Module prices continue to weaken, while polysilicon starts to stand firm on quotes [SMM Silicon-based PV Morning Meeting Summary]

SMM May 12 News:

Silicon Metal

Prices

Last week, the spot prices in the silicon metal market continued to weaken. In east China, the price of oxygen-blown #553 silicon ranged from 9,000 to 9,300 yuan/mt. The main continuous contract traded below 8,500 yuan/mt. Orders from downstream users were transacted on a need-by-need basis, with the transaction center remaining weak.

Production

In April 2025, the production of silicon metal reached 301,000 mt, down 12% MoM and 16% YoY. From January to April 2025, the cumulative production of silicon metal decreased by 12.6% YoY.

Inventory

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 596,000 mt on May 8, a decrease of 7,000 mt WoW. Among this, the inventory in general social warehouses was 133,000 mt, a decrease of 3,000 mt WoW, while the inventory in social delivery warehouses (including unregistered warrants and spot cargo) was 463,000 mt, a decrease of 4,000 mt WoW.

Polysilicon

Prices

At the end of the week, 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 was temporarily stable. A polysilicon conference is scheduled to be held this week, and there were earlier reports that leading polysilicon manufacturers were standing firm on quotes, which may support subsequent polysilicon prices.

Production

Some polysilicon production bases scheduled to resume production in May have delayed their restarts. Polysilicon production this month fell short of expectations, and currently, enterprises' enthusiasm for production resumptions is generally limited.

Inventory

In the past week, the transaction atmosphere for polysilicon was limited, with orders mainly for small-scale restocking. Polysilicon inventory increased slightly.

Module

Prices

In the current module market, the mainstream transaction prices for N-type 182mm modules in centralized projects were 0.697-0.705 yuan/W, with the average price decreasing by 0.009 yuan/W. The mainstream transaction prices for N-type 210mm modules were 0.712-0.72 yuan/W, with the average price also decreasing by 0.009 yuan/W. The price of TOPCon distributed 182mm modules was 0.686-0.699 yuan/W.

Production

Some enterprises still have further production cut plans, and it is expected that module scheduled production in May may decrease further.

Inventory

Some distributed orders failed to be connected to the grid before May 31, and overall module inventory is fluctuating at highs.

High-Purity Quartz Sand

Prices

Currently, the domestic prices for inner-layer sand are 60,000-73,000 yuan/mt, middle-layer sand are 33,000-45,000 yuan/mt, and outer-layer sand are 18,000-25,000 yuan/mt. The market has been in the doldrums in the past week, with some local quotes showing slight easing. Given the weak downstream demand, it is expected that quartz sand prices will face significant pressure, and further price reductions are anticipated.

Production

Recently, domestic quartz sand enterprises have seen both increases and decreases in their operating rates, resulting in a slight increase in overall production.

Inventory

The inventory of imported sand has begun to decline due to enterprise consumption, while the transaction volume of domestic sand inventory has fallen short of expectations, leading to a slight increase.

PV Glass

Price

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coated PV glass is 21.5-22.5 yuan/m², with some enterprises lowering their quotes.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coated PV glass is 22.5-23.5 yuan/m², with some enterprises lowering their quotes.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coated PV glass is 13-14 yuan/m², with some enterprises lowering their quotes.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 14-15 yuan/m², with some enterprises lowering their quotes.

Production

In May, some newly added kilns in China began to increase their output, and another kiln was added in Hubei province, indicating a rise in long-term supply.

Inventory

This week, domestic inventory has increased slightly, with the industry's inventory level reaching around 1 month.