Silicon Metal Market Prices Decline While Polysilicon Prices Remain Temporarily Stable [SMM Silicon-Based PV Morning Meeting Summary]

SMM March 10 News:

Silicon Metal

Prices

Last week, the price center of the silicon metal market continued to decline. In east China, the price of above-standard #553 silicon was 10,600-10,700 yuan/mt. The most-traded silicon metal futures contract continued to fall, hitting a low of 10,110 yuan/mt. The trading volume of both spot and futures improved compared to the previous period.

Production

Silicon metal enterprises showed both increases and decreases in supply, with more new production capacity added. Last week, silicon metal production increased WoW.

Inventory

Social Inventory: According to SMM statistics, as of March 7, the national social inventory of silicon metal totaled 599,000 mt, down 9,000 mt WoW. Among them, inventory in general warehouses was 141,000 mt, down 6,000 mt WoW, while inventory in delivery warehouses (including unregistered warehouse warrants and spot cargo) was 458,000 mt, down 3,000 mt WoW. The destocking of social inventory during the week was mainly concentrated in the Tianjin area.

Polysilicon

Prices

By the end of the week, the price of N-type recharging polysilicon was 39-45 yuan/kg, and the price of N-type dense polysilicon was 38-42 yuan/kg. Polysilicon prices remained stable for the time being, as downstream silicon wafers had not yet seen a full-scale price increase across all sizes, providing limited support for polysilicon.

Production

Polysilicon production increased in March, mainly due to the growth in calendar days. Enterprises maintained largely stable production, with some capacity expansion plans postponed, but overall changes remained limited.

Inventory

This week, polysilicon inventory slightly declined as cargo pick-up gradually began.

Modules

Prices

In the current module market, the mainstream transaction prices for centralized N-type 182mm modules were 0.695-0.703 yuan/W, while those for N-type 210mm modules were 0.715-0.723 yuan/W. Last week, module prices increased by 0.02-0.03 yuan.

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

With the recent increase in module shipment demand, some manufacturers even reported undersupply, and inventory is expected to slightly decline.

High-Purity Quartz Sand

Prices

Currently, domestic prices for inner-layer sand are 60,000-75,000 yuan/mt, mid-layer sand 30,000-45,000 yuan/mt, and outer-layer sand 20,000-25,000 yuan/mt. Last week, outer-layer sand prices saw slight increases, with low-end market prices rising slightly. This week, mid-layer sand prices are expected to increase due to enterprises standing firm on quotes.

Production

Leading enterprises maintained low operating rates, while other enterprises resumed production after the Chinese New Year. Supply is expected to continue increasing.

Inventory

Recently, some downstream enterprises planned purchases, but current sand enterprise inventory remains at high levels.

PV Glass

Prices

3.2mm Single-Layer Coating: The quoted price for 3.2mm single-layer coated PV glass was 22-23 yuan/m², remaining stable.

3.2mm Double-Layer Coating: The quoted price for 3.2mm double-layer coated PV glass was 23-24 yuan/m², remaining stable.

2.0mm Single-Layer Coating: The quoted price for 2.0mm single-layer coated PV glass was 13.5-14 yuan/m², remaining stable.

2.0mm Double-Layer Coating: The quoted price for 2.0mm double-layer coated PV glass was 14.5-15 yuan/m², remaining stable.

Production

This week, supply continued to increase, with blocked kilns in east and north China resuming operations. Additionally, there are plans to start production at new kilns this week.

Inventory

This week, domestic glass inventory began to decline due to the commencement of new order deliveries.