Production schedule for modules in May is expected to be adjusted downward again, with market trends for solar cell sizes diverging [SMM Silicon-based PV Morning Meeting Summary]

Published: May 22, 2025 09:05

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[SMM Silicon-based PV Morning Meeting Summary: Production Schedule for Modules in May Expected to be Adjusted Downward Again, with Divergence in Solar Cell Size Market] Solar Cells: Orders for Topcon183 have decreased, with transaction prices falling; orders for Topcon210RN have increased due to distributed demand, with transaction prices rising. The overall price of cells is gradually entering a plateau phase, with minor fluctuations expected. Modules: The number of orders for distributed modules in May has decreased, with module companies implementing production cuts again at month-end. The production schedule for May is expected to be adjusted downward again.

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SMM News on May 22:

Solar cell

prices

: The price of high-efficiency PERC182 solar cells (with efficiency of 23.2% and above) is 0.28-0.295 yuan/W, with prices declining. There are fewer domestic orders, mainly driven by export demand. There is no trading volume in the PERC210 solar cell market.

The mainstream quotation for Topcon183 solar cells (with efficiency of 25% and above) is around 0.255-0.26 yuan/W. The price of Topcon210RN solar cells is 0.26-0.27 yuan/W, and that of Topcon210 solar cells is around 0.275-0.28 yuan/W. The market situation for different sizes has diverged: orders for 183 have decreased, and transaction prices have fallen. Orders for 210RN have increased due to distributed demand, and transaction prices have risen. The overall price of solar cells has gradually entered a plateau phase, and it is expected that there will be minor fluctuations.

The mainstream quotation for HJT 30% silver-coated copper (with efficiency of 25% and above) is 0.34-0.35 yuan/W, with limited direct sales and self-sufficiency among integrated manufacturers.

Production

: The global planned production of solar cells in May reached 60-61 GW, representing a production cut of approximately 7.20% from April. In May, Topcon production decreased by more than 8% MoM. With weakened demand for solar cells, it is expected that enterprises will experience some inventory buildup.

Inventory

: Module plants have adjusted their procurement needs, resulting in fewer orders. Solar cell plants have adjusted their production schedules to control inventory, which increased by 25.01% WoW, with the growth rate decreasing by 51 percentage points compared to the previous week.

Module

prices

: In the current module market, the mainstream transaction price for N-type 182mm modules for centralized projects is 0.697-0.705 yuan/W, with the average price remaining flat. The mainstream transaction price for N-type 210mm modules is 0.712-0.72 yuan/W, with the average price also remaining flat. The price of TOPCon distributed 182mm modules is 0.687-0.69 yuan/W, and module prices have stabilized in recent days.

Production

: The number of orders for distributed modules has decreased in May. Module enterprises have implemented further production cuts at the end of the month, and the production schedule for May has been revised downward again.

Inventory

: In the past week, the trading volume of modules has been relatively low, and modules have shown a slight inventory buildup.

PV film

prices:

PV-grade EVA/POE:

The current price of PV-grade EVA is 10,200-10,650 yuan/mt. PV-grade POE is traded at 12,000-14,000 yuan/mt.

PV film:

The current mainstream price for 420g transparent EVA film is 5.38-5.59 yuan/m², the price for 420g white EVA film is 5.88-6.09 yuan/m², the price for 380g EPE film is 5.51-5.7 yuan/m², and the price for 380g POE film is 6.84-7.22 yuan/m².

Production

The production schedule for PV-grade EVA in May decreased by 11.84% MoM, and the production schedule for PV film decreased by 15.73% MoM.

Inventory

Currently, the inventory levels at petrochemical plants remain low, and demand shows a weakening trend.

Price

3.2mm single-layer coating: The quoted price for 3.2mm single-layer coated PV glass is 21.5-22.5 yuan/m², with prices remaining stable this week.

3.2mm double-layer coating: The quoted price for 3.2mm double-layer coated PV glass is 22.5-23.5 yuan/m², with prices remaining stable this week.

2.0mm single-layer coating: The quoted price for 2.0mm single-layer coated PV glass is 13-13.5 yuan/m², with prices being lowered again this week.

2.0mm double-layer coating: The quoted price for 2.0mm double-layer coated PV glass is 14-14.5 yuan/m², with prices being lowered again this week.

Production

This week, there were no new investments or cold repairs in domestic kilns. Recently, some newly invested glass kilns have been steadily increasing their output, and the industry's operating rate has increased slightly, with further increases expected in the future.

Inventory

The inventory level of glass continues to rise, but it is estimated that leading module companies will enter the market for procurement soon, with a large procurement volume expected to curb the upward trend in glass inventory levels.

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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