PV Upstream Prices Slightly Stabilized, Module Production Remains at Low Levels [SMM Silicon-Based PV Morning Meeting Summary]

SMM, January 13:

Silicon Metal

Prices

Spot silicon metal prices remained weak last week. On Friday, above-standard #553 silicon metal in east China was priced at 11,000-11,100 yuan/mt. Silicon futures contract Si2502 hit a new low, dropping below 10,400 yuan/mt. Downstream users' pre-holiday stockpiling was nearing completion, and market transactions were mainly focused on futures and spot cargoes.

Production

In January, silicon metal supply and demand both remained weak. On the supply side, the sluggish market dampened producers' enthusiasm for production, and operating rates are expected to decline further.

Inventory

Social Inventory: According to SMM statistics, as of January 10, the national social inventory of silicon metal totaled 536,000 mt, down 3,000 mt WoW. Among them, general warehouses held 152,000 mt, down 5,000 mt WoW, while delivery warehouses held 384,000 mt (including unregistered warehouse warrants and spot cargoes), up 2,000 mt WoW. (This inventory data excludes regions such as Inner Mongolia and Ningxia.)

Polysilicon

Prices

By the weekend, N-type recharging polysilicon was priced at 39-45 yuan/kg, and N-type dense polysilicon was priced at 38-42 yuan/kg. As the Chinese New Year approached, market transactions were mediocre, mainly involving small-scale restocking by certain manufacturers for the pre- and post-holiday period, but such transactions often came with higher prices.

Production

In January, some previously halted enterprises resumed production. Polysilicon production schedules are expected to exceed 90,000 mt, down by approximately 2,000-3,000 mt MoM from December.

Inventory

Due to the mediocre market transactions this week, polysilicon inventory saw a slight increase.

Modules

Prices

In the current module market, mainstream transaction prices for N-type 182mm modules were 0.64-0.69 yuan/W, and for N-type 210mm modules were 0.65-0.7 yuan/W. The price range for centralized market spot cargoes remained stable, while distributed market transaction prices showed signs of slight downward adjustments. Pre-holiday prices were largely stable.

Production

Demand entered the off-season in Q1, and most enterprises planned to lower operating rates, producing based on demand. Operating rates are expected to remain low in January-February, with sales focused on inventory.

Inventory

Year-end inventory saw some reduction, but overall inventory levels remained at 1-1.5 months.

High-Purity Quartz Sand

Prices

Last week, some quartz sand producers raised their quotations. Currently, domestic inner-layer sand is priced at 60,000-75,000 yuan/mt, middle-layer sand at 30,000-45,000 yuan/mt, and outer-layer sand at 19,000-25,000 yuan/mt. After the recent price hikes for domestic sand, market response was mediocre, with downstream enterprises mainly engaging in price negotiations, and no transactions have been concluded yet.

Production

Due to downstream enterprises halting production during the Chinese New Year holiday, quartz sand production has recently declined, reducing supply.

Inventory

Recently, domestic quartz sand inventory has further increased. Crucible purchases have not yet started, and inventory is expected to decrease after the holiday.

PV Glass

Prices

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

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

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

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

Production

In January, a 2,800 mt/day furnace in China began cold repairs, while a 1,650 mt/day furnace was sealed. Supply decreased significantly, and further cold repairs are planned for some furnaces.

Inventory

In January, domestic glass inventory showed mixed trends. Some glass enterprises saw an increase in orders compared to before, leading to inventory differentiation. Overall inventory in January is expected to show a slight upward trend.