[SMM Silicon-Based PV Morning Meeting Summary] Leading Silicon Companies Generally Increase Production in January; Battery Production in January Expected to Decline

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SMM, December 31:

Silicon Wafer

Prices: The mainstream transaction average price of monocrystalline silicon wafer M10 in the market was 1.05-1.1 yuan/piece, and the price of N-type 18X silicon wafer was 1.05-1.1 yuan/piece. Silicon wafer prices rose again, mainly reflected in the supplementary increase of 210R and large-size 210 wafers.

Production: For January, the production schedule of silicon wafers shows that top-tier enterprises are generally increasing their operating rates, and production is expected to rise MoM.

Inventory: This week, silicon wafer inventory continued to decline. Given the tight supply in the supply-demand structure, the inventory reduction was expected.

Solar Cell

Prices: The price of high-efficiency PERC182 solar cells (efficiency of 23.2% and above) was 0.31 yuan/W; PERC210 solar cells were priced at approximately 0.28-0.28 yuan/W; Topcon183 solar cells (efficiency of 25% and above) were priced at approximately 0.28-0.29 yuan/W; Topcon210RN solar cells were priced at 0.265-0.275 yuan/W; Topcon210 solar cells were priced at 0.285-0.29 yuan/W. HJT210 half-cell solar cells were priced at 0.38-0.43 yuan/W. Prices for all models of solar cells generally increased.

Production: Some top-tier manufacturers confirmed production cuts in January. After the price increase of solar cells, some manufacturers stabilized their operating rates. The January production schedule is expected to remain stable, but overall, solar cell production in January will decline.

Inventory: By month-end, the inventory of solar cell manufacturers was effectively reduced, with inventory decreasing again.

PV Film

Prices

PV-grade EVA: The transaction price of PV-grade EVA was 10,600-10,700 yuan/mt. The domestic settlement price of PV-grade POE was approximately 12,000-13,500 yuan/mt.

PV Film: The current mainstream price of 420g transparent EVA film is 5.21-5.46 yuan/m², 420g white EVA film is 5.63-6.05 yuan/m², 380g EPE film is 5.79-5.89 yuan/m², and 380g POE film is 6.84-7.22 yuan/m².

Production: The planned production of PV-grade EVA in December was approximately 1.2 million mt. The planned production of domestic PV film in December was approximately 430 million m².

Inventory: In January, module manufacturers reduced their production schedules, leading to a significant reduction in film orders. Overall, January showed weak supply and demand, with a slight inventory buildup of EVA.

Inverter

Prices: This week, inverter prices remained stable, with the price range for 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.

Supply and Demand: On the supply side, production remained stable and sufficient. Year-end orders decreased, with preparations underway for Q1 overseas orders.