[SMM Silicon-Based PV Morning Meeting Summary] Silicon Wafer March Production Schedule Expected to Increase MoM; Recent Supply and Demand Both Rising for Solar Cells

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SMM, March 4:

Silicon Wafer

Prices: The market price for N-type 18X silicon wafers was 1.18-1.2 yuan/piece, while the price for 210R silicon wafers dropped to 1.3-1.35 yuan/piece. Silicon wafer prices remained stable for now, as silicon wafer companies increased their quotations at the end of last week, with downstream buyers still observing the market.

Production: The March silicon wafer production schedule has been released, and it is expected to increase MoM. Downstream demand remains strong, and tolling business by silicon wafer companies has increased.

Inventory: Silicon wafer inventory pulled back slightly this week, mainly due to price reductions by second- and third-tier companies last week and increased month-end procurement.

Solar Cell

Prices: The price of high-efficiency PERC182 solar cells (efficiency of 23.2% and above) was 0.325 yuan/W, showing a slight decline. There were no transactions in the PERC210 solar cell market. The price of Topcon183 solar cells (efficiency of 25% and above) was around 0.29-0.295 yuan/W, with the highest quotation rising to 0.3 yuan/W. The price of Topcon210RN solar cells was 0.29-0.295 yuan/W, and Topcon210 solar cells were also priced at 0.29-0.295 yuan/W. Prices are expected to continue rising in the near term, but downstream acceptance is limited. The mainstream price for HJT210 half-cell products was 0.36-0.38 yuan/W. The market is primarily dominated by integrated manufacturers for self-supply, with limited transaction volumes.

Production: March production increased by more than 36% MoM, with the most significant growth in the production of 183 and 210R solar cells.

Inventory: New orders increased significantly, and battery manufacturers had sufficient orders, with both supply and demand rising. Due to delivery cycle issues, current inventory levels increased slightly.

PV Film

Prices

PV-grade EVA: The transaction price for PV-grade EVA was 11,400-11,750 yuan/mt. The domestic settlement price for PV-grade POE was approximately 12,000-14,000 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 for March was approximately 134,000 mt. The planned domestic production of PV film for March was approximately 350 million m².

Inventory: Recent transactions of PV-grade EVA have been observed. On the demand side, significant growth is expected due to increased production driven by the rush for installations of modules. On the supply side, some petrochemical plants are expected to undergo maintenance, and inventory levels are anticipated to remain low.