Polysilicon inventory slightly increased, and battery operating rate may be adjusted downward

Polysilicon

Prices: Yesterday, the mainstream prices for N-type polysilicon were 41-44 yuan/kg, dense polysilicon mainstream prices were 35-38 yuan/kg, and mixed package prices were as low as 35 yuan/kg. The polysilicon market remained largely stable with minor fluctuations, with significant price pressure on some mixed package orders.

Production: The market production is running stably. The polysilicon production in May is expected to decrease MoM, and new manufacturers will still undergo maintenance in June.

Inventory: Market transactions were limited. Compared to silicon wafer production, polysilicon supply in May remained in surplus, with a slight increase in inventory.

Solar Cell

Price: The price of solar cells recently declined and is difficult to stabilize. Currently, the price of high-efficiency PERC 182 solar cells (23.2% efficiency and above) is 0.30-0.32 yuan/W; PERC 210 solar cells are priced around 0.33-0.34 yuan/W; Topcon 182 solar cells (24.7% efficiency and above) are priced around 0.29-0.32 yuan/W; Topcon 210RN solar cells are priced at 0.36-0.39 yuan/W.

Production: Recently, some integrated PV module manufacturers reduced their own solar cell operating rates. Specialized battery makers are also planning to cut production, but most are still in a wait-and-see state. The operating rate of solar cells will be reduced in June.

Inventory: During the market downturn, demand is insufficient, and solar cell inventory continues to grow to over 10 days, with some reaching up to half a month.

PV film

Prices

EVA for PV: Currently, the price of domestically produced EVA for PV has further decreased. For detailed prices of PV-grade EVA, please consult an analyst. Cable-grade EVA prices remain at 11,000-11,200 yuan/mt. EVA for foaming continues to stay within the price range of 10,800-11,000 yuan/mt. POE for PV C4 temporarily remains at $2,550-2,650, and C8 temporarily remains at $2,650-2,750.

PV film: The current price for mainstream 420g transparent EVA film is 6.51-6.72 yuan/sqm, 420g white EVA film is 7.35-7.56 yuan/sqm, 380g EPE film is 7.98-8.06 yuan/sqm, and 380g POE film is 10.18-10.45 yuan/sqm. As the end of the month approaches, there is a trend of further price adjustments for the films.

Production: This week, upstream particle enterprises maintained normal production, but transactions were not favorable. There is a gap between the intended transaction price of particles and the negotiating order price of film. Particle production continues, and film production remains stable.

Inventory: Current inventory levels of upstream enterprises need to be assessed based on different companies. Inventory of film and particle at film factory is down, and inventory of particle at particle inventory is up, film production is on-demand, and the production pace is temporarily stable. Film inventory at PV module factory may decrease compared to the beginning of the month.

Inverter

Price: This week, the price range for solar inverters is as follows: 20kW at 0.12-0.18 yuan/W, 50kW at 0.12-0.17 yuan/W, and 110kW at 0.11-0.16 yuan/W. The low-price range for solar inverters has slightly decreased, and the transaction prices declined.

Supply and Demand: Recently, domestic centralized procurement demand supported orders for super power models, and the enthusiasm for downstream procurement demand both domestically and internationally is gradually resuming, leading to a stable increase in production scheduling. With the arrival of the peak season in Europe in Q2, inverter inventory is gradually improving.