PV Industry Chain Production Schedule Rapidly Increases, Sentiment Drives Solar Cell Prices to Continue Rising [SMM Silicon-Based PV Morning Meeting Summary]

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SMM, March 6:

Solar Cell

Prices

The price of high-efficiency PERC 182 solar cells (efficiency of 23.2% and above) was 0.32 yuan/W, showing a slight decline; there were no transactions in the PERC 210 solar cell market.

The price of Topcon 183 solar cells (efficiency of 25% and above) was around 0.29-0.30 yuan/W, Topcon 210RN solar cells at 0.29-0.30 yuan/W, and Topcon 210 solar cells at 0.29-0.295 yuan/W. Recent price increases were mainly supported by sentiment.

The mainstream price of HJT 210 half-cell products was 0.38-0.42 yuan/W. The market was dominated by integrated manufacturers for self-supply, with limited direct sales and mainly tolling business.

Production

Topcon solar cell production in March increased by 36.04% MoM, Topcon 183 solar cells by 43.31% MoM, Topcon 210R solar cells by 89.18% MoM, and Topcon 210 solar cells by 29.42% MoM.

Inventory

New orders increased significantly, with leading manufacturers maintaining low inventory levels. Battery manufacturers had sufficient orders, with both supply and demand increasing. However, battery manufacturers were resistant to low-priced orders, and the market was in a price tug-of-war, with inventory levels showing no significant decline.

Modules

Prices

In the current module market, the mainstream transaction price of N-type 182mm modules for centralized projects was 0.685-0.695 yuan/W, up by 0.01 yuan/W, while the mainstream transaction price of N-type 210mm modules was 0.705-0.718 yuan/W, up by 0.012 yuan/W. The price of Topcon distributed modules was 0.713-0.736 yuan/W.

Production

Overall module production in March increased by 35% MoM, with more orders being delivered.

Inventory

Market shipments improved, with distributed rush-for-installation orders emerging, leading to a slight reduction in inventory.

PV Film

Prices:

EVA/POE PV-Grade Materials:

The current price of PV-grade EVA was 11,400-11,750 yuan/mt, while PV-grade POE was traded at 12,000-14,000 yuan/mt.

PV Film:

The current mainstream price of 420g transparent EVA film was 5.46-5.67 yuan/m², 420g white EVA film was 5.96-6.17 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 March was approximately 1.38 million mt. The planned domestic production of PV film in March was approximately 410 million m².

Inventory

Currently, petrochemical plant inventories were low, with tight supply and increasing demand. Inventory levels are expected to remain low.

Prices

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

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

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

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

Production

Recent supply has been rapidly increasing, with a new kiln of 1,200 mt/day expected to start production next week, further increasing supply.

Inventory

The industry's glass inventory days decreased to around 30 days, with a slight destocking expected in March.