Supported by rising cost change and producers' willingness, cell prices are expected to remain above the average cash cost level throughout Q3, with limited room for decline.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: Yesterday, the price of N-type recharging polysilicon was 49-54 yuan/kg, while granular polysilicon was quoted at 48-49 yuan/kg. Market quotations rose, with silicon enterprises raising prices primarily based on subsequent industry self-regulation and market inventory structure distribution. However, there remains some price divergence between buyers and sellers, as crystal pulling plants exhibit strong resistance to high-priced resources, and the higher quotations from some polysilicon enterprises also reflect a degree of probing psychology. Wafer: The market price for N-type 18X wafers was 1.2-1.25 yuan/piece, and N-type 210RN wafers were priced at 1.35-1.4 yuan/piece. Amid the recent sharp rise in raw material prices, top-tier enterprises are planning a second round of wafer price increases, with the 183 wafer model reportedly being the subject of the hike.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

[SMM Silicon-Based PV Morning Meeting Summary: Silicon Metal Production in September Increased MoM, Module Production Schedule Continued to Rise with Price Support] Over the weekend, the quoted price for N-type recharging polysilicon was 46-52 yuan/kg, the N-type polysilicon price index stood at 48.75 yuan/kg, and granular polysilicon was quoted at 45-47 yuan/kg. Polysilicon prices remained temporarily stable during the weekend. Trading volume for polysilicon surged at August month-end, but temporarily pulled back in September as self-discipline measures took effect, with downstream players adopting a wait-and-see approach to market conditions.

[SMM Silicon-based PV Morning Meeting Summary] Yesterday, the price of N-type recharging polysilicon was 46-52 yuan/kg, and the price of granular polysilicon was 45-47 yuan/kg. Market quotations remained temporarily stable. Influenced by the self-discipline of polysilicon enterprises in September, a batch of orders were signed and shipped at the month-end of August. Based on the later self-discipline agreement, polysilicon enterprises slightly increased their quotations in the early stage.

[SMMSilicon-based PV Morning Meeting Summary: Module Prices Slightly Increased, but Resistance to Higher Prices Remains] Recently, the market's low-price quotations for distributed systems have been adjusted upwards, and the situation of low-price competition has slightly eased. The transaction prices of top-tier enterprises have also increased recently, but it is still difficult to close deals at prices above 0.7 yuan/W. In recent times, the price of solar cells on the cost side has been adjusted, enhancing the cost support for modules. However, the demand-side installations continue to decline, and overseas stockpiling has also largely come to an end. It is expected that module prices will remain in a state of negotiation in the near term. Currently, the quotes for high-efficiency Topcon183, 210R, and 210N modules for distributed systems are 0.675 yuan/W, 0.697 yuan/W, and 0.677 yuan/W, respectively, while those for centralized Topcon182/183 and 210N high-efficiency modules are 0.659 yuan/W and 0.674 yuan/W, respectively.