Polysilicon Transactions Gradually Pick Up, New Orders for Glass Prices Expected to Rise [SMM Silicon-Based PV Morning Meeting Summary]

SMM March 24 News:

Silicon Metal Prices Last week, the spot prices of silicon metal continued to decline, with a narrower decrease compared to the previous period. The main futures contract hit a low of 9,625 yuan/mt last week before slightly rebounding. The silicon market saw transactions on a purchase-as-needed basis.

Production

Last week, the weekly supply increased due to the release of production from previously restarted capacities. There were rumors about potential partial shutdowns at major plants, and attention was focused on the operating rates of top-tier enterprises.

Inventory

SMM statistics show that as of March 21, the total national social inventory of silicon metal was 591,000 mt, down 3,000 mt from the previous week. Among this, the general warehouse inventory was 135,000 mt, down 4,000 mt, while the delivery warehouse inventory (including unregistered warrants and spot) was 456,000 mt, up 1,000 mt.

Polysilicon

Prices

At the end of the week, N-type recharging polysilicon prices were 39-45 yuan/kg, and N-type dense material prices were 38-42 yuan/kg. Polysilicon prices remained stable for now, with month-end transactions gradually starting, but the bargaining atmosphere was weak, and price increases faced resistance.

Production

In April, there will be some new capacity additions and production increases from some manufacturers, leading to a slight increase in polysilicon production. Compared to downstream wafer production schedules, it is expected to see a slight destocking.

Inventory

The circulation of polysilicon in the market was limited, and inventory changes were minimal.

Modules

Prices

Currently, the prices for centralized N-type 182 modules are 0.704-0.722 yuan/W, and for centralized N-type 210 modules, they are 0.719-0.737 yuan/W. For distributed N-type 182 modules, the prices are around 0.766-0.774 yuan/W, and for distributed N-type 210 modules, they are 0.772-0.78 yuan/W. Last week, the prices of distributed modules continued to rise, with an average increase of about 2 fen.

Production

Most companies raised their operating rates in March, up 35% MoM. Due to the rush for installations, distributed installation orders increased, and component manufacturers' production schedules for April are still expected to grow.

Inventory

Under the influence of strong demand for distributed orders, the shipment demand for modules increased, and the domestic inventory of several top-tier module manufacturers rapidly decreased.

High-Purity Quartz Sand

Prices

Current domestic inner-layer sand prices are 60,000-75,000 yuan/mt, middle-layer sand prices are 30,000-45,000 yuan/mt, and outer-layer sand prices are 20,000-25,000 yuan/mt. Market quotes remained stable, with downstream enterprises not yet starting procurement, and price negotiations were the main focus.

Production

Recently, the operation of sand enterprises has remained stable, with little change in the supply side.

Inventory

Sand enterprise inventories have recently increased slightly, with lower crucible procurement volumes. PV Glass Prices 3.2mm Single-Layer Coating: 3.2mm single-layer coated PV glass was quoted at 22-23 yuan/m², with subsequent quotes expected to rise. 3.2mm Double-Layer Coating: 3.2mm double-layer coated PV glass was quoted at 23-24 yuan/m², with subsequent quotes expected to rise. 2.0mm Single-Layer Coating: 2.0mm single-layer coated PV glass was quoted at 13.5-14 yuan/m², with subsequent quotes expected to rise. 2.0mm Double-Layer Coating: 2.0mm double-layer coated PV glass was quoted at 14.5-15 yuan/m², with subsequent quotes expected to rise.

Production

In March, the number of newly added furnaces for domestic glass increased, indicating a significant increase in future supply. Inventory This week, the inventory of domestic glass enterprises decreased slowly, and it is expected to continue to decline.