[SMM Weekly Review: Polysilicon Prices Continue to Fall, with Downward Expectations for Solar Cell Prices] This week, the price index of N-type polysilicon was 35.11 yuan/kg, N-type recharging polysilicon was priced at 35-37 yuan/kg, and N-type mixed polysilicon was priced at 31-35 yuan/kg. Polysilicon prices continued to decline, and polysilicon manufacturers may have certain plans to increase production in the future. Wafer prices weakened, and wafer companies' enthusiasm for polysilicon procurement decreased. Crystal pulling plants had a more pronounced mindset of driving down prices, and bearish sentiment still existed in the market. Some market participants believed that prices might hit bottom in July-August.

[SMM Analysis: Declining Demand a Foregone Conclusion, Operating Rates of PV Frame Profiles Continue to Face Pressure] This week, the operating rates of sample enterprises in the PV frame sector continued to diverge. Production cuts at downstream module factories have become a foregone conclusion. Affected by this, the operating rates of some PV frame profile enterprises in east China and Hebei continued to decline. However, according to SMM, some small and medium-sized PV frame profile enterprises in southwest China maintained high operating rates, mainly because their spraying production line capacities were basically in line with the procurement demands of leading module factories, and their operations remained at full capacity.

[SMM Weekly Review: Film Enterprises Procured Based on Rigid Demand, EVA Prices Remained Weak and Stable] 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.

[SMM Silicon-based PV Morning Meeting Summary: Solar Cell Prices Remain Differentiated, PV Glass Quotations Continue Downward Trend] The mainstream quotations for Topcon183 solar cells (with efficiency of 25% and above) are around 0.24-0.25 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 quotations for Topcon210N solar cells are around 0.26-0.265 yuan/W. The market trends for different sizes remain differentiated, consistent with the previous day's logic. It is expected that the differentiation in trends across sizes will remain stable in the near term. However, due to supply-demand imbalance, there is still downward pressure on prices. The mainstream quotations for HJT 30% silver-coated copper (with efficiency of 25% and above) are 0.34-0.35 yuan/W, continuing to hold steady. Overall, there is limited direct sales for HJT, with integrated manufacturers being self-sufficient.

[SMM Silicon-Based PV Morning Meeting Summary] Wafer: The market price of N-type 18X wafers is 0.9-0.93 yuan/piece, and the price of N-type 210RN wafers is 1.05-1.1 yuan/piece. Wafer prices continue to decline, with 183 sales hindered and prices weakening. Silicon Metal: The spot price of silicon metal remains stable overall. Yesterday, SMM east China oxygen-blown #553 silicon was priced at 8,000-8,300 yuan/mt, unchanged from the previous day. The main continuous contract of silicon metal rebounded slightly, with the Si2509 contract closing at 7,575 yuan/mt yesterday. The availability of low-priced silicon metal in the market has decreased, and the price center for some specifications has shifted upwards.

[SMM Silicon-based PV Morning Meeting Summary: Wafer inventory stands at approximately 18GW, with solar cell inventory continuing to increase WoW] Wafer: Domestic wafer production in June is estimated to be around 55.9GW. Currently, the market for 210R-sized wafers is increasing against the trend, while the sales of 183-sized wafers are significantly hindered. Solar Cell: Module manufacturers have adjusted their procurement needs, leading to a decrease in orders. Solar cell inventory continues to increase WoW. Some enterprises have swiftly switched production lines and adjusted their product mix to expedite shipments.

①A recent industry report indicates that due to the US PV industry facing federal policy shifts favoring fossil fuels, tariffs, and other challenges, local new solar installations are expected to decline over the next five years; ②According to forecasts released on Monday by the Solar Energy Industries Association (SEIA) and energy research firm Wood Mackenzie, new solar power generation in 2030 is expected to decline by more than 10% compared to 2025.

From June 2, 2025, to June 8, 2025, SMM recorded a total of 17 domestic enterprise-won PV module projects that week. The winning bid prices for PV modules were concentrated in the range of 0.69-0.75 yuan/W, with a weighted average winning bid price of 0.69 yuan/W for the week, representing an increase of 0.01 yuan/W compared to the previous week. The total procurement capacity of the winning bids was 512.47 MW, a decrease of 225.5 MW compared to the previous week.