Wafer prices largely stable, solar cell producers continue to cut production [SMM Silicon-based PV Morning Meeting Summary]

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SMM, June 6:

Electrode

Price

This week, the electrode market prices remained stable. The quotes for ordinary power carbon electrodes with a diameter of 960-1100mm were 6,200-6,400 yuan/mt, and the quotes for ordinary power graphite electrodes with a diameter of 960-1100mm were 9,600-9,800 yuan/mt. However, from the cost side, influenced by the recent decline in raw material prices, the cost support for electrodes weakened. But due to the long production cycle of electrodes and the time lag in price changes of raw materials, some producers are currently experiencing losses in their shipments.

Supply

Affected by the decline in raw material prices and the gradual pullback in electrode prices, producers' shipments have been slow, inventory pressure has been high, and there has been a strong wait-and-see sentiment. Some enterprises have reduced or suspended production and are currently mainly consuming inventory.

Demand

Remains weak. Although it is the rainy season in south-west China, there have been few resumptions of production at silicon plants. The operating rates of silicon plants in other regions are also at low levels, with purchases maintained on an as-needed basis.

Silicon Metal

Price

This week, the spot price of silicon metal weakened, with the decline narrowing compared to last week. Yesterday, the SMM east China oxygen-blown #553 silicon was priced at 8,000-8,300 yuan/mt. The main futures contract fluctuated considerably, closing at 7,135 yuan/mt at the end of yesterday's session, down 80 yuan/mt WoW, a 1% decline. Market sentiment feedback was generally average after the futures market rebound during the week. In recent days, some silicon powder tender orders have been released, and attention should be paid to the transaction status of powder orders.

Production:

In May 2025, the production of silicon metal was 307,700 mt, up 2.3% MoM and down 24.6% YoY. From January to May 2025, the cumulative production of silicon metal decreased by 15.3% YoY. In June, due to the production release from resumed capacity and the marginal increase in newly commissioned capacity, the supply of silicon metal is expected to increase.

Inventory

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 587,000 mt on June 5, down 2,000 mt WoW. Among them, the social general warehouse inventory was 135,000 mt, up 1,000 mt WoW, and the social delivery warehouse inventory was 452,000 mt (including unregistered warrants and spot cargo), down 3,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Wafer

Price

The market price of N-type 18X wafers is 0.93-0.95 yuan/piece, and the price of N-type 210RN wafers is 1.05-1.1 yuan/piece. Prices remained largely stable this week, with 183 wafers facing greater shipping pressure and a bearish outlook for new orders.

Production

Domestic wafer production in May is estimated to be around 58GW, with several production bases continuing to implement minor production cuts in June. By size, there were significant differences, with the overall production of 210R wafers bucking the trend and increasing.

Inventory

Market transactions were generally sluggish this week, with most orders being renegotiated for purchase. Shipments of 183 wafers were relatively slow, leading to a slight inventory buildup.

Solar Cell

Price

The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) ranges from 0.265 to 0.285 yuan/W. Due to limited total demand, there are very few existing players, and export demand accounts for a relatively high proportion. The PERC210 solar cell market has seen no transactions for a long time.

The mainstream quotation for Topcon183 solar cells (with efficiency of 25% and above) is around 0.245-0.25 yuan/W. The mainstream transaction price for Topcon210RN solar cells is 0.265 yuan/W, with a quotation range of 0.265-0.27 yuan/W. The price of Topcon210N solar cells is around 0.26-0.265 yuan/W. Market trends by size have diverged: prices for 183 and 210N solar cells continue to fall. The former is experiencing continuous inventory buildup due to reduced orders, forcing transaction prices to fall below the cost line. The latter has seen market transaction prices decline due to large shipments by some companies at month-end. Orders for 210RN solar cells have increased due to demand, with producers generally optimistic about demand prospects in June and prices recovering. It is expected that the divergence in market trends by size will remain stable in the near term.

The mainstream quotation for HJT 30% silver-coated copper (with efficiency of 25% and above) is 0.34-0.35 yuan/W, remaining stable. Overall, direct sales of HJT products are limited, with integrated manufacturers being self-sufficient.

Production

Producers continue to implement production cuts, with global production scheduled within the sample range of 56-57GW in June, representing a 5.75% MoM decrease. The reduction in overseas production schedules was greater than that in domestic production. In terms of technology breakdown, the proportion of TOPCon cell production schedules decreased by 2%, while BC saw a slight increase. In terms of size breakdown, the supply proportion of 210R wafers increased significantly in response to the demand recovery, with volume expected to increase from late June to July.

Inventory

There were also differences in inventory levels by size, with significant inventory buildup for 183 wafers and a more optimistic situation for 210R wafers. The overall inventory accumulation rate slowed down, with a 7.45% WoW increase.

PV Film

Price

PV-grade EVA

The current price of PV-grade EVA is 10,000-10,400 yuan/mt. The domestic delivery-to-factory price of PV-grade POE is approximately 12,000-14,000 yuan/mt, with POE prices remaining stable.

PV Film

Currently, the mainstream prices for PV films are as follows: 5.17-5.25 yuan/m² for 420g transparent EVA film, 5.67-5.75 yuan/m² for 420g white EVA film, 5.28-5.32 yuan/m² for 380g EPE film, and 6.69-6.84 yuan/m² for 380g POE film.

Production

The production schedule for PV-grade EVA in June decreased by 2.70% MoM, and the production schedule for PV film decreased by 3.1% MoM.

Inventory

Currently, the inventory of petrochemical enterprises is low, and the transaction pace for PV-grade EVA has slowed down recently.