Despite the downturn in the market, the price of PV glass is expected to increase by 0.5 yuan/m², according to a joint forecast. [SMM Analysis]

Published: Apr 24, 2025 15:37

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【SMM Analysis: Despite Market Downturn, PV Glass Prices Are Expected to Increase by 0.5 Yuan/m²】Current glass prices in April are as follows: 2.0mm single-layer coating (13.5-14.5 yuan/m²); 2.0mm double-layer coating (14.5-15.5 yuan/m²); 3.2mm single-layer coating (22-23.5 yuan/m²); 3.2mm double-layer coating (23-24.5 yuan/m²); 2.0mm back glass (12.5-13.5 yuan/m²). As of now, the mainstream transaction prices have decreased compared to early April, with the 2.0mm single-layer coating transaction price dropping to 13.5 yuan/m². However, following last week's glass meeting, some companies revealed that new glass orders in May are still expected to increase by 0.5 yuan/m² despite the market downturn.

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SMM April 24 News:

Current glass prices in April are as follows: 2.0mm single-layer coating (13.5-14.5 yuan/m²); 2.0mm double-layer coating (14.5-15.5 yuan/m²); 3.2mm single-layer coating (22-23.5 yuan/m²); 3.2mm double-layer coating (23-24.5 yuan/m²); 2.0mm back glass (12.5-13.5 yuan/m²). As of now, the mainstream transaction prices in the market have declined compared to early April, with the transaction price of 2.0mm single-layer coating dropping to 13.5 yuan/m². However, after the glass meeting last week, some companies revealed that the new glass order prices in May are still planned to rise against the trend by 0.5 yuan/m².

Figure PV Glass Trend

Data Source: SMM

SMM learned that there are two main reasons for the planned price increase. First, over the past quarter, the inventory level in the glass industry has been continuously declining. At the beginning of 2025, the glass inventory level was close to 40 days. Due to the peak season for module demand and insufficient glass supply, the current glass inventory level has dropped to around 28 days. Second, in the past month, the price of sodium pyroantimonate, one of the raw materials for glass, has risen significantly, increasing by nearly 70,000 yuan/mt, leading to higher glass costs. The combination of cost support and declining inventory levels has prompted glass companies to plan a price increase in May.

However, regarding the planned price increase by glass companies, module manufacturers are opposed. Recently, as the push from the 430 and 531 policies weakened, module demand has started to decline, and module prices have entered a continuous downward trend over the past two weeks. Additionally, the planned module production in May will continue to decrease. Some leading module companies revealed that the domestic production schedule in May is expected to drop to around 50GW. With declining glass demand and the initial small-scale production from newly ignited glass furnaces, the increase in supply and decrease in demand have led to low acceptance among module manufacturers.

For the price forecast of new orders in May, SMM believes that the overall market bargaining atmosphere is strong, and most upstream and downstream companies are expected to enter a prolonged negotiation period. The new order prices in May may only be finalized after the Labour Day holiday, with recent market transaction prices expected to fluctuate at the bottom.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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