The price of solar cells has continued to decline, and the wafer market lacks confidence, with prices trending weaker. [SMM Silicon-Based PV Morning Meeting Summary]

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SMM April 18 News:

Silica

Prices

Prices in some regions were adjusted downward. The mine-mouth price of high-grade silica in Hubei was 350-420 yuan/mt, with an average drop of 10 yuan/mt compared to the previous period. The mine-mouth price of high-grade silica in Guangxi was 360-380 yuan/mt. The mine-mouth price of high-grade silica in Inner Mongolia was 320-370 yuan/mt. The mine-mouth price of high-grade silica in Guizhou was 290-330 yuan/mt.

Production

The supply side continued to be loose.

Demand

Due to the continuous decline in the operating rate of silicon metal enterprises, market confidence was severely insufficient, and overall demand remained at a low level.

Silicon Metal

Prices

This week, the spot price of silicon metal declined. Yesterday, SMM's above-standard #553 silicon in east China was 9,800-10,000 yuan/mt, and #441 silicon was 10,200-10,400 yuan/mt. The low point of the most-traded SI2505 futures contract yesterday fell below 9,000 yuan/mt. The liquidity in the spot market remained relatively ample, and the transaction center of the silicon metal market was under pressure to decline.

Production:

In March 2025, silicon metal production was 342,200 mt, up 51,900 mt or 17.9% MoM, but down 6.6% YoY. Production in April is expected to fall below 300,000 mt due to production cuts on the supply side.

Inventory

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions on April 11 was 612,000 mt, up 4,000 mt WoW. Among them, social ordinary warehouses were 138,000 mt, flat WoW, and social delivery warehouses were 474,000 mt (including unregistered warrants and spot parts), up 4,000 mt WoW. (Excluding Inner Mongolia and Gansu)

Wafer

Prices

The market price of N-type 18X wafers was 1.2-1.25 yuan/piece, and N-type 210RN wafers were 1.45-1.5 yuan/piece. Prices dropped back slightly this week, with high-priced resources facing difficulties in sales. Market sentiment was weak, and price adjustments by small manufacturers earlier drove prices down. Frequent declines in solar cell prices affected the confidence of wafers to stand firm on quotes.

Production

Domestic wafer production in April is expected to exceed 58GW. The end of the window period and the issuance of Q2 quotas have boosted the enthusiasm of wafer companies to increase production, but the subsequent production schedule space is expected to be relatively small.

Inventory

Limited transactions due to earlier high prices and weak expectations for the future led to a slight accumulation of inventory. After several rounds of price reductions, market transactions have recovered somewhat, and inventory pressure has slightly decreased.

Solar Cell

Prices

The price of high-efficiency PERC182 cells (23.2% and above efficiency) was 0.31-0.32 yuan/W, with few orders; the PERC210 cell market had no trading volume.

Topcon183 cells (25% and above efficiency) were around 0.295-0.30 yuan/W; Topcon210RN cells were 0.28-0.30 yuan/W; Topcon210 cells were around 0.30-0.305 yuan/W. Cell prices entered a downward trend, with both demand and cost support weakening.

HJT had few direct sales, and integrated manufacturers were self-sufficient.

Production

PV cell production in April reached 63-64GW, up more than 13% MoM. Topcon210R and 210N cells increased by more than 36% MoM in April. In May, production cuts will mainly focus on integrated manufacturers.

Inventory

Cell inventory increased, with few new orders.

PV Film

Prices

PV-grade EVA

The transaction price of PV-grade EVA was 11,550-11,950 yuan/mt. The domestic delivery-to-factory price of PV-grade POE was around 12,000-14,000 yuan/mt, and POE prices remained stable.

PV Film

The current mainstream price of 420g transparent EVA film was 5.46-5.67 yuan/m², 420g white EVA film was 5.96-6.17 yuan/m², 380g EPE film was 5.79-5.89 yuan/m², and 380g POE film was 6.84-7.22 yuan/m².

Production

PV-grade EVA production in April increased by 8.22% MoM, and PV film production increased by 9.07% MoM.

Inventory

Currently, petrochemical companies have low inventory, and some transactions of PV-grade EVA have recently occurred.