Distributed Module Price Adjustment Accelerates, Glass Supply Maintains High Growth Rate [SMM Silicon-Based PV Morning Meeting Summary]

SMM March 17 News:

Silicon Metal

Prices

Last week, spot prices in the silicon metal market continued to decline, with the main futures contract hitting a low below 9,800 yuan/mt. Some silicon enterprises in the spot market followed the downward trend in quotations, and market sentiment remained pessimistic and negative, leading to further price drops in the silicon metal market.

Production

The operating rates of large-scale silicon enterprises remained stable with slight increases, while those of small and medium-sized enterprises weakened. Silicon metal supply saw a slight increase WoW.

Inventory

Social Inventory: According to SMM statistics, as of March 14, the national social inventory of silicon metal totaled 594,000 mt, down 5,000 mt WoW. Among this, general warehouse inventory stood at 139,000 mt, down 2,000 mt WoW, while inventory in delivery warehouses (including unregistered warrants and spot cargo) was 455,000 mt, down 3,000 mt WoW.

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 material was 38-42 yuan/kg. Polysilicon prices remained stable, with transactions yet to fully commence.

Production

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

Inventory

This week, the polysilicon market saw limited circulation, with minimal changes in polysilicon inventory.

Modules

Prices

In the current module market, the mainstream transaction prices for centralized N-type 182mm modules were 0.7-0.72 yuan/W, and for N-type 210mm modules, 0.715-0.735 yuan/W. For distributed N-type 182mm modules, the mainstream transaction prices were 0.742-0.754 yuan/W, and for N-type 210mm modules, 0.757-0.769 yuan/W. Last week, distributed module prices rose rapidly, with an average increase of 0.02-0.03 yuan.

Production

Most enterprises raised their operating rates in March, with a 35% MoM increase, driven by a rush for installations and increased distributed installation orders.

Inventory

With the recent rise in module shipment demand, the domestic module inventory of leading manufacturers has rapidly declined, with some reporting undersupply.

High-Purity Quartz Sand

Prices

Currently, domestic prices for inner-layer sand are 60,000-75,000 yuan/mt, middle-layer sand 30,000-45,000 yuan/mt, and outer-layer sand 20,000-25,000 yuan/mt. Recently, the price center for sand has shifted upward, with fewer low-price quotations, though market transactions remain limited. The upstream and downstream markets are still in a state of negotiation.

Production

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

Inventory

Recently, some downstream enterprises planned purchases, but current sand enterprise inventories remain at high levels.

PV Glass

Prices

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

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

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

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

Production

Recently, domestic PV glass production has further increased. The industry's total production in March is expected to reach approximately 47 GW, with a continued upward trend, though the industry still faces undersupply.

Inventory

This week, domestic glass inventory saw a slight decline.