From May 26, 2025, to June 5, 2025, SMM recorded a total of 27 domestic enterprise-won PV module projects during the week. The winning bid prices for PV modules were concentrated in the range of 0.41-3.69 yuan/W, with a weekly weighted average price of 0.06 yuan/W. The average winning bid price for the week was 1.37 yuan/W, representing an increase of 0.64 yuan/W compared to the previous week. The total procurement capacity of the winning bids was 737.97 MW, a decrease of 92.04 MW compared to the previous week.

[SMM Analysis: Module Factory Purchase Demand Declines, PV Frame Profile Operating Rate Under Pressure] This week, the operating rates of sampled PV frame enterprises continued to diverge. The operating rates of some leading enterprises in east China declined slightly WoW, mainly due to the sluggish purchase sentiment of downstream module factories and the enterprises' relatively pessimistic expectations for module scheduled production in June. However, according to SMM, some manufacturers in Anhui are steadily ramping up their newly invested capacity, which is expected to reach full production in H2. Meanwhile, according to SMM survey, some small and medium-sized enterprises in Anhui and Henan reported that their PV production lines are gradually exiting the market, retaining only orders from some long-established customers. Their PV frame operating rates remain at a low level of 30%.

[SMM Weekly Review: Cell Prices Continue to Decline, Polysilicon Prices Remain Stable for Now] This week, the price index for N-type polysilicon was 35.21 yuan/kg. N-type recharging polysilicon was priced at 35-38 yuan/kg, while N-type mixed polysilicon was priced at 31-36 yuan/kg. Overall, polysilicon prices were largely stable. Multiple transactions of polysilicon were recorded before the holiday, with small factories closing deals at 32 yuan/kg and some high-quality mixed polysilicon from large factories closing at 35 yuan/kg. The most-traded contracts of enterprises maintained a quoted price of 36-37 yuan/kg for dense recharging polysilicon. Market transactions were weak after the holiday. A domestic base resumed production this week, attracting market attention. Prices remained stable for now, with the market closely monitoring subsequent supply conditions and the latest wafer transaction status.

[SMM Analysis: Module Scheduled Production Declines at a Faster Rate, with a Significant Drop in Quoted Prices for New Glass Orders in June] The current quoted prices for glass in June are as follows: 2.0mm single-layer coating (12-12.5 yuan/m²); 2.0mm double-layer coating (13-13.5 yuan/m²); 3.2mm single-layer coating (20-21 yuan/m²); 3.2mm double-layer coating (21-22 yuan/m²); and 2.0mm back glass (11-12 yuan/m²). As of now, the quoted prices for glass in the June market have been significantly reduced, with a decrease of 1.5 yuan/m² compared to the same period in May. The intended transaction price has dropped by 1 yuan/m² compared to the same period in May, and the actual price has fallen by approximately 1 yuan/m².

[SMM Silicon-based PV Morning Meeting Summary: Significant Differentiation in Cell Prices, New Glass Order Prices Decline] The mainstream quotations for Topcon 183 solar cells (with efficiency of 25% and above) are around 0.25-0.255 yuan/W; the mainstream transaction price for Topcon 210RN is 0.265 yuan/W, with a quotation range of 0.265-0.27 yuan/W; the price for Topcon 210N solar cells is around 0.26-0.265 yuan/W. Price differentiation has emerged across sizes: 183 and 210N cells continue to decline in price, with the former experiencing reduced orders and ongoing inventory buildup, forcing transaction prices down, while the latter sees market transaction prices fall due to significant shipments by certain enterprises at month-end. Orders for 210RN cells have increased due to demand, with producers generally optimistic about the demand outlook for June, leading to price recovery. It is expected that the differentiation in price trends across sizes will remain stable in the near term.

[SMM Weekly Review: EVA Prices Continue to Pull Back, New Film Orders in June See Price Decline] This week, the price of PV-grade EVA was 10,000-10,400 yuan/mt, the mainstream price range of EVA film was 12,300-12,500 yuan/mt, and the price range of EPE film was 13,900-14,000 yuan/mt.

On June 4, the winning bid result for the inverter equipment procurement of the CR New Energy Yunnan Zhongzhai PV Power Generation Project was announced. The winning bidder was Dongfang Hitachi (Chengdu) Electric Control Equipment Co., Ltd., with a winning bid price of 17,541,002.25 yuan. The tender announcement indicated that the Zhongzhai PV Power Generation Project would procure string PV inverter equipment (with the quantity determined by the model) and its accessories, spare parts, special tools, and other equipment for procurement, transportation, and services, with a total AC capacity of 202.24 MWac and a single-unit power of 300 kW or above (input voltage of 1500 V and output voltage of 800 V). It also included the procurement, transportation, installation, and commissioning of one set of inverter monitoring system equipment, as well as coordination with the commissioning of the PV field monitoring system. During the warranty period, the bidder shall unconditionally repair the equipment free of charge (including transportation, spare parts, etc.).

[SMM Silicon-Based PV Morning Meeting Summary] Wafer: The actual production schedule in May changed slightly, with the domestic actual production reaching approximately 58.06 GW. Driven by production cuts at multiple specialized enterprises, wafer production decreased in June. High-purity quartz sand: Currently, the domestic prices for inner-layer sand are 60,000-70,000 yuan/mt, middle-layer sand are 33,000-43,000 yuan/mt, and outer-layer sand are 17,000-24,000 yuan/mt. This week, domestic quartz sand prices remained stable for the time being. However, spot order prices for imported sand slightly decreased. Crucible enterprises' purchase sentiment remained weak, and the operating rate at the wafer end also fell short of expectations. Overall, market demand weakened, and prices fell.