[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.

On May 27, CREC Network Information Technology Co., Ltd. issued a change notice for its 2025 PV module framework procurement. The tender document access period is updated to May 26–30, 2025, and the bid opening date is postponed from June 12 to June 16.

Britain’s renewable energy expansion is too slow to meet the rapidly growing electricity demand driven by data center development, threatening the country’s 2030 clean power goals, according to Aurora Energy Research.

China and India have approved the largest capacity of new coal-fired power plants in a decade, with China authorizing nearly 100 GW and India 15 GW in 2024, according to the International Energy Agency (IEA).

European Union carbon emissions have increased nearly 11% year-to-date due to reduced wind power output, according to Independent Commodity Intelligence Services. If low wind conditions persist through winter, this could mark the first annual emissions increase since 2022.

The UK’s target of achieving a 95% low-carbon electricity grid by 2030 is under threat due to planning delays and infrastructure bottlenecks, according to a House of Lords report.

[SMM Silicon-based PV Morning Meeting Summary: Overall supply and demand for wafers remain in tight balance, while solar cell supply continues to tighten due to weak demand] Wafers: The market price for N-type 18X wafers is 0.9-0.92 yuan/piece; the price for 210R model wafers is 1.05-1.1 yuan/piece. Wafer prices continue to weaken, with some producers standing firm on quotes above 0.9 yuan/piece, while some solar cell plants and crystal pulling plants are negotiating at 0.9 yuan/piece. Solar cells: Preliminary estimates indicate that the global production schedule for June is 57-58 GW, down 4-5% MoM. Solar cell supply continues to tighten due to weak demand. If the supply-demand imbalance widens, producers will need to continue cutting production.

From June 9, 2025, to June 15, 2025, SMM recorded a total of 32 PV module projects awarded to domestic enterprises during the week. The winning bid prices for PV modules were concentrated in the range of 0.67-0.84 yuan/W, with a weighted average winning bid price of 0.75 yuan/W for the week, representing an increase of 0.06 yuan/W compared to the previous week. The total procurement capacity for awarded projects was 123.89 MW, a decrease of 388.42 MW compared to the previous week.