Polysilicon Prices Remained Generally Stable, Module Production Schedules Expected to Rise [SMM Silicon-Based PV Morning Meeting Minutes]

SMM April 27 update:

Silicon Metal

Price

Last week, silicon metal prices remained stable. SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. In the futures market, the most-traded SI contract fluctuated around 8,600-8,700 yuan/mt. Demand-side certainty was relatively strong, and whether the supply-demand relationship improves mainly depends on adjustments in the operating rate of silicon enterprises on the supply side. The cost side showed no significant changes recently. Spot silicon metal lacked upward momentum, with prices mainly moving sideways.

Production

In April, a small number of silicon enterprises saw fluctuations in production cuts or increases, with overall supply edging down slightly MoM.

Inventory

Social inventory: According to SMM statistics, as of April 24, the total social inventory of silicon metal in major regions was 556,000 mt, down 3,000 mt WoW (excluding Inner Mongolia, Ningxia, Gansu, and other regions).

Polysilicon

Price

Over the weekend, N-type recharging polysilicon was quoted at 34.1-36.5 yuan/kg. Weekend market prices were temporarily stable. Earlier, frequent industry meetings yielded mixed results with both bearish and bullish signals, and parties held divergent views. Wait-and-see sentiment in the market increased, and prices remained temporarily stable.

Production

In April, some domestic polysilicon production resumptions were delayed or additional maintenance was added, and production may fall short of earlier expectations. April domestic market production is estimated at less than 90,000 mt.

Inventory

Inventory pressure at polysilicon producers decreased to some extent. Earlier, some producers chose to make shipments via futures amid unusual futures movements, while some crystal pulling plants signed orders appropriately in April, leading to inventory reduction.

Module

Price

Last week, top-tier enterprises in China maintained their strategy to hold prices firm. The mainstream transaction center in the market changed little, but small and medium-sized enterprises continued to ship at low prices, causing the price spread between high and low ends to widen. Currently, end-use demand has not seen significant release, and there is still a tendency to push for lower prices on domestic modules. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.745 Yuan/W, 0.7535 Yuan/W, and 0.7565 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.723 Yuan/W and 0.743 Yuan/W respectively.

Production

May production schedules are expected to rise, as some enterprises have moderate order-taking and planned production edged up slightly.

Inventory

Recently, distributed purchases increased compared to the earlier period, and module inventory began to decline.

High-Purity Quartz Sand

Price

Currently, domestic inner-layer sand is priced at 40,000-45,000 yuan/mt, middle-layer sand at 20,000-25,000 yuan/mt, and outer-layer sand at 16,000-18,000 yuan/mt. Imported high-purity quartz sand is priced at 65,000-68,000 yuan/mt. 33-inch quartz crucibles are priced at 6,000-6,200 yuan/piece, and 36-inch quartz crucibles at 6,700-6,800 yuan/piece. Domestic inner-layer sand prices pulled back notably.

Production

In April, quartz sand enterprises slightly reduced production schedules. Domestic high-purity quartz sand enterprises formulated production plans in line with wafer demand.

Inventory

After centralised procurement, exports were hindered. In April, imported quartz sand inventory levels continued to increase, and crucible enterprises made reasonable purchases based on wafer planned production.

PV Glass

Price

3.2mm single-layer coating: 3.2mm single-layer coating PV glass was quoted at 15.5-17 yuan/m², with prices declining.

3.2mm double-layer coating: 3.2mm double-layer coating PV glass was quoted at 16.5-18 yuan/m², with prices declining.

2.0mm single-layer coating: 2.0mm single-layer coating PV glass was quoted at 8.8-10 yuan/m². Recently, glass inventory continued to stay high, and enterprises cut prices again for destocking purposes.

2.0mm double-layer coating: 2.0mm double-layer coating PV glass was quoted at 9.8-11 yuan/m², with prices declining.

Production

Last week, approximately 2,000 mt/day of furnace capacity in China underwent cold repair or port blocking, and supply decreased.

Inventory

Glass inventory continued to rise, but recently some module enterprises plan to purchase appropriately at low prices, limiting the extent of inventory increase.