[SMM Silicon-Based PV Morning Meeting Summary] Silicon Wafer March Production Schedule May Fall Short of Expectations, Battery March Production Schedule Is Expected to Rise Significantly

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SMM, February 25:

Silicon Wafer

Prices: Market prices for N-type 18X silicon wafers were 1.16-1.18 yuan/piece; prices for 210R silicon wafers dropped to 1.26-1.3 yuan/piece. Silicon wafer prices remained temporarily stable, with wafer companies showing a certain tendency to stand firm on quotes due to downstream demand expectations for the future market.

Production: Currently, March silicon wafer planned production may fall short of expectations due to self-regulation, with an estimated output of less than 50 GW.

Inventory: Silicon wafer inventory saw a slight increase WoW this week. Last week's low-priced resources continued to transact, leading to limited inventory growth.

Solar Cell

Prices: Prices for high-efficiency PERC182 solar cells (efficiency of 23.2% and above) were 0.325-0.33 yuan/W, with high prices slightly declining. There was no market transaction for PERC210 solar cells. Prices for Topcon183 solar cells (efficiency of 25% and above) were around 0.285-0.29 yuan/W, Topcon210RN solar cells were 0.28-0.29 yuan/W, and Topcon210 solar cells were 0.285-0.29 yuan/W, with recent prices temporarily stable. Prices for mainstream HJT210 half-cell products were 0.36-0.38 yuan/W. Prices remained temporarily stable.

Production: Both integrated and non-integrated companies are in the process of ramping up production lines, with March production expected to increase significantly.

Inventory: Due to insufficient new orders recently, the solar cell market is in a new round of price negotiations, with current inventory slightly increasing.

PV Film

Prices

PV-grade EVA: Transaction prices for PV-grade EVA were 11,300-11,650 yuan/mt. Domestic settlement prices for PV-grade POE were approximately 12,000-14,000 yuan/mt.

PV Film: Current mainstream prices for 420g transparent EVA film were 5.29-5.46 yuan/m², 420g white EVA film prices were 5.67-6.05 yuan/m², 380g EPE film prices were 5.79-5.89 yuan/m², and 380g POE film prices were 6.84-7.22 yuan/m².

Production: February planned production for PV-grade EVA was approximately 1.1 million mt. Domestic PV film planned production in February was approximately 340 million m².

Inventory: Currently, petrochemical company inventories are relatively low, and spot supply remains tight. On the demand side, significant growth is expected due to increased production driven by module rush for installations. On the supply side, frequent maintenance activities are observed, and supply and demand are expected to remain tight.