Quartz Sand Prices Rise While Silicon Metal Prices Remain Stable [SMM Silicon-Based PV Morning Meeting Summary]

SMM February 17 News:

Silicon Metal

Prices

Last week, the mainstream transaction prices in the silicon metal market remained stable. In east China, the prices of above-standard #553 silicon were 10,800-10,900 yuan/mt, and #441 silicon were 11,100-11,300 yuan/mt. Inquiry activity in the silicon metal market increased last week, and market transactions gradually warmed up, but the trading volume was relatively small, with the market still dominated by inquiries. Spot prices remained stagnant.

Production

From January to February, the supply-demand balance of silicon showed a slight destocking, with a two-month balance of approximately negative 30,000 mt. According to supply-demand balance data, this was the first destocking since May 2024.

Inventory

Social Inventory: As of February 14, SMM statistics showed that the national social inventory of silicon metal totaled 544,000 mt, an increase of 1,000 mt WoW. Among them, the inventory in general warehouses was 149,000 mt (this inventory figure excludes regions such as Inner Mongolia and Ningxia).

Polysilicon

Prices

By the end of the week, the prices of N-type recharging polysilicon were 39-45 yuan/kg, and N-type dense material prices were 38-42 yuan/kg. Last week, the quotation range for polysilicon remained stable, but some hundred-ton-level orders saw actual transaction prices rise slightly compared to pre-holiday levels.

Production

In February, due to the impact of calendar days, polysilicon production schedules slightly declined. In March, multiple bases are expected to commence operations. Although the initial production increase will be limited, the overall production schedule for polysilicon is expected to grow significantly.

Inventory

Last week, the signing of polysilicon pick-up orders gradually resumed, and the growth rate of polysilicon inventory began to slow significantly.

Modules

Prices

In the current module market, the mainstream transaction prices for centralized projects of N-type 182mm modules were 0.64-0.69 yuan/W, and for N-type 210mm modules were 0.64-0.69 yuan/W. Distributed prices showed an upward trend.

Production

Demand entered the off-season in Q1, and most enterprises reduced their operating rates in February, producing based on demand. A small number of enterprises with better orders increased their production schedules. Overall production is expected to increase in March.

Inventory

Currently, the overall inventory level remains at 1-1.5 months. The expected rush for installations in distributed projects may accelerate the destocking of PV module inventories.

High-Purity Quartz Sand

Prices

Last week, some sand enterprises raised their quotations. Currently, domestic prices for inner-layer sand are 60,000-75,000 yuan/mt, middle-layer sand prices are 30,000-45,000 yuan/mt, and outer-layer sand prices are 19,000-25,000 yuan/mt. The market transaction atmosphere is expected to improve, and crucible enterprises plan to negotiate the prices of imported high-purity sand in the near future.

Production

The supply side maintained stable operations this week, with no changes expected.

Inventory

Sand enterprise inventories remained at a relatively high level and stable. Downstream market procurement is expected to begin soon, and inventories are likely to decline slightly.

PV Glass

Prices

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

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

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

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

Production

The supply side remained stable this week. Subsequent supply is expected to increase due to the resumption of operations at blocked kilns.

Inventory

This week, domestic glass inventories began to decline as module enterprises increased their procurement volumes and started stockpiling.