Polysilicon Prices Remained Slightly Weak, While Module Prices Appeared Stable but Declined Behind the Scenes [SMM Silicon-Based PV Morning Meeting Summary]

SMM News, March 23:

Spot Silicon Metal

Prices

Last week, silicon metal futures prices fluctuated sharply, falling first and then rebounding slightly, while the center of spot transaction prices was weaker than the previous week. Some downstream purchase orders were released, and trading volume increased. SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,300-9,500 yuan/mt. Silicon enterprises showed strong sentiment to hold prices firm, and the tug-of-war between sellers and buyers focused on changes in the operating rate on the supply side.

Production

At the beginning of March, some supply-side capacity resumed production. In mid-March, the operating rate of silicon metal was largely stable, with no obvious short-term changes.

Inventory

Social inventory: According to SMM statistics, as of March 19, social inventory of silicon metal in major regions totaled 553,000 mt, up 1,000 mt WoW. (Excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Polysilicon

Prices

As of the weekend, N-type recharging polysilicon was quoted at 39.5-47.5 yuan/kg, the N-type polysilicon price index stood at 43.64 yuan/kg, and granular polysilicon was quoted at 40-43 yuan/kg. Polysilicon prices remained slightly weak over the weekend, and the market heard reports of some low-priced deals. Bearish sentiment among upstream and downstream enterprises persisted, and prices are expected to remain weak.

Production

Affected by calendar days and the resumption of production at some bases, polysilicon production in March is expected to increase, with China production expected to be around 85,000 mt.

Inventory

Polysilicon inventory pulled back somewhat in March. Market transactions were limited, but sales by multiple manufacturers through both channels increased significantly, easing inventory pressure.

Module

Prices

Last week, module prices in China were openly stable but declined in hidden terms. As external demand gradually drew to a close, Chinese module enterprises began preparing domestic demand orders. Some module enterprises started to appropriately accept lower prices to compete for orders, leading to intensified market competition and consecutive declines in transaction prices. At present, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.752 Yuan/W, 0.764 Yuan/W, and 0.766 Yuan/W, respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.727 Yuan/W and 0747 Yuan/W, respectively.

Production

As the window period before the cancellation of export tax rebates is about to close and domestic demand has not yet started on a large scale, the decline in the April production schedule is expected to be relatively large.

Inventory

Last week, inventory continued to increase slightly, but as some distributed projects in China are expected to have procurement demand afterward, the pace of inventory buildup is expected to narrow.

High-Purity Quartz Sand

Prices

At present, prices in China are 50,000-53,000 yuan/mt for inner-layer sand, 20,000-25,000 yuan/mt for middle-layer sand, and 16,000-18,000 yuan/mt for outer-layer sand, while imported high-purity quartz sand is priced at 65,000-70,000 yuan/mt. The price of 33-inch quartz crucibles was 6,000-6,300 yuan/piece, and the price of 36-inch quartz crucibles was 7,000-7,300 yuan/piece. Prices of middle- and outer-layer sand were adjusted, and the price range for 36-inch crucibles moved lower.

Production

In March, planned production at quartz sand enterprises is expected to increase slightly, and China high-purity quartz sand enterprises formulated production plans in line with wafer demand.

Inventory

At the beginning of 2026, crucible enterprises made reasonable purchases based on wafer planned production, and inventory levels of imported quartz sand continued to increase.

PV Glass

Prices

3.2 mm Single-Layer Coating: The quoted price for 3.2 mm single-layer coating PV glass was 16.8-18 yuan/m², and prices were stable.

3.2 mm Double-Layer Coating: The quoted price for 3.2 mm double-layer coating PV glass was 17.8-19 yuan/m², and prices were stable.

2.0 mm Single-Layer Coating: The quoted price for 2.0 mm single-layer coating PV glass was 9.7-10.5 yuan/m². As supply continued to increase, China glass supply and demand remained in surplus, efforts to hold prices firm were hindered, and glass enterprises cut prices to secure orders and shipments.

2.0 mm Double-Layer Coating: The quoted price for 2.0 mm double-layer coating PV glass was 10.7-11.5 yuan/m², and prices were stable.

Production

Currently, operating rates in China remained relatively high, and some enterprises still started production at furnaces that had not been ignited earlier but already met the conditions for ignition.

Inventory

At present, glass enterprise inventory declined slightly, and some downstream enterprises entered the market to purchase after glass prices fell.