Polysilicon Price Temporarily Stable, Module Price Drops [SMM Silicon-Based PV Morning Meeting Summary]

SMM, June 8:

Silicon Metal

Prices

Last week, SMM assessed oxygen-blown #553 silicon in east China at 9,100-9,300 yuan/mt and #441 silicon at 9,300-9,400 yuan/mt. The most-traded futures contract hovered around 8,700 yuan/mt, with the futures center edging slightly higher. Silicon suppliers held firm on quotes while downstream wait-and-see sentiment was strong, leading to a stalemate in the silicon metal spot market. Monitor supply-demand operating rates and market sentiment changes.

Production

According to SMM data, silicon metal production in May reached 331,300 mt, up 3.6% MoM and up 7.6% YoY. As June began, a clear pattern of increasing supply and demand emerged for silicon metal, with June production expected to edge up to around 360,000 mt MoM.

Inventories

Social inventories: SMM statistics on June 4 showed total social inventories of silicon metal across major regions at 560,000 mt, flat WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Polysilicon

Prices

Over the weekend, N-type recharging polysilicon was quoted at 32.7-35.5 yuan/kg, with limited order signing. Prices remained temporarily stable over the weekend, and no new orders were signed after the exhibition. The market awaits follow-up policy developments.

Production

China’s polysilicon production rose notably in June, mainly driven by increases in Sichuan, Qinghai, Inner Mongolia, and other regions.

Inventories

Inventories declined. Earlier concentrated order signing in the market, combined with subsequent deliveries, led to a slight reduction in inventories. Some top-tier players saw their inventories drop to around 100,000 mt after deliveries.

Modules

Prices

Last week, domestic distributed modules prices continued to fall. Competition in the distributed market was fierce, with a wide price gap between top-tier players and third-tier producers. Amid relatively sluggish demand, module enterprises mainly focused on shipments. With low quoted prices, some end-users and distributors began to stockpile appropriately. Currently, high-efficiency distributed Topcon 183, 210R, and 210N modules were quoted at 0.736 Yuan/W, 0.7415 Yuan/W, and 0.7435 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.723 Yuan/W and 0.743 Yuan/W respectively.

Production

Last week, domestic operating rates remained largely stable, with enterprises producing based on demand. However, operating rates varied across different technologies: BC module lines were basically running at full capacity, while TOPCon lines saw lower rates.

Inventories

Last week, domestic module inventories declined slightly as producers accelerated their shipment pace.

High-Purity Quartz Sand

Prices

Currently, domestic inner-layer sand is priced at 40,000-45,000 yuan/mt, middle-layer sand at 20,000-24,000 yuan/mt, and outer-layer sand at 16,000-18,000 yuan/mt, while imported high-purity quartz sand is at 50,000-55,000 yuan/mt. 33-inch quartz crucibles are priced at 6,000-6,200 yuan/piece, and 36-inch quartz crucibles at 6,600-6,900 yuan/piece. The average price of 36-inch crucibles continues to trend downward.

Production

In June, quartz sand enterprises' planned production is expected to edge up slightly. Driven by increased wafer production schedules, multiple crucible producers reported improving order demand. China’s high-purity quartz sand producers are formulating production plans to match wafer demand. Recently, demand for PV-grade high-purity quartz sand used in semiconductors has started to pick up.

Inventories

Imported sand inventories continued to rise in June. In Q2 2026, crucible enterprises made reasonable purchases based on wafer planned production, keeping overall quartz sand inventory levels on an upward trend.

PV Glass

Prices

3.2mm single-layer coating: 3.2mm single-layer coated PV glass was quoted at 15-16 yuan/m², with stable prices.

3.2mm double-layer coating: 3.2mm double-layer coated PV glass was quoted at 16-17 yuan/m², with stable prices.

2.0mm single-layer coating: 2.0mm single-layer coated PV glass was quoted at 8.5-9.5 yuan/m². During the SNEC exhibition, some glass enterprises began to raise their quotes, but transaction prices have seen relatively small changes so far. Module makers continued to push for lower prices and showed resistance to the increases, meaning further price negotiations are expected.

2.0mm double-layer coating: 2.0mm double-layer coated PV glass was quoted at 9.5-10.5 yuan/m², with stable prices.

Production

The direction for glass operating rates in the remainder of June has been largely finalized, with enterprises maintaining their production cut strategy. Expectations of weakening supply are likely to persist for some time.

Inventories

Module producers began to stockpile and purchase, but overall procurement volumes were relatively limited. Days of inventories for glass continued to edge down.