Silicon Metal Prices Consolidate Weakly, Module Production Schedule Expected to Decline in May [[SMM Silicon-Based PV Morning Meeting Summary]]

SMM, April 28:

Silicon Metal

Prices

Last week, the spot prices in the silicon metal market continued to consolidate at lower levels, with the decline narrowing compared to the previous period. Oxygen-blown #553 silicon in east China was priced at 9,500-9,700 yuan/mt. The main continuous contract held steady around 8,800-8,900 yuan/mt. Orders from downstream users were transacted on a need-by-need basis, with the transaction center remaining weak.

Production

The main continuous contract of silicon metal futures continued to trade below 9,000 yuan/mt, exerting significant production pressure on silicon enterprises. Coupled with sluggish demand and the impact of low-priced spot and futures cargoes, the operating rate of silicon enterprises is expected to remain weak.

Inventory

Social Inventory: SMM statistics showed that the total social inventory of silicon metal in major regions was 602,000 mt as of April 25, a decrease of 10,000 mt WoW. Among them, social general warehouses held 137,000 mt, unchanged WoW, while social delivery warehouses held 465,000 mt (including unregistered warrants and spot portions), a decrease of 10,000 mt WoW.

Polysilicon

Prices

Over the weekend, the price of N-type recharging polysilicon was 37-44 yuan/kg, with the N-type polysilicon price index at 37.78 yuan/kg, and the price of granular polysilicon at 35-36 yuan/kg. Polysilicon market prices declined, with leading polysilicon manufacturers gradually closing deals as month-end transactions picked up.

Production

Polysilicon production in April is expected to be slightly lower than anticipated. Production plans for May are still under discussion at meetings for individual manufacturers, with some leading manufacturers potentially implementing production cuts. Currently, the module scheduled production for polysilicon in May may decrease.

Inventory

In the past week, polysilicon transaction activity was limited, with some transactions gradually taking place. Overall, polysilicon inventory increased slightly.

Module

Prices

In the current module market, the mainstream transaction prices for N-type 182mm modules in centralized projects were 0.709-0.721 yuan/W, with the average price decreasing by 0.011 yuan/W. The mainstream transaction prices for N-type 210mm modules were 0.724-0.736 yuan/W, with the average price also decreasing by 0.011 yuan/W. The price of TOPCon distributed 182mm modules was 0.715-0.722 yuan/W.

Production

Recently, several integrated enterprises have finalized their production schedules for May, with most planning production cuts. It is expected that module scheduled production in May may significantly decrease.

Inventory

In the past week, module trading volume has relatively narrowed, with some April delivery orders still maintaining high prices. Overall, module inventory continues to fluctuate at highs.

High-Purity Quartz Sand

Prices

Currently, the domestic prices for inner-layer sand are 60,000-75,000 yuan/mt, middle-layer sand at 36,000-45,000 yuan/mt, and outer-layer sand at 20,000-25,000 yuan/mt. Last week, domestic sand enterprises maintained stable quotations. Following the previous price increases by sand enterprises, the downstream procurement sentiment was not affected, with a wait-and-see attitude prevailing. Only some crucible enterprises made small-scale just-in-time procurements.

Production

Recently, the supply side of quartz sand has remained stable, with no immediate risk of shortages in imported sand in the short term.

Inventory

Currently, downstream crucible enterprises are still primarily consuming their own inventories, while sand enterprises' inventories continue to increase slightly.

PV Glass

Prices

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coated PV glass is 22-23.5 yuan/m², with new order prices expected to decline in May.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coated PV glass is 23.5-24.5 yuan/m², with new order prices expected to decline in May.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coated PV glass is 13.5-14.5 yuan/m², with new order prices expected to decline in May.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 14.5-15.5 yuan/m², with new order prices expected to decline in May.

Production

Last week, there were no cold repairs, blockages, or new capacity additions in China. Production increased slightly due to the slight ramp-up of previously started production capacity.

Inventory

This week, domestic inventory still increased slightly by about 0.5 days WoW.