Silicon Metal Futures Prices Decline, Market Sentiment Remains Pessimistic [SMM Silicon-Based PV Morning Meeting Summary]

SMM, December 23:

Silicon Metal

Prices

Silicon metal prices continued to decline last week. As of last Friday, the above-standard #553 silicon metal in east China was priced at 11,300-11,400 yuan/mt, down 150 yuan/mt WoW. Silicon futures contract Si2502 hit a new low, reaching 11,235 yuan/mt, with the silicon market sentiment remaining pessimistic.

Production

In December, the supply and demand of silicon metal continued to show weakness on both ends, with silicon metal production further declining compared to November.

Inventory

Social Inventory: According to SMM statistics, as of December 20, the national social inventory of silicon metal totaled 532,000 mt, down 4,000 mt WoW. Among them, general social warehouses held 152,000 mt, up 1,000 mt WoW, while social delivery warehouses (including unregistered warehouse warrants and spot cargo) held 380,000 mt, down 5,000 mt WoW.

Polysilicon

Prices

Over the weekend, the mainstream prices of N-type polysilicon were 39-42 yuan/kg, while dense polysilicon prices were 35-36 yuan/kg, with lower transaction prices showing an upward trend. Polysilicon prices remained stable this week.

Production

Polysilicon production stabilized this week, with production cuts among several top-tier enterprises reaching their limits. A small-scale production cut plan is expected for polysilicon enterprises in January.

Inventory

Polysilicon inventory has declined as order signing progresses this month.

Modules

Prices

In the current module market, the mainstream transaction prices for N-type 182mm modules were 0.65-0.7 yuan/W, and for N-type 210mm modules were 0.65-0.72 yuan/W. Spot prices remained stagnant, with a significant gap between actual execution prices and bid prices.

Production

As demand entered the off-season, some enterprises planned to lower their operating rates, producing based on demand to reduce inventory. A further decline is expected in January.

Inventory

Inventory saw a slight destocking, with the overall destocking pace slowing. The overall inventory level remained at 1-1.5 months.

High-Purity Quartz Sand

Prices

Domestic high-purity quartz sand prices remained stable. Currently, the prices for inner-layer sand are 60,000-75,000 yuan/mt, mid-layer sand 30,000-40,000 yuan/mt, and outer-layer sand 19,000-25,000 yuan/mt. Over the past week, domestic high-purity quartz sand prices remained stable, with upstream and downstream enterprises primarily engaged in price negotiations and no transactions reported.

Production

Domestic operating rates remained stable, while overseas capacity expansion plans progressed steadily.

Inventory

Quartz sand inventory has slightly increased recently, with crucible enterprises yet to start procurement.

PV Glass

Prices

3.2mm Single-Layer Coating: The quoted price for 3.2mm single-layer coated PV glass was 19.5-20.5 yuan/m², remaining stable.

3.2mm Double-Layer Coating: The quoted price for 3.2mm double-layer coated PV glass was 20.5-21.5 yuan/m², remaining stable.

2.0mm Single-Layer Coating: The quoted price for 2.0mm single-layer coated PV glass was 11.5-12.5 yuan/m², remaining stable.

2.0mm Double-Layer Coating: The quoted price for 2.0mm double-layer coated PV glass was 12.5-13.5 yuan/m², remaining stable.

Production

In December, domestic PV glass production continued to show a downward trend, with some kilns starting to seal their outlets, leading to a decline in daily melting rates.

Inventory

In December, domestic glass inventory showed an overall decline, but the destocking pace slowed due to weakened module demand.