[SMM Silicon-Based PV Morning Meeting Summary: Overall Weak Transaction Volume for Wafers, Continuous Decline in Solar Cell Prices] The market price for N-type 18X wafers is 0.85-0.9 yuan/piece, and for N-type 210RN wafers, it is 1.2-1.25 yuan/piece. The mainstream quotation for Topcon 183N solar cells (with 25% efficiency or higher) is 0.23-0.24 yuan/W; the mainstream transaction price for Topcon 210RN is 0.26 yuan/W, with a quotation range of 0.255-0.265 yuan/W; the price for Topcon 210N solar cells is around 0.25-0.255 yuan/W. HJT 30% silver-coated copper (with 25% efficiency or higher) has recently stabilized at 0.35-0.36 yuan/W.

[SMM Analysis: PV frame orders may decline again next month; under the background of low processing fees, the profit margins of related enterprises may be further compressed] This week, PV frame sample enterprises reported that they were negotiating next month's cooperation with module factories. Some leading PV frame profile enterprises in east China, southwest China, and Hebei reported that orders were expected to decline next month. Production orders this week could not be linked with next month's orders. Additionally, some processing enterprises expected that PV frame processing fees might further decline, which would further compress enterprises' profitability and pull back their operating rates.

[SMM Weekly Review: Wafer Prices Continue to Decline, Downstream Demand Remains Weak] This week, the price of N-type 183 wafers was 0.85-0.88 yuan/piece, the price of 210R wafers was 1.01-1.03 yuan/piece, and the price of 210 wafers was 1.2-1.25 yuan/piece. Wafer prices continued to weaken, with some 183 wafer manufacturers lowering their prices to 0.85 yuan. Leading manufacturers began quoting prices at 0.88 yuan. The overall decline in 183 wafer prices was relatively large due to demand. In July, the production schedule of wafers was further affected by the decline in prices, leading to a further drop in production economics. Multiple wafer enterprises planned to cut production.

According to multiple foreign media outlets, including NEUTRALNEWS, Pertamina New and Renewable Energy (Pertamina NRE), a subsidiary of Indonesia's state-owned oil and gas company Pertamina, and LONGi Green Energy Technology Co., Ltd. officially launched a strategic project to build a solar panel manufacturing facility in Indonesia.

[SMM Analysis: Brief Analysis of PV Glass Export Data for May 2025] In May 2025, China's PV glass exports reached 331,200 mt, a decrease of 7.17% YoY and an increase of 3.53% MoM. From January to May 2025, exports totaled 1.6545 million mt, up 6.12% YoY. Among these, India had the largest trade volume in May, with 125,300 mt, a significant increase of 43.69% MoM. As the planned new module capacity in India began to be gradually implemented, subsequent module production is expected to rise. With relatively limited local glass supply, procurement volume for glass started to increase from mid-to-late April, leading to an increase in demand in India in May.

[SMM Silicon-based PV Morning Meeting Summary: Supply-demand Imbalance Leads to Continuous Decline in Solar Cell Prices, Film Production Schedule Continues to Drop] The mainstream quotations for Topcon183N solar cells (with efficiency of 25% and above) are 0.23-0.24 yuan/W; the mainstream transaction prices for Topcon210RN are 0.26 yuan/W, with a quotation range of 0.255-0.265 yuan/W; Topcon210N solar cells are priced at around 0.25-0.255 yuan/W. Overall, the downward trend continues. Looking at specific sizes: 183N prices fell rapidly earlier due to a sharp decline in orders, but now appear to have hit bottom, with price support coming from the wafer side; 210RN prices have loosened due to the impact of destocking at month-end; 210N prices are also under pressure due to supply imbalance, with a bearish outlook for this week.

From the supply and demand side of LDPE, it has not been significantly affected by the Israel-Iran war. The frequent price fluctuations are mainly influenced by changes in the oil price on the raw material side. From the demand side, June and July remain the traditional off-season for LDPE demand, with limited growth in domestic demand. LDPE and EVA are produced in a co-production facility. According to SMM, EVA enterprises have not actually switched to producing LDPE. From April to June, petrochemical plants have mainly focused on production scheduling for EVA, and no significant changes have occurred as a result.

On June 24, the tender procurement results for PV module framework materials of China Railway 11th Bureau Group Electric Engineering Co., Ltd. were announced. The first-ranked candidate for the bid was Hunan Redsolar New Energy Technology Co., Ltd., with a unit price of 0.64 yuan/W; the second-ranked candidate was Jiangsu Zhongqing Guotou Industrial Development Group Co., Ltd., with a unit price of 0.66 yuan/W.

On the evening of June 24, Jinko Power Technology Co., Ltd. announced in a public notice that four of its industrial and commercial distributed PV power station project subsidiaries planned to sell all PV power station equipment under their names to China Construction Investment Leasing Co., Ltd., and simultaneously transfer 100% equity in Hengfeng Jingge Enterprise Management Center (Limited Partnership), the holding platform for the aforementioned project companies, to Tianjin Jinjian Investment Co., Ltd. The total consideration for this transaction was 287 million yuan, involving a total installed capacity of approximately 76.55MW for PV power stations connected to the grid. Among them, the total tax-inclusive sales price of PV power station equipment for the four project companies was 287 million yuan, and the transfer price for 100% equity in Hengfeng Jingge was 10,000 yuan.

[SMM Silicon-based PV Morning Meeting Summary] Wafer: The market price of N-type 18X wafers is 0.88-0.9 yuan/piece, and the price of N-type 210RN wafers is 1.03-1.1 yuan/piece. Wafer prices were largely stable, with no significant changes observed overall yesterday, but the market generally holds a bearish outlook for the future. Silicon Metal: The spot price of silicon metal remained stable. Yesterday, SMM east China oxygen-blown #553 silicon was priced at 8,000-8,300 yuan/mt, unchanged from the previous day. The futures price of the most-traded contract closed at 7,485 yuan/mt yesterday, up 80 yuan/mt from the previous trading day. The spot-futures price spread for #553 silicon in east China quoted by futures-to-spot traders was basically stable at around 650 yuan/mt, with the spot price of silicon metal remaining stagnant.