Solar Cell Production Schedules Rise, Inventory Falls, Glass Production Expected to Decrease Again [SMM PV Industry China Morning Briefing Nov 14]

SMM, Nove14:

Solar Cells
Prices
High-efficiency PERC 182 solar cells (23.2% and above efficiency) are priced at 0.27-0.27 yuan/W; PERC 210 solar cells are priced at around 0.28-0.28 yuan/W; Topcon 182 solar cells (25% and above efficiency) are priced at around 0.265-0.265 yuan/W; Topcon 210RN solar cells are priced at 0.27-0.275 yuan/W; Topcon 210 solar cells are priced at 0.275-0.28 yuan/W.

Production
In November, the operating rate of Chinese solar cell enterprises was 58.92%, with total planned production up 6.93% MoM. The total supply of solar cells fluctuated more due to the operating rate of integrated manufacturers.

Inventory
The inventory of external sales factories fell below 2 GW, with high-efficiency cell inventory being very low and mainly consisting of low-efficiency cells.

Modules
Prices
In the current module market, the mainstream transaction prices for centralized projects are as follows: PERC 182mm at 0.64-0.70 yuan/W, PERC 210mm at 0.65-0.71 yuan/W, N-type 182mm at 0.65-0.73 yuan/W, and N-type 210mm at 0.66-0.74 yuan/W. Module prices remain stagnant, with some low-price transactions still occurring.

Production
November's planned production slightly decreased by 0.6% MoM. The planned production of modules within China is expected to remain stable, with the year-end concentrated delivery period driving an increase in the operating rate of some enterprises. In December, as procurement demand weakens, module production is expected to decline.

Inventory
Good shipment conditions have driven destocking, but the change in inventory volume is relatively small.

PV Film
Prices:
EVA/POE PV-grade materials: PV-grade EVA is currently priced at 10,000-10,350 yuan/mt. POE PV-grade materials are transacted at 12,500-13,600 yuan/mt, with prices stabilizing.

PV Film: The current mainstream price for 420g transparent EVA film is 5.04-5.29 yuan/m², 420g white EVA film is 5.59-6.05 yuan/m², 380g EPE film is 5.62-5.78 yuan/m², and 380g POE film is 6.84-7.22 yuan/m². Film prices are polarized, with some film manufacturers slightly increasing prices. EVA film is around 12,500 yuan/mt, and EPE film is around 15,200 yuan/mt.

Production
In November, the planned production of PV-grade EVA was about 100,000 mt. The planned production of PV film in November was about 470 million m².

Inventory
Currently, the inventory of PV-grade materials is low. Film manufacturers completed their procurement at the beginning of the month. With foreign materials arriving at the end of the month, there is a risk of inventory buildup for PV-grade EVA resins.

Inverters
Prices
This week's inverter price range: 20kw at 0.12-0.16 yuan/W, 50kw at 0.11-0.15 yuan/W, 110kw at 0.1-0.14 yuan/W, and 320kw at 0.09-0.11 yuan/W. Inverter prices remain stable.

Supply and Demand
The supply side is stable and sufficient, with overall demand being mediocre. The residential sector faces intense competition and price pressure, while the commercial and centralized sectors are performing well. Emerging markets are driving inverter shipments due to the demand for PV energy storage.

Prices
3.2mm single-layer coating: 3.2mm single-layer coated PV glass is quoted at 20.5-21.5 yuan/m², with prices remaining stable.
3.2mm double-layer coating: 3.2mm double-layer coated PV glass is quoted at 21.5-22.5 yuan/m², with prices remaining stable.
2.0mm single-layer coating: 2.0mm single-layer coated PV glass is quoted at 11.5-12.5 yuan/m², with prices remaining stable.
2.0mm double-layer coating: 2.0mm double-layer coated PV glass is quoted at 12.5-13.5 yuan/m², with prices remaining stable.

Production
In November, a new 1,000 mt/day kiln in Shanxi and a new 320 mt/day kiln in Anhui underwent cold repairs. Additionally, two more kilns are expected to undergo cold repairs in November, leading to a further decrease in supply.

Inventory
This week, domestic glass transactions performed well, with some module enterprises significantly increasing their production schedules, driving glass transactions and causing a slight decrease in glass inventory.