Fierce Low-Price Bidding for Modules, Film Prices Also Show Downward Trend [SMM PV Morning Briefing Sep 19]

SMM, September 19:

Solar cell prices remained stable after the Mid-Autumn Festival holiday. Current prices for high-efficiency PERC 182 solar cells (23.2% efficiency and above) are 0.28-0.28 yuan/W; PERC 210 solar cells are around 0.28-0.29 yuan/W; Topcon 182 solar cells (25% efficiency and above) are around 0.275-0.28 yuan/W; Topcon 210RN solar cells are 0.27-0.28 yuan/W; and Topcon 210 solar cells are 0.28-0.29 yuan/W.

Production: In September, the planned production for Topcon cells in China is 44.26 GW, for PERC cells is 5.66 GW, for HJT cells is 0.92 GW, and for BC cells is 2.44 GW. Inventory: In September, market trading volume continued to decline MoM from August, with specialized battery makers' inventories still as high as 15-20 days.

Module prices: In the current module market, mainstream transaction prices for centralized PERC 182mm modules are 0.67-0.74 yuan/W, for PERC 210mm modules are 0.69-0.75 yuan/W, for N-type 182mm modules are 0.7-0.78 yuan/W, and for N-type 210mm modules are 0.72-0.79 yuan/W. As the year-end approaches, low-price bidding in large-scale centralized procurement projects is becoming increasingly fierce, with slight price loosening among leading companies, and prices still showing a downward trend.

Production: In September, module production remained largely unchanged, with only a few leading companies with full orders on hand raising their production expectations, resulting in an overall increase of 0.7% MoM.

Inventory: Overall domestic inventory remains high, with days of inventories maintained at around 1.5 months, and significant shipping pressure.

PV film prices: PV-grade EVA/POE: PV-grade EVA prices remained stable at 9,600-9,800 yuan/mt, but market acceptance declined, and trading volume decreased. Domestic delivery-to-factory prices for PV-grade POE are around 12,000-13,000 yuan/mt, with significant room for negotiation in bulk purchases. POE producers have a strong willingness to hold offers firm.

PV film: Current mainstream prices for 420g transparent EVA film are 5.46-5.67 yuan/m², for 420g white EVA film are 5.99-6.36 yuan/m², for 380g EPE film are 6.46-6.65 yuan/m², and for 380g POE film are 8.74-8.93 yuan/m². Prices are temporarily stable, with room for further price reductions for EPE and POE films.

Production: In September, the planned production for PV-grade EVA is over 100,000 mt. The planned production for PV film is around 470 million m². Inventory: With the increase in PV-grade EVA production and the decline in trading volume, inventory levels have risen. Film producers have also increased their in-plant inventory due to holiday stocking.

Inverter prices: This week, inverter prices for 20kw are 0.12-0.16 yuan/W, for 50kw are 0.11-0.15 yuan/W, for 110kw are 0.1-0.14 yuan/W, and for 320kw are 0.09-0.11 yuan/W. Inverter prices remain stable. Supply and demand: The supply side is stable and sufficient, with ample upstream component supply and increased domestic penetration, while shipping demand is still primarily driven by emerging markets.

PV glass prices: 3.2mm single-layer coated: Prices for 3.2mm single-layer coated PV glass are 21.5-22.5 yuan/m², remaining stable. 3.2mm double-layer coated: Prices for 3.2mm double-layer coated PV glass are 22.5-23.5 yuan/m², remaining stable. 2.0mm single-layer coated: Prices for 2.0mm single-layer coated PV glass are 12.3-13.5 yuan/m², remaining stable. 2.0mm double-layer coated: Prices for 2.0mm double-layer coated PV glass are 13.3-14.5 yuan/m², remaining stable. Production: As of September, one 500 mt/day kiln in Tianjin and two kilns in Anhui, with a combined capacity of 1,330 mt/day, have undergone cold repairs. The production forecast for glass in September continues to decline. Inventory: This week, domestic glass company inventories have remained stable overall, with some companies experiencing slight inventory declines. The industry's overall inventory is temporarily stable, with a slight decline expected in the future.