[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the quoted price for N-type recharging polysilicon was 42-49 yuan/kg, and for granular polysilicon, it was 41-45 yuan/kg. Currently, most mainstream polysilicon enterprises have provided their quotes, and the market is waiting to see real transactions. Starting this week, there have been several non-representative transactions, with the converted prices mostly concentrated around 42-43 yuan/kg. The market is still waiting for large-scale real transactions from major manufacturers. The market transactions during the window period are relatively chaotic, and further observation is needed. Silicon Metal: This week, the transaction price for spot silicon metal continued to hold up well. Yesterday, the SMM east China oxygen-blown #553 silicon was priced at 9,100-9,200 yuan/mt, with an intraday increase of 150 yuan/mt. The main futures contract continued to rise, reaching a peak of 8,880 yuan/mt. It closed at 8,785 yuan/mt yesterday, with a rapid increase in the futures market. However, downstream acceptance of the price was poor, and the spot-futures price spread made it difficult for futures and spot traders to sell their goods.

[SMM Silicon-Based PV Morning Meeting Summary: Strong Upward Momentum in Wafer Prices, Transaction Prices of Solar Cells Rise] Wafer: The market price for N-type 18X wafers is 1 yuan/piece; the price for 210R wafers is 1.15 yuan/piece. Wafer prices have stabilized at current quotes, with widespread market transactions. Solar cell plants are actively picking up goods, and some producers indicate that there is still some upward momentum for price increases in the future. Solar cell: The transaction price for Topcon 183N solar cells (with 25% efficiency or higher) ranges from 0.23 to 0.245 yuan/W; the transaction price for Topcon 210RN and 210N solar cells ranges from 0.24 to 0.26 yuan/W.

From July 7, 2025 to July 13, 2025, SMM recorded a total of 24 domestic enterprise-won PV module projects that week. The disclosed winning bid prices for PV modules were concentrated in the range of 0.63 to 1.99 yuan/W, with a weekly weighted average price of 0.768 yuan/W, an increase of 0.015 yuan/W compared to the previous week. The total procurement capacity for the winning bids was 2,462.70 MW, an increase of 211.68 MW compared to the previous week.

[SMM Analysis: Weakened Demand but Increased Downstream Stockpiling Intentions, PV Glass Cold Repair Capacity Rises Again in July] As of July, the designed cold repair capacity of PV glass has reached 3,600 mt/day, with actual production cuts exceeding 4,000 mt/day. Currently, the total cold repair capacity in the industry accounts for 29.47% of the total domestic PV glass capacity. Including blocked capacity, it is expected that the current total operating capacity has fallen below 90,000 mt/day. The pace of production cuts on the supply side is moderate, and there are still plans for further PV glass cold repairs. The confirmed designed cold repair capacity for the remainder of July remains at 1,400 mt/day, and 1,200 mt/day for August. Under the influence of the increasing scale of production cuts, some leading module enterprises have recently begun to plan for early stockpiling, and trading volume is expected to diverge from demand.

[SMM Silicon-Based PV Morning Meeting Summary: Spot Silicon Metal Prices Remain Firm, Market Quotation Center Rises] Last week, spot and futures prices of silicon metal continued to hold up well. As of last Friday, the price of oxygen-blown #553 silicon metal in east China ranged from 8,800 to 8,900 yuan/mt, and the price of #441 silicon metal ranged from 9,100 to 9,200 yuan/mt. Last week, the order price of some silicon powder (Si≥99%) was around 9,000 to 9,100 yuan/mt. With the futures market holding up well, the market quotation center rose, there was a shortage of low-priced goods, and spot prices remained firm.

Recently, the central government has made frequent statements, solemnly pointing out the issues of overcapacity and disorderly competition in the PV industry, and explicitly calling for an acceleration in the exit of overcapacity from the market. In response to the policy direction, the polysilicon, wafer, and cell sectors have initiated coordinated price increases.

At the 11th edition of India Energy Storage Week (IESW) 2025, the Union Minister presented a comprehensive four-pronged strategy aimed at enhancing energy efficiency and advancing India’s clean energy ambitions.

On July 4, 2025 (U.S. Eastern Time), the One Big Beautiful Bill Act (OBBBA) was officially signed into law by President Trump. The OBBBA significantly tightens the PV subsidy provisions established under the 2022 Inflation Reduction Act (IRA).