1. Market analysis: The demand slowed down and the market was stable
. As of May 26, the national average price of 3.2mm photovoltaic glass was 25.91 yuan/㎡, and the average price of 2.0mm photovoltaic glass was 18.38 yuan/㎡, with no change on a month-on-month basis. Due to the sharp price fluctuations in the industrial chain, terminal demand began to show a wait-and-see mentality, component manufacturers were more cautious in purchasing, and the demand for photovoltaic glass slowed down. Therefore, the photovoltaic glass market is stable on the basis of the rise in April.
Figure 1: National PV Glass Price Trend (yuan/㎡)
Data Source: Digital Building Materials Network
From the PV glass prices of 17 sample provinces and cities, there is no change in the market of each province and city. The price range of 3.2mm photovoltaic glass is between 25 and 26 yuan/㎡. The price range of 2.0mm photovoltaic glass is between 17 and 19 yuan/㎡.
2. Industry supply and demand analysis: The policy is tightened and the uncertainty of projects under construction is increased
. On May 19, the National Energy Administration released the statistics of the national power industry from January to April. By the end of April, the total installed capacity of power generation in China was about 2.65 billion kilowatts, up 9.7% year-on-year. Among them, the installed capacity of wind power was approximately 380 million kilowatts, representing a year-on-year increase of 12.2%; the installed capacity of solar power was approximately 440 million kilowatts, representing a year-on-year increase of 36.6%. From January to April, the newly installed PV capacity in China was about 48.31 GW, up 186% year-on-year. In April, the newly installed PV capacity was 14.65 GW.
Figure 2: Newly installed
PV capacity Data source: Digital Building Materials Network
Module prices continued to fall. By the end of May, 182 and 210 module prices fell to around 1.60 yuan, down 5.88% and 5.85% respectively from the previous month. According to market feedback, the current component market quotation is still chaotic, and some component factories have the situation of low-price order grabbing.
Figure 3: PV module prices continue to fall (yuan/W)
Data source: Digital Building Materials Network
In terms of supply, according to incomplete statistics, by the end of May, there were 124 PV rolled glass production lines in China, with a total capacity of 89249 t/d. During the month, two new production lines were ignited and put into operation, with a daily output of 2050 tons, and the supply increased. There is no new proposed project within the month.
Recently, the General Office of the Ministry of Industry and Information Technology and the General Office of the National Development and Reform Commission issued the Notice on Further Improving the Risk Warning of Photovoltaic Calendered Glass Production Capacity. According to the existing provincial treatment of projects in the province, it is roughly speculated that the project started before July 31, 2021 needs to supplement capacity replacement procedures before cold repair, while the project started after July needs to supplement capacity replacement procedures and carry out risk warning. The risk warning level shall be decided by the central government (the local government may make suggestions), and projects with high warning level shall not be put into operation, and projects that have not yet announced the warning level shall not be started. The tightening of photovoltaic glass supply policy may delay the progress of projects under construction and proposed projects, which is expected to control their supply growth.
Table 1: Statistics
of PV Glass Production Line Production Projects in May Table 2: Statistics
of Proposed PV Glass Production Line Projects in May Source: Digital Building Materials Network
III. Industry Dynamic Tracking
1. The 600t/d thin-film PV module glass production line (Phase II) invested by Jinjing Technology
Malaysia was successfully ignited on May 18. Wang Gang, vice president of FIRST SOLAR from the United States and chairman of Jinjing Group, jointly lit the main torch. It is reported that the solar glass production line of Jinjing Science and Technology is built in Julin Science and Technology Park, Kedah, Malaysia, and the project is divided into two phases. In the first phase, a 500t/d backplane glass production line will be built, supporting the deep processing of on-line tempering, with an annual output of 25.2182 million square meters of 2.2mm tempered glass, which has been successfully ignited on January 22, 2022 and started trial production on March 4, and the products have been successfully offline. The second phase of the successful ignition project is a photovoltaic glass production line with a daily melting capacity of 600 tons, which can provide nearly 30 million square meters of solar glass annually.
2. Ruan Hongliang, a photovoltaic glass giant, resigned as president
. On June 6, Flat announced the change of senior management. The announcement disclosed that the board of directors of Flat Glass Group Co., Ltd. recently received written applications from Mr. Ruan Hongliang, president of the company, and Ms. Jiang Jinhua, executive vice president of the company. Due to internal work adjustment, Mr. Ruan Hongliang and Ms. Jiang Jinhua applied to resign from the positions of president and executive vice president of the company respectively. However, Mr. Ruan Hongliang still serves as the chairman of the Company and the relevant positions in the committees of the Board, and Ms. Jiang Jinhua still serves as the vice chairman of the Company and the relevant positions in the committees of the Board.
4. Market forecast for this month: In terms of market decline
and demand, the upstream price of PV has not yet bottomed out, the component quotation is also chaotic, the terminal wait-and-see mentality is still in place, the rhythm of demand release may lag behind, and the supply is constrained by policy tightening, showing a temporary stable trend. Overall, the supply-demand relationship remained loose in June, the price support was weak, and the price of photovoltaic glass was expected to fall in June.
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