Silicon Metal Prices Recovered Somewhat; Module Prices Remained Temporarily Stable [SMM Silicon-Based PV Morning Meeting Minutes]

SMM News on March 9:

Silicon Metal

Price

Last week, silicon metal prices fell first and then rose. In east China, SMM oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and 441# silicon was at 9,200-9,500 yuan/mt. Affected by policies and news, futures prices recovered, and the quotation center from silicon suppliers rose slightly from the previous period. Demand reflected routine post–Chinese New Year resumption of work and production, with downstream transactions made on an as-needed basis.

Production

SMM data showed that domestic silicon metal production in February fell 26.6% MoM and 5% YoY. Considering the impact of the number of days, the average daily production in February declined by around 19% from January. In March, some capacity on the supply side resumed production, and the average daily silicon metal production in March was expected to increase by about 13% MoM.

Inventory

Social inventory: SMM statistics showed that as of February 26, total social inventory of silicon metal in major regions reached 560,000 mt, an increase of 3,000 mt from before the Chinese New Year (excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was quoted at 45-53 yuan/kg, the N-type polysilicon price index was 48.21 yuan/kg, and granular polysilicon was quoted at 43-45 yuan/kg. Polysilicon prices over the weekend remained temporarily stable. Market bearish sentiment was relatively strong, with limited transactions by this weekend. The market was watching subsequent sign orders and operating rate developments at top-tier enterprises.

Production

Affected by calendar days and production resumptions at some bases, polysilicon production in March was expected to increase, with global production expected to exceed 90,000 mt.

Inventory

Polysilicon inventory rose slightly. With limited market sign orders, current production was not enough to cover shipments in the short term, and inventory subsequently increased.

Module

Price

Recently, domestic module transaction prices remained stable. Current quotations from domestic top-tier enterprises stayed at high levels. Although second- and third-tier enterprises followed up appropriately, domestic demand still showed no improvement. At present, for most module enterprises not involved in export business, prices remained at low levels, with taking orders mainly through price concessions. As a result, current domestic module prices were relatively chaotic, and enterprises differed in their quotation sentiment. Currently, distributed TOPCon 183, 210R, and 210N high-efficiency modules were quoted at 0.753 Yuan/W, 0.767 Yuan/W, and 0.77 Yuan/W, respectively, while centralized TOPCon 182/183 and 210N high-efficiency modules were quoted at 0.727 Yuan/W and 0747 Yuan/W, respectively.

Production

In March, BC operating rates were relatively high, and acceptance among overseas distributors and end-users increased. At present, operating rates at domestic top-tier BC enterprises were basically at full capacity. For TOPCon, alongside a slight improvement in overseas order taking, operating rates also rose.

Inventory

Inventory remained largely unchanged last week. Constrained by disrupted ocean shipping caused by the Middle East war and the increase in ocean freight rates, module shipments became more difficult.

High-Purity Quartz Sand

Price

Currently, domestic inner layer quartz sand is priced at 50,000-55,000 yuan/mt, mid-layer quartz sand at 20,000-25,000 yuan/mt, and outer layer quartz sand at 13,000-20,000 yuan/mt; imported high-purity quartz sand is priced at 70,000-73,000 yuan/mt. The price of 33-inch quartz crucibles is 6,000-6,300 yuan/piece, and 36-inch quartz crucibles are 7,200-7,300 yuan/piece. The price range for inner layer quartz sand was adjusted.

Production

In March, quartz sand enterprises’ production schedule is expected to continue increasing slightly, with domestic high-purity quartz sand enterprises formulating production plans aligned with wafer demand.

Inventory

In early 2026, crucible enterprises made reasonable purchases based on planned wafer production, and imported quartz sand inventory levels continued to rise.

PV Glass

Price

3.2mm Single-Layer Coating: 3.2mm single-layer coating PV glass was quoted at 17-18 yuan/m², with prices stable.

3.2mm Double-Layer Coating: 3.2mm double-layer coating PV glass was quoted at 18-19 yuan/m², with prices stable.

2.0mm Single-Layer Coating: 2.0mm single-layer coating PV glass was quoted at 10-10.5 yuan/m². At present, glass enterprises are constrained by both costs and demand, and prices are mainly in a stalemate for now. However, it is expected that as natural gas and crude oil prices rise, glass costs will continue to increase. Some enterprises are willing to raise quotes on the back of cost support, but module demand still needs to be monitored.

2.0mm Double-Layer Coating: 2.0mm double-layer coating PV glass was quoted at 11-11.5 yuan/m², with prices stable.

Production

In March, new furnaces were added again domestically, further intensifying oversupply pressure across the industry. Recently, production pressure has increased for some glass enterprises, and expectations for subsequent production cuts remain.

Inventory

At present, glass enterprises’ inventory remains at a high level. The module side has not yet begun large-scale purchasing, and previously stockpiled inventory has not yet been fully consumed.