Solar cell prices remain differentiated, PV glass quotes continue to decline [SMM Silicon-based PV Morning Meeting Summary]

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SMM News on June 12:

Solar cell

prices

The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) is 0.265-0.27 yuan/W. Due to limited total demand, there are very few existing players, and export demand accounts for a relatively high proportion.

The mainstream quotation for Topcon183 solar cells (with efficiency of 25% and above) is 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 quotation for Topcon210N solar cells is around 0.26-0.265 yuan/W. The size market remains differentiated, with the logic consistent with the previous day. It is expected that the difference 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 quotation for HJT 30% silver-coated copper (with efficiency of 25% and above) is 0.34-0.35 yuan/W, continuing to remain stable. Overall, direct sales of HJT are limited, with integrated manufacturers being self-sufficient.

Production

The global production schedule within the sample for June is 56-57 GW, down 5.75% MoM, with the extent of production cuts falling short of expectations. The reduction in overseas production schedules is greater than that in domestic ones. In terms of technology breakdown, the proportion of TOPCon cell production schedules has decreased by 2%, while BC has seen a slight increase. In terms of size breakdown, the supply proportion of 210r has steadily increased in response to the improvement in demand, and it is expected to increase in volume from late June to July.

Inventory

There are also differences in inventory levels across sizes. There is a severe inventory buildup for 183, while the situation for 210r is optimistic. The total inventory increased by 7.45% WoW, and the rate of inventory accumulation has slowed down.

Module

prices

In the current module market, the mainstream transaction price for N-type 182mm modules in centralized projects is 0.666-0.675 yuan/W, and for N-type 210mm modules, it is 0.681-0.69 yuan/W, with the average price decreasing by 0.03 yuan/W. The price of TOPCon distributed 182mm modules is 0.691-0.697 yuan/W. During the recent SNEC exhibition, prices remained relatively stable, and the market is in a wait-and-see mode.

Production

Domestic distributed orders have decreased, while industrial, commercial, and centralized projects have provided some support. Module production continued to be cut in June.

Inventory

Modules have re-entered the inventory buildup cycle, with shipments decreasing. The market status will be observed after the exhibition.

PV film

Prices:

PV-grade EVA/POE:

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

PV film:

Currently, the mainstream prices for transparent EVA film with a weight of 420 g/m² are 5.17-5.25 yuan/m², for white EVA film with a weight of 420 g/m² are 5.67-5.75 yuan/m², for EPE film with a weight of 380 g/m² are 5.28-5.32 yuan/m², and for POE film with a weight of 380 g/m² are 6.69-6.84 yuan/m².

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, film enterprises are purchasing based on immediate needs, and 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 19-20 yuan/m², with glass enterprises lowering their quotes this week.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coated PV glass is 20-21 yuan/m², with glass enterprises lowering their quotes this week.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coated PV glass is 11.5-12.2 yuan/m², with glass enterprises lowering their quotes this week.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 12.5-13.2 yuan/m², with glass enterprises lowering their quotes this week.

Production

Recently, a furnace in north-west China entered cold repair, and some furnaces in east China began plugging, causing the growth rate of PV glass production to slow down, with subsequent production expected to decline.

Inventory

The glass inventory level continues to rise, with industry inventory exceeding 30 days and some enterprises' inventory approaching 40 days.