Pre-Holiday Trading Comes to an End, Inventory Across All Segments Turns Upward [SMM Silicon-Based PV Morning Meeting Summary]

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SMM, January 23:

Solar Cell

Prices

High-efficiency PERC 182 solar cells (efficiency of 23.2% and above) were priced at 0.325-0.34 yuan/W; there were no transactions in the PERC 210 solar cell market.

Topcon 183 solar cells (efficiency of 25% and above) were priced at approximately 0.285-0.295 yuan/W; Topcon 210RN solar cells at 0.28-0.285 yuan/W; and Topcon 210 solar cells at 0.285-0.295 yuan/W. Prices remained stable.

HJT 210 half-cell mainstream products were priced at 0.36-0.38 yuan/W. Prices remained stable.

Production

Some integrated manufacturers' solar cell bases have gradually entered holiday mode, while leading specialized solar cell manufacturers maintained operating rates. Some Topcon solar cell bases have already started holidays and are expected to resume production after mid-February.

Inventory

Shipments weakened, and inventory continued to rise.

Modules

Prices

In the current module market, mainstream transaction prices for centralized projects were as follows: PERC 182mm at 0.63-0.68 yuan/W, PERC 210mm at 0.64-0.69 yuan/W, N-type 182mm at 0.64-0.69 yuan/W, and N-type 210mm at 0.65-0.7 yuan/W. The mainstream transaction price range remained stable. During the off-season, order volumes decreased significantly.

Production

There were differences in the number of holiday days among enterprises, ranging from 5 to 15 days. February operating rates varied, with overall February production schedules slightly down MoM. Many orders were deferred to March for delivery.

Inventory

Days of inventories remained at a medium level, with year-end inventory pressure significantly alleviated compared to before.

PV Film

Prices:

EVA/POE PV-Grade Materials:

PV-grade EVA was priced at 10,600-10,900 yuan/mt, while PV-grade POE was transacted at 12,000-14,000 yuan/mt.

PV Film:

Current mainstream prices for 420g transparent EVA film were 5.29-5.46 yuan/m², 420g white EVA film at 5.67-6.05 yuan/m², 380g EPE film at 5.79-5.89 yuan/m², and 380g POE film at 6.84-7.22 yuan/m².

Production

In January, the planned production of PV-grade EVA was approximately 100,000 mt. In December, domestic PV film production was about 350 million m².

Inventory

Currently, the spot supply in the market is tight, and some petrochemical plants have already pre-sold their February PV production capacity.

Inverter

Prices

This week, inverter price ranges were as follows: 20kw at 0.12-0.16 yuan/W, 50kw at 0.11-0.15 yuan/W, 110kw at 0.1-0.14 yuan/W, and 320kw at 0.09-0.11 yuan/W. Inverter prices remained stable.

Supply and Demand

On the supply side, production was stable and sufficient. Overall demand was mediocre, with large power string and centralized models seeing higher shipments.

Prices

3.2mm Single-Layer Coating: 3.2mm single-layer coated PV glass was quoted at 19.5-20.5 yuan/m², with prices remaining stable.

3.2mm Double-Layer Coating: 3.2mm double-layer coated PV glass was quoted at 20.5-21.5 yuan/m², with prices remaining stable.

2.0mm Single-Layer Coating: 2.0mm single-layer coated PV glass was quoted at 11.5-12.5 yuan/m², with prices remaining stable.

2.0mm Double-Layer Coating: 2.0mm double-layer coated PV glass was quoted at 12.5-13.0 yuan/m², with prices remaining stable.

Production

During the Chinese New Year holiday, domestic glass kilns operated normally. By month-end, only one kiln with a capacity of 900 mt/day had a cold repair plan.

Inventory

In terms of inventory, during the last week, some module enterprises slightly increased their procurement volumes, but overall glass inventory still saw a slight rise.