Silicon metal production in September increased MoM, while module production schedules continued to rise with price support [SMM Silicon-Based PV Morning Meeting Minutes]

SMM Sep. 1:

Silicon metal

prices

Last week, silicon metal prices were in the doldrums, with end-users buying the dip. By last Friday, SMM oxygen-blown #553 silicon in east China was quoted at 9,000-9,100 yuan/mt, while #441 silicon stood at 9,200-9,500 yuan/mt.

Production

In August, silicon metal production posted a notable MoM increase. For September, as previously resumed capacities will operate at full monthly output and some capacities are expected to resume production, silicon metal supply is projected to rise MoM.

Inventory

Social inventory: As of Aug. 28, SMM statistics showed total silicon metal social inventory in major regions at 541,000 mt, down 2,000 mt WoW. This included 119,000 mt in ordinary social warehouses (up 2,000 mt WoW) and 422,000 mt in social delivery warehouses (including unregistered warrants and spot cargo), down 4,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Polysilicon

prices

Over the weekend, N-type recharging polysilicon was quoted at 46-52 yuan/kg, with the N-type polysilicon price index at 48.75 yuan/kg, while granular polysilicon stood at 45-47 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. Polysilicon transactions surged at August month-end, but trading volume pulled back in September as self-discipline began, with downstream players adopting a wait-and-see approach.

Production

Polysilicon output exceeded 130,000 mt in August. In September, polysilicon producers showed mixed production adjustments, with top-tier enterprises seeing relative production cuts, while output in Ningxia and Qinghai may increase. Overseas polysilicon production may also rise MoM.

Inventory

Polysilicon inventory was relatively low compared with August, mainly due to increased cargo pick-up activity at August month-end.

Module

prices

Recently, module makers raised their low-price offers, with top-tier enterprises showing stronger willingness to push up prices. The cost side saw some support from rising solar cell prices, and auxiliary material prices also increased in September, further strengthening cost support. However, domestic end-users remained reluctant to purchase high-priced modules, with some projects recently canceled. Module price negotiations intensified, and mainstream transaction prices are expected to remain contested, though low prices may edge up slightly due to cost pressures. Current distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.677 yuan/W, 0.697 yuan/W, and 0.679 yuan/W, respectively, while centralized Topcon 182/183 and 210N high-efficiency modules stood at 0.661 yuan/W and 0.676 yuan/W.

Production

Module output showed an overall increase in August. Amid rising costs, module manufacturers showed strong willingness to build low-price inventory, and September production schedules are expected to continue climbing.

Inventory

Weekly inventory, module inventory slightly declined, while procurement volume of some end-users marginally increased.

High-purity quartz sand

Price

Current domestic inner-layer sand price stood at 59,000-64,000 yuan/mt, middle-layer at 27,000-33,000 yuan/mt, and outer-layer at 17,000-22,000 yuan/mt. Domestic high-purity quartz sand prices remained stable recently, with traders' spot order prices slightly decreasing. Crucible production schedules were basically stable, and raw material quartz sand inventory remained sufficient, resulting in lower recent procurement volume. To boost order intake, traders offered minor concessions.

Production

Domestic sand producers' operating rates recently increased. Driven by downstream demand, September production schedules are still expected to rise slightly.

Inventory

Sand producers' inventory remained basically stable with no clear signals of change.

PV glass

Price

3.2mm single-layer coating: Quoted at 18.5-19.5 yuan/m², prices remained stable.

3.2mm double-layer coating: Quoted at 19.5-20.5 yuan/m², prices remained stable.

2.0mm single-layer coating: Quoted at 12.5-14 yuan/m². Recent glass quotations began rising, but module manufacturers showed low acceptance, with transaction prices still under negotiation this week.

2.0mm double-layer coating: Quoted at 13.5-15 yuan/m², prices temporarily stabilized.

Production

September PV glass output is expected to decline slightly due to fewer production days.

Inventory

Glass inventory maintained a downward trend, with industry inventory days approaching 20 by month-end August.