The quoted price of distributed modules has risen, and inventory of glass is expected to decline due to hoarding [SMM Silicon-Based PV Morning Meeting Summary]

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SMM reported on July 17:

Solar cell

prices

The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) is 0.26-0.275 yuan/W. Prices fluctuate due to the upstream wafer market.

Topcon183N solar cells (with efficiency of 25% and above) are traded at 0.23-0.245 yuan/W; Topcon210RN and 210N are traded at 0.25-0.26 yuan/W. Currently, the highest quotes for the three sizes remain at 0.25/0.265/0.265 yuan/W, driving the transaction prices up to 0.245/0.26/0.26 yuan/W. Among them, the overseas price of 183N is pushed up by the Indian market demand to 0.25 yuan/W and above.

HJT30% silver-clad copper (with efficiency of 25% and above) has recently stabilized at 0.35-0.36 yuan/W. Recently, there is upward pressure on prices due to the support of rising upstream wafer prices. HJT has relatively little direct sales, and integrated manufacturers are self-sufficient.

Production

The global production schedule of Chinese enterprises in July is 53-54 GW, down 3% MoM. Supported by the remaining orders from the installation rush, the overall production cuts are relatively small, and the proportion of 210RN production schedule has increased to over 40% of the total TOPCon production.

Inventory

Some enterprises have slowed down outflows from warehouses to support the price increase. As a result, the market as a whole continues to experience inventory buildup.

Module

prices

Recently, influenced by the fluctuations in upstream raw material prices, module prices have shown an upward trend, and leading manufacturers have successively increased their distributed quotes. Currently, the distributed Topcon183, 210R, and 210N high-efficiency modules are quoted at 0.672 yuan/W, 0.693 yuan/W, and 0.672 yuan/W respectively, while the centralized Topcon182/183 and 210N high-efficiency modules are quoted at 0.65 yuan/W and 0.665 yuan/W respectively.

Production

Module production in July declined by 2% MoM, with the production cuts mainly concentrated in the 18X series modules. Some module factories are facing a shortage of orders and may continue to cut production in July.

Inventory

Currently, most module factories lack new orders, and the market as a whole is in an inventory buildup cycle.

PV film

Prices:

PV-grade EVA/POE:

The current price of PV-grade EVA is 9,500-9,750 yuan/mt. PV-grade POE is traded at 11,000-14,000 yuan/mt.

PV film:

Currently, the mainstream price of 420g transparent EVA film is 5.04-5.17 yuan/m², the price of 420g white EVA film is 5.54-5.67 yuan/m², the price of 380g EPE film is 4.94-5.02 yuan/m², and the price of 380g POE film is 6.69-6.84 yuan/m².

Production

The production schedule for PV-grade EVA in July increased by 0.24% MoM, while that for PV film decreased by 1.87% MoM.

Inventory

This week, film enterprises have been replenishing their stocks one after another, and petrochemical plants have gradually destocked.

Price

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coating PV glass ranges from 17 to 18 yuan/m², with glass enterprises lowering their quotes this week.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coating PV glass ranges from 18 to 19 yuan/m², with glass enterprises lowering their quotes this week.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coating PV glass ranges from 10 to 10.5 yuan/m², with glass enterprises lowering their quotes this week. Recently, some module enterprises have started to enter the market for procurement, and the market transaction atmosphere has rapidly recovered against the trend.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coating PV glass ranges from 11 to 11.5 yuan/m², with glass enterprises lowering their quotes this week.

Production

This week, the domestic glass operation rate continued to decline. Two kilns in Anhui province were cold-repaired, with a total capacity of 1,950 mt/day. A kiln in Guangdong province will be shut down tomorrow, and production cuts on the supply side will continue.

Inventory

This week, the glass inventory level remained basically stable, and even slightly decreased in some local enterprises. With module enterprises entering the market for procurement, it is expected that the industry's glass inventory will decline next week.