SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

[SMM Weekly Review: Polysilicon Prices Rise Amid "Anti-Cut-throat Competition" Quotations, Auxiliary Material Prices Expected to Rebound] This week, the price index for N-type polysilicon was 35.6 yuan/kg, with N-type recharging polysilicon priced at 36 yuan/kg and granular polysilicon at 34 yuan/kg. The increase in polysilicon prices was mainly influenced by the quotations from polysilicon enterprises, which were based on self-regulation and cost-based pricing. On July 1st, the government held the sixth meeting of the Central Financial and Economic Affairs Commission, where it once again mentioned "anti-cut-throat competition" and the need to regulate enterprises' low-price and unnecessary competition in accordance with laws and regulations, which also played a certain role in promoting the market. Currently, wafer enterprises have not yet universally and formally accepted the quotations, and subsequent transactions remain to be seen.

[SMM Silicon-Based PV Morning Meeting Summary: Intensified Bidding for Cells, Slowdown in Film Inventory Buildup] Topcon 183N solar cells (with 25% efficiency or higher) were traded at 0.225-0.23 yuan/W; Topcon 210RN were traded at 0.245-0.25 yuan/W; Topcon 210N solar cells were traded at around 0.24-0.25 yuan/W. Under the pressure of destocking at month-end, price competition has intensified, leading to increased price volatility. Compared to last week, the minimum prices for 183N, 210N, and 210RN have decreased by 0.05, 0.1, and 0.1 yuan/W, respectively.

On July 1, Hangzhou New Energy Investment and Development Co., Ltd. announced the shortlisted candidates for the centralised procurement of PV modules for 2025. The project was divided into two sections. The shortlisted candidate for Section 1 was Chint New Energy Technology Co., Ltd., with a bid price of 92,996,640 yuan and a unit price of 0.70452 yuan/W. The shortlisted candidate for Section 2 was GCL SI Technology Co., Ltd., with a bid price of 62,568,000 yuan and a unit price of 0.711 yuan/W.

After the market opened on the morning of July 2, the main polysilicon futures contract surged rapidly. By around 13:48 in the afternoon, it had risen sharply and hit the daily price limit, ultimately locking in a 6.99% increase and closing at 35,050 yuan/mt, marking its first daily price limit since the listing of polysilicon futures. Regarding the reasons for the significant surge in polysilicon futures prices, SMM believes that it is mainly related to the following points: In terms of news, according to Xinhua News Agency, on the morning of July 1, General Secretary of the Communist Party of China Central Committee, President of the People's Republic of China, Chairman of the Central Military Commission, and Director of the Central Commission for Financial and Economic Affairs, Xi Jin

[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.