[SMM Analysis] Glass prices for new orders in April surged by nearly 2 yuan/square meter

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On the first day of April, domestic photovoltaic glass prices were announced. As of now, the price of 2.0mm single-layer coated glass is 17.5-18.5 yuan/square meter, and the price of 3.2mm single-layer coated glass is 27.0-27.5 yuan/square meter. The mainstream transaction prices were 18.0 yuan/square meter and 27.0 yuan/square meter respectively, and the average prices increased by 1.85 yuan/square meter and 1.5 yuan/square meter respectively from the previous month. This week is the first week of new photovoltaic glass orders. Most glass companies have announced new month glass quotations. The quotations have increased significantly compared with the previous month, and the market transaction is still relatively strong.

Domestic glass prices rose sharply in April, the largest increase since 2021, due to several factors: module production schedules have continued to rise since March, and those in April are still close to 60GW. According to the current domestic glass supply, the balance between supply and demand that month turned into a shortage, glass inventories continued to be destocked, and module companies still overscheduled production and stockpiling in April. The transaction volume of glass is expected to reach 70GW, further tightening supply.

From the supply side, four new domestic kilns were started in March, involving a production capacity of 5,600 tons/day. There are still 4-5 kilns planned to be commenced in April. However, it will still take nearly three months for the glass kiln to reach full production. In the second quarter, domestic supply will still fall short of demand. SMM learned that the domestic glass industry inventory was about 23 days in early March. The current inventory has dropped to about 17 days and will continue to decline in April. SMM predicts that based on current demand expectations, the domestic glass inventory will drop to about 12 days by the end of April.

The upward trend in glass prices will still exist.