Polysilicon Production Significantly Reduced in June, Upstream PV Products Price Decline Slows Down

Polysilicon: Last week, the mainstream transaction prices for P-type dense material were 34-38 yuan/kg, and for N-type polysilicon, the transaction prices were 40-44 yuan/kg. Polysilicon prices remained relatively stable last week, with minor fluctuations. Compared to previous weeks, the decline has slowed down. Currently, leading companies have maintenance plans for some bases in June, and the production of polysilicon in June is expected to decrease by about 40,000 tons MoM, providing some support for prices.

Silicon Wafer: The mainstream transaction prices for domestic monocrystalline silicon wafers (182mm) were 1.10-1.2 yuan/piece, and for N-type 182mm wafers, the prices were 1.05-1.1 yuan/piece. Silicon wafer prices continued to decline last week, with N-type wafer prices approaching the 1 yuan mark due to the impact of some orders exceeding 100 million pieces. However, as polysilicon prices stabilize, the decline in silicon wafer market prices has also begun to slow down.

PV Cells: Last week, the PV cell market was sluggish, and prices remained stable. The current prices for high-efficiency PERC 182 cells (23.2% efficiency and above) were 0.30-0.31 yuan/W; PERC 210 cells were around 0.32-0.33 yuan/W; Topcon 182 cells (24.7% efficiency and above) were around 0.28-0.31 yuan/W; and Topcon 210RN cells were 0.35-0.36 yuan/W. Battery makers have started planning orders for next month, with most reporting that June orders are not as good as May. Downstream module manufacturers are observing prices and have various plans to reduce production, leading to a noticeable oversupply of cells.

PV Modules: In the PV module market last week, the mainstream transaction prices for centralized PERC 182mm modules were 0.74-0.82 yuan/W, for PERC 210mm modules were 0.76-0.84 yuan/W, for N-type 182mm modules were 0.8-0.86 yuan/W, and for N-type 210mm modules were 0.84-0.87 yuan/W. Module prices remained relatively stable last week, with some high-priced N-type modules seeing a price reduction. Due to weak demand, rising inventory, and increased competition, module prices may continue to decline. Several companies reduced production to varying degrees in May, and some companies still have plans to reduce production in June, with expected production levels decreasing MoM compared to May.

End-users: From May 20, 2024, to May 26, 2024, SMM statistics show that 26 PV module projects were awarded to domestic companies, with bid prices concentrated in the range of 0.84-0.92 yuan/W. The weighted average price for the week was 0.87 yuan/W, an increase of 0.01 yuan/W compared to the previous week. The total procurement capacity awarded was 902.53MW, a decrease of 801.19MW compared to the previous week. Recently, module procurement prices have remained low due to continued price fluctuations in the industry chain, and project observation sentiment persists. Current end-user project progress is slow, with frequent delays or cancellations due to factors such as electricity prices, land, and infrastructure.

EVA: Last week, PV-grade EVA prices continued to decline, with foam and cable materials officially experiencing an inversion last week. The price difference between foam and cable materials has been compressed, leaving very limited profit margins. Last week, film negotiating prices have been adjusted downward, and transaction prices are about to decrease. In terms of inventory, film inventory is being reduced. Overall, resin and film may continue to experience a destocking phase for some time, but both time and space are limited. The market remained sluggish last week, with uncertainty about June prices and production plans still affecting companies' production plans.

PV Glass: Last week, PV glass prices remained stable, with prices expected to decrease in June. The price for 2.0mm single-layer coated glass is 17.5-18.5 yuan/square meter, and for 3.2mm single-layer coated glass, it is 26.0-27.0 yuan/square meter. The mainstream transaction prices are 18.0 and 26.5 yuan/square meter, respectively. At the end of May, domestic glass market transactions were few, and recent company inventories have been rising while module demand has slightly weakened. Domestic glass prices are expected to decrease in June.

High-purity Quartz Sand: Last week, high-purity quartz sand prices slightly decreased. Currently, the prices for domestic inner layer sand are 170,000-190,000 yuan/mt, for middle layer sand are 90,000-120,000 yuan/mt, and for outer layer sand are 24,000-50,000 yuan/mt, with prices dropping nearly 20,000 yuan/mt. After previous quotations from sand companies, downstream crucible companies made appropriate purchases, but order volumes were not good. With expected new capacity continuing to increase, sand companies made slight concessions in transactions last week, leading to a slight price decline. Prices are expected to remain weak and stable in the future.

Solar Inverter: Last week, the price range for inverters was 0.12-0.18 yuan/W for 20kw, 0.12-0.17 yuan/W for 50kw, and 0.11-0.16 yuan/W for 110kw. Due to the demand for PV in countries such as the Middle East, Africa, and India, production capacity and supply have increased, and leading companies have full orders on hand. Domestic demand is stabilizing, and the demand for centralized inverters is rising slowly.