The prices of silicon wafers and solar cells remain stable for now, while the expectation of price increases in the PV industry chain strengthens after the holiday. [SMM Silicon-Based PV Morning Meeting Summary]

SMM, February 7:

Silica

Prices

This week, silica prices remained stable. Orders from some large factories gradually resumed shipment after the holiday, while the demand for silica raw materials from small factories remained sluggish. Additionally, some small silicon plants in north China underwent maintenance and shutdowns before the holiday, leading to slightly insufficient demand for raw materials recently. Currently, the mine-mouth price of low-grade silica in Yunnan is 340-360 yuan/mt. The mine-mouth price of high-grade silica in Inner Mongolia is 360-390 yuan/mt, in Hubei is 420-450 yuan/mt, and in Jiangxi is 440-460 yuan/mt.

Production

With the gradual recovery of silica mines and pre-holiday maintenance at some downstream small factories, the overall supply at the mines is relatively ample.

Demand

The overall demand for raw material procurement from downstream silicon metal manufacturers remains weak, with demand expected to recover significantly around March.

Silicon Metal

Prices

Following the end of the Chinese New Year holiday, inquiries in the silicon metal market gradually resumed. In the spot market, supplier and silicon enterprise quotations remained basically unchanged from pre-holiday levels, with traders and downstream users mainly inquiring to understand the market.

Production:

In January 2025, silicon metal production decreased by 8.3% MoM and 12.2% YoY. In February, operating rates of silicon enterprises of different scales are expected to continue diverging. Some top-tier enterprises in Xinjiang began partial capacity resumption in late January, while small and medium-sized silicon enterprises showed weaker operating rates.

Inventory

Social Inventory: According to SMM statistics, as of January 24, pre-holiday social inventory of silicon metal in major regions nationwide totaled 540,000 mt, including 151,000 mt in general social warehouses and 389,000 mt in social delivery warehouses (including unregistered warehouse warrants and spot cargo). During the holiday, reduced transportation capacity led to a slowdown in warehouse inflows and outflows, with downstream focusing on inventory consumption. Social and in-plant inventories are expected to increase slightly.

Silicon Wafer

Prices

The market price for N-type 18X silicon wafers was 1.18-1.18 yuan/piece, and for N-type 210RN silicon wafers was 1.3-1.35 yuan/piece. Yesterday, silicon wafer prices remained stable, with downstream order-taking capacity still relatively limited.

Production

In February, silicon wafer production continued to increase, but the growth was mainly concentrated in integrated enterprises.

Inventory

Silicon wafer inventory began to rise gradually, mainly due to reduced downstream purchases and inventory accumulation during the Chinese New Year holiday.

Solar Cell

Prices

The price of high-efficiency PERC182 solar cells (efficiency of 23.2% and above) was 0.325-0.34 yuan/W. There were no transactions in the PERC210 solar cell market, and prices remained stable.

The price of Topcon183 solar cells (efficiency of 25% and above) was around 0.285-0.295 yuan/W; Topcon210RN solar cells were priced at 0.28-0.285 yuan/W; Topcon210 solar cells were priced at 0.285-0.295 yuan/W. Post-holiday prices remained stable.

The mainstream price of HJT210 half-cell products was 0.36-0.38 yuan/W. Post-holiday prices remained stable.

Production

The resumption speed of integrated manufacturers' solar cell bases was slower than that of specialized solar cell manufacturers. Currently, the production ramp-up at the manufacturing end is constrained by labour issues, leading to slower production increases.

Inventory

During the Chinese New Year holiday, solar cell inventory increased due to logistics stagnation. After logistics resumed, shipments concentrated on fulfilling pre-holiday orders, with few new orders received.

PV Film

Prices

PV-Grade EVA

The transaction price of PV-grade EVA was 10,800-11,200 yuan/mt. The domestic delivery-to-factory price of PV-grade POE was approximately 12,000-13,500 yuan/mt, with POE prices remaining stable.

PV Film

Currently, the price of mainstream 420g transparent EVA film is 5.29-5.46 yuan/m², 420g white EVA film is 5.67-6.05 yuan/m², 380g EPE film is 5.79-5.89 yuan/m², and 380g POE film is 6.84-7.22 yuan/m².

Production

In February, the planned production of PV-grade EVA was approximately 110,000 mt, and the planned production of PV film was approximately 340 million m².

Inventory

EVA inventory began to rise gradually, mainly due to reduced purchases during the holiday period.