[SMM Silicon-Based PV Morning Meeting Summary] Silicon Wafer Production Schedule Increased MoM in February, Solar Cell Prices Remain Stable

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SMM, February 11:

Silicon Wafer

Prices: The market price for N-type 18X silicon wafers was 1.18-1.18 yuan/piece. Currently, low-priced orders for silicon wafers are decreasing as deliveries are made, while high-priced resources are facing increasing resistance from downstream.

Production: February silicon wafer planned production increased MoM, but due to reduced orders, some manufacturers are facing increased production pressure.

Inventory: Silicon wafer inventory rose MoM this week. Limited actual transactions after the Chinese New Year have led to inventory accumulation.

Solar Cell

Prices: The price for 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. Topcon183 solar cells (efficiency of 25% and above) were priced at approximately 0.285-0.295 yuan/W; Topcon210RN solar cells at 0.28-0.285 yuan/W; and Topcon210 solar cells at 0.285-0.295 yuan/W. Prices remained stable. The mainstream price for HJT210 half-cell products was 0.36-0.38 yuan/W. Prices remained stable after the holiday.

Production: Solar cell bases are gradually resuming operations, with equipment in the debugging and ramp-up stages. Currently, February solar cell planned production is expected to show no significant changes.

Inventory: Post-holiday logistics have resumed, and pre-holiday orders are being delivered as scheduled. Solar cell factory inventory remains at low levels.

PV Film

Prices

PV-Grade EVA: Transaction prices for PV-grade EVA were 10,800-11,200 yuan/mt. Domestic settlement prices for PV-grade POE were approximately 12,000-13,500 yuan/mt.

PV Film: The current mainstream price for 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: February planned production for PV-grade EVA is approximately 1.1 million mt. Domestic PV film planned production for February is approximately 340 million m².

Inventory: Currently, petrochemical enterprise inventory remains low, with most spot cargo fulfilling pre-sold orders. The shortage is attributed to two reasons: first, some petrochemical enterprises are controlling shipment speeds, maintaining a supply-demand balance in the spot market; second, actual PV supply has decreased, mainly due to LDPE production shifts and unexpected equipment failures and maintenance.

Inverter

Prices: This week, inverter prices were as follows: 20kW at 0.12-0.16 yuan/W, 50kW at 0.11-0.15 yuan/W, 110kW at 0.1-0.14 yuan/W, and 320kW at 0.08-0.1 yuan/W. Inverter prices remained stable.

Supply and Demand: On the supply side, production remained stable and sufficient. In Q1, new order demand weakened significantly due to the off-season, with most deliveries focusing on pre-holiday orders.