According to the latest news, on July 14 local time, the US Department of Commerce's Bureau of Industry and Security (BIS) published two important documents in the Federal Register, officially announcing the initiation of investigations to determine the effects on the national security of imports of polysilicon and its derivatives, as well as imported drones and related components.

[SMM Weekly Review: Wafer Quotations Surge Significantly, While Battery Demand Weakens and Prices Come Under Pressure] This week, the price of N-type 183mm wafers ranged from 1.05 to 1.45 yuan/piece, 210R wafers were quoted at 1.2 to 1.65 yuan/piece, and 210mm wafers were priced at 1.4 to 1.93 yuan/piece. Wafer quotations saw a significant increase this week. A self-discipline meeting related to the wafer industry was held this week, and wafer enterprises began to quote prices based on full costs. Some top-tier enterprises significantly raised their quotations, while others adopted a cautious wait-and-see approach, resulting in a fragmented market quotation landscape. Currently, there have been no actual transactions at the high voluntary prices, and the market is observing downstream acceptance and price adjustments.

[SMM Analysis: The sentiment of module hoarding has spurred a recovery in glass trading volume, laying the foundation for price increases] Current glass quotes for July are as follows: 2.0mm single-layer coating (10-10.5 yuan/m²); 2.0mm double-layer coating (11-11.5 yuan/m²); 3.2mm single-layer coating (17-18 yuan/m²); 3.2mm double-layer coating (18-19 yuan/m²); 2.0mm back glass (10.2-10.8 yuan/m²). As of now, glass quotes in the July market have fallen significantly compared to the same period in June. However, recently, due to module enterprises entering the market early to hoard and purchase, glass prices have stopped falling and have laid the foundation for subsequent price increases.

[SMM Silicon-Based PV Morning Meeting Summary: Distributed Module Quotations Rise, Glass Inventory Expected to Decline Due to Hoarding] Recently, influenced by fluctuations in upstream raw material prices, module prices have shown an upward trend, with leading manufacturers successively increasing their distributed quotations. Currently, the quotations for distributed Topcon 183, 210R, and 210N high-efficiency modules are 0.672 yuan/W, 0.693 yuan/W, and 0.672 yuan/W respectively, while the quotations for centralized Topcon 182/183 and 210N high-efficiency modules are 0.65 yuan/W and 0.665 yuan/W respectively.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the quoted price for N-type recharging polysilicon was 42-49 yuan/kg, and for granular polysilicon, it was 41-45 yuan/kg. Currently, most mainstream polysilicon enterprises have provided their quotes, and the market is waiting to see real transactions. Starting this week, there have been several non-representative transactions, with the converted prices mostly concentrated around 42-43 yuan/kg. The market is still waiting for large-scale real transactions from major manufacturers. The market transactions during the window period are relatively chaotic, and further observation is needed. Silicon Metal: This week, the transaction price for spot silicon metal continued to hold up well. Yesterday, the SMM east China oxygen-blown #553 silicon was priced at 9,100-9,200 yuan/mt, with an intraday increase of 150 yuan/mt. The main futures contract continued to rise, reaching a peak of 8,880 yuan/mt. It closed at 8,785 yuan/mt yesterday, with a rapid increase in the futures market. However, downstream acceptance of the price was poor, and the spot-futures price spread made it difficult for futures and spot traders to sell their goods.

[SMM Silicon-Based PV Morning Meeting Summary: Strong Upward Momentum in Wafer Prices, Transaction Prices of Solar Cells Rise] Wafer: The market price for N-type 18X wafers is 1 yuan/piece; the price for 210R wafers is 1.15 yuan/piece. Wafer prices have stabilized at current quotes, with widespread market transactions. Solar cell plants are actively picking up goods, and some producers indicate that there is still some upward momentum for price increases in the future. Solar cell: The transaction price for Topcon 183N solar cells (with 25% efficiency or higher) ranges from 0.23 to 0.245 yuan/W; the transaction price for Topcon 210RN and 210N solar cells ranges from 0.24 to 0.26 yuan/W.

From July 7, 2025 to July 13, 2025, SMM recorded a total of 24 domestic enterprise-won PV module projects that week. The disclosed winning bid prices for PV modules were concentrated in the range of 0.63 to 1.99 yuan/W, with a weekly weighted average price of 0.768 yuan/W, an increase of 0.015 yuan/W compared to the previous week. The total procurement capacity for the winning bids was 2,462.70 MW, an increase of 211.68 MW compared to the previous week.

[SMM Analysis: Weakened Demand but Increased Downstream Stockpiling Intentions, PV Glass Cold Repair Capacity Rises Again in July] As of July, the designed cold repair capacity of PV glass has reached 3,600 mt/day, with actual production cuts exceeding 4,000 mt/day. Currently, the total cold repair capacity in the industry accounts for 29.47% of the total domestic PV glass capacity. Including blocked capacity, it is expected that the current total operating capacity has fallen below 90,000 mt/day. The pace of production cuts on the supply side is moderate, and there are still plans for further PV glass cold repairs. The confirmed designed cold repair capacity for the remainder of July remains at 1,400 mt/day, and 1,200 mt/day for August. Under the influence of the increasing scale of production cuts, some leading module enterprises have recently begun to plan for early stockpiling, and trading volume is expected to diverge from demand.