Component Prices Lead the Increase, Main Material Market Remains Hot [SMM Weekly Review]

Polysilicon: This week, the mainstream transaction prices for N-type recharging polysilicon were 39-45 yuan/kg, while the mainstream transaction prices for N-type dense material were 38-42 yuan/kg. Polysilicon market quotations increased this week, primarily driven by collective price hikes from top-tier polysilicon manufacturers, raising quotes to downstream crystal pulling factories to 42-43 yuan/kg. However, actual transactions in the market remain relatively few, as downstream raw material inventories are sufficient and not in a concentrated order signing period. With the market heat increasing across downstream segments, SMM believes polysilicon prices may strengthen in the future.

Silicon Wafer: This week, domestic N-type 18Xmm silicon wafers were priced at 1.18-1.2 yuan/piece, N-type 210R wafers at 1.3-1.35 yuan/piece, and N-type 210mm wafers at 1.55-1.6 yuan/piece. Silicon wafer prices remained stable within the current range this week, but market activity continued to heat up. Driven by the strong demand for downstream 210R solar cells and the previous supply-demand mismatch, 210R wafers continued to lead the market gains, with transactions already reaching 1.35 yuan/piece. Top-tier enterprises maintained a firm stance on quotes, and the solar cell market remains active. SMM believes the likelihood of sustaining current quotations is high in the future.

Solar Cell: This week, solar cell prices increased, with the 210RN cell seeing relatively larger gains. Currently, the transaction prices for 210RN cells are at 0.295-0.3 yuan/W, with some urgent orders priced at 0.305-0.31 yuan/W. Demand for this model has risen rapidly, and battery manufacturers' inventory reserves are insufficient, suggesting further upside room for prices. The mainstream transaction price for 183N cells is currently 0.295 yuan/W, with high-end prices at 0.3 yuan/W. The market is in a negotiation phase, and transaction prices are expected to continue rising. Prices for 210N cells remained stable this week, but some manufacturers are expected to raise quotes, primarily driven by rising costs.

PV Module: This week, module prices increased. Distributed N-type 182 modules are currently priced at approximately 0.71-0.717 yuan/W, with the average price up by 0.037 yuan/W compared to last Friday. Distributed N-type 210 modules are priced at 0.73-0.737 yuan/W, with the average price also up by 0.037 yuan/W compared to last Friday. Centralized N-type 182 modules are priced at 0.695-0.703 yuan/W, with the average price up by 0.02 yuan/W compared to last Friday. Centralized N-type 210 modules are priced at 0.715-0.723 yuan/W, with the average price up by 0.02 yuan/W compared to last Friday. The rapid price increase for distributed modules this week was mainly driven by the rush for installations in industrial and commercial projects at the 430 and 531 periods. Downstream procurement was active, and module deliveries were tight. Price fluctuations for centralized modules were relatively small, with fewer new orders signed recently. Ongoing orders are still priced around 0.68 yuan/W, and prices are expected to rise further.

End-User: During the week of February 24 to March 2, 2025, SMM statistics showed that 12 sections of PV module projects were awarded to enterprises such as LONGi Green Energy and Yibin Jucai PV ESS Supply Chain Management. Among these, five projects disclosed their installed capacities. The module models awarded this week included N-type modules. The winning bid price range was concentrated at 0.65-0.71 yuan/W, with a weighted average price of 0.67 yuan/W, down by 0.02 yuan/W compared to last week. The total awarded procurement capacity was 210.9 MW, a decrease of 2,657.1 MW compared to last week. The confirmed procurement capacity for N-type modules during the week was approximately 130.03 MW, accounting for 61.65%.

EVA: This week, the mainstream transaction prices for PV-grade EVA remained at 11,400-11,750 yuan/mt, while prices for foam-grade and cable-grade EVA also saw slight increases. Market transaction activity was relatively strong, with downstream module production schedules rising. Supply was tight, and demand increased, resulting in an overall undersupply in the market. The supply-demand imbalance is unlikely to ease in the short term, and prices are expected to remain high in the future.

Film: The mainstream transaction prices for EVA film were 13,300-13,500 yuan/mt this week. The price increase for PV-grade EVA provided cost support for the rise in film prices. With high prices for PV-grade EVA and rapidly increasing module production schedules, the dual drivers of cost and demand pushed film prices higher.

PV Glass: This week, PV glass quotations remained stable. As of now, the mainstream quotation for 2.0mm single-layer coating is 14.0 yuan/m², with mainstream transaction prices at 13.5 yuan/m². The mainstream quotation for 3.2mm single-layer coating is 22.5 yuan/m², and for 2.0mm back glass, it is 12.0 yuan/m². This week, market glass quotations remained stable, with module enterprises gradually signing new orders. The mainstream transaction range was ultimately set at 13.5-14.0 yuan/m². Recent module demand continues to rise. Although glass production has increased compared to earlier periods, the domestic supply-demand balance still shows tight supply. Glass destocking expectations are strong, and module bargaining power is limited, keeping glass prices stable for now.

High-Purity Quartz Sand: This week, low-end quotations for high-purity quartz sand used in outer layers saw slight increases. Current market quotations are as follows: inner-layer sand at 65,000-75,000 yuan/mt, middle-layer sand at 35,000-45,000 yuan/mt, and outer-layer sand at 20,000-25,000 yuan/mt, with outer-layer prices slightly adjusted by 1,000 yuan/mt. There were no transactions in the domestic market this week, as crucible enterprises have yet to deplete their raw material inventories. The market is currently dominated by back-and-forth negotiations between upstream and downstream, but some middle- and outer-layer sand enterprises have shown a strong willingness to raise quotations recently. Low-end quotations in the market are expected to rise slightly in the near term.

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