Polysilicon Prices Remain Stable, Module Price Trend Moves Upward [SMM Silicon-Based PV Morning Meeting Summary]

SMM March 3 News:

Silicon Metal

Prices: Last week, silicon metal market prices continued to decline slightly. In east China, above-standard #553 silicon was priced at 10,600-10,700 yuan/mt, down 100 yuan/mt during the week, while #441 silicon was priced at 11,000-11,200 yuan/mt, also down 100 yuan/mt during the week. The most-traded silicon metal futures contract fluctuated downward, with moderate market transaction activity and a downward shift in the silicon transaction center.

Production:

SMM reported that silicon metal production in February 2025 was 289,500 mt, down 1,450 mt or 4.8% MoM, and down 16% YoY. Based on daily production, the average daily output in February was higher than in January. Additional resumed capacity is expected to be released in March, leading to a continued increase in silicon metal supply.

Inventory:

Social Inventory: SMM statistics showed that as of February 28, the national social inventory of silicon metal totaled 608,000 mt, including 147,000 mt in general social warehouses and 461,000 mt in social delivery warehouses (including unregistered warehouse warrants and spot cargo). Note: Starting February 28, SMM's social inventory data includes new warehouse statistics from Xinjiang and Tianjin, with the newly added inventory data traced back to December 6, resulting in differences compared to previous statistics.

Polysilicon

Prices: By the end of the week, N-type recharging polysilicon was priced at 39-45 yuan/kg, and N-type dense material was priced at 38-42 yuan/kg. Polysilicon prices remained stable, with limited market transactions as both upstream and downstream players adopted a wait-and-see approach.

Production: Polysilicon production increased in March, mainly due to the longer calendar days. One enterprise is expected to increase production, while another has a maintenance plan scheduled for mid-month.

Inventory: Polysilicon inventory slightly declined this week as cargo pick-up gradually resumed.

Modules

Prices:

In the current module market, the mainstream transaction prices for N-type 182mm modules were 0.64-0.69 yuan/W, and for N-type 210mm modules were also 0.64-0.69 yuan/W, with an upward price trend.

Production:

Most enterprises raised their operating rates in March, up 35% MoM. Demand for centralized shipments improved, and distributed rush-for-installation orders increased.

Inventory:

Currently, the overall inventory level remains at 1-1.5 months. With increased production and subsequent shipment demand, inventory is expected to rise first and then decline.

High-Purity Quartz Sand

Prices:

Currently, domestic inner-layer sand is priced at 60,000-75,000 yuan/mt, middle-layer sand at 30,000-45,000 yuan/mt, and outer-layer sand at 19,000-25,000 yuan/mt. Leading enterprises plan to raise the quoted prices for middle- and outer-layer sand, with other companies showing a tendency to follow. However, crucible enterprises currently show limited purchasing interest, leading to a stalemate in back-and-forth negotiations between upstream and downstream.

Production:

Production schedules in March are expected to increase due to post-holiday resumption of work, while overseas imported sand supply remains stable.

Inventory:

Quartz sand enterprises' inventory remains stable at a relatively high level, with no purchasing activity from crucible enterprises this week.

PV Glass

Prices:

3.2mm Single-Layer Coating: The price of 3.2mm single-layer coated PV glass was 22-23 yuan/m², with low-end prices rising.

3.2mm Double-Layer Coating: The price of 3.2mm double-layer coated PV glass was 23-24 yuan/m², with low-end prices rising.

2.0mm Single-Layer Coating: The price of 2.0mm single-layer coated PV glass was 13.5-14 yuan/m², with low-end prices rising.

2.0mm Double-Layer Coating: The price of 2.0mm double-layer coated PV glass was 14.5-15 yuan/m², with low-end prices rising.

Production:

Supply increased again this week as production lines resumed operations following furnace repairs. Additional production lines are expected to start production later in March, leading to a significant increase in supply.

Inventory:

Domestic PV glass inventory continued to decline this week, with industry inventory levels at approximately 30 days.

》View SMM Silicon Product Prices