Wafer Enterprises Show Overall Production Cuts in August, Solar Cell Producers' Inventory Continues Under Pressure [SMM Silicon-Based PV Morning Meeting Summary]

Published: Jul 28, 2026 09:14

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[SMM Silicon-based PV Morning Meeting Summary: Wafer Producers Show Overall Production Cut Trend in August, Solar Cell Producer Inventory Continues Under Pressure] Wafers: According to SMM’s latest survey, August showed an overall production cut trend, but the reduction was limited. Recently, as wafer prices fell below cash cost, top-tier players with excessive inventory pressure opted to cut production. Additionally, the total volume and distribution ratio of external toll processing saw adjustments. Solar Cells: This week, the industry’s total inventory level rose WoW, with producers’ inventory pressure continuing, persistently constraining the momentum of price recovery.

SMM, July 28:

Wafer

Prices: In the market, 18X wafer prices ranged from 0.8 to 0.828 yuan/piece, 210RN wafers from 0.899 to 0.927 yuan/piece, and 210N wafers from 1.1 to 1.115 yuan/piece. Wafers of all sizes experienced a slight downward trend, with a certain enterprise negotiating orders for 210R wafers at 0.02 yuan/piece lower. Currently, wafer price trends are driven by pessimistic sentiment amid a supply-demand mismatch, and wafers of all sizes have fallen below cash costs.

Production: According to SMM's latest survey, an overall trend of production cuts is expected in August, though the reduction will be limited. Recently, as wafer prices fell below cash costs, top-tier players facing excessive inventory pressure opted to cut production. Additionally, adjustments were made to the total volume and distribution ratio of external toll processing.

Inventory: Inventory buildup among wafer enterprises showed a divergent trend. Inventory at top-tier players has exceeded reasonable ranges. Demand for bonded zone inventory orders shipped to India weakened marginally, while multiple African nations emerged among the top export destinations.

Solar Cell

Prices: Today, the Topcon solar cell market exhibited a divergent pattern. Prices for 183N and 210R continued their stable trend. 183N remained at 0.265-0.27 yuan/W; the 210R trading range held at 0.258-0.265 yuan/W. The trading center for 210N remained concentrated at 0.265 yuan/W. Some first-tier manufacturers, driven by month-end destocking needs, began selling at low prices, pushing the market's lowest transaction price down to 0.26 yuan/W, with the overall trading range adjusted to 0.26-0.268 yuan/W. The size-based divergence in futures was pronounced, month-end destocking pressure increased, and prices faced downside risks.

Production: Producers finalized their July production volumes, but due to the offsetting impact of capacity growth from integrated enterprises, the industry's overall production in July remained higher than June's level, indicating that total supply has yet to contract significantly.

Inventory: This week, total industry inventory rose MoM. Upward pressure on producer inventory persisted, continuing to constrain the strength of any price recovery.

PV Film

Prices

PV-grade EVA: The mainstream spot trading range for domestic PV-grade EVA resin is currently 9,800-9,900 yuan/mt, with market prices extending their upward trend. The weekly settlement price for leading petrochemical plants is expected to become clearer today. Based on prior trading momentum, market expectations suggest the settlement price may be raised above the 10,000-yuan mark. On the cost side, a temporary easing of US-Iran tensions sent international crude oil lower, but this is unlikely to significantly drag down EVA resin prices in the short term. On the supply side, some units have already started or plan to transition to PV-grade material, and subsequent focus should be on tracking the progress of this transition and actual supply and demand changes in the market.

PV Film: Currently, 420g clear EVA film is priced at 5.04-5.1 yuan/m², and 380g EPE film at 5.13-5.19 yuan/m². This week, a new round of monthly price negotiations for film has commenced. Driven by higher upstream EVA resin prices, film producers raised their quotes in the talks. However, downstream module producers' profit recovery has been sluggish, and they are reluctant to accept price hikes for auxiliary materials. The tug-of-war between upstream and downstream persists, and film prices in this round are expected to edge up overall.

Production: This week, PV-grade EVA production edged up slightly as some units switched to photovoltaic-grade material. Film producers' July production schedule indicates a MoM increase of about 6%-7% from June.

Inventory: Currently, petrochemical plants' inventories remain at a reasonable but low level, with limited spot EVA resin in circulation; film producers' overall inventory pressure is manageable.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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