Module Quotations Maintain Disparities, Polysilicon Prices Hold Steady [SMM Silicon-Based PV Morning Briefing]

SMM, June 29:

Silicon metal

prices

stood at around 9,000 yuan/mt for oxygen-blown #553 silicon and near 9,200 yuan/mt for #441 silicon in east China last Friday. The most-traded futures contract was weak, with the low dropping below 8,400 yuan/mt. Expectations of supply increases weighed on silicon market sentiment, with prices stagnant and weak, the center shifting lower. As the futures declined, dip-buying pushed trading volumes higher.

Production

During the rainy season, some silicon enterprises in Sichuan and Yunnan gradually resumed production. Production resumptions in south-west China drove the industry operating rate higher, with silicon metal supply showing a sustained increase.

Inventory

Social inventory: SMM statistics showed that as of June 25, total social inventory of silicon metal in major regions stood at 556,000 mt, down 3,000 mt WoW. Among them, social warehouses in Xinjiang saw destocking, while those in Tianjin experienced inventory buildup (excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Polysilicon

prices

Over the weekend, quotes for N-type recharging polysilicon were 31.5-33.7 yuan/kg. Overall market prices were stable. Some low-price offers appeared early last week, and were subsequently followed by multiple enterprises, but market trading volumes were relatively small. No new orders were signed over the weekend, with prices temporarily stable.

Production

China’s polysilicon production in June ultimately saw a certain MoM increase, but fell far short of expectations, mainly due to production cuts at some bases in Xinjiang and Qinghai as well as a slower-than-expected production ramp-up in south-west China. July production will continue to increase, though overall levels also fell short of early-June expectations.

Inventory

Inventory edged up. With fewer recent order signings, as previous orders were fulfilled, it was difficult for polysilicon enterprises to significantly reduce inventory, leading to a subsequent inventory increase.

Module

prices

Mainstream transaction prices in China saw little change last week, but the price spread between high and low offers remained wide. The EXW prices of enterprises competing for orders have recently started to converge toward 0.65 yuan/W, though trading volumes were limited. Mainstream tax-inclusive delivered prices in China remained above 0.7 yuan/W, with current quotes from top-tier players still high. The market presented a scenario where half are holding prices firm and the other half are selling at low prices. Currently, distributed-generation high-efficiency TOPCon 183, 210R, and 210N modules are quoted at 0.731 yuan/W, 0.736 yuan/W, and 0.739 yuan/W, respectively, while centralized-procurement high-efficiency TOPCon 182/183, 210N, and 210R modules are quoted at 0.7185 yuan/W, 0.7385 yuan/W, and 0.729 yuan/W, respectively.

Production

Domestic operating rates recently remained at low levels, but as some enterprises took orders at low prices, module scheduled production in July saw some increase, though the magnitude was limited.

Inventory

China’s module inventory declined slightly last week. Distributors made appropriate entries to buy at low prices, while end-use demand had yet to show a notable recovery.

High-purity quartz sand

prices

Current prices are 40,000-45,000 yuan/mt for inner-layer sand, 20,000-24,000 yuan/mt for middle-layer sand, and 16,000-18,000 yuan/mt for outer-layer sand in China. Imported high-purity quartz sand is priced at 50,000-55,000 yuan/mt. Prices are 6,000-6,100 yuan/piece for 33-inch quartz crucibles and 6,300-6,600 yuan/piece for 36-inch quartz crucibles, with 36-inch crucible prices coming down.

Production

Recently, demand from semiconductors has improved, diverting some demand for photovoltaic-grade crucible sand. In China, driven by increased wafer scheduled production, multiple crucible factories reported improving order demand. Domestic high-purity quartz sand enterprises are formulating production schedules based on wafer demand, with the semiconductor-use photovoltaic high-purity quartz sand demand recently rising.

Inventory

Imported sand inventory continued to increase in June. In Q2 2026, wafer enterprises reasonably purchased crucibles based on their planned production, with overall quartz sand inventory levels continuing to rise.

PV glass

prices

3.2mm single-layer coating: Quotes for 3.2mm single-layer coated PV glass are 15-16 yuan/m², remaining stable.

3.2mm double-layer coating: Quotes for 3.2mm double-layer coated PV glass are 16-17 yuan/m², remaining stable.

2.0mm single-layer coating: Quotes for 2.0mm single-layer coated PV glass are 8.5-9.5 yuan/m². Recently, domestic glass enterprises are holding back from selling at low prices, basically not offering prices significantly below cost. However, purchasing sentiment from the module side is also low, with the market mainly in a price game.

2.0mm double-layer coating: Quotes for 2.0mm double-layer coated PV glass are 9.5-10.5 yuan/m², remaining stable.

Production

Last week saw no cold repairs or furnace shutdowns in China, and the speed of production cuts on the glass supply side slowed. However, due to significant previous cuts, overall July production is expected to have substantial downside room.

Inventory

The industry’s days of inventories remained largely stable, although some enterprise inventory levels began to edge up due to holding back from selling.