The overall center of wafer prices shifted to 0.88 yuan/piece. There have been significant additional production cuts for 183N solar cells [SMM Silicon-based PV Morning Meeting Summary]

SMM News on June 24:

Wafer

Prices: The market price for N-type 18X wafers is 0.88-0.9 yuan/piece; the price for 210R model wafers is 1.03-1.1 yuan/piece. Wafer prices continue to weaken, with the overall price center shifting towards 0.88 yuan/piece.

Production: Domestic wafer production in June is expected to be around 55.9GW. Currently, the 210R size is seeing an increase in the market against the trend, while the sales of 183 wafers are significantly hindered. Affected by the continuous price cuts by wafer enterprises, the subsequent production schedule for wafers may further decline.

Inventory: Wafer inventory has recently seen slight fluctuations. Comparing the operating rates of cells and wafers, the overall supply and demand are in a tight balance, with wafer inventory at around 18GW.

Solar Cell

Prices: The price for high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) is 0.265-0.27 yuan/W. These are mainly for overseas orders, with some producers integrating production line resources and starting or stopping production based on order situations. The mainstream quotation for Topcon183N solar cells (with efficiency of 25% and above) is 0.23-0.24 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 price for Topcon210N solar cells is 0.25-0.26 yuan/W. The export share of 183N has increased, dispersing the destocking pressure caused by insufficient domestic demand; 210N prices fell last week due to destocking by some enterprises, with prices adjusting downwards. The mainstream quotation for HJT30% silver-coated copper (with efficiency of 25% and above) is 0.35-0.36 yuan/W. Prices have increased due to market demand fluctuations and cost control. HJT has relatively few direct sales, with integrated manufacturers being self-sufficient.

Production: The global production schedule for June is 57-58GW, down 4-5% MoM. The supply of solar cells continues to tighten due to weak demand, but the tightening amplitude is less than expected. Currently, a large number of 183N production lines have cut production, and the actual output in June will be adjusted downwards.

Inventory: The overall inventory of export-oriented factories continues to accumulate, but the growth rate of inventory buildup has decreased by 7 percentage points MoM, mainly due to the significant production cuts in 183 production lines. It is expected that inventory levels will start to pull back around month-end.

PV Film

Prices

PV-grade EVA: The transaction price for PV-grade EVA is 9,700-9,900 yuan/mt. The domestic settlement price for PV-grade POE is around 12,000-14,000 yuan/mt.

PV Film: Currently, the mainstream price for 420g transparent EVA film is 5.17-5.25 yuan/m², the price for 420g white EVA film is 5.67-5.75 yuan/m², the price for 380g EPE film is 5.28-5.32 yuan/m², and the price for 380g POE film is 6.69-6.84 yuan/m².

Production: In June, the production schedule for PV-grade EVA decreased by 2.70% MoM, and the production schedule for PV film decreased by 3.1% MoM.

Inventory: Film enterprises concentrated on stockpiling, while EVA gradually destocked. Some petrochemical enterprises switched to production overhauls, gradually tightening the overall supply of EVA.

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