There is downward pressure on solar cell prices, while wafer prices continue to decline [SMM Silicon-based PV Morning Meeting Summary]

SMM News on June 13:

Electrode

Price

The electrode market is generally characterized by high inventory and weak demand. Currently, the quotes for ordinary power carbon electrodes with diameters of 960-1100mm are 6,200-6,400 yuan/mt, those for ordinary power carbon electrodes with diameters of 1,272mm are 6,900-7,100 yuan/mt, those for ordinary power graphite electrodes with diameters of 960-1100mm are 9,300-9,500 yuan/mt, and those for ordinary power graphite electrodes with diameters of 1,272mm are 10,900-11,100 yuan/mt.

Supply

Affected by the current sluggish market environment, the shipments of producers have slowed down, leading to high inventory levels. Additionally, as the raw material market is also in a downward trend, the cost support is weak. Given the long production cycle of electrodes and the time lag between raw material procurement and finished product sales, producers are experiencing losses and significant pressure. Currently, most producers have halted production, focusing mainly on destocking.

Demand

Influenced by the sluggish silicon metal market and the contraction in demand from steel mills, downstream demand remains weak, with purchases being made only as needed.

Silicon Metal

Price

This week, the spot price of silicon metal has weakened, with the decline narrowing compared to last week. Yesterday, the price of SMM east China oxygen-blown #553 silicon was 8,000-8,300 yuan/mt. In the futures market, the main silicon metal contract Si2507 fluctuated considerably around 7,300-7,550 yuan/mt. Futures prices increased by approximately 200-300 yuan/mt WoW. After the futures prices rose, the spot-futures price spread remained stable, with absolute prices increasing compared to last week. Downstream users of silicon metal have poor acceptance of high prices, leading to a decrease in low-priced supplies in the market. The transaction center for some specifications has shifted upward compared to last week.

Production:

In May 2025, the production of silicon metal was 307,700 mt, up 2.3% MoM and down 24.6% YoY. In June, due to the production release from resumed capacity and the marginal increase from newly commissioned capacity, the supply of silicon metal is expected to increase significantly.

Inventory

Social Inventory: According to SMM statistics, the total social inventory of silicon metal in major regions was 572,000 mt on June 12, a decrease of 15,000 mt WoW. Among this, the social general warehouse inventory was 133,000 mt, a decrease of 2,000 mt WoW, and the social delivery warehouse inventory was 439,000 mt (including unregistered warrants and spot cargo), a decrease of 13,000 mt WoW. (Excluding Inner Mongolia, Gansu, etc.)

Wafer

Price

The market prices for N-type 18X wafers are 0.9-0.92 yuan/piece, and those for N-type 210RN wafers are 1.05-1.07 yuan/piece. Prices continued to decline this week, with top-tier enterprises also lowering their prices. Market sentiment remains weak.

Production

Global wafer production is expected to reach around 59GW in June. Currently, wafer enterprises are generally experiencing cash cost losses. Meanwhile, there is a supply surplus compared to module demand, suggesting the possibility of production cuts in the future.

Inventory

Overall market transactions were sluggish this week, with most procurement orders subject to renegotiation. Shipments of 183 wafers were relatively slow, leading to a slight inventory buildup.

Solar Cell

Price

The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) ranges from 0.265 to 0.27 yuan/W. Due to limited total demand, some producers start or stop production lines based on orders. Export demand accounts for a relatively high proportion.

The mainstream quotation for Topcon183 solar cells (with efficiency of 25% and above) is around 0.24-0.25 yuan/W. The mainstream transaction price for Topcon210RN is 0.265 yuan/W, with a quotation range of 0.265-0.27 yuan/W. The quotation for Topcon210N solar cells is around 0.26-0.265 yuan/W. It is expected that the market for different sizes will remain differentiated according to the order structure, with the logic consistent with the previous day. Due to supply-demand imbalance, there is still downward pressure on prices.

The mainstream quotation for HJT 30% silver-coated copper (with efficiency of 25% and above) is 0.34-0.35 yuan/W. Since HJT has relatively few direct sales and integrated manufacturers are self-sufficient, the frequency of price changes is low.

Production

Producers continue to cut production, with global production scheduled at 56-57GW in June within the sample, down 5.75% MoM. The reduction in overseas production scheduling is greater than that in the domestic market. In terms of technology breakdown, the proportion of TOPCon cell production scheduling decreased by 2%, while BC increased slightly. In terms of size breakdown, the supply proportion of 210r increased significantly in response to the recovery in demand, and it is expected to increase in volume from late June to July.

Inventory

There are also differences in inventory levels among different sizes. 183 wafers have a serious inventory buildup, while the situation for 210r is optimistic. The overall inventory accumulation rate has slowed down, with a 7.45% increase WoW.

PV Film

Price

PV-grade EVA

The current price of PV-grade EVA is 10,000-10,400 yuan/mt. The domestic delivery-to-factory price of PV-grade POE is around 12,000-14,000 yuan/mt, with POE prices remaining stable for now.

PV Film

Currently, the mainstream price of 420g transparent EVA film is 5.17-5.25 yuan/m², the price of 420g white EVA film is 5.67-5.75 yuan/m², the price of 380g EPE film is 5.28-5.32 yuan/m², and the price of 380g POE film is 6.69-6.84 yuan/m².

Production

The production schedule for PV-grade EVA in June decreased by 2.70% MoM, while the production schedule for PV film decreased by 3.1% MoM.

Inventory

Currently, the transaction pace of PV-grade EVA has slowed down recently, and film enterprises are purchasing based on immediate needs.