Component Prices Continue to Rise, with Upstream 210R Model Leading the Gains [SMM Weekly Review]

Polysilicon: This week, the mainstream transaction prices for N-type recharging polysilicon were 39-45 yuan/kg, while those for N-type dense polysilicon were 38-42 yuan/kg. Prices for N-type recharging polysilicon from some small producers were below 40 yuan/kg, while earlier large orders were transacted above 40 yuan/kg. Polysilicon prices remained stable, with market transactions subdued this week. The market has not yet entered a concentrated order-signing period, and both upstream and downstream players are adopting a wait-and-see sentiment. Transactions are expected to gradually pick up next week. With Q2 quotas issued, downstream demand slightly exceeded expectations, which may provide some boost to the polysilicon market in the future.

Wafers: This week, domestic N-type 18Xmm wafers were priced at 1.18-1.2 yuan/piece, N-type 210R wafers at 1.35-1.4 yuan/piece, and N-type 210mm wafers at 1.5-1.55 yuan/piece. Wafer prices continued to diverge, with 210R quotations and transaction prices climbing sharply. After the meeting on the 12th, mainstream producers collectively quoted 1.4 yuan/piece. In contrast, 210mm wafers showed weaker performance, with transactions at 1.55 yuan/piece facing resistance. As Q2 wafer quotas are confirmed, wafer production schedules are expected to increase significantly.

Solar Cells: This week, the solar cell market experienced structural undersupply, with 210RN cells particularly tight in supply and prices surging rapidly from 0.30 yuan/W at the beginning of the week to 0.34 yuan/W. Prices for 183N and 210N cells also rose, with transaction centers shifting from 0.295 yuan/W to 0.30 yuan/W. Following the industry's self-discipline meeting this week, there were no significant changes in cell quotas. The monthly supply cap for Q2 remains at 60GW. If production plans are strictly implemented according to quotas, the Q2 cell market is expected to maintain a relatively balanced supply and demand, with prices likely to remain firm.

Modules: Module prices continued to rise this week. Distributed N-type 182 modules were priced at 0.742-0.754 yuan/W, with the average price up by 0.034 yuan/W compared to last Friday. Distributed N-type 210 modules were priced at 0.757-0.769 yuan/W, with the average price up by 0.029 yuan/W. Centralized N-type 182 modules were priced at 0.7-0.72 yuan/W, with the average price up by 0.011 yuan/W, while centralized N-type 210 modules were priced at 0.715-0.735 yuan/W, with the average price up by 0.006 yuan/W. Module prices maintained an upward trend this week, driven by strong demand for distributed modules due to the rush for installations. Many module producers actively raised their quotations, prioritizing high-priced domestic distributed orders for delivery. With demand remaining robust, leading module manufacturers reported rapidly declining domestic inventories. Quotations from module producers continued to rise, with some distributed module prices reportedly reaching around 0.8 yuan/W. Transaction prices may still have some upside room in the future.

EVA Film: This week, the mainstream transaction prices for PV-grade EVA were 11,500-11,850 yuan/mt, up by 100 yuan/mt WoW. The rise in PV-grade EVA prices also led to slight increases in prices for foam-grade and cable-grade EVA. Under the "rush for installations," the supply-demand pattern tightened, and spot supply in the market remained tight. Although downstream film producers showed some resistance to rising costs, strong demand continued to push EVA resin prices upward. In the short term, as module production schedules increase, EVA resin prices are expected to rise slightly further, though the extent of the increase may be limited by downstream cost tolerance.

For EVA film, the mainstream transaction prices this week were 13,300-13,500 yuan/mt for EVA film and 15,200-15,500 yuan/mt for EPE film. On the cost side, PV-grade EVA prices remained high, while on the demand side, the dual policy periods of "430" and "531" boosted module production schedules and gradually warmed up demand. Supported by high costs and recovering downstream demand, film prices are expected to show a slight upward trend.

PV Glass: This week, PV glass quotations remained stable. As of now, the mainstream quotation for 2.0mm single-layer coating glass is 14.0 yuan/m², with mainstream transaction prices at 13.5 yuan/m². For 3.2mm single-layer coating glass, the mainstream quotation is 22.5 yuan/m², and for 2.0mm back glass, the mainstream quotation is 12.0 yuan/m². This week, glass prices remained stable as domestic module producers completed their orders, and glass producers delivered goods as needed, with no price changes. On the supply side, one new kiln was ignited in both Anhui and Guangxi this week, adding a combined capacity of 2,400 mt/day. Previously shut kilns have gradually resumed production, and March glass production schedules exceeded expectations. Although module demand increased, the high inventory levels previously accumulated by module producers led to a slower destocking speed for glass. However, overall, the market still showed slight destocking.

High-Purity Quartz Sand: This week, domestic high-purity quartz sand quotations remained stable, with slight increases from some enterprises but limited transactions. 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. Recent crucible transactions declined slightly due to weak wafer demand, further reducing acceptance of higher-priced quartz sand. Market trading volumes were extremely limited, and crucible producers have yet to deplete their inventories. Quartz sand prices are expected to remain in a state of negotiation in the near term.

Backsheet: This week, PV backsheet prices declined slightly. White CPC backsheets with double fluorine coating were priced at 4.9-5.2 yuan/m², down by 0.05 yuan/m², while transparent CPC backsheets with double fluorine coating were priced at 11.3-12.3 yuan/m², also down by 0.05 yuan/m². Demand in the backsheet market remained weak, with March orders concentrated among the top two enterprises. Some leading producers saw slight increases in production schedules due to lower March order signing prices. Although overall March production schedules are expected to rise slightly compared to February, the industry's overall production schedule remains at a very low level.

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