[SMM Analysis: Is the Weakening of Polysilicon Futures Market Justified? How Will the Supply and Demand of Polysilicon Be in May?] Regarding the market supply and demand situation, according to SMM data statistics, the global polysilicon production in May is expected to be around 99,000 mt (including 94,500 mt of domestic production), showing a decrease of approximately 2% MoM from April. Although the downstream wafer production has also declined MoM, the overall global wafer production is expected to be around 57-58 GW, with the demand for polysilicon from wafers being approximately 110,000 mt. There is an expectation of some destocking for polysilicon in May. Currently, the delivery brands held by many enterprises among the five are relatively limited (mostly concentrated in a few thousand mt). However, it cannot be denied that polysilicon enterprises have been facing some inventory pressure recently, and the raw material inventory held by crystal pulling plants is also relatively abundant, which is the main reason for the weakness in the polysilicon spot market at the end of Q1 and the early stage of Q2. It is expected that some of this pressure will be alleviated as the supply-demand relationship eases in the future.

【SMM Silicon-based PV Morning Meeting Summary: Module Prices Remain Stable, Some Glass Companies Lower Quotes】In the current module market, the mainstream transaction prices for N-type 182mm modules in centralized projects are 0.705-0.714 yuan/W, with the average price remaining stable. The mainstream transaction prices for N-type 210mm modules are 0.72-0.729 yuan/W, with the average price also remaining stable. The price of TOPCon distributed 182mm modules is 0.695-0.705 yuan/W, and the inversion between distributed and centralized module prices is expected to improve.

On May 7, the winning bid results for the procurement of double-glass solar PV modules for Sub-project 1 (the PV power generation project on the retaining wall in the front area of Beiyuan Group) and Sub-project 2 (the distributed PV power generation project in the production area of Beiyuan Group) of the 6MW distributed PV power generation project of Shaanxi Beiyuan Chemical Group Co., Ltd. were announced. LONGi Lerri Solar Technology Co., Ltd. was the winning bidder, with a winning bid price of 6.4938 million yuan and a unit price of 0.705 yuan/W.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the mainstream transaction prices of N-type recharging polysilicon were 37-44 yuan/kg, and the N-type polysilicon price index was 37.28 yuan/kg. This week, the price center of polysilicon declined slightly, but the overall decline slowed down. The concentrated order signing period in the market has passed, and trading volume was limited. Wafer: The market price of N-type 18X wafers was 1-1.05 yuan/piece, and the price of N-type 210RN wafers was 1.15-1.2 yuan/piece. The market prices of wafers have stabilized somewhat, and trading volume rebounded during the holiday.

According to SMM, in April 2025, silver production recorded a 1% MoM decline and a 0.94% YoY decline. The cumulative SMM 1# silver production for 2025 reached 5,961 mt.

On May 6, the procurement results for the solar panel mounting brackets (Lots I, II, and III) of Phase I of the 500,000 kW PV Integrated Project for Sand Control and Desertification Prevention in Dalad Banner, undertaken by the Inner Mongolia Energy Group and designed by the Central-Southern China Institute of PowerChina, were announced. The winning bidder for Lot I was Jiangsu Guoqiang Xingsheng Energy Technology Co., Ltd., for Lot II was Ordos Zhongfu Green Energy Technology Development Co., Ltd., and for Lot III was Jiangxi Provincial Communications Engineering Metal Components Co., Ltd.

On April 30, the list of candidates for the 2025 (Bijie City) Base Station PV Module Procurement Project of Guizhou Branch of Steel Tower Energy Co., Ltd. was announced. The first-ranked candidate is Shanghai Datang Mobile Communications Equipment Co., Ltd., with a total tax-inclusive response price (evaluation price) of 1,501,632.00 yuan; the second-ranked candidate is Baode Lighting Group Co., Ltd., with a total tax-inclusive response price (evaluation price) of 1,660,896.00 yuan.

From April 28, 2025, to May 4, 2025, SMM recorded a total of 23 domestic enterprise-won PV module projects that week. The winning bid prices for PV modules were concentrated in the range of 0.66-0.85 yuan/W, with a weekly weighted average price of 0.75 yuan/W, representing an increase of 0.06 yuan/W compared to the previous week. The total procurement capacity for the winning bids was 43.33 MW, a decrease of 927.59 MW compared to the previous week.