[SMM Silicon-Based PV Morning Meeting Summary] Silicon Wafer Production Schedule in March Expected to Increase MoM; Recent Tight Solar Cell Shipments Lead to Inventory Decline

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SMM, March 11:

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 temporarily stable. After the price adjustment by silicon wafer companies in March, actual transactions for 210R increased, while transactions for other sizes remained stable.

Production: The March silicon wafer production schedule has been released, with an expected MoM increase. Downstream demand remained strong, and tolling business by silicon wafer companies increased. Looking ahead to April, with the increase in Q2 quotas, production may see a significant MoM increase.

Inventory: Silicon wafer inventory pulled back slightly this week, mainly due to previous procurement and demand. Currently, 210R inventory is approaching a low level.

Solar Cell

Prices: The price for high-efficiency PERC182 solar cells (efficiency of 23.2% and above) was 0.31-0.32 yuan/W, showing a slight decline. There were no transactions in the PERC210 solar cell market. The price for Topcon183 solar cells (efficiency of 25% and above) was around 0.29-0.3 yuan/W, Topcon210RN solar cells were priced at 0.295-0.31 yuan/W, and Topcon210 solar cells were priced at 0.29-0.295 yuan/W. Recently, leading battery manufacturers raised the price of 210R, while 183N and 210N remained stable. The market was mainly dominated by integrated manufacturers for self-supply, with limited direct sales.

Production: Topcon solar cell production in March increased by 36.04% MoM, Topcon183 solar cell production increased by 43.31% MoM, Topcon210R solar cell production increased by 89.18% MoM, and Topcon210 solar cell production increased by 29.42% MoM.

Inventory: Recently, solar cell shipments have been tight. Both transaction volume and shipments increased this week, while inventory decreased.

PV Film

Prices

PV-Grade EVA: The transaction price for PV-grade EVA was 11,500-11,750 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 5.54-5.67 yuan/m², 420g white EVA film was priced at 6.04-6.17 yuan/m², 380g EPE film was priced at 5.79-5.89 yuan/m², and 380g POE film was priced at 6.84-7.22 yuan/m².

Production: PV-grade EVA production in March increased by 13.7% MoM, while PV film production increased by 3.1% MoM.

Inventory: PV-grade EVA recently saw some transactions. On the demand side, due to increased production driven by the rush for installations, there may be significant growth, and inventory is expected to remain at a low level.