The price spread of polysilicon was wide, and the sentiment of market competition in the module sector remained strong [SMM Silicon-Based PV Morning Meeting Summary]

SMM September 8:

Silicon metal

prices

Last week, spot silicon metal prices remained range-bound with relatively small new order volumes from downstream sectors. SMM data showed oxygen-blown #553 silicon in east China traded at 9,000-9,200 yuan/mt, while #441 silicon stood at 9,300-9,500 yuan/mt. On Friday, futures prices surged strongly due to polysilicon market influences, prompting some silicon enterprises to adopt a wait-and-see approach for this week's quotations.

Production

According to SMM data, China's silicon metal output reached 386,000 mt in August 2025, up 14% MoM but down 19% YoY. September's national production is expected to show continued MoM growth, though the increase rate will narrow compared with August.

Inventory

Social inventory: As of September 4, SMM statistics showed total silicon metal social inventories across major regions stood at 537,000 mt, down 4,000 mt WoW. This included 117,000 mt in general social warehouses (down 2,000 mt WoW) and 420,000 mt in social delivery warehouses (including unregistered warrants and spot portions, down 2,000 mt WoW). (Excluding Inner Mongolia, Gansu, etc.)

Polysilicon

Prices

Over the weekend, N-type recharging polysilicon was quoted at 49.2-54 yuan/kg, with the N-type polysilicon price index at 51.26 yuan/kg. Granular polysilicon traded at 48-49 yuan/kg. Weekend polysilicon prices remained temporarily stable, with limited market transactions providing thin references. Price expectations diverged between crystal pulling plants and polysilicon producers, while significant price spreads existed among polysilicon manufacturers. Delivery brand quotations to traders remained above spot market levels.

Production

Polysilicon producers showed mixed production adjustments in September. Market participants are monitoring production cuts by top-tier enterprises, while partial production resumptions at small second- and third-tier plants provided some output support.

Inventory

Polysilicon inventories showed destocking compared with August. However, stockpiles began accumulating in September as shipments/transactions decreased.

Module

Prices

Recently, module enterprises intensified pricing negotiations. After moderate increases, quotations from top-tier producers stabilized again, though end-user acceptance remained low. Some third-tier manufacturers offered lower distributed module prices, with the lowest still at 0.64 yuan/W. While competitive bidding persists, cost pressures from rising auxiliary material and cell prices may push low-end prices upward. Current distributed Topcon 183/210R/210N high-efficiency modules were quoted at 0.677/0.697/0.680 yuan/W respectively, while centralized Topcon 182/183/210N high-efficiency modules traded at 0.663/0.678 yuan/W.

Production

Module scheduled production in September is expected to increase by approximately 2GW compared to August, with inventory levels at some top-tier enterprises remaining healthy. Priority was given to building low-cost inventories in September.

Inventory

Weekly inventory levels remained largely stable, with just-in-time procurement observed for some projects.

High-Purity Quartz Sand

Price

Current domestic inner-layer sand prices stood at 59,000-64,000 yuan/mt, middle-layer sand at 27,000-33,000 yuan/mt, and outer-layer sand at 17,000-22,000 yuan/mt. Domestic high-purity quartz sand prices remained stable recently. With expectations of expanded production in overseas quartz sand supply, spot order prices from traders declined slightly again, with the lowest transaction price even falling below 90,000 yuan/mt. Market bidding sentiment is expected to gradually emerge, and domestic sand prices face downward pressure.

Production

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

Inventory

Sand producer inventories increased slightly, while crucible manufacturers showed weaker transaction willingness recently.

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 12.7-14.0 yuan/m². Recent glass quotations remained firm, with most suppliers quoting around 13 yuan/m². Negotiations between module manufacturers are expected to conclude this week, confirming the price increase.

2.0mm double-layer coating: Quoted at 13.7-15.0 yuan/m², prices rose.

Production

PV glass production in September is expected to decline slightly due to fewer production days, though the drop will be limited by increased production resumptions at furnaces.

Inventory

Glass inventories continued to decline, with industry-wide days of inventories approaching 20 days by month-end August. Further slight inventory reductions are expected this week.