Silicon Material Prices
This week's silicon material prices: Monocrystalline recycled materials have a mainstream transaction price of 34 yuan/kg, while monocrystalline dense materials have a mainstream transaction price of 32 yuan/kg; N-type materials are priced at 38 yuan/kg.
Trading Situation
This week, companies are primarily fulfilling previous orders, with downstream pulling crystal factories continuing their strategy of procurement as needed. In the short term, the operating rate of pulling crystal factories remains low, resulting in overall tepid trading of silicon materials.
Production Status
Inventory Dynamics
This week, silicon material inventories have increased slightly, mainly due to the continuous release of output from newly invested production capacities.
Trend Analysis
At present, although industrial silicon prices have declined slightly on the cost side, benefiting overall profits for smelting enterprises, mismatches in supply and demand have led to challenging inventory accumulation situations. It is expected that prices will remain under pressure at low levels in the short term.
Silicon Wafer Prices
This week's silicon wafer prices: P-type M10 wafers have a mainstream transaction price of 1.20 yuan/piece; P-type G12 wafers have a mainstream transaction price of 1.75 yuan/piece; N-type M10 wafers have a mainstream transaction price of 1.10 yuan/piece; N-type G12 wafers have a mainstream transaction price of 1.65 yuan/piece; N-type G12R wafers have a mainstream transaction price of 1.45 yuan/piece.
Production and Inventory
Silicon wafer production rates remain low, and the pressure from price cuts to clear inventory is starting to show results. Weekly inventory levels in the wafer segment are declining, but simultaneous contraction in demand for solar cells indicates that substantial excess capacity remains a looming threat. If utilization rates rebound, there may be expectations of increased inventory.
Price Trends
Pressure on silicon wafer inventories is gradually easing, with some manufacturers attempting price hikes. However, market acceptance is poor, and with prices inverted compared to cost backgrounds both upstream and downstream, raising prices for silicon wafers presents certain difficulties. Leading manufacturers adopting pricing strategies may force smaller manufacturers to accelerate clearance, potentially leading to a full-cycle rebound in silicon wafer prices, albeit aimed at breaking even rather than achieving excessive profits.
Battery Cell Prices
This week's battery cell prices: M10 cells have a mainstream transaction price of 0.300 yuan/W, G12 cells have a mainstream transaction price of 0.320 yuan/W, M10 monocrystalline TOPCon cells have a mainstream transaction price of 0.30 yuan/W, and G12 monocrystalline TOPCon cells have a mainstream transaction price of 0.35 yuan/W.
Production and Inventory
Overall order acceptance at battery factories is somewhat strained due to downstream impacts, with sequential declines in production. The dividend from TOPCon cell technology is rapidly thinning due to factors such as excess capacity and declining downstream demand, leaving non-leading manufacturers facing the dilemma of either starting production at a loss or holding inventory, which continued to rise this week.
Price Trends
With declining demand for modules, fierce competition among enterprises for orders has led to internal price pressures. Future prices may therefore face certain pressures.
Module Prices
This week's module prices: 182 single-sided monocrystalline PERC modules have a mainstream transaction price of 0.80 yuan/W, 210 single-sided monocrystalline PERC modules have a mainstream transaction price of 0.82 yuan/W, 182 double-sided double-glass monocrystalline PERC modules have a mainstream transaction price of 0.82 yuan/W, 210 double-sided double-glass monocrystalline PERC modules have a mainstream transaction price of 0.84 yuan/W, 182 double-sided double-glass TOPCon modules have a mainstream transaction price of 0.86 yuan/W, and 210 double-sided double-glass HJT modules have a mainstream transaction price of 1.00 yuan/W.
Production and Inventory
Visibility of orders is poor, leading to a decline in module factory production and an increase in inventory levels.
End-market Demand
Overseas:
1. Key markets are entering a summer holiday season with limited shipping efforts.
2. The shortfall in Southeast Asian exports to the United States cannot be filled in the short term.
Domestic:
1. Distributed: Recently, some provinces have implemented comprehensive policies to temporarily suspend new electricity price transfer policies for household photovoltaic projects, significantly impacting demand fluctuations for distributed photovoltaics.
2. Ground-based power stations: While still progressing steadily, overall momentum is slowing.
