Polysilicon Stockpiling for the Chinese New Year Basically Completed, Glass Production Reduction Falls Short of Expectations [SMM Silicon-Based PV Morning Meeting Summary]

SMM, December 30:

Silicon Metal

Prices

Last week, silicon metal prices remained weak and stable. As of last Friday, above-standard #553 silicon metal in east China was priced at 11,300-11,400 yuan/mt. The Si2502 silicon futures contract hit a new low, reaching 11,105 yuan/mt. The silicon metal market sentiment towards the future remains pessimistic.

Production

In December, silicon metal supply and demand continued to show weakness on both ends, with silicon metal production further declining compared to November.

Inventory

Social Inventory: According to SMM statistics, as of December 27, the national social inventory of silicon metal totaled 538,000 mt, up 6,000 mt WoW. Among this, general social warehouses held 155,000 mt, up 3,000 mt WoW, while social delivery warehouses (including unregistered warehouse warrants and spot cargo) held 383,000 mt, also up 3,000 mt WoW.

Polysilicon

Prices

By the weekend, the mainstream price of N-type polysilicon was 39-42 yuan/kg, while the mainstream price of dense polysilicon was 35-36 yuan/kg. Downstream stockpiling for the Chinese New Year was mostly completed, with limited market transactions, keeping polysilicon prices temporarily stable.

Production

This week, polysilicon production returned to stability, with production at several top-tier enterprises already at a minimum. Polysilicon production in January is expected to increase slightly, mainly due to ramping up production at some new facilities.

Inventory

Due to concentrated order signing for pre-Chinese New Year stockpiling in mid-December, polysilicon inventory saw a significant decline.

Modules

Prices

In the current module market, the mainstream transaction price for N-type 182mm modules was 0.65-0.7 yuan/W, while for N-type 210mm modules, it was 0.65-0.72 yuan/W. Spot prices remained stagnant, with a significant gap between actual execution prices and bid prices.

Production

As demand entered the off-season, some enterprises planned to lower their operating rates, producing based on demand to reduce inventory. Production is expected to continue declining in January.

Inventory

Inventory saw a slight destocking, with the overall destocking pace slowing. The overall inventory level remains at 1-1.5 months.

High-Purity Quartz Sand

Prices

Domestic high-purity quartz sand prices remained stable. Currently, the price for inner-layer sand is 60,000-75,000 yuan/mt, mid-layer sand is 30,000-40,000 yuan/mt, and outer-layer sand is 19,000-25,000 yuan/mt. Over the weekend, there was no market news, with quotations maintained and no orders signed.

Production

Operating rates at domestic top-tier enterprises slightly declined, and newly commissioned enterprises this year also reduced their operating loads, leading to decreased supply.

Inventory

Recently, quartz sand inventory has been building up further, but the buildup of inner-layer sand inventory was limited, with most of the inventory consisting of outer-layer sand.

PV Glass

Prices

3.2mm Single-Layer Coating: The quoted price for 3.2mm single-layer coated PV glass was 19.5-20.5 yuan/m², remaining stable.

3.2mm Double-Layer Coating: The quoted price for 3.2mm double-layer coated PV glass was 20.5-21.5 yuan/m², remaining stable.

2.0mm Single-Layer Coating: The quoted price for 2.0mm single-layer coated PV glass was 11.5-12.5 yuan/m², remaining stable.

2.0mm Double-Layer Coating: The quoted price for 2.0mm double-layer coated PV glass was 12.5-13.5 yuan/m², remaining stable.

Production

In December, domestic PV glass production slightly exceeded the production schedule, mainly because some kilns originally scheduled for cold repair had not yet started the process. However, subsequent cold repairs are still expected, with production anticipated to weaken further.

Inventory

In December, domestic glass inventory slightly increased compared to the end of November. The reduction in supply fell short of expectations, while module production schedules also saw declining demand.