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.

[SMM Weekly Review: Intense Price Competition in the Cell Market, Wafer Prices Under Pressure and Weakening] For P-type cells, the mainstream quotations for 182P are 0.29-0.295 yuan/W, with a significant contraction in overall demand scale. For N-type cells, the quotations for 183N are 0.26-0.27 yuan/W, for 210RN are 0.26-0.27 yuan/W, and for 210N are 0.275-0.285 yuan/W. Among them, the prices of 210RN and 183N have fallen the fastest recently, reaching the lowest point for the entire year of 2024. There are two main reasons for this: First, the continuous decline in upstream wafer prices has driven down cell costs; Second, the shrinking end-use demand has led to an increase in industry inventory levels, motivating solar cell plants to reduce prices and ship goods. Currently, the market is observing the future trend of wafer prices, with module plants showing low purchase willingness and testing the downward elasticity at the edge of the 0.26 yuan price point. Some leading cell producers still adhere to a strategy of standing firm on quotes. If wafer prices have reached the bottom, cell price reductions would cause revenue to fall below the cost line; if wafer prices continue to decline, there is room for cell prices to drop further.

[SMM Analysis: Module Enterprises Exert Strong Pressure, New Glass Order Negotiations Fall Short of Quotation Expectations] The current glass quotation prices for May are as follows: 2.0mm single-layer coating quotation (13-14 yuan/m²); 2.0mm double-layer coating quotation (14-15 yuan/m²); 3.2mm single-layer coating quotation (21.5-22 yuan/m²); 3.2mm double-layer coating quotation (22.5-23 yuan/m²); 2.0mm back glass quotation (12-13 yuan/m²). As of now, there have been no major orders closed in the May market, with most upstream and downstream enterprises still in negotiations. Due to the decline in module prices and demand, module enterprises have a strong desire to drive down prices this month. This week, the mainstream quotation for 2.0mm single-layer coated glass in the market was lowered to 13.5 yuan/m² by glass enterprises, with the lowest market quotation dropping to 13 yuan/m².

[SMM Weekly Review: Film Prices for New Orders Decline in May, EVA Offers Discounts for Shipments] This week, the price of PV-grade EVA ranged from 11,000 to 11,700 yuan/mt. With the slowdown in demand for foaming-grade and cable-grade EVA, prices also declined significantly. The mainstream price range for EVA film was 13,000 to 13,200 yuan/mt, while the price range for EPE film was 14,500 to 15,000 yuan/mt, with prices trending downward.

[SMM Silicon-Based PV Morning Meeting Summary: Wafer Prices Drop Back Slightly, Overall Solar Cell Transaction Prices Decline] The market price of N-type 18X wafers is 0.95-1.05 yuan/piece, and the price of N-type 210RN wafers is 1.15-1.2 yuan/piece. The price of high-efficiency PERC182 solar cells (with an efficiency of 23.2% or above) is 0.295-0.30 yuan/W, and the price of Topcon183 solar cells (with an efficiency of 25% or above) is around 0.26-0.275 yuan/W. The price of Topcon210RN solar cells is 0.26-0.27 yuan/W, and the price of Topcon210 solar cells is around 0.28-0.285 yuan/W.

Recently, PowerChina New Energy Corporation released a tender announcement for the procurement of N-type HJT PV modules for the 5.8MW distributed PV power generation project at Xiaozhilin Lingzhi Base in Nanshan Town, Foshan City. According to the announcement, in line with the project's construction requirements, monocrystalline silicon bifacial double-glass N-type HJT PV modules with a module power of 700Wp and solar cell size of 210mm will be procured, with a total procurement capacity of 7.028MWp.