Wafer Stops Falling and Stabilizes, Solar Cell Game in Stalemate, Film Costs Rise [SMM Silicon-Based PV Morning Meeting Summary]

Published: Sep 8, 2026 09:15

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[SMM Silicon-based PV Morning Meeting Summary: Wafer Prices Stop Falling and Stabilize, Solar Cell Market in Stalemate, Film Costs Rise] Wafer: Prices have basically stopped falling and stabilized, with close attention to be paid to upstream policy trends going forward; September production is up 1-2 GW MoM, with production still exceeding demand. Leading manufacturers' inventory exceeds reasonable levels, while stockpiling in India, P-type 18X orders, and re-export demand provide export support. Solar cell: Prices across all sizes remain temporarily stable, with the 210R center steady at around 0.3 Yuan/W. Upstream and downstream are in a wait-and-see stalemate, with sluggish transactions; September production schedules were slightly revised downward, with production ramp-up at specialized manufacturers coexisting with production cuts at integrated manufacturers. Inventory rose again, and the tug-of-war between upstream and downstream is expected to persist in the short term. Film: Rising oil prices drove EVA resin to edge up, with leading petrochemical companies raising their weekly settlement price to 10,500 yuan/mt; film prices remained broadly stable, with cost pass-through still lagging. In the short term, rigid delivery dominates and prices are expected to remain stable.

SMM, September 8:

Wafer

prices: Market 18X wafer prices were 1.082-1.103 yuan/piece, 210RN wafer prices were 1.083-1.104 yuan/piece, and 210N wafer prices were 1.17-1.211 yuan/piece. Wafer prices have largely stopped falling and stabilized, with close attention needed on upstream policy trends going forward.

Production: According to SMM's latest survey, September production increased by 1-2 GW MoM. Although production was cut for two consecutive months in July-August, overall production remained relatively high compared with demand. In addition, demand for 183 began to weaken marginally this round.

Inventory: Inventory buildup at wafer enterprises showed a diverging trend. Inventory at top-tier players has already exceeded a reasonable range. India began stockpiling gradually, P-type 18X order demand surged, and re-export demand also increased, with multiple African countries moving to the forefront of exports.

Solar cell

prices: Solar cell prices held steady today, and the market entered a brief game of wait-and-see. The 210R price range stabilized at 0.298-0.305 Yuan/W, with the center steady near 0.3 Yuan/W. The 183 price range held at 0.298-0.302 Yuan/W, and the 210N price range held at 0.289-0.295 Yuan/W. Upstream and downstream players generally chose to wait and see. Upstream solar cell enterprises had not yet introduced new plans to lower quotes, while downstream module makers continued to push for lower prices. Buyers and sellers were locked in a stalemate, overall transactions were sluggish, and short-term prices will likely remain in a game of wait-and-see. Going forward, it is necessary to track the implementation of new upstream quotes and the actual realization of downstream pressure for lower prices.

Production: September production is expected to edge down slightly from August, by less than 1%. Manufacturers' production schedules continued to diverge: specialized solar cell plants mainly ramped up production, with new production lines after conversion coming online one after another and contributing growth. Integrated manufacturers mainly cut production, with stronger production cuts due to weak demand. However, actual September production still needs to be tracked based on the pace of implementation at each enterprise.

Inventory: Solar cell inventory rose again this week, and inventory buildup pressure became more evident. Solar cell exporters faced difficulties in selling, purchase willingness from traders and domestic module makers remained sluggish, and upstream and downstream players were locked in price negotiations, further weighing on futures.

PV film

prices

PV-grade EVA:

Current mainstream spot transaction range for domestic PV-grade EVA resin was 10,300-10,500 yuan/mt, with resin prices edging up. Cost side, recent US-Iran tensions drove international oil prices higher, and ethylene prices rose in tandem, strengthening cost support for EVA. This week, top-tier petrochemical enterprises raised their weekly settlement price to 10,500 yuan/mt. Additionally, the foam material market is experiencing tight supply, with prices rising in tandem, providing some support to the EVA market.

PV film:

Currently, 420g transparent EVA film is trading at 5.42–5.5 yuan/m², and 380g EPE film at 5.28–5.36 yuan/m², with overall film market prices remaining stable. Cost side, EVA resin prices have recently begun to edge up, but the price increase is still in its early stages, and the film segment's response to cost changes has a certain lag, with no clear price transmission yet. In the short term, film remains primarily driven by rigid delivery, and prices are expected to stay stable; going forward, close attention should be paid to the magnitude of EVA resin price increases and the transmission of costs to the film segment.

Production: This week, some petrochemical plants switched to non-PV-grade materials, and PV-grade EVA production pulled back slightly; film production schedules for September are expected to edge down MoM from August.

Inventory: Petrochemical plant inventories are currently running at low levels, and market circulating supply has recovered somewhat from the earlier period; film manufacturers' inventories are operating within a reasonable and controllable range.

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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