[SMM Silicon-Based PV Morning Meeting Summary] Wafer Prices Temporarily Stabilize on Cost Support, Solar Cell Prices Hold Steady on Destocking

Published: Oct 13, 2026 09:25 (GMT+8)

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[SMM Silicon-Based PV Morning Meeting Summary: Wafer Prices Temporarily Stabilize on Cost Support, Solar Cell Prices Hold Steady on Destocking] Currently, wafer inventory has edged up, and downstream procurement after the holiday has slowed down compared with the earlier period, weakening demand-side follow-through.

SMM, October 13:

Wafer

Prices: Market prices for 18X wafers are 0.994-1.002 yuan/piece, 210RN wafers are 1.026-1.044 yuan/piece, and 210N wafers are 1.12-1.141 yuan/piece. Some 210N enterprises slightly lowered their quotes, mainly because earlier quotes were on the high side, market transactions were muted, and demand for direct wafer procurement from centralized projects fell short of expectations. On the cost side, polysilicon production cuts have been gradually implemented by some enterprises, further strengthening cost support. Overall, wafer prices are expected to remain stable in the short term.

Production: According to SMM's latest survey, wafer production in October is expected to pull back slightly from September.

Inventory: Wafer inventory has edged up recently. After the holiday, downstream procurement pace slowed from earlier, and demand-side follow-through weakened.

Solar cell

Prices: Solar cell prices remained stable today, with mainstream quotations showing no notable adjustments. The 210R price range held at 0.305-0.314 yuan/W, with the center staying firmly above 0.31 yuan/W; the 183 price range was 0.290-0.301 yuan/W; the 210N price range held at 0.290-0.296 yuan/W. Market transactions are in a recovery phase. Solar cell plants kept quotes stable, downstream procurement remained mainly driven by rigid demand orders, and the tug-of-war between upstream and downstream continued. Currently, 210N is supported by centralized projects and 210R by overseas exports, with demand structure divergence persisting. Prices are expected to remain stable in the short term. Attention will focus on the sustainability of centralized projects and the support from overseas export orders for 210R prices.

Production: Solar cell supply continued to contract in October. Production line technological transformation at manufacturers is still underway, affecting production release in phases. Industry-wide production continued to pull back MoM, and the actual extent of production cuts remains to be verified by the pace of production resumptions after each manufacturer completes its technological transformation.

Inventory: Solar cell inventory continued its destocking trend. The main reasons are: first, 210N benefited from the ramp-up of centralized projects in China, with strong order support; second, 210R overseas export orders performed well, with export channels remaining smooth. With demand from both segments strengthening simultaneously, industry inventory levels continued to move lower, providing solid support for solar cell prices. Due to relatively mediocre demand, 183 destocking progressed more slowly than the other two segments. Attention will focus on the delivery pace of orders on hand and whether new orders can follow through.

PV film

Prices:

PV-grade EVA: Current mainstream spot transaction range for PV-grade EVA resin in China is 11,200-11,300 yuan/mt, with resin prices edging up slightly. Cost side, raw material prices remain high, and with some enterprises entering maintenance recently, EVA supply has tightened relative to earlier expectations. Leading petrochemical plants raised their settlement prices slightly again this week. Overall, short-term PV-grade EVA prices are expected to hold up well, but the subsequent upward momentum may gradually slow down.

PV film: Current 420g transparent EVA film prices are holding at 5.8-5.84 yuan/m², and 390g EPE film prices are holding at 5.77-5.81 yuan/m². The new round of monthly film price negotiations has concluded and been implemented. Recent spot order quotes remain stable for now, with no notable fluctuations in the market. Going forward, attention should focus on upstream EVA resin price changes and adjustments in downstream module procurement pace.

Production: PV-grade EVA production pulled back slightly due to partial unit shutdowns; film production schedules for October are expected to edge down MoM from September.

Inventory: Petrochemical plant inventories are currently at low levels, while film manufacturers' inventories remain within a reasonable range.

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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