Polysilicon: This week, the price index for N-type polysilicon stood at 44.8 yuan/kg. The quotations for N-type polysilicon recharging polysilicon ranged from 43-49 yuan/kg, while those for granular polysilicon were between 41-46 yuan/kg. Polysilicon quotations surged significantly, primarily due to industry self-regulation based on cost-driven pricing support. Currently, polysilicon enterprises are strongly standing firm on quotes amid this round of cost-driven pricing, with full-capacity depreciation and limited immediate operating rates, leading to higher depreciation costs per unit and overall more aggressive quotations. It is worth noting that as of July 10th, no new deals had been signed in the market. Regarding supply and demand, there have been no significant changes in polysilicon operating rates for July, with production largely aligning with expectations. SMM believes that some crystal pulling plants have limited inventory, and actual transactions may occur in the near future.
Wafer: This week, the price for N-type 183 wafers was 1 yuan/piece, with 210R wafers quoted at 1.15 yuan/piece and 210mm wafers at 1.35 yuan/piece. Wafer quotations increased significantly this week, mainly due to the strong support from rising polysilicon market quotations. Currently, there have been no transactions in the market, with downstream players continuing to monitor the actual polysilicon transaction situation. In terms of production, the planned production for July is expected to decrease by over 10% MoM, with no significant changes among enterprises.
Cell: For P-type cells, the price of high-efficiency PERC182 solar cells ranged from 0.265-0.27 yuan/W, with export orders. The market operating rate is extremely low, with producers starting or stopping production lines based on orders. For N-type cells, firstly, for TOPCon high-efficiency solar cells, the transaction range for 183N was 0.22-0.23 yuan/W, for 210RN it was 0.24-0.25 yuan/W, and for 210N it was also 0.24-0.25 yuan/W. Secondly, for HJT solar cells, the mainstream quotation for HJT30% silver-coated copper (with 25% or higher efficiency) was 0.35-0.36 yuan/W. The planned production for July decreased, with market demand possibly weakening and prices under pressure.
Driven by the price increase of individual cell plants yesterday, several producers initiated a price-following strategy today: The highest quotation for TOPCon183N increased to 0.25 yuan/W, while the highest for 210N/210RN reached 0.265 yuan/W. According to the SMM survey, some cell plants have proactively slowed down their shipment rhythm at the beginning of this week. Firstly, they are observing the upward trend of wafers, as maintaining the original shipment rhythm may expose them to the risk of high-priced procurement, aiming to avoid potential cost pressures. Secondly, they are conserving strength for price recovery, responding to the call for anti-cut-throat competition in the industry chain, and simultaneously reversing the continuous sales loss situation. Currently, several cell plants have strengthened their bargaining power by suspending shipments or delaying outflows from warehouses.
PV Module: Recently, a few module plants have increased module prices, mainly due to the upward disturbance of upstream polysilicon prices, which will raise the production costs of integrated manufacturers. Guided by the anti-cut-throat competition policy, the industry chain has raised market prices. This week, the attitudes of first- and second-tier module producers have diverged. Some have been active and aggressive in raising prices, while others are in a wait-and-see period, lacking confidence in demand and being cautious in price adjustments, preferring to maintain stable prices. Third- and fourth-tier producers are still lowering prices to secure orders. From the downstream demand perspective, terminal customers still exhibit a strong wait-and-see sentiment, making it difficult for a low-price buying rush to occur.
PV Glass: This week, PV glass enterprises have slightly adjusted their quotations. Currently, the mainstream quotation for domestic 2.0mm single-layer coating is 10.5 yuan/m², with some enterprises reducing their quotations to 10.2 yuan/m². The mainstream quotation for 3.2mm single-layer coating is 18.0 yuan/m², and for 2.0mm back glass it is 10.5 yuan/m². This week, domestic PV glass prices have slightly decreased. Top-tier enterprises are still negotiating and driving down prices in July, but glass enterprises are currently facing significant loss pressures and have a strong reluctance to budge on prices. Some enterprises with high glass inventory levels have appropriately and slightly reduced prices for shipments this week, with the market benchmark price basically maintained at just over 10 yuan, and some agreed prices breaking through the 10 yuan/m² threshold. On the supply side, the market supply continued to decline this week, with top-tier enterprises still planning to block production. It is expected that the supply side will decrease again from mid-to-late July to August, but demand is also declining synchronously. It is expected that glass prices will remain stagnant in the near future.
High-Purity Quartz Sand: This week, domestic high-purity quartz sand quotations have decreased. Currently, the market quotations are as follows: 60,000-65,000 yuan/mt for inner-layer sand, 28,000-35,000 yuan/mt for middle-layer sand, and 17,000-22,000 yuan/mt for outer-layer sand. This week, domestic high-purity quartz sand enterprises have once again slightly reduced their quotations. The decrease in wafer production in July has led to a further reduction in quartz sand demand. Meanwhile, due to the decline in their own product prices and inventory buildup, the crucible end has a relatively low sentiment for sand procurement. Additionally, the recent landing of imported high-purity quartz sand prices, which have shown a decline, has further "fanned the flames" of the domestic sand price decline. Therefore, under the dual impact of declining demand and falling prices of competing products, quartz sand prices have started to decline. It is estimated that subsequent sand prices will continue to fall due to the low demand and the increasing risk of inventory buildup among sand enterprises.
EVA: This week, the price of PV-grade EVA ranged from 9,500-9,750 yuan/mt. Recently, downstream film enterprises have been replenishing their stocks, with petrochemical plants having good order situations. On the demand side, module production schedules continued to decline in July, leading to a significant contraction in demand. On the supply side, some petrochemical enterprises have switched to maintenance, causing the supply of PV-grade EVA to continue to tighten. The market as a whole presents a weak supply and demand situation, and it is expected that the price of PV-grade EVA will remain in the doldrums in the near future.
Film: The mainstream price range for EVA film is 12,000-12,300 yuan/mt, while for EPE film it is 13,000-13,200 yuan/mt. The cost-side price of PV-grade EVA continues to decline, providing some cost support for film prices. On the demand side, module production schedules fall short of expectations. Under the dual weakness of cost and demand, film prices remain low.
POE: The domestic delivery-to-factory price for POE ranges from 11,000-14,000 yuan/mt. The market transaction atmosphere is relatively sluggish. On the demand side, module production schedules decline, and the operating rates of film enterprises decrease, with demand falling short of expectations. It is difficult for prices to rise. It is expected that the price of PV-grade POE will remain weak and stable in the near future.
Terminal: This week, the procurement volume in the PV market has significantly increased, with prices remaining basically stable. According to SMM's statistics of domestic enterprises' winning bids for PV module projects this week, there were a total of 37 projects. In terms of capacity, the total winning procurement capacity was 2,462.70MW, an increase of 2,251.02MW compared to last week. In terms of prices, the distribution range of winning bid prices for disclosed PV modules was concentrated at 0.71-0.85 yuan/W, with a weekly weighted average price of 0.753 yuan/W.
Major bid-winning information during the statistical period from June 30, 2025 to July 6, 2025:
1. In the section: PV project at the Agricultural Science and Technology Industrial Park in Qushui County, Lhasa City, Sunman (Zhenjiang) New Energy Technology Co., Ltd. won the bid for 10MW of solar cell modules, with a specific price of 15.225 million yuan, mainly N-type modules.
2. China Tower Corporation Limited Huai'an Branch won the bid for 5,712 N-type modules from Xinyuan Solar, with a total bid-winning capacity of 4.06MW. The project name is: Announcement on the Bid-winning Result for the PV Equipment Procurement Project of Jinhu County Guorun Trade Development Co., Ltd.
3. In the "Announcement on the Bid-winning/Transaction Result for the Procurement of PV Modules and Ancillary Equipment for the CGN New Energy Hetian Cele 800MW PV Sand Control Project (Section II)", Zhongnan Institute Engineering Construction Management Co., Ltd. won the bid for PV modules with a capacity of 800MW, with the specific price not yet disclosed.
Check the SMM PV Industry Chain Database.
