Wafer prices largely stable, cell inventory continues to rise [SMM Silicon-based PV Morning Meeting Summary]

Published: May 13, 2025 09:10

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[SMM Silicon-based PV Morning Meeting Summary: Wafer Prices Largely Stable, Solar Cell Inventory Continues to Rise] Wafer: The market price of N-type 18X wafers is 0.95-1 yuan/piece; the price of 210R model wafers is 1.1-1.1 yuan/piece. Solar cell: Inventory continues to rise, and enterprises are under pressure to ship goods. Film: Overall EVA transactions are average, with strong wait-and-see sentiment in the market. In-plant inventory at petrochemical plants remains at a low level.

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SMM News on May 13:

Wafer

Price: The price of N-type 18X wafers in the market ranges from 0.95 to 1 yuan/piece; the price of 210R wafers is 1.1-1.1 yuan/piece. Wafer prices are largely stable, with upward pressure remaining. However, wafer manufacturers are temporarily standing firm on quotes due to cost pressure.

Production: Production cuts were widespread among specialized wafer enterprises in May, while a few integrated enterprises saw a MoM increase in production. Domestic wafer production in May was approximately 55+GW, and global wafer production was around 58GW+, down MoM from April.

Inventory: Wafer inventory has recently fluctuated slightly, with downstream demand limited due to raw material pressure and limited enthusiasm for subsequent production restarts and purchases.

Solar Cell

Price: The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) ranges from 0.29 to 0.295 yuan/W, with prices declining and fewer orders; there is no trading volume in the PERC210 solar cell market. The price of Topcon183 solar cells (with efficiency of 25% and above) is around 0.26-0.27 yuan/W; Topcon210RN solar cells are priced at 0.26-0.27 yuan/W; Topcon210 solar cells are priced at around 0.28-0.285 yuan/W. Overall solar cell prices continue to decline, with 210 prices remaining relatively firm due to demand support. There is little direct sales of HJT cells, with integrated manufacturers being self-sufficient.

Production: The production schedule for P-type solar cells in May decreased by 24.10% MoM, while that for N-type solar cells decreased by 7.14% MoM. Among TOPCon series solar cells, 210RN saw the largest production cuts, with a MoM decrease of -16.95%, followed by 183N (MoM -6.89%) and 210N (MoM -4.57%).

Inventory: Solar cell inventory continues to rise, with enterprises facing shipping pressure.

PV Film

Price

PV-grade EVA: The transaction price of PV-grade EVA ranges from 10,650 to 10,900 yuan/mt. The domestic settlement price of PV-grade POE is approximately 12,000-14,000 yuan/mt.

PV Film: Currently, the mainstream price of 420g transparent EVA film is 5.38-5.59 yuan/m², 420g white EVA film is priced at 5.88-6.09 yuan/m², 380g EPE film is priced at 5.51-5.7 yuan/m², and 380g POE film is priced at 6.84-7.22 yuan/m².

Production: The production schedule for PV-grade EVA in May decreased by 11.84% MoM, and that for PV film decreased by 15.73% MoM.

Inventory: Overall transactions of EVA are average, with a strong wait-and-see sentiment in the market. Petrochemical plant inventories remain at a low level.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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