Spot silicon metal prices remain firm, with the center of market quotes moving higher [SMM Silicon-based PV Morning Meeting Summary]

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SMM News on July 14:

Silicon Metal

Prices

Last week, the spot and futures prices of silicon metal continued to hold up well. As of last Friday, the price of oxygen-blown #553 silicon in east China ranged from 8,800 to 8,900 yuan/mt, and #441 silicon ranged from 9,100 to 9,200 yuan/mt. Last week, the order prices for some silicon powder (Si≥99%) were around 9,000-9,100 yuan/mt. The futures market held up well, with the center of market quotes rising, fewer low-priced goods available, and spot prices remaining firm.

Production

On the supply side, the operating rate in the north was basically stable. Production resumptions in Yunnan during the rainy season gradually released output, and the weekly production of silicon metal increased MoM.

Inventory

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 551,000 mt as of July 10, a decrease of 1,000 mt WoW. Among them, the social general warehouse inventory was 124,000 mt, a decrease of 2,000 mt WoW, and the social delivery warehouse inventory was 427,000 mt (including unregistered warrants and spot parts), an increase of 1,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Polysilicon

Prices

At the weekend, the quotes for N-type recharging polysilicon were 43-49 yuan/kg, the N-type polysilicon price index was 44.8 yuan/kg, and the quotes for granular polysilicon were 41-46 yuan/kg. The polysilicon quotes remained stable at the weekend, and market transactions had not yet truly started. Currently, it was only the self-reported quotes from polysilicon plants, and wafer plants generally resisted high prices.

Production

Polysilicon production in June was expected to be around 100,000 mt. In July, multiple bases showed mixed performance. Currently, it was expected that the total subsequent polysilicon production would increase, but the increase might be relatively limited.

Inventory

Currently, polysilicon inventory still faced significant pressure, and the total inventory in the polysilicon market still exceeded three months.

Modules

Prices

Recently, affected by the fluctuations in upstream raw material prices, module prices might fluctuate. Most manufacturers had no intention to adjust prices yet, and further tracking and observation were needed. Currently, the quotes for distributed Topcon 183, 210R, and 210N high-efficiency modules were 0.672 yuan/W, 0.693 yuan/W, and 0.672 yuan/W, respectively. The quotes for centralized Topcon 182/183 and 210N high-efficiency modules were 0.65 yuan/W and 0.665 yuan/W, respectively.

Production

Module production in July decreased by 2% MoM, with production cuts mainly in the 18X series modules. Some module plants faced a shortage of orders and might continue to cut production in July.

Inventory

Currently, most module plants lacked new orders, and the market was generally in an inventory buildup cycle.

High-Purity Quartz Sand

Prices

Currently, the domestic prices for inner-layer high-purity quartz sand were 60,000-65,000 yuan/mt, middle-layer sand were 28,000-35,000 yuan/mt, and outer-layer sand were 17,000-22,000 yuan/mt. Recently, the prices of domestically produced high-purity quartz sand were expected to continue to decline. Crucible enterprises had low willingness to purchase, and the center of crucible transactions also showed a downward trend recently. It was expected that sand prices would still have room to continue to fall.

Production

Recently, the operating rates of domestic quartz sand enterprises have dropped back slightly, with enterprises facing difficulties in taking orders and appropriately adjusting their operating rates downward.

Inventory

The inventory of quartz sand enterprises is increasing, with some third-tier outer-layer sand enterprises offering discounts to destock, but the inventory level has not yet decreased.

PV Glass

Price

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coating PV glass ranges from 17.5 to 18.5 yuan/m², with prices falling.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coating PV glass ranges from 18.5 to 19.5 yuan/m², with prices falling.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coating PV glass ranges from 10.1 to 10.8 yuan/m². Recently, glass prices have still dropped slightly, but the benchmark price has basically hit bottom, increasing production pressure on enterprises. Some module enterprises are planning to stock up at low prices in the near future.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coating PV glass ranges from 11.1 to 11.8 yuan/m², with prices falling.

Production

Recently, a 600 mt/day furnace in Zhejiang, China, has undergone cold repair, further reducing the glass supply.

Inventory

The days of inventories in the industry have recently shown a slight increase amid stability. Although the planned production of modules is limited from July to August, it is estimated that purchase volumes will increase at low points, weakening the upward pressure on inventory.