Module Inventory Maintains Destocking Trend; Noticeable Undersupply of Encapsulation Film [SMM Silicon-Based PV Morning Meeting Summary]

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SMM March 20 News:

Solar Cell

Prices

High-efficiency PERC 182 solar cells (efficiency of 23.2% and above) were priced at 0.31-0.32 yuan/W; no transactions were recorded in the PERC 210 solar cell market.

Topcon 183 solar cells (efficiency of 25% and above) were priced at approximately 0.30-0.30 yuan/W, Topcon 210RN solar cells at 0.32-0.34 yuan/W, and Topcon 210 solar cells at 0.30-0.30 yuan/W. Recently, solar cell prices have started to stabilize.

HJT direct sales were limited, with integrated manufacturers being self-sufficient.

Production

The operating rate of specialized solar cell manufacturers remained stable. Despite surging demand, the capacity for production expansion was very limited, and the increase in solar cell supply mainly relied on the operating rate boost of integrated manufacturers.

Inventory

Solar cell shipments were tight, and inventory continued to decline, with a shortage of large-format 210RN cells.

Modules

Prices

In the current module market, the mainstream transaction prices for centralized N-type 182mm modules were 0.704-0.722 yuan/W, up 0.01 yuan/W, while N-type 210mm modules were priced at 0.719-0.737 yuan/W, up 0.005 yuan/W. Topcon distributed module prices ranged from 0.764 to 0.780 yuan/W.

Production

Overall March production schedules increased by 35% MoM, with more orders being delivered.

Inventory

There were numerous distributed rush-for-installation orders in the short term, and most module manufacturers reported a continued destocking trend, actively taking orders recently.

PV Film

Prices:

EVA/POE PV-Grade Materials:

PV-grade EVA was priced at 11,550-11,900 yuan/mt, while PV-grade POE transactions ranged from 12,000 to 14,000 yuan/mt.

PV Film:

Currently, the mainstream price for 420g transparent EVA film is 5.46-5.67 yuan/m², 420g white EVA film is 5.96-6.17 yuan/m², 380g EPE film is 5.79-5.89 yuan/m², and 380g POE film is 6.84-7.22 yuan/m².

Production

March production schedules for PV-grade EVA increased by 13.7% MoM, while PV film production schedules rose by 28.5% MoM.

Inventory

Currently, petrochemical plant inventories are relatively low. With rising module production schedules and increased demand, inventories are expected to remain at low levels.

Prices

3.2mm Single-Layer Coating: The price of 3.2mm single-layer coated PV glass was 22-23 yuan/m², remaining stable.

3.2mm Double-Layer Coating: The price of 3.2mm double-layer coated PV glass was 23-24 yuan/m², remaining stable.

2.0mm Single-Layer Coating: The price of 2.0mm single-layer coated PV glass was 13.5-14 yuan/m², remaining stable.

2.0mm Double-Layer Coating: The price of 2.0mm double-layer coated PV glass was 14.5-15 yuan/m², remaining stable.

Production

This week, domestic operating conditions are expected to show slight growth, with the growth rate slowing compared to earlier periods. March domestic glass production schedules remained at high levels.

Inventory

Glass inventory levels remained stable overall. Due to the high downstream stockpiling in earlier periods, the destocking pace slowed this month.