Spot silicon metal prices remained stagnant, while the transaction center for PV modules showed relative strength. [SMM Silicon-Based PV Morning Meeting Summary]

SMM Jan. 19:

Silicon Metal

Price

Spot silicon metal prices largely held stable. SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, and #421 silicon was at 9,500-9,800 yuan/mt. The most-traded silicon futures contract fluctuated rangebound near 8,600-8,800 yuan/mt, influenced by positive macro sentiment but weak fundamentals. Downstream users purchased as needed, and market trading activity was moderate.

Production

WoW, there were additional production cuts at some silicon furnaces in Sichuan and Inner Mongolia, with operating rates in Sichuan and Yunnan dropping to relatively low levels. In January, operating rates in northern China saw both increases and decreases; overall, the silicon metal operating rate trend was weak in January.

Inventory

Social inventory: According to SMM data, total silicon metal social inventory in major regions reached 555,000 mt on Jan. 15, up 3,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was offered at 51-58.7 yuan/kg, the N-type polysilicon price index was 54.65 yuan/kg, and granular polysilicon was offered at 50-58.7 yuan/kg. Polysilicon prices temporarily remained stable over the weekend. Currently, the market is influenced by mixed news; against this backdrop, top-tier polysilicon plants still hold firm price expectations, and with a leading polysilicon producer expected to halt production by month-end, some downstream buyers showed increased acceptance of current prices. However, bulk market transactions are expected to wait until next month-end for clearer direction.

Production

Polysilicon production in January is projected at 103,800 mt, mainly due to lower-than-expected output as some leading enterprises gradually halted production from mid-month. February polysilicon output may fall below 90,000 mt.

Inventory

Polysilicon inventory continued to rise. WoW, the increase was mainly due to cancellations of previously unpaid orders, slowing cargo pick-up pace, and some crystal pulling plants opting to buy from term merchants, leading to higher inventory at polysilicon producers.

Module

Price

WoW, domestic module prices continued to increase, with enterprise guidance prices repeatedly hitting new highs, though high-price shipments were limited. Recently, distributors began selling previously low-priced inventory, slightly curbing the rise in the transaction price center. In the centralized sector, there was virtually no trading, with pre-holiday demand extremely low. Current distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.732 Yuan/W, 0.748 Yuan/W, and 0.756 Yuan/W, respectively; centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.689 Yuan/W and 0.709 Yuan/W, respectively.

Production

Overseas orders currently fell short of expectations, prompting some module plants to slightly lower subsequent production schedules. However, overall planned production in January still increased compared to expectations.

Inventory

Last week, inventories saw a slight decline, with overseas demand increasing and domestic panic purchasing, leading to an overall decrease in inventory levels.

High-Purity Quartz Sand

Price

Currently, the domestic price for inner-layer sand is 55,000-60,000 yuan/mt, middle-layer sand is 20,000-30,000 yuan/mt, and outer-layer sand is 15,000-20,000 yuan/mt. The price for imported high-purity quartz sand is 74,000-76,000 yuan/mt. The price for a 33-inch quartz crucible is 6,000-6,200 yuan/piece, and for a 36-inch quartz crucible is 7,000-7,400 yuan/piece. Recent negotiations for imported sand remain in a stalemate.

Production

In January, the planned production of quartz sand enterprises decreased slightly by 2% MoM, and domestic high-purity quartz sand enterprises cut production to match the wafer production schedule.

Inventory

At the beginning of 2026, crucible enterprises made reasonable purchases based on the wafer production schedule, and the inventory level of quartz sand continued to increase.

PV Glass

Price

3.2mm Single-Layer Coating: The quoted price for 3.2mm single-layer coated PV glass is 17-18 yuan/m², remaining stable.

3.2mm Double-Layer Coating: The quoted price for 3.2mm double-layer coated PV glass is 18-19 yuan/m², remaining stable.

2.0mm Single-Layer Coating: The quoted price for 2.0mm single-layer coated PV glass is 10-11 yuan/m². Last week, domestic glass enterprises maintained stable quotations. With some recovery in demand and export tax rebates boosting glass export demand, glass prices are expected to rise subsequently.

2.0mm Double-Layer Coating: The quoted price for 2.0mm double-layer coated PV glass is 11-12 yuan/m², remaining stable.

Production

Domestic operating rates remained largely stable, while Indonesia added new glass furnaces.

Inventory

The days of inventories for glass continued to decline, with leading glass enterprises' days of inventories dropping to below 35 days, and a further downward trend is expected.