Orders for PV Profile Top-Tier Enterprises Increase Slightly, With Positive Outlook Expected in the Future [SMM Analysis]

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SMM, February 14

PV Aluminum Extrusion:Driven by new PV policies and post-holiday resumption of work, orders on hand for leading PV aluminum extrusion suppliers increased slightly during the week, while small and medium-sized aluminum extrusion plants showed no significant growth in order volumes.SMM learned that module manufacturers are optimistic about their March production schedule, which may boost February demand for PV aluminum extrusion, supporting aluminum consumption. However, with rising aluminum prices, end-users still face cost reduction pressure, leading to a slight pullback in processing fees. Additionally, the unit consumption of aluminum for PV frames has stabilized, while the market share of aluminum solar panel mounting brackets continues to shrink, mainly due to cost-cutting considerations by enterprises.

Raw Material Prices:During the period (2025.2.10-2025.02.14), the average spot price center of spot aluminum moved higher. The SMM A00 weekly average price was 20,530 yuan/mt, up 1.43% from the previous week's average price. Overall, on the macro side, mixed signals persist. Domestically, efforts to boost consumption continue, while overseas trade barriers are intensifying, though domestic enterprises and market sentiment have shown limited response so far. Fundamentals side, both supply and demand are increasing, with post-holiday demand recovery exceeding expectations. Despite the lack of cost support, aluminum futures and spot prices remain strong. Looking ahead, with increasing PV demand and full resumption of work and production by end-users, coupled with limited supply growth, aluminum prices are expected to fluctuate at high levels. Next week, the most-traded SHFE aluminum contract is expected to range between 20,350-20,900 yuan/mt, while LME aluminum is expected to range between 2,580-2,680 US dollars/mt.

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