Moderate accumulation of module inventory, solar cell prices in the doldrums in the short term [SMM Silicon-based PV Morning Meeting Summary]

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SMM News on May 15:

Solar cell

prices

: The price of high-efficiency PERC 182 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 PERC 210 solar cell market.

The mainstream quotation for Topcon 183 solar cells (with efficiency of 25% and above) is around 0.26-0.27 yuan/W; Topcon 210RN solar cells are priced at 0.26-0.27 yuan/W; Topcon 210 solar cells are priced at around 0.275-0.28 yuan/W. The overall price of solar cells is gradually entering a plateau phase, with an expected slight downward fluctuation, but it will remain stable in the short term.

There is limited direct sales of HJT cells, with integrated manufacturers being self-sufficient.

Production

: The global planned production of PV solar cells in May reached 60-61 GW, representing a production cut of approximately 7.20% compared to April. In May, Topcon production decreased by more than 8% MoM. With weakened demand for solar cells, it is expected that there will be some inventory buildup in enterprises in the first half of the month.

Inventory

: Module manufacturers have adjusted their procurement needs, resulting in fewer orders and an increase in solar cell inventory, which grew by 76.56% WoW.

Module

prices

: In the current module market, the mainstream transaction price for N-type 182mm modules for centralized projects is 0.697-0.705 yuan/W, with an average price decrease of 0.004 yuan/W. The mainstream transaction price for N-type 210mm modules is 0.712-0.72 yuan/W, with an average price decrease of 0.004 yuan/W. The price of TOPCon distributed 182mm modules ranges from 0.684 to 0.693 yuan/W. Recently, the PV Association has provided benchmark prices for modules as guidance.

Production

: The number of module orders in May has decreased, and most enterprises have production cut plans. However, the original production schedule for modules in May will be maintained for now.

Inventory

: In the past week, the trading volume of modules has been relatively low. In the first half of this month, the prices of newly signed module orders have been declining, resulting in a slight inventory buildup of modules.

PV film

prices:

PV-grade EVA/POE:

The current price of PV-grade EVA is 10,650-10,700 yuan/mt. PV-grade POE is traded at 12,000-14,000 yuan/mt.

PV film:

Currently, the mainstream price for 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 the production schedule for PV film decreased by 15.73% MoM.

Inventory

Currently, the inventory levels at petrochemical plants remain low, and demand shows a weakening trend.

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 13-13.7 yuan/m², with prices remaining stable this week.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 14-14.7 yuan/m², with prices remaining stable this week.

Production

This week, there were no new investments or cold repairs in domestic kiln capacities. The capacities that started production earlier are steadily increasing output, and the supply side maintains stable growth.

Inventory

The inventory level of glass has slightly increased. Trading volume in the market was low this week, and top-tier enterprises plan to enter the market for procurement next week.