China PV glass production to stabilise in January after soaring in December 

3.2mm PV glass prices fell as of Jan 12th, with 2.0mm stable at 25.8-26.5 yuan/ square meter and 16.3-17.0 yuan/ square meter respectively. Post-price announcement, PV module firms focus on rigid demands, spot buys and restocking drop, industry sentiment is bearish.
Yearly PV glass production rose consistently, with a 40.09% jump in December YoY and up 6.85% MoM, adding nearly 150,000 mt. Growth in PV glass production stems from two main factors: new furnace capacity added late Q3 and early Q4, peaking in December, and market entrants boosting capacity. Plus, December had one extra production day, usually adding 90,000 mt, amplifying the production surge.
Looking at the actual production figures, PV module production dropped in December due to moderate demand and high industry inventory, squeezing profits and pressuring manufacturers, resulting in lower industry operating rates. January's PV module scheduled production is expected to drop sharply. Demand will slow after the installation rush and the Spring Festival break will reduce operating rates, with demand staying weak into 2024.
For the subsequent glass production in January, SMM anticipates that the output will remain relatively stable. Early in the month, two major firms' 1000-mt/day furnaces will undergo maintenance, cutting supply. New furnaces from December are still ramping up, and with the same number of production days as December, output change will be minimal. Expected PV glass production is around 2.355 million mt.