Polysilicon transactions gradually unfold with prices moving up, while module prices pull back in the opposite direction [SMM Silicon-based PV Morning Meeting Summary]

SMM August 4 News:

Silicon Metal

Prices

Last week, the transaction center of spot and futures prices for silicon metal weakened. As of last Friday, oxygen-blown #553 silicon in east China was priced at 9,500-9,800 yuan/mt, and #441 silicon was priced at 9,800-10,100 yuan/mt, down by about 300 yuan/mt WoW. In the futures market, the most-traded SI2509 futures contract for silicon metal fluctuated considerably around 8,500-9,600 yuan/mt this week, closing at 8,500 yuan/mt at the end of the trading day on August 1, down by 415 yuan/mt WoW.

Production

According to SMM data, silicon metal production in July 2025 was 338,300 mt, up 3.2% MoM and down 30.6% YoY. The production schedule for silicon metal in August is expected to increase to around 360,000-370,000 mt. Based on the supply-demand balance of silicon metal, the destocking pace of silicon metal continued at a slow rate in July, with the destocking amplitude narrowing compared to June. The supply and demand of silicon metal both increased in August.

Inventory

Social Inventory: SMM statistics show that the total social inventory of silicon metal in major regions was 540,000 mt on July 31, up by 5,000 mt WoW. Among this, the social general warehouse inventory was 119,000 mt, down by 1,000 mt WoW, and the social delivery warehouse inventory was 421,000 mt (including unregistered warrants and spot cargo), up by 6,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Polysilicon

Prices

At the weekend, the quoted price for N-type recharging polysilicon was 45-49 yuan/kg, the N-type polysilicon price index was 45.9 yuan/kg, and the quoted price for granular polysilicon was 43-46 yuan/kg. The quoted price for polysilicon remained stable at the weekend, with market transactions gradually recovering. Crystal pulling plants gradually accepted the current quoted prices, although there was still resistance to high prices, with the transaction center exceeding 45 yuan/kg.

Production

Polysilicon production in August will increase significantly, with a MoM increase of about 25%. The main increase will be concentrated in Yunnan, Sichuan, Qinghai, etc. The peak of polysilicon supply may gradually arrive.

Inventory

Currently, polysilicon inventory has seen some destocking compared to the end of June, but it still faces certain pressure. Polysilicon manufacturers' inventory remains above 200,000 mt.

Module

Prices

For order considerations, some manufacturers have recently lowered their module quoted prices, offering discounts to take orders. Currently, the quoted prices for distributed Topcon 183, 210R, and 210N high-efficiency modules are 0.677 yuan/w, 0.699 yuan/w, and 0.677 yuan/w, respectively. The quoted prices for centralized Topcon 182/183 and 210N high-efficiency modules are 0.661 yuan/w and 0.686 yuan/w, respectively.

Production

Module production in July increased by 1.58% MoM. In August, module factories' production will increase or decrease in parallel, with some enterprises with slightly more orders increasing their production. The comprehensive production is expected to decrease slightly compared to July.

Inventory

In terms of weekly inventory, the inventory level has risen recently, with downstream purchase willingness remaining low.

High-purity quartz sand

Price

Currently, the domestic price for inner-layer sand is 59,000-64,000 yuan/mt, middle-layer sand is 27,000-33,000 yuan/mt, and outer-layer sand is 17,000-22,000 yuan/mt. Recently, the price of domestically produced high-purity quartz sand has remained stable, and the purchase sentiment of crucible enterprises has increased somewhat.

Production

Recently, domestic sand enterprises have seen both increases and decreases in their operations. It is expected that the production of quartz sand in August will increase slightly MoM from July.

Inventory

The inventory of sand enterprises has decreased slightly, with some crucible enterprises entering the market for purchases recently.

PV glass

Price

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coating PV glass is 17-18 yuan/m², with the price remaining stable for now.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coating PV glass is 18-19 yuan/m², with the price remaining stable for now.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coating PV glass is 10.5-11 yuan/m². It is expected that the new order price for glass in August will increase to 11 yuan/m², and module enterprises still have a large pre-stocking volume.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coating PV glass is 11.5-12 yuan/m², with the price increasing.

Production

The domestic production in July decreased compared to June. With the increase in production reductions by enterprises, the glass operation rate in August still shows a downward trend.

Inventory

The glass inventory level has officially dropped below 30 days. With the implementation of module enterprises' stockpiling plans, it is expected that glass inventory will continue to decrease.