Pre-session Polysilicon Prices Temporarily Stabilized, Modules Maintained Upward Trend [SMM Silicon-Based PV Morning Meeting Summary]

SMM January 26:

Silicon Metal

Price

Spot silicon metal prices remained largely stable. SMM's oxygen-blown #553 silicon in east China was quoted at 9,200-9,300 yuan/mt, and #421 silicon at 9,500-9,800 yuan/mt. The weak supply and demand led to cautious views on future prices, downstream procurement orders were not released in a concentrated manner, and market trading activity was moderate.

Production

In January, silicon metal capacity saw production cuts in northern Xinjiang, Inner Mongolia, and Sichuan. The silicon metal operating rate declined in January. There were expectations for additional production cuts in Xinjiang by month-end, and the silicon metal operating rate was expected to maintain a downward trend in February.

Inventory

Social inventory: SMM statistics showed that silicon metal social inventory in major regions totaled 556,000 mt as of January 22, an increase of 1,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was quoted at 49.5-58.5 yuan/kg, the N-type polysilicon price index was 53.46 yuan/kg, and granular polysilicon was quoted at 50-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. An anti-involution/anti-monopoly meeting is scheduled this week, and after some enterprises were consulted last week, they adopted a clear wait-and-see attitude toward the meeting outcome. Polysilicon prices stayed temporarily stable, and market transactions were expected to materialize in the mid-to-late part of the week.

Production

Polysilicon production in January was estimated at around 100,000 mt, mainly due to lower-than-expected output as some top-tier enterprises gradually halted production from mid-month. February polysilicon production may fall below 90,000 mt.

Inventory

Polysilicon inventory edged up. Limited order signing and current production not enough to cover short-term shipments led to the inventory increase.

Module

Price

Domestic module prices maintained an upward trend last week, but the rise in the mainstream transaction center slowed slightly. Distributors entering the market with low-price sales somewhat impacted market confidence in price increases. However, top-tier enterprises still planned to raise quotes again. Module market prices were expected to start fluctuating recently. Overseas demand showed improved transaction activity compared to the previous period, with some overseas end-users and dealers beginning to accept higher prices. Although not fully reaching the enterprises' quoted levels, overall prices increased. Current distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.735 Yuan/W, 0.756 Yuan/W, and 0.760 Yuan/W, respectively, while centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.693 Yuan/W and 0.713 Yuan/W.

Production

January production was expected to increase compared to initial forecasts, with some production lines already resuming operation. Moreover, production cut plans for February decreased, indicating a continued production increase.

Inventory

Inventory declined slightly last week as some overseas orders began to be signed, and module transactions improved, leading to a decrease in inventory.

High-Purity Quartz Sand

Price

The current 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 7,000-7,300 yuan/piece. A leading enterprise has already set the annual long-term contract price for imported sand.

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 quartz sand inventory level 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, with stable prices.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coated PV glass is 18-19 yuan/m², with stable prices.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coated PV glass is 10-11 yuan/m². Recently, domestic glass enterprises have seen a noticeable improvement in order intake compared to before. Subsequently, with module stockpiling and increased overseas demand, signals of price hikes have emerged.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 11-12 yuan/m², with stable prices.

Production

Domestic operating rates remained largely stable; after some furnaces were blocked earlier, production decreased slightly.

Inventory

Glass days of inventories declined, and even enterprises with relatively high inventory levels saw their days of inventories drop to around 40 days. Further inventory reductions are expected subsequently.