SMM China PV Industry Chain Output Data February Review And March Forecast

Polysilicon

Actual scheduled polysilicon production in February was 163,000 mt (+2.58% MoM) in China. With normal polysilicon production even during the CNY holidays, silicon wafer production scheduling surged in February-March. Boosted by expected rise by over 10% in silicon wafer output and passable profits, polysilicon production scheduling is estimated to be nearly 170,000 mt in March.

PV module

SMM data showed that domestic PV module output was down 20.98% MoM at 30.5GW in February, mainly due to stagnation of many projects in China amid CNY holiday fallout and overseas demand sluggishness, but the output is estimated at 54GW in March, owing to orders delayed from January-February and pick-up of domestic and overseas markets.

Solar cell

Actual solar cell output in China in February was 38.56GW (-25.7% MoM, +8.16% YoY), with P-type cells (14.34GW, -32.45% MoM) and N-type ones (24.23GW, -20.9% MoM). The monthly P-type output slip was mainly attributed to integrated PV module plants. According to SMM research, leading battery and integrated PV module plants operated N-type cell production lines at full capacity during the CNY holidays, while second- and third-tier battery manufacturers and new Topcon battery factories took holidays for 8 to 15 days. With a rise in supply and demand, solar cell production scheduling is estimated at 56.78GW in March, up 47.3% MoM.

PV glass

According to SMM statistics, domestic PV glass production was down 5.14% MoM at 2.227 million mt in February due to maintenance of more production lines, but may hike in March amid falling maintenance.