I. Price Trend
of Silicon Materials Last week, the average price of N-type silicon materials was 51,500 yuan/ton, which remained stable on a month-on-month basis and increased by 26.09% on a year-on-year basis; the average price of N-type granular silicon was 50,000 yuan/ton, which remained stable on a month-on-month basis and increased by 35.14% on a year-on-year basis, and the price of silicon materials has remained stable for nearly one and a half months. During the week, the production of polysilicon has been reduced and the inventory has fallen slightly, but the demand is still weak and the price remains stable.
Figure 1: Price Trend
of N-type Silicon Material Data Source: Digital New Energy DataBM. Com
Figure 2: Price Trend
of N-type Granular Silicon Data Source: Digital New Energy DataBM. Com II.
According to the data of Digital New Energy DataBM. Com, the price index of TOPCon double-sided 182 photovoltaic modules was 0.66 yuan/W last week, which was flat annually, down 2.94% year-on-year. The price index of TOPCon double-sided 210 PV modules was RMB0.68/W, flat on a month-on-month basis and flat on a year-on-year basis; the price index of TOPCon double-sided 210R PV modules was RMB0.68/W, flat on a month-on-month basis and up by 1.49% on a year-on-year basis; the price index of HJT double-sided 210 PV modules was RMB0.72/W, flat on a month-on-month basis. During the week, the demand for components is still relatively low, and with the loosening of the price of battery silicon wafers, the price of components is also facing some downward pressure.
Table 1: Last Friday's Photovoltaic Module Price Index (CPMPI)
Source: Digital New Energy DataBM. Com
Figure 3: Trend
of Photovoltaic Module Price Index in the Past Month Source: Digital New Energy DataBM
Last week, the price of industrial silicon picked up slightly. The average price of Si4210 industrial silicon was 9716.67 yuan/ton, up 0.17% from the previous month. The demand side was still weak. The manufacturers in southwest China were more active in reducing production. It is expected that the short-term price will remain stable and strong. In terms of
polysilicon, with the promotion of production reduction in southwest China, polysilicon stocks have fallen slightly, and the growth momentum of production has been curbed to a certain extent. However, the polysilicon inventory is still running at a high level, and the registered warehouse receipts of Guangqi Polysilicon have also risen to a new high since its listing. Under the restriction of inventory pressure, the price of polysilicon is weak, while the price of polysilicon is difficult to fall significantly under the positive price of enterprises, the market is deadlocked, and the price remains stable. Last week, the prices of silicon wafers and batteries fell, and silicon wafer companies planned to cut production to stabilize prices or further reduce the demand for polysilicon purchases. In the short term, polysilicon is facing the pressure of high inventory and weak demand, and the price is weak and stable.
Last week, according to the Shanghai Securities News, the principled terms of polysilicon storage have been agreed, and the relevant listed companies may be disclosed in the follow-up. It can be seen that the polysilicon storage work will gradually enter the sprint stage, and the specific details may gradually emerge in the follow-up. Overall, we believe that if it can be effectively landed, it will be conducive to the smooth landing of the industrial chain as a whole, the debt risk of related companies will be alleviated to a certain extent, and the profitability level is expected to improve. As the core area of this round of anti-involution, the success of photovoltaic will provide a case for other industries to learn from.
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