[PV: Philippines Adds 899 MW of Solar in 2025, Reaching 3.89 GW Cumulative Capacity]

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices remained stagnant this week. SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. Silicon metal futures prices fluctuated around 8,700 yuan/mt. With absolute prices on the high side, downstream players mainly digested inventories, and new order transactions were sluggish. Supply and demand were largely balanced, and prices remained in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34.1-36 yuan/kg. Polysilicon prices were relatively stable overall this week. Orders were signed both in the preceding period and this week. Industry conferences continued to be held this week, coupled with wild swings in futures, and wait-and-see sentiment in the market gradually increased.

The blockade of the Strait of Hormuz has delivered a direct and material external shock to Southeast Asia’s energy supply structure. Solar (PV) is emerging as the main alternative for reducing exposure to fossil fuel price volatility. However, the structural tension between accelerating PV penetration and entrenched electricity market models will be the decisive factor governing the region’s energy transition pace.

According to SMM, affected by the international situation, crude oil prices remained at elevated levels, and cost support for EVA resin producers persisted. Currently, the spot price of PV-grade EVA resin fluctuated around 13,000 yuan/mt. However, downstream demand overall remained relatively subdued, with sluggish transactions. Some enterprises also reduced their supply to the PV market due to uncertainties surrounding the war situation and market volatility, shifting their focus to the foaming and cable markets instead. Looking ahead, module production schedule demand is expected to show a recovering trend from late April to May, with some orders to be released. The overall market is projected to present a weak recovery, with cautious market sentiment and a predominantly wait-and-see approach.