[SMM Silicon-based PV Morning Meeting Summary] Multiple segments of the industry chain are operating with stable prices, and the upstream and downstream sectors are showing strong wait-and-see sentiment.

Published: Oct 20, 2026 09:16 (GMT+8)

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[SMM Silicon-Based PV Morning Meeting Summary: Multiple Links in the Industry Chain Maintain Stable Prices, with Strong Wait-and-See Sentiment Upstream and Downstream] Solar cell plants have shown no adjustment in quotations, while downstream module makers are replenishing orders at a just-in-time pace, keeping actual order negotiations in a tug-of-war.

SMM, October 20:

Wafer

Prices:Market prices for 18X wafers were 0.994-1.002 yuan/piece, 210RN wafers were 1.031-1.05 yuan/piece, and 210N wafers were 1.125-1.146 yuan/piece, with overall wafer prices holding steady. On the cost side, firm polysilicon prices provided some support. On the supply side, this month's production schedule contracted slightly, easing supply pressure. Downstream maintained just-in-time procurement, limiting actual transaction growth. Wafer prices are expected to remain stable in the near term, with attention on upcoming polysilicon industry meetings.

Production:According to SMM's latest survey, October wafer production is expected to edge down slightly from September.

Inventory:Current wafer inventory is gradually destocking, with 210N shipments performing relatively well, boosted by downstream solar cell demand.

Solar Cell

Prices:Solar cell prices held steady temporarily, with mainstream specification quotes flat WoW. The 210R price range held at 0.305-0.314 Yuan/W; the 210N price range held at 0.295-0.3 Yuan/W; and the 183 price range held at 0.29-0.301 Yuan/W. Solar cell plants made no adjustments to quotes, while downstream module makers replenished orders at a just-in-time pace, keeping negotiations in a standoff. Near-term prices are expected to remain stable or move sideways, with attention on the sustainability of centralized project orders and export order support for 210R prices.

Production:October solar cell production maintained its downward trend. Manufacturers continued technological transformation of production lines, with some capacity temporarily offline, and some enterprises undergoing maintenance during the National Day holiday, leading to a further MoM contraction in industry output. The final extent of production cuts will be confirmed after each manufacturer completes its technological transformation arrangements.

Inventory:Solar cell inventory continued to decline this week. This destocking was driven by two demand lines: first, domestic module centralized projects ramped up, directly boosting 210N solar cell demand, with spot supply of this size remaining tight; second, 210R export orders remained solid, keeping export shipments smooth. Continued inventory destocking, combined with supply-side contraction, provided bottom support for solar cell prices, with attention on delivery progress of orders on hand and the ability to secure new orders.

PV Film

Prices:

PV-grade EVA:Current mainstream transaction prices for domestic PV-grade EVA resin spot cargo were 11,300-11,400 yuan/mt, with market prices temporarily stable. On the cost side, recent raw material price fluctuations were limited, causing no significant disruption. On the supply side, PV-grade EVA supply tightened in phases due to earlier maintenance shutdowns at some petrochemical plants and recent plans at some units to switch to non-PV materials, providing some support to market prices. Near-term PV-grade EVA prices are expected to remain stable and consolidate.

PV Film:Current prices for 420g transparent EVA film held at 5.8-5.84 yuan/m², and 380g EPE film held at 5.62-5.66 yuan/m². Film orders continued to be executed under monthly pricing, with recent sporadic order quotes showing no significant changes, and the overall market operating steadily. Upstream EVA resin prices remained stable, causing no disruption to film production costs, and near-term PV film prices are expected to remain stable.

Production:Current PV-grade EVA production was temporarily stable; October film production schedules are expected to edge down slightly from September.

Inventory:Current petrochemical plant inventories were running low, while film manufacturers' inventories remained at normal turnover levels.

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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