[SMM Silicon-Based PV Morning Meeting Summary: Significant Differentiation in Cell Prices, New Glass Order Prices Show Decline] The mainstream quotations for Topcon 183N solar cells (with efficiency of 25% and above) are 0.23-0.24 yuan/W; the mainstream transaction prices for Topcon 210RN are 0.265 yuan/W, with quotation ranges of 0.265-0.27 yuan/W; the prices for Topcon 210N solar cells are around 0.255-0.26 yuan/W. Among these, the prices for 210N/210RN are showing a downward trend due to the pressure from supply-demand balance; 183N prices are temporarily stable, with some manufacturers having implemented production cuts to control supply. The key to subsequent changes in mainstream prices lies in the trend of wafer prices.

Recently, the US residential solar industry may now be on the verge of collapse. Facing macroeconomic challenges and changes in state and federal policies, the US residential solar market is experiencing a sharp decline, and the latest draft of the "Build Back Better Act" has made the situation even worse. The latest draft of the Act is unfavorable to clean energy, particularly damaging to household PV, as it cuts federal tax credits much earlier than expected.

From May to the present, the national PV industry has witnessed a significant "project commencement boom." According to tracking data from Polaris Solar PV Network, PV projects with a total capacity exceeding 3.5 GW have commenced construction in a concentrated manner. From the perspective of project owners, China Huadian Corporation has the largest scale of commenced projects, reaching 1.8 GW. All projects are located in Sichuan, including the 1.2 GW Huadian Xinneng Zhongza PV Project, the 300,000 kW Phase II Gasidu PV Power Station Project in Jinchuan County, and the 300 MW Phase I Puxi PV Power Generation Project in Rangtang County, Aba Prefecture.

On June 4th, the 2025 Indonesia Mining Conference & Critical Metals Conference - 2025 Southeast Asia Tin Industry Conference, hosted by SMM Information & Technology Co., Ltd. (SMM), supported by the Indonesian Ministry of Foreign Affairs as a government supporter, and co-organized by the Association of Indonesia Nickel Miners (APNI), the Jakarta Futures Exchange, and China Coal Resource, successfully concluded in Jakarta, Indonesia!

On 10 June 2025, the PVBL 2025 Global Top 100 Solar Brands rankings and the PVBL 2025 Global Solar Brand Influence Report were unveiled at the 10th Century Photovoltaic Conference in Shanghai, China. During the conference, PVBL announced its annual ranking of the top 20 global photovoltaic module manufacturers.

[SMM Silicon-Based PV Morning Meeting Summary] Wafer: The market price of N-type 18X wafers is 0.9-0.92 yuan/piece, and the price of N-type 210RN wafers is 1.05-1.1 yuan/piece. Wafer prices are largely stable, with some orders being discussed after SNEC. Upstream and downstream players are engaged in negotiations around the 0.9 yuan price point. Silicon Metal: The mainstream spot price of silicon metal remains stable. Yesterday, SMM reported that the price of oxygen-blown #553 silicon in east China was 8,000-8,300 yuan/mt, unchanged from the previous day. According to GFEX data, the total number of silicon metal warrants yesterday was 56,823 lots, a decrease of 1,097 lots from the previous day. The futures price of silicon metal continues to remain low, and the volume of warrants continues to decrease. Recently, the mainstream spot price of silicon metal has remained stable.

[SMM Analysis: Mixed Opinions on Subsequent Production Resumption of Polysilicon; Production Resumption in Inner Mongolia and Xinjiang May Dominate Market Trends] Regarding the market supply and demand situation, according to SMM data, global polysilicon production in May is expected to be around 99,000 mt (including 94,500 mt of domestic production), showing a decrease of approximately 2% MoM from April. Although the downstream wafer production has also declined MoM, the overall global wafer production is estimated to be around 57-58 GW, with the demand for polysilicon from wafers being approximately 110,000 mt. There is an expectation of some destocking for polysilicon in May. Currently, the delivery brands held by many enterprises among the five are relatively limited (mostly concentrated in a few thousand mt). However, it cannot be denied that polysilicon enterprises have been facing some inventory pressure recently, and the raw material inventory held by crystal pulling plants is also relatively abundant, which is the main reason for the weakness in the polysilicon spot market at the end of Q1 and the early stage of Q2. It is expected that the pressure will be partially alleviated as the supply-demand relationship eases in the future.