Wafer prices continue to weaken, while cell inventory increased by 76.56% WoW [SMM Silicon-based PV Morning Meeting Summary]

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SMM News on May 20:

Wafer

Price: The market price of N-type 18X wafers is 0.93-0.95 yuan/piece; the price of 210R model wafers is 1.05-1.1 yuan/piece. Wafer prices continue to weaken, with some major manufacturers maintaining their quotes, while individual smaller manufacturers have lowered their quotes for large orders.

Production: Production cuts were common among specialized wafer enterprises in May, while production at some integrated enterprises increased MoM. Domestic wafer production in May was approximately 55+GW, and global wafer production was approximately 58GW+, a decrease MoM from April.

Inventory: Wafer inventory has recently fluctuated slightly, with downstream demand limited due to raw material pressures and limited enthusiasm for subsequent procurement and production restarts in the market.

Solar Cell

Price: The price of high-efficiency PERC182 solar cells (with an efficiency of 23.2% or above) is 0.28-0.295 yuan/W. Prices are declining, with fewer orders, and some enterprises have higher inventory levels. There is no trading volume in the PERC210 solar cell market. The price of Topcon183 solar cells (with an efficiency of 25% or above) is around 0.255-0.26 yuan/W; Topcon210RN solar cells are priced at 0.26-0.265 yuan/W; Topcon210 solar cells are priced at around 0.275-0.28 yuan/W. The overall price of solar cells is gradually entering a bottoming-out period and is expected to stabilize in the short term. HJT30% silver-coated copper (with an efficiency of 25% or above) is priced at 0.34-0.35 yuan/W, with relatively stable prices. HJT direct sales are limited, with integrated manufacturers being self-sufficient.

Production: The global planned production of PV cells in May reached 60-61GW, a decrease of approximately 7.20% from April, with Topcon production decreasing by more than 8% MoM in May. With weakened demand for solar cells, enterprises are expected to experience some inventory buildup.

Inventory: Module manufacturers adjust their procurement needs based on their own production schedules, leading to a decrease in orders and an increase in solar cell inventory, which rose by 76.56% WoW.

PV Film

Price

PV-grade EVA: The transaction price of PV-grade EVA is 10,200-10,650 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, the price of 420g white EVA film is 5.88-6.09 yuan/m², the price of 380g EPE film is 5.51-5.7 yuan/m², and the price of 380g POE film is 6.84-7.22 yuan/m².

Production: The planned production of PV-grade EVA in May decreased by 11.84% MoM, and the planned production of PV film decreased by 15.73% MoM.

Inventory: The overall trading of EVA is average, with strong wait-and-see sentiment in the market. The inventory levels at petrochemical plants remain low.