Latest Update in the SMM Separator Market

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon was quoted at 48-57 yuan/kg, granular polysilicon at 48-51 yuan/kg, and the polysilicon price index stood at 51.95 yuan/kg. Polysilicon prices declined, mainly reflected in weaker indicative prices, with extremely limited market transactions before the 28th meeting. However, both upstream and downstream sentiment leaned bearish. Some top-tier polysilicon enterprises continued to hold prices firm, but multiple downstream players and some polysilicon producers expected subsequent transactions to start with a "4," though specific bulk transactions may need to wait until after the meeting concludes. Wafer: 18X wafer prices were at 1.25-1.35 yuan/piece, 210RN wafers at 1.35-1.45 yuan/piece, and 210N wafers at 1.6-1.65 yuan/piece. High wafer prices saw a pullback, and the market transaction range showed a narrowing trend. A few second- and third-tier small manufacturers sold off at low prices and prepared to shut down. Currently, the overall transaction center for wafers has shifted downward. With unclear upstream policy trends, market sentiment toward passing on price increases has wavered.

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[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stabilized Pre-Meeting, Modules Maintained Upward Trend] Over the weekend, the quotation for N-type recharging polysilicon was 49.5-58.5 yuan/kg, the N-type polysilicon price index was 53.46 yuan/kg, and granular polysilicon was quoted at 50-51 yuan/kg. Polysilicon prices temporarily remained stable over the weekend. This week, relevant anti-involution/anti-monopoly meetings will be held, following last week's consultations with some enterprises. Enterprises are clearly adopting a wait-and-see attitude regarding the meeting outcomes. Polysilicon prices are temporarily stable, and market transactions are expected to materialize in the mid-to-late part of the week.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quoted price for polysilicon N-type recharging polysilicon was 51.5-59 yuan/kg, granular polysilicon was quoted at 51.5-59 yuan/kg, and the polysilicon price index stood at 54.93 yuan/kg. Due to the impact of export tax rebates and production cuts of polysilicon itself, the overall procurement and sales sentiment for polysilicon saw a slight rise, with some downstream players considering the feasibility of certain prices. However, overall market quotations have not changed significantly, and attention is being paid to the recent new concentrated order signing for polysilicon. Wafer: The market price for 18X wafers was 1.38-1.4 yuan/piece, for 210RN wafers was 1.48-1.5 yuan/piece, and for 210N wafers was 1.68-1.7 yuan/piece. Wafer prices remained stable this week, while overseas export prices saw a slight increase. Currently, back-and-forth negotiations between upstream and downstream in the wafer segment are evident, and the demand stimulus from export tax rebates has not yet been transmitted to the wafer segment.

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[SMM Silicon-Based PV Morning Meeting Minutes: Stalemate in Spot Silicon Metal Prices, Stronger Transaction Center for Modules] Module: Last week, domestic module prices continued to rise, with enterprise guidance prices repeatedly hitting new highs. However, high-priced shipments were limited, and recently distributors began entering the market to sell previously low-priced inventory, slightly curbing the rise in the transaction center. In the centralized sector, there were basically no transactions, with pre-holiday demand extremely low. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules are quoted at 0.732 Yuan/W, 0.748 Yuan/W, and 0.756 Yuan/W, respectively, while centralized Topcon 182/183 and 210N high-efficiency modules are quoted at 0.689 Yuan/W and 0.709 Yuan/W, respectively.