Module scheduled production still shows a downward trend, and glass prices continue to fall [SMM Silicon-based PV Morning Meeting Summary]

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SMM News on May 29:

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. Due to limited total demand, there are very few existing players, and export demand accounts for a relatively high proportion; 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 0.25-0.255 yuan/W. The mainstream transaction price for Topcon210RN is 0.265 yuan/W, with a quotation range of 0.265-0.27 yuan/W. The price of Topcon210 solar cells is around 0.265-0.275 yuan/W. The market situation for different sizes has diverged: orders for 183 have decreased, and continuous inventory buildup has forced transaction prices to decline; orders for 210RN have increased due to distributed demand, especially for high-efficiency products, with prices stabilizing and recovering. It is expected that the difference in trends between different sizes will continue to widen.

The mainstream quotation for HJT 30% silver-coated copper (with efficiency of 25% and above) is 0.34-0.35 yuan/W, and price adjustments are expected by the month-end. Overall direct sales of HJT are limited, with integrated manufacturers being self-sufficient.

Production

The global planned production of solar cells in May reached 60-61GW, 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 leading some companies to correspondingly cut production.

Inventory

Due to tightened procurement demand from module plants and reduced orders, solar cell plants for exports have adjusted their production schedules to control inventory, which increased by 30.23% WoW.

Module

Prices

In the current module market, the mainstream transaction price for N-type 182mm modules for centralized projects is 0.695-0.704 yuan/W, with an average price decrease of 0.01 yuan/W. The mainstream transaction price for N-type 210mm modules is 0.71-0.719 yuan/W, with an average price decrease of 0.01 yuan/W. The price for TOPCon distributed 182mm modules is 0.685—0.685 yuan/W, with module prices recently declining.

Production

Module production in May fell by more than 10% MoM, and it is expected that the production schedule will continue to decline in June.

Inventory

The overall inventory level of modules has relatively significantly decreased, with relatively fewer days of inventories currently. Inventory buildup will gradually begin from June.

PV Film

Prices:

PV-grade EVA/POE:

The current price of PV-grade EVA is 10,100-10,400 yuan/mt. PV-grade POE is being traded at 12,000—14,000 yuan/mt.

PV Film:

Currently, the mainstream prices for PV films are as follows: 420g transparent EVA film is priced at 5.38-5.59 yuan/m², 420g white EVA film at 5.88-6.09 yuan/m², 380g EPE film at 5.51-5.7 yuan/m², and 380g POE film at 6.84-7.22 yuan/m².

Production

In May, the production schedule for PV-grade EVA 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, with demand showing a weakening trend.

Price

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coated PV glass is 21-22 yuan/m², with prices falling this week.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coated PV glass is 22-23 yuan/m², with prices falling this week.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coated PV glass is 12.8-13.4 yuan/m², with prices falling this week.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 13.8-14.4 yuan/m², with prices falling this week.

Production

This week, newly commissioned furnaces in China have steadily increased production, with some furnaces that were started earlier now reaching full production. The glass production capacity utilization rate is expected to rise in June.

Inventory

The glass inventory levels have remained largely stable this week. With module companies entering the market to make purchases recently, the inventory pressure on glass companies has slightly eased.