[SMM Silicon-Based PV Morning Meeting Summary] Silicon Wafer Companies Maintain High Price Quotes While Driving Up Battery Prices

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SMM, January 14:

Silicon Wafer

Price: The market price for N-type 18X silicon wafers was 1.1-1.18 yuan/piece. Currently, low-price orders for silicon wafers are decreasing as deliveries are made. Silicon wafer enterprises are holding firm on high prices for new quotations, and the price center continues to rise.

Production: As of January, the planned production 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, with slight consumption driven by downstream pre-holiday restocking. However, as pre-holiday stockpiling approaches its latter stages, the downward trend in inventory has slowed.

Solar Cell

Price: PERC cell prices saw a significant increase. The price for high-efficiency PERC 182 cells (efficiency of 23.2% and above) was 0.325-34 yuan/W. There was no trading volume in the PERC 210 cell market. The transaction price for Topcon 183 cells (efficiency of 25% and above) was around 0.28-0.295 yuan/W; Topcon 210RN cells were priced at 0.275-0.285 yuan/W; and Topcon 210 cells were priced at 0.285-0.295 yuan/W. Downstream module manufacturers have gradually accepted the adjusted prices. The mainstream price for HJT 210 half-cell products was 0.36-0.38 yuan/W. The price increase in silicon wafers has driven up the prices of PERC and Topcon cells. HJT cell prices remained stable due to a lack of transactions, but an upward trend is expected next month.

Production: Most cell production bases plan to rotate shifts during the Chinese New Year, with production lines continuing operations without shutdowns. A few battery manufacturers will halt production for three weeks for holiday breaks, during which they will conduct line repairs, maintenance, and upgrades. Some have already started their holidays, and more bases are expected to close after the 20th.

Inventory: Affected by downstream pre-holiday stockpiling, cell shipments were relatively smooth, and inventory levels remained at normal turnover rates.

PV Film

Price

PV-Grade EVA: The transaction price for PV-grade EVA was 10,600-10,800 yuan/mt. The domestic settlement price for PV-grade POE was approximately 12,000-13,500 yuan/mt.

PV Film: The current mainstream price for 420g transparent EVA film was 5.29-5.46 yuan/m², 420g white EVA film was 5.67-6.05 yuan/m², 380g EPE film was 5.79-5.89 yuan/m², and 380g POE film was 6.84-7.22 yuan/m².

Production: The planned production of PV-grade EVA in January was approximately 100,000 mt. The planned domestic production of PV film in January was about 350 million m².

Inventory: Overall inventory levels at petrochemical plants remained low, and tight spot supply persisted in the market. As the Chinese New Year approaches, logistics scheduling has become challenging, prices have increased, and pre-holiday stockpiling is nearing its end. The shortage is expected to ease.

Inverter

Price: This week, inverter prices remained stable. The price range for 20kw inverters was 0.12-0.16 yuan/W, 50kw inverters were 0.11-0.15 yuan/W, 110kw inverters were 0.1-0.14 yuan/W, and 320kw inverters were 0.09-0.11 yuan/W.

Supply and Demand: On the supply side, production remained stable and sufficient. However, new order demand significantly weakened in the off-season of Q1, leading to reduced shipments.