The final operating rate of the wafer market in May was approximately 53%. The inventory of solar cells increased by 25.01% WoW [SMM Silicon-based PV Morning Meeting Summary]

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SMM News on May 27:

Wafer

Prices: The market price of N-type 18X wafers is 0.93-0.95 yuan/piece, while the price of 210R model wafers is 1.05-1.1 yuan/piece. Wafer prices continue to weaken, but the rate of decline is gradually slowing down.

Production: Domestic wafer production schedules in May fell slightly short of expectations, with some manufacturers reducing production midway. The final operating rate in the market was approximately 53%. In June, some manufacturers continued to slightly reduce production.

Inventory: Wafer inventory has recently experienced minor fluctuations, with downstream demand limited due to raw material pressure and limited enthusiasm for subsequent procurement and production starts.

Solar Cell

Prices: The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) is 0.275-0.295 yuan/W, with prices declining and strong export demand. There is no trading volume in the PERC210 solar cell market. The mainstream quotation for Topcon183 solar cells (with efficiency of 25% and above) is around 0.255-0.26 yuan/W. The mainstream transaction price for Topcon210RN solar cells is 0.265 yuan/W, with a quotation range of 0.26-0.27 yuan/W. The price for Topcon210 solar cells is around 0.265-0.275 yuan/W. There is a divergence in size trends: some enterprises offering discounts for 183 and 210N wafers to destock, leading to a decline in transaction prices; orders for 210RN wafers have increased due to distributed demand, leading to an increase in transaction prices. Overall solar cell prices continue to decline, with small fluctuations expected. The price of HJT 30% silver-coated copper (with efficiency of 25% and above) is 0.34-0.35 yuan/W, with relatively stable prices. HJT direct sales are limited, with integrated manufacturers being self-sufficient.

Production: Global solar cell production schedules in May reached 60-61GW, representing a production cut of approximately 7.20% from April. Topcon production decreased by more than 8% MoM in May, with weakened demand for solar cells. It is expected that enterprises will experience some inventory buildup.

Inventory: Module manufacturers have adjusted their procurement needs, resulting in fewer orders. Solar cell plants have adjusted their production schedules to control inventory, with a 25.01% WoW increase, representing a 51 percentage point reduction in the growth rate compared to the previous week.

PV Film

Prices

PV-grade EVA: The transaction price of PV-grade EVA is 10,100-10,400 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 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: The overall transaction volume of EVA was average, with strong wait-and-see sentiment in the market. The inventory levels at petrochemical plants remained low.