Polysilicon prices have slightly increased, and solar cells are still in the destocking phase

Polysilicon

Prices: Yesterday, the mainstream prices for N-type polysilicon were 38-43 yuan/kg, and the mainstream prices for dense polysilicon were 35-38 yuan/kg. Polysilicon prices saw a slight increase.

Production: In August, domestic polysilicon factories continued to reduce production, with monthly polysilicon output falling below 140,000 mt, still excessive compared with PV wafer production.

Inventory: In-factory inventory of polysilicon dropped to around 220,000 mt, with significant reductions in inventory at major factories compared to the previous period. Some traders entered the market to make purchases.

Solar Cell

Price: The current price of high-efficiency PERC 182 solar cells (23.2% efficiency and above) is 0.29-0.30 yuan/W; the price of PERC 210 solar cells is around 0.285-0.29 yuan/W; the price of Topcon 182 solar cells (24.7% efficiency and above) is around 0.28-0.29 yuan/W; the price of Topcon 210RN solar cells is 0.29-0.29 yuan/W; the price of Topcon 210 solar cells is 0.29-0.29 yuan/W.

Production: In August, the scheduled production of solar cells by some integrated manufacturers continued to rise, while the operating rate of non-integrated cell makers mostly remained stable. However, due to lower-than-expected orders, the actual production may be lower-than-expected.

Inventory: Solar cells are still in the destocking stage, with most days of raw material inventories reaching more than half a month, and the inventory proportion of 210RN is relatively high.

PV film

Price

PV-grade EVA: The current domestic trading price of PV-grade EVA is about 9,400 yuan/mt, with market sentiment expecting a price increase. POE PV-grade material temporarily maintains at $2,100-$2,150/mt for C4 and $2,200-$2,250/mt for C8.

PV film: The current mainstream price for 420g transparent EVA film is 5.46-5.67 yuan/sqm, 420g white EVA film is 5.99-6.36 yuan/sqm, 380g EPE film is 6.46-6.65 yuan/sqm, and 380g POE film is 8.74-8.93 yuan/sqm.

Production: There was no significant increase in PV module production schedules in August, and film production is expected to remain stable. However, the current inventory of PV-grade EVA is low, and the planned production for August may increase.

Inventory: Domestic in-factory inventory of EVA is low, and film is still in a destocking cycle.

Solar inverter

Price: This week, the price range for inverters is as follows: 20kW at 0.12-0.16 yuan/W, 50kW at 0.11-0.15 yuan/W, 110kW at 0.1-0.14 yuan/W, and 320kW at 0.09-0.11 yuan/W. The inverter prices remain stable.

Supply and Demand: The supply side has stable and sufficient production. Traditional market demand is mediocre, while the high growth in demand for solar storage in emerging markets is driving an increase in scheduled production in Q3 (up QoQ). Domestic centralised procurement delivery demand is also launching, with an increase in the procurement of 300kW+ string inverters.