[SMM PV] Diversified Development: First Enters the Supply Chain of China's Leading PCB Enterprises

India’s MNRE has decided not to grant a blanket extension to the June 1, 2026 deadline for ALMM List-II solar cells, but will consider exemptions or time extensions on a case-by-case basis. Under the policy, net-metering and open-access projects commissioned on or after June 1 must use modules from ALMM List-I and cells from ALMM List-II. Projects that have completed module installation or taken effective steps such as land possession, financial closure, connectivity approvals and module delivery may apply for relief through the NISE portal by June 30. SMM believes this reflects India’s attempt to balance policy stability for domestic manufacturing with protection of developers’ existing investments, though it may still raise project costs and tighten domestic cell supply in the near term.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 33-35.9 yuan/kg. Polysilicon prices were generally weak. Dense/recharging prices were relatively stable, with low trading volume. Mixed packages gradually became the market mainstream, with prices for some grades falling to around 30 yuan. Wafer: Market 18X wafer prices were 0.88-0.9 yuan/piece, 210RN wafer prices were 0.98-1.00 yuan/piece, and 210N wafer prices were 1.18-1.2 yuan/piece. Currently, the lower end of the 210R price range still showed a downward trend, while the other two sizes remained temporarily stable. Leading wafer enterprises continued to hold prices firm. According to SMM statistics, the overall furnace-loading costs across companies declined notably, and current selling prices could still cover cash costs.

According to the MIIT, two mandatory national standards, "Safety Requirements for PV Modules" and "Nameplate Marking Requirements for PV Modules," were officially released on May 25, 2026, and will be implemented on June 1, 2027. These standards will play a crucial role in regulating market competition, enhancing product safety compliance, and driving the upgrade of the solar industry.