[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the mainstream quotations for N-type recharging polysilicon were 36 yuan/kg, and for granular polysilicon, they were 34 yuan/kg. Currently, market transactions are relatively limited. Top-tier enterprises have raised their quotations uniformly based on cost considerations, and downstream users are adopting a wait-and-see attitude. Silicon Metal: This week, the spot price of silicon metal rose slightly WoW. In recent days, silicon metal futures have experienced significant fluctuations, with the spot-futures price spread quotations from futures traders remaining basically stable. Some downstream users are purchasing as needed, and the center of transactions has moved upward WoW.

On June 27th, the SANY Silicon Energy 2GW High-Efficiency Crystalline Silicon PV Module Production Site located in Nanjiang County officially commenced operations. To enhance the power of the modules, the project adopted a combination of the most cutting-edge edge passivation technology, rapid water cooling technology, and half-cut cell technology in the industry, resulting in an 8-10W increase in module power. The application of double-glass lamination technology has upgraded the modules from single-glass to double-glass, effectively isolating moisture penetration and extending the module lifespan from 25 years to 30 years.

By the end of 2024, China's actual installed capacity for primary silicon metal production was 8.5 million mt/year, with a production volume of 4.72 million mt/year. The capacity for polysilicon production was 2.87 million mt/year, with a production volume of 1.84 million mt/year. The capacity for wafer production was 1,170 GW/year, with a production volume of 718 GW/year. China's share of global capacity in these areas exceeded 85%, 94%, and 97% respectively. Among them, the production share of silicon metal and polysilicon increased by 14.6 percentage points and 18.8 percentage points respectively compared to 2020, while the production volume of wafers increased 3.5 times compared to 2020. The top two silicon metal enterprises, the top seven polysilicon enterprises, and the top ten monocrystalline silicon enterprises in terms of global capacity are all rooted in China. Moreover, key enterprises have invested and made arrangements in Southeast Asia, the Middle East, and other regions, forming a new development pattern of "Chinese technology + global layout.

[SMM Silicon-Based PV Morning Meeting Summary: Transaction Prices in the Wafer Market Continue to Decline, Solar Cell Inventory Falls Nearly 30% WoW] Wafer: The market price of N-type 18X wafers is 0.85-0.88 yuan/piece; the price of 210R wafers is 1-1.05 yuan/piece. Wafer prices continue to weaken, with market transaction prices continuing to decline. Solar cell: At month-end, export factories intensified their destocking efforts, with inventory falling nearly 30% WoW, with 183 accounting for the highest proportion.

According to SMM, in order to break the "cut-throat competition", leading domestic PV glass enterprises plan to collectively cut production by 30% starting from July. In addition, the number of enterprises planning to block their furnaces has begun to increase. It is expected that the domestic PV glass supply will decline rapidly, and the domestic supply-demand imbalance will be improved. It is projected that domestic glass production will drop to around 45GW in July.

Indian PV module maker Ahaan Solar has begun construction of a 2GW TOPCon module factory in the Rohnat Industrial Area, Haryana, with a total investment of INR 8 billion (approx. USD 95.8 million).

China’s Sunrev Solar has begun construction on a USD 200 million solar manufacturing complex in Ain Sokhna, Egypt, spanning 200,000 square meters. The project will be developed in two phases to enhance local photovoltaic production, according to SCZONE.

UK-based Genesis Energy Holding and Saudi Arabia’s Desert Technologies (D-T) have signed a strategic collaboration agreement during the Africa Energy Forum to jointly develop and deploy clean energy solutions across Africa.

KKR & Co. has agreed to acquire Zenith Energy, an Australian provider of off-grid and hybrid power systems, from Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group.