Looking ahead, the downward risk in prices has not yet been fully released, but the production schedule data for July in the industry may bring a turning point. Chinese companies' global solar cell production schedules are expected to reach 54-55 GW, down more than 3% MoM. Although the overall production cuts are limited, they are significantly higher than those in the module sector. If the trend of production cuts continues, coupled with a continued increase in solar cell exports to over 5.5 GW, through the dual effects of supply-side contraction and overseas channel diversification, the current supply-demand imbalance may gradually be alleviated, laying the foundation for price stabilization.

[SMM Silicon-Based PV Morning Meeting Summary: Increased Price Volatility for Solar Cells, Relatively Weak Overall Transaction Volume for Wafers] The market price for N-type 18X wafers is 0.85-0.9 yuan/piece, and the price for N-type 210RN wafers is 1.18-1.2 yuan/piece. The transaction price for Topcon 183N solar cells (with 25% efficiency or higher) is 0.225-0.23 yuan/W; for Topcon 210RN, it is 0.245-0.25 yuan/W; and for Topcon 210N solar cells, it is around 0.24-0.25 yuan/W. HJT 30% silver-coated copper (with 25% efficiency or higher) has recently stabilized at 0.35-0.36 yuan/W.

According to the Ministry of Industry and Information Technology (MIIT), on July 3, Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, chaired the 15th Manufacturing Enterprise Symposium to thoroughly study and implement the important instructions of General Secretary Xi Jinping, implement the decisions and arrangements of the CPC Central Committee and the State Council, focus on accelerating the high-quality development of the PV industry, and listen to the situation briefings, as well as suggestions and opinions from enterprises and industry associations in the PV sector.

[SMM Analysis: Production reduction pressure persists; PV frame enterprises may see stable operations in early July but concerns in later period] This week, some leading PV frame profile enterprises in east China, southwest China, and Hebei reported that orders in the first week of July were relatively saturated, with orders on hand providing certain support for the operating rate. A small number of manufacturers saw a slight increase in their operating rate WoW. However, there is significant uncertainty in subsequent orders, and the production reduction risk still exists. It is expected that the operating rate will weaken in mid-July.

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.