Polysilicon Inventory Is Expected to Continue Rising, While New Glass Order Prices Show an Upward Trend [SMM Silicon-Based PV Morning Meeting Summary]

SMM, February 24:

Silicon Metal

Prices

Last week, silicon metal market prices saw slight declines in certain specifications. In east China, above-standard #553 silicon was priced at 10,700-10,800 yuan/mt, down by 100 yuan/mt WoW, while #441 silicon remained stable at 11,100-11,300 yuan/mt. The silicon metal market experienced moderate transaction activity, with upstream and downstream transactions in a stalemate and prices trending downward.

Production

Last week, the operating rate of silicon metal enterprises was basically stable. This week, a small number of furnaces resumed operation, leading to a slight fluctuation in silicon metal supply.

Inventory

Social Inventory: According to SMM statistics, as of February 21, the social inventory of silicon metal in certain regions nationwide totaled 546,000 mt, an increase of 2,000 mt WoW. Among this, general social warehouses held 50,000 mt, up by 1,000 mt WoW, while social delivery warehouses held 396,000 mt (including unregistered warehouse warrants and spot cargo), up by 1,000 mt WoW. (This inventory data excludes regions such as Inner Mongolia and Ningxia.)

Polysilicon

Prices

By the end of the week, the price of N-type recharging polysilicon was 39-45 yuan/kg, and N-type dense material was priced at 38-42 yuan/kg. Polysilicon prices remained stable, with limited market transactions as both upstream and downstream players adopted a wait-and-see approach.

Production

In February, polysilicon production schedules slightly declined due to the impact of calendar days. In March, one enterprise is expected to undergo maintenance, but with the increase in calendar days, overall production is anticipated to rise significantly.

Inventory

Polysilicon inventory is expected to continue increasing this week, with some top-tier enterprises experiencing inventory growth.

Modules

Prices

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

Production

In February, most enterprises reduced their operating rates and produced 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, with low shipment demand and a phase of inventory buildup.

High-Purity Quartz Sand

Prices

Currently, domestic prices for inner-layer sand are 60,000-75,000 yuan/mt, mid-layer sand is priced at 30,000-45,000 yuan/mt, and outer-layer sand is priced at 19,000-25,000 yuan/mt. Prices remained stable compared to the same period last week, with a sluggish market transaction atmosphere and temporarily stable quotations.

Production

In February, quartz sand enterprises experienced a decline in supply compared to January due to reduced production days and the impact of the Chinese New Year break. Production is expected to slightly increase in March.

Inventory

Quartz sand enterprises maintained relatively high inventory levels, which remained stable. No crucible purchases were made this week.

PV Glass

Prices

3.2mm Single-Layer Coating: The price of 3.2mm single-layer coated PV glass was 19.5-20.5 yuan/m², remaining stable.

3.2mm Double-Layer Coating: The price of 3.2mm double-layer coated PV glass was 20.5-21.5 yuan/m², remaining stable.

2.0mm Single-Layer Coating: The price of 2.0mm single-layer coated PV glass was 11.5-12.5 yuan/m², remaining stable. With March orders being finalised, the price of 2.0mm glass is expected to increase.

2.0mm Double-Layer Coating: The price of 2.0mm double-layer coated PV glass was 12.5-13.5 yuan/m², remaining stable.

Production

This week, supply increased slightly as some previously idle kilns resumed operation last week. Supply exceeded expectations and is expected to continue rising.

Inventory

This week, domestic PV glass inventory continued to decline, with strong sentiment and purchasing activity from module manufacturers.