Uncertainty in the subsequent supply of polysilicon increases, with prices pulling back slightly before and after the exhibition [SMM Silicon-based PV Morning Meeting Summary]

SMM News on June 16:

Silicon Metal

Prices

Last week, silicon metal futures prices fluctuated considerably, while spot prices remained basically stable. SMM's oxygen-blown #553 silicon in east China was priced at 8,000-8,300 yuan/mt. The price spread between different grades of silicon metal narrowed, with a decrease in the availability of low-grade silicon at lower prices in the market, and silicon metal spot prices fluctuated rangebound.

Production

In May 2025, silicon metal production reached 307,700 mt, up 2.3% MoM and down 24.6% YoY. In June, due to the production release from resumed capacity and marginal increments from newly commissioned capacity, silicon metal supply is expected to increase with strong certainty.

Inventory

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 572,000 mt as of June 12, a decrease of 15,000 mt WoW. Among this, general social warehouses held 133,000 mt, a decrease of 2,000 mt WoW, and social delivery warehouses held 439,000 mt (including unregistered warrants and spot portions), a decrease of 13,000 mt WoW. (Excluding regions such as Inner Mongolia and Gansu)

Polysilicon

Prices

At the weekend, the price of N-type recharging polysilicon was 34-37 yuan/kg, and the N-type polysilicon price index was 34.11 yuan/kg. Last week, polysilicon prices weakened slightly, with some top-tier enterprises selling at slightly lower prices. Currently, sentiment regarding modules and other products is relatively pessimistic, and crystal pulling plants are still driving down prices.

Production

Polysilicon production in June is expected to exceed 100,000 mt. In July, prices are showing mixed performance across multiple bases, and top-tier enterprises are observing each other. With an industry conference scheduled to be held soon, there is still some uncertainty regarding polysilicon production.

Inventory

Currently, polysilicon inventory remains under significant pressure, with polysilicon inventory still exceeding 250,000 mt.

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, with a slight decrease in the average price. The mainstream transaction price for N-type 210mm modules is 0.681-0.69 yuan/W, also with a slight decrease in the average price. The market remains concerned about future demand.

Production

Module scheduled production continued to decline in June, with limited overall market demand. Except for a few top-tier enterprises, module enterprises are experiencing slightly insufficient orders.

Inventory

Overall destocking was maintained in May. The recent decrease in distributed orders will impact inventory levels in June.

High-Purity Quartz Sand

Prices

Currently, the domestic price for inner-layer sand is 60,000-68,000 yuan/mt, middle-layer sand is 31,000-42,000 yuan/mt, and outer-layer sand is 17,000-24,000 yuan/mt. In the past week, high-purity quartz sand prices have continued to loosen slightly downward. Currently, many domestic enterprises are negotiating prices with imported sand enterprises. It is expected that the long-term contract prices for imported sand will continue to decrease, with spot orders following suit.

Production

This week, the operation of quartz sand enterprises remained basically stable, and the overall production in June is expected to increase slightly.

Inventory

The inventory of quartz sand continues to increase, and the purchase period for downstream enterprises has not yet arrived.

PV Glass

Price

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coated PV glass is 19-20 yuan/m², with a price decline.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coated PV glass is 20-21 yuan/m², with a price decline.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coated PV glass is 11.5-12 yuan/m², with a price decline. Module enterprises are about to start purchasing, and the expected purchase price is still expected to decrease.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 12.5-13 yuan/m², with a price decline.

Production

In the past week, there has been no cold repair capacity for kilns in the market. However, some glass enterprises in east China have begun to reduce production by blocking kiln openings, and a slight decrease in subsequent production is expected.

Inventory

This week, domestic module enterprises plan to start purchasing, and the inventory in the glass industry is expected to decline slightly.