Module Prices Slightly Raised, Polysilicon Market Trading Sluggish [SMM Silicon-Based PV Morning Meeting Summary]

SMM February 2 News:

Silicon Metal

Price

Spot silicon metal prices remained largely stable, with some specifications rising slightly. SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, #441 silicon at 9,400-9,600 yuan/mt, and #421 silicon at 9,500-9,800 yuan/mt. Pre-holiday stockpiling by downstream users is nearing its end, spot market transactions have weakened, while futures prices held up well, providing some northern silicon enterprises with opportunities to sign orders based on futures prices.

Production

SMM data showed that national silicon metal production in January fell 5.5% MoM but was up 23.5% YoY. Driven by production cuts at major northern plants and fewer production days, silicon metal output in February is expected to decline more significantly.

Inventory

Social inventory: SMM statistics showed that total social inventory of silicon metal in major regions stood at 554,000 mt as of January 30, down 2,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, etc.).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was quoted at 47.6-55 yuan/kg, the N-type polysilicon price index was 50.21 yuan/kg, and granular polysilicon was quoted at 47-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend. Some low-price polysilicon orders continued to emerge last week. Top-tier producers mostly suspended quotations, while some market participants negotiated prices on a case-by-case basis. Downstream crystal pulling plants generally pushed for lower prices.

Production

Affected by shutdowns at top-tier enterprises, polysilicon production in February is expected to decline significantly MoM. Some other enterprises also implemented production cuts.

Inventory

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

Module

Price

Domestic module prices rose slightly last week. However, recent transaction prices for some top-tier enterprises showed a slight pullback in certain segments, and low-price shipments are still present in the market. Competitive bidding intensified. No transactions were reported for centralized projects recently, but enterprise indicative prices were raised, suggesting that subsequent project bidding prices are expected to increase. Current distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.735 yuan/W, 0.758 yuan/W, and 0.761 yuan/W, respectively, while centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.716 yuan/W and 0.736 yuan/W, respectively.

Production

February production is expected to be lower than previous expectations. Due to cost-side pressure transmission, some integrated and semi-integrated module enterprises reduced operating rates.

Inventory

Inventory fell slightly last week, but the decline rate in February is expected to narrow. Logistics and transportation are expected to halt soon.

High-Purity Quartz Sand

Prices

Current domestic inner-layer sand prices are 55,000-60,000 yuan/mt, middle-layer sand prices are 20,000-30,000 yuan/mt, outer-layer sand prices are 15,000-20,000 yuan/mt, and imported high-purity quartz sand prices are 74,000-76,000 yuan/mt. The price of a 33-inch quartz crucible is 6,000-6,200 yuan/piece, and the price of a 36-inch quartz crucible is 7,000-7,300 yuan/piece. A leading enterprise has already finalized the annual long-term contract price for imported sand.

Production

Quartz sand enterprises' planned production for February is expected to maintain a slight decrease; domestic high-purity quartz sand enterprises are cutting production to match wafer demand when setting their production schedules.

Inventory

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

PV Glass

Prices

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 10-10.5 yuan/m². New offers from domestic glass enterprises began in early February; currently, market prices are mixed between increases and stability. A domestic meeting is also scheduled for February, with specific directions pending the meeting's outcome.

2.0mm Double-Layer Coating: The quoted price for 2.0mm double-layer coated PV glass is 11-11.5 yuan/m², remaining stable.

Production

The domestic operating rate saw a slight decline. During the Chinese New Year holiday, glass production continued as usual. There are currently no cold repair plans in the near term, but furnace blockages remain.

Inventory

Glass days of inventories decreased; however, stockpiling by module enterprises has largely concluded recently, and demand in February is declining. The glass inventory level is expected to see a reduced rate of decrease.