Module scheduled production in November decreased slightly MoM, and its mainstream transaction center remained stable recently. [SMM Silicon-Based PV Morning Meeting Minutes]

SMM November 17:

Silicon Metal

Price

Silicon metal spot prices were largely stable WoW. SMM oxygen-blown #553 silicon in east China was at 9,400-9,600 yuan/mt, and #441 silicon at 9,600-9,800 yuan/mt. Futures market prices fluctuated significantly. The most-traded SI contract weakened last Friday, closing at 9,020 yuan/mt in the afternoon session, down 125 yuan/mt from the previous day. This week, demand side, silicone monomer enterprises held a joint meeting to hold prices firm, with attention on monomer plant operating rates and sentiment changes.

Production

In November, silicon metal supply reductions were mainly seen in Sichuan and Yunnan, with minor increases in the north. Overall, production saw a large MoM decrease, with national total supply expected to drop below 400,000 mt.

Inventory

Social inventory: SMM statistics showed silicon metal social inventory in major regions totaled 546,000 mt on November 13, down 6,000 mt WoW. This included 127,000 mt in general social warehouses, flat WoW, and 419,000 mt in delivery warehouses (including unregistered warrants and spot inventory portions), down 6,000 mt WoW. (Excluding Inner Mongolia, Ningxia, Gansu, etc.).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was quoted at 49.7-54.9 yuan/kg, the N-type polysilicon price index at 52 yuan/kg, and granular polysilicon at 50-51 yuan/kg. Polysilicon prices were temporarily stable over the weekend. Downstream transactions had not yet started, and polysilicon is currently in a mediocre transaction period. Not yet month-end, the market held steady and watched.

Production

China's polysilicon production in November is expected to be close to 120,000 mt, a relatively large decrease MoM from October, with many halted capacities in Sichuan and Yunnan.

Inventory

Polysilicon inventory increased recently. Currently, inventory distribution remains highly uneven among enterprises. Subsequent orders are gradually decreasing, possibly leading to inventory buildup.

Module

Price

Domestic module prices were largely stable last week. Local 600-620W modules saw slight price declines due to shipment competition, but the overall market's mainstream transaction center remained stable. By type, demand for 210 modules cooled recently, and tight supply for high-power modules domestically eased somewhat. 210R modules saw appropriate purchasing by domestic dealers and end-users recently, with transactions increasing from early November. Overseas centralized purchasing for 183 modules basically ended, and the impact of export tax rebates lessened. Current inventory pressure is high. Distributed Topcon 183, 210R, 210N high-efficiency modules were quoted at 0.668 yuan/W, 0.684 yuan/W, and 0.674 yuan/W, respectively; centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.665 yuan/W and 0.685 yuan/W, respectively.

Production

Module scheduled production in November was expected to decrease, but the overall recovery in transactions moderated the decline.

Inventory

Weekly module inventory declined at a slower pace, as end-users' willingness to accept prices weakened due to anticipated price increases.

High-Purity Quartz Sand

Price

Current domestic inner-layer sand prices are 58,000-63,000 yuan/mt, mid-layer sand prices are 25,000-30,000 yuan/mt, and outer-layer sand prices are 17,000-21,000 yuan/mt. Domestic high-purity quartz sand prices remained stable last week. Recent import sand negotiations have entered the second phase, with prices trending downward, while domestic sand prices held steady.

Production

Domestic high-purity quartz sand enterprises began appropriate production cuts, but supply pressure remains high.

Inventory

Quartz sand inventory levels increased slightly, and crucible enterprises have not yet started negotiations or purchases.

PV Glass

Price

3.2mm single-layer coating: 3.2mm single-layer coated PV glass is quoted at 19.5-20.5 yuan/m², with stable prices.

3.2mm double-layer coating: 3.2mm double-layer coated PV glass is quoted at 20.5-21.5 yuan/m², with stable prices.

2.0mm single-layer coating: 2.0mm single-layer coated PV glass is quoted at 12.5-13.5 yuan/m². By mid-November, domestic module purchase willingness remained low, and module enterprises are expected to continue driving down prices after November during the settlement period.

2.0mm double-layer coating: 2.0mm double-layer coated PV glass is quoted at 13.5-14.5 yuan/m², with the transaction price center shifting downward.

Production

Although domestic daily melting capacity remained stable last week, glass supply decreased as new capacity has not yet been released.

Inventory

Glass inventory levels remained stable temporarily, with industry inventory maintained at around 25 days.