan/kg. Going forward, the market may mostly quote based on the cost of their own bases.

Production

China’s polysilicon production saw a relatively notable increase in July, mainly driven by a production ramp-up in south-west China. At present, China’s production exceeded 100,000 mt, and production in August is expected to continue increasing.

Inventory

Current market transactions were extremely limited, with basically no new orders signed, and polysilicon inventory subsequently rose to some extent.

Module

prices

Last week, guidance prices from China’s module enterprises were raised across the board as cost-side support strengthened. However, transacted orders remained limited. Mainstream prices for centralized projects in China were still around 0.7 yuan/W, and acceptance in the distributed segment was also poor, with only a small number of orders purchased on fears of further price rises. Current quotes for distributed TOPCon 183, 210R, and 210N high-efficiency modules were 0.713 yuan/w, 0.723 yuan/w, and 0.7285 yuan/w, respectively; for centralized TOPCon 182/183, 210N, and 210R high-efficiency modules, quotes were 0.705 yuan/w, 0.715 yuan/w, and 0.708 yuan/w, respectively.

Production

At present, changes in operating rates among module producers were limited, basically for producing to deliver orders. However, as cost-side increases recently and downstream willingness to accept prices declines, module enterprises are expected to see operating rates fall. .

Inventory

Last week, module inventory in China increased, mainly due to a rapid cooling in downstream purchase sentiment as module prices rose.

High-purity quartz sand

Prices: Current prices in China were 40,000-47,000 yuan/mt for inner-layer sand, 21,000-24,000 yuan/mt for middle-layer sand, and 13,000-18,000 yuan/mt for outer-layer sand; imported high-purity quartz sand was priced at 50,000-54,000 yuan/mt. Prices for 33-inch quartz crucibles were 6,000-6,100 yuan/piece, and 36-inch quartz crucibles were 6,500-6,800 yuan/piece. At present, the high end of the inner-layer sand price range edged up. Prices for high-grade sand increased in line with crucible requirements. Recently, quotes for quartz sheets & plates and rods rose by nearly 30%, indirectly indicating that prices for quartz sand consumables are rising.

Production: In August, China’s planned production of high-purity quartz sand was down about 1% MoM, mainly because wafer production cuts for two consecutive months led crucible plants to calculate demand to match supply, thereby slowing down the procurement pace for quartz sand. Recently, consumption of consumables such as semiconductor-grade sand and PV quartz sheets & plates rose slightly.

Inventory: In August, imported sand inventory continued to increase. In Q3 2026, wafer enterprises purchased crucibles rationally based on planned production, and overall quartz sand inventory levels continued to rise.

PV glass

prices

3.2mm single-layer coating: Quotes for 3.2mm single-layer coating PV glass were 15.5-16.0 yuan/m², stable.

3.2mm double-layer coating: Quotes for 3.2mm double-layer coating PV glass were 16.5-17.0 yuan/m², stable.

2.0mm single-layer coating: Quotes for 2.0mm single-layer coating PV glass were 9.0-10.0 yuan/m². Last week, domestic glass enterprises’ quotes were basically above 9.5 yuan/m², and the transaction price for some discounted orders was 9.0 yuan/m². However, as expectations for glass supply decline, glass enterprises are expected to continue raising quotes.

2.0mm double-layer coating: Quotes for 2.0mm double-layer coating PV glass were 10.0-11.0 yuan/m², up.

Production

Last week, there were no cold repairs of furnaces in China, but with recent operating rates affected by furnace production cuts and shutdowns, actual production continued to maintain a downtrend.

Inventory

As of now, on-hand inventory at China’s PV glass enterprises continued to decline. For some enterprises, excluding dead inventory, inventory days have fallen to under 40 days, but overall levels remained relatively high. Inventory in August is expected to continue declining, but the magnitude will be related to module producers’ purchase strategies.