[SMM Silicon-Based PV Morning Meeting Summary: Module Prices Continue to Weaken, Polysilicon Starts Attempting to Stand Firm on Quotes] Over the weekend, the price of N-type recharging polysilicon was 37-44 yuan/kg, the N-type polysilicon price index was 37.05 yuan/kg, and the price of granular polysilicon was 35-36 yuan/kg. The polysilicon market is temporarily stable. A polysilicon meeting will be held this week. Earlier, the market heard news that leading polysilicon plants were standing firm on quotes, which may support subsequent polysilicon prices.

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According to data from Solarbe Consulting's price tracking, polysilicon prices declined slightly last week, with the average prices of N-type recharged, dense, and granular polysilicon being 39,200 yuan/mt, 35,600 yuan/mt, and 37,000 yuan/mt, respectively. Recently, polysilicon producers have continued to reduce their production schedules, and the issue of inventory backlog among polycrystalline silicon producers has become prominent, making it difficult to reverse the downward price trend in the short term. Prices in the wafer and solar cell segments have remained stable. In terms of PV modules, prices in the PV industry chain have rebounded since March. Despite the passing of the "430" installation rush period, the installation enthusiasm in May has not yet subsided. However, industry insiders generally believe that this price rebound is essentially just a temporary recovery amidst the interplay of industry supply and demand and market dynamics. As the installation rush subsides, the market price of modules has already shown a downward trend.

[SMM Analysis: Top-tier Enterprises Operating at Full Capacity to Rush to Meet Deadlines for the Final "531" Period, with Capacity Contraction in East China Due to Weak Demand] In terms of PV extrusion, some leading enterprises in the PV extrusion sector reported that they maintained full production capacity this week, primarily because the frames produced this week could still meet the 531 period. However, according to the SMM survey, some enterprises in Shandong reported that since entering May, customer market demand has not been robust, leading to a further reduction in the proportion of their PV extrusion capacity. SMM will continue to monitor the actual order situation.

On May 8, after hitting a historic low of RMB 34,375 yuan/mt during intraday trading, the main polysilicon futures contract rebounded strongly, closing up 2.43% on the day. On May 9, it continued to open higher, surging over 6% at one point during intraday trading, showing strong performance in the morning session. According to SMM, the strong rebound in the main polysilicon futures contract may primarily be related to the limited delivery brands held by several of the five major delivery enterprises in the market (mostly concentrated in the low thousands of mt). As the delivery period approaches, the limited spot supply has left bears unable to deliver sufficient goods for delivery as required by the contract.