Silicon Wafer Prices Dip, Module Output Climbs in October: SMM Weekly Commentary

EVA prices have recently fluctuated and pulled back, mainly under the dual pressure of weakening crude oil dragging down costs and sluggish downstream procurement demand. Although the US and Iran are in the negotiation phase, on May 8 local time, US forces again struck two Iranian tankers. The Iranian military warned that if the US continues to interfere with Iranian vessels in the relevant areas, the conflict risks escalating again. With recurring geopolitical maneuvering in the Middle East, the risk of crude oil price fluctuations remains high and the trend carries significant uncertainty, making changes on the EVA cost side still difficult to predict, and wait-and-see sentiment in the market is strong.

The international academic journal *Nature* published online a breakthrough achievement by Chinese scientists in the field of normal-structure perovskite solar cells — the photoelectric conversion efficiency exceeded 27% for the first time. This research is expected to provide technical support for highly stable and scalable perovskite PV modules.

This week, silver ingot market premiums remained at a slight discount. Although spot premiums did not continue to decline WoW, consumption remained relatively weak, and silver ingot social inventory continued to accumulate.