Distributed Merchant Module Prices Increase, Glass Supply Rises [SMM Silicon-Based PV Morning Meeting Summary]

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SMM, February 13:

Solar Cell

Prices

High-efficiency PERC 182 solar cells (efficiency of 23.2% and above) were priced at 0.325-0.34 yuan/W; no transactions were recorded in the PERC 210 solar cell market. Prices remained stable after the holiday.

Topcon 183 solar cells (efficiency of 25% and above) were priced at approximately 0.285-0.295 yuan/W; Topcon 210RN solar cells at 0.28-0.285 yuan/W; and Topcon 210 solar cells at 0.285-0.295 yuan/W. Prices temporarily held steady after the holiday.

Mainstream HJT 210 half-cell products were priced at 0.36-0.38 yuan/W. Prices temporarily held steady after the holiday.

Production

Solar module manufacturers' cell production bases gradually resumed operations, leading to increased production, while specialized solar cell manufacturers maintained stable operations.

Inventory

Recent battery orders were relatively sufficient, with normal deliveries ongoing, and inventory showed a decreasing trend.

Modules

Prices

In the current module market, mainstream transaction prices for centralized projects were 0.63-0.68 yuan/W for PERC 182mm, 0.64-0.69 yuan/W for PERC 210mm, 0.64-0.66 yuan/W for N-type 182mm, and 0.64-0.66 yuan/W for N-type 210mm. Some distributed merchants raised prices.

Production

Module manufacturers gradually resumed operations, with overall February production schedules slightly down MoM, and many orders accumulated for delivery in March.

Inventory

Current market demand was relatively weak, mainly supported by distributed projects. Pickup volumes were low before and after the holiday, leading to a slight inventory buildup.

PV Film

Prices:

EVA/POE PV-grade Materials:

PV-grade EVA was priced at 11,200-11,400 yuan/mt, while PV-grade POE transactions ranged from 12,000 to 14,000 yuan/mt.

PV Film:

Current mainstream prices for 420g transparent EVA film were 5.29-5.46 yuan/m², 420g white EVA film at 5.67-6.05 yuan/m², 380g EPE film at 5.79-5.89 yuan/m², and 380g POE film at 6.84-7.22 yuan/m².

Production

February's planned production of PV-grade EVA was approximately 1.1 million mt, while domestic PV film production was about 330 million m².

Inventory

Currently, petrochemical plant inventories were relatively low, with most PV-grade materials produced being delivered to pre-scheduled orders. Spot supply remained tight.

Inverter

Prices

This week's inverter price ranges were 0.12-0.16 yuan/W for 20kW, 0.11-0.15 yuan/W for 50kW, 0.1-0.14 yuan/W for 110kW, and 0.09-0.11 yuan/W for 320kW. Inverter prices remained stable.

Supply and Demand

The supply side maintained stable and sufficient production, while procurement demand gradually recovered. Large power string and centralized models saw higher shipments, with potential rush for installations in March expected to drive inverter shipments.

Prices

3.2mm Single-Layer Coating: 3.2mm single-layer coated PV glass was quoted at 19.5-20.5 yuan/m², with prices remaining stable.

3.2mm Double-Layer Coating: 3.2mm double-layer coated PV glass was quoted at 20.5-21.5 yuan/m², with prices remaining stable.

2.0mm Single-Layer Coating: 2.0mm single-layer coated PV glass was quoted at 11.5-12.5 yuan/m², with prices remaining stable.

2.0mm Double-Layer Coating: 2.0mm double-layer coated PV glass was quoted at 12.5-13.0 yuan/m², with prices remaining stable.

Production

Subsequent glass production is expected to increase. Under the optimistic market outlook, some previously planned cold repairs for kilns were suspended, and production lines previously sealed are expected to reopen soon, leading to increased supply.

Inventory

This week, domestic glass inventory began to decline, with leading and second-tier module manufacturers stockpiling to varying degrees. Overall inventory for February is expected to decrease.