In recent years, the PV industry has entered a period of deep adjustment, with module prices continuing to decline, and both upstream and downstream segments of the industry chain facing severe profit compression. Driven by the imperative of "extreme cost reduction," PV glass, a key auxiliary material for PV modules, has imposed increasingly stringent requirements on the cost and quality of upstream raw materials.

[SMM Silicon-based PV Morning Meeting Summary: Uncertainty in Subsequent Polysilicon Supply Increases, Prices Pull Back Slightly Before and After the Exhibition] Over the weekend, the price of N-type recharging polysilicon was 34-37 yuan/kg, and the N-type polysilicon price index was 34.11 yuan/kg. Last week, polysilicon prices weakened slightly, with some leading manufacturers shipping at slightly lower prices. Currently, sentiment in modules and other sectors is relatively pessimistic, and crystal pulling plants are still driving down prices.

[SMM Silicon-based PV Morning Meeting Summary: Polysilicon Prices Experience Some Tug-of-War, Module Scheduled Production Further Reduced] Over the weekend, the price of N-type recharging polysilicon was 35-38 yuan/kg, and the N-type polysilicon price index was 35.2 yuan/kg. Last week, polysilicon prices were largely stable. During the non-peak order signing period, market transactions were relatively limited, with crystal pulling plants and major polysilicon producers engaging in some price negotiations for dense recharging polysilicon around the 34-36 yuan/kg range.

Wishing everyone a happy and healthy Dragon Boat Festival! Let's first take a look at the latest news. Trump says he will raise tariffs on imported steel from 25% to 50% According to CCTV News, on May 30 local time, US President Trump stated that tariffs on imported steel would be raised from 25% to 50%. The US White House issued an announcement on social media on the same day, stating that to further protect the US steel industry from foreign and unfair competition, starting next week, tariffs on imported steel in the US would be raised from 25% to 50%. On February 10 local time, Trump signed an executive order announcing a 25% tariff on all steel and aluminum imported into the US. On March 12, the measure to impose a 25% tariff on all steel and aluminum imported into the US officially took effect. In addition, Trump stated that US automakers, including Tesla, must produce entire vehicles and all parts in the US, rather than abroad. Trump expressed that he was troubled by the fact that automakers previously produced parts in Canada, Mexico, and European countries, but in the coming year, these automakers "must produce entire vehicles in the US." OPEC+ may increase oil production more than expected in July On the evening of May 30, Reuters reported that sources said OPEC+ might discuss increasing oil production in July at its meeting on Saturday, with the increase potentially exceeding market expectations of 411,000 barrels per day. The report stated that despite the additional supply weighing on oil prices, OPEC+ member countries have been rapidly increasing production. Part of the intention of the organization's leading countries, Saudi Arabia and Russia, in this move is to punish member countries that have overproduced and regain market share. Some sources indicated that Kazakhstan's statement on Thursday that it would not cut production sparked debate within OPEC+, a factor that might tilt Saturday's meeting towards a larger production increase. Russia and Saudi Arabia did not immediately respond to requests for comment on Friday. Following the news, international oil prices plunged in the short term, with WTI crude oil futures falling below the $60/barrel mark during the session. Falling below the 1,000 yuan/mt mark! When will glass futures hit bottom? Recently, spot prices of glass have continued to decline, and futures prices have also continued to weaken. Yesterday, the most-traded glass futures contract fell below the 1,000 yuan/mt mark, dropping to a low of 971 yuan/mt. "Domestic demand for float glass has been weak this week, and prices have continued to fall," said Wei Chaoming, an analyst at Founder Securities Futures. He noted that two float glass production lines commenced operations this week, coupled with news of production resumption plans from some major manufacturers, leading to a growing wait-and-see sentiment in the market. In his view, although the spot market performed poorly, futures prices fluctuated due to environmental protection news from Hubei. On Wednesday, the most-traded glass futures contract rebounded to 1,050 yuan/mt at one point. As the rainy season approaches, demand remains in the doldrums, compounded by the aforementioned production resumption news, futures prices pulled back rapidly, with the most-traded contract falling below the 1,000 yuan/mt threshold, hitting a new low for the period. Fundamentally, the movement of futures prices was within market expectations. According to Jialu Shou, an analyst at Nanhua Futures, the spot market has been weak recently, with poor production and sales performance. Spot prices in Hubei continued to decline, once dropping to 1,010 yuan/mt, while outbound prices even fell below 1,000 yuan/mt. The spot price correction confirmed prior market expectations. Additionally, glass producers' inventories remain high, and downstream enterprises show low enthusiasm for restocking. Shou noted that from January to May 2025, glass apparent demand fell 10% YoY, below market expectations. Based on the current apparent demand trend, daily melting capacity of float glass would need to drop to 154,000 mt to achieve supply-demand balance in H2. Further reductions would be required to destock during the off-season. "The main pressure facing the glass market currently is weak demand and subdued market expectations. This has led to a supply-demand mismatch even with low daily melting capacity," Shou said. The market expects low prices to push glass producers into a new round of maintenance. Fundamental improvements later would depend on either capacity exits or demand recovery, with the former being more likely. Peng Hu, senior energy and chemical analyst at China Securities Futures, agreed: "Whether fundamentals improve later hinges on whether supply declines following price drops. Before the September-October peak season in H2, if glass supply decreases, high inventory pressure at enterprises could ease." Futures Daily learned from interviews that glass prices are already at relatively low levels, with production lines fueled by natural gas and petroleum coke operating at a loss, while those using coal gas still have profit margins. "From a valuation perspective, glass prices still have about 100 yuan/mt of downside room before the entire industry chain incurs losses," Shou said. Currently, no unexpected maintenance has occurred on the supply side, with some production lines still starting up, providing support for shorts to further depress glass prices. The undervalued state of glass prices will be hard to reverse in the short term. Chaoming Wei stated that glass price trends reflect profound changes in the industry environment. Under supply-demand mismatch conditions, glass prices will remain in the doldrums over the medium and long term."In the glass industry, cold repairs and production resumptions coexist. From the perspective of the industry's inventory levels, the maintenance of a small number of production lines is unlikely to have a fundamental impact on the supply-demand pattern of the industry." He believes that the glass industry has sufficient potential supply capability, and if industry profits improve, it will incentivize more production lines currently under maintenance to resume production. In Shou Jialu's view, the capacity exit situation on the supply side in the later period will determine the trend of glass prices. "From the perspective of trading logic, the longer the low glass prices persist, the stronger the market's expectations will be for industry shutdowns, maintenance, and capacity exits," she said. "Currently, after the most-traded glass futures contract fell below the 1,000 yuan/mt integer threshold, there is no clear support level in the short term," said Wei Chaoming. Compared with the most-traded contract, the current prices of raw materials for glass production, such as coal and soda ash, have all pulled back significantly, indicating that there is still downside room for glass prices. However, Hu Peng believes that the downside room for glass futures prices is relatively limited. He predicts that in extreme cases, glass futures prices may dip to 900 yuan/mt. In his view, with the continuous decline in glass prices, the glass industry may enter a new round of structural adjustment.

Officials from the Greenland Self-Government in Denmark have stated that if US and European mining companies are unwilling to accelerate their investments in this Arctic island, they will have to seek other partners to develop mineral resources. As background, Naaja Nathanielsen, Greenland's Minister for Business and Mineral Resources, told the media that the memorandum of understanding (MOU) on mineral development currently signed between the Self-Government and the US (signed during Trump's first term) is about to expire . Greenland had attempted to push for its renewal during the Biden administration but was unsuccessful. After the start of Trump's second term, his demands for Greenland have gone far beyond mineral cooperation. He has repeatedly insisted that "the US will take over Greenland" and even adopted a stance of "not ruling out the use of force." Against this backdrop, bilateral mining negotiations are clearly difficult to advance. Nathanielsen said, " We had originally hoped that the Trump administration would be more willing to engage in dialogue with Greenland on mineral development, but what we got was 'far beyond our expectations,' as we do not want to become part of the US. " She also emphasized that Trump's threat to control Greenland was "both impolite and repulsive." Seeking Development Under a New Order After the elections earlier this year, Greenland's new four-party coalition government, following a change in administration, emphasized its "commitment to creating development opportunities for Greenland and its people" and its preference for cooperation with "allies and like-minded partners." Nathanielsen bluntly stated that in the face of the evolving state of traditional Western alliances, Greenland is "struggling to find its footing" . She said that Greenland is now trying to figure out what the new world order looks like . Therefore, from this perspective, US investments "may also be problematic" because it is unclear what the purpose of American investments is . In comparison, the EU would be a more ideal choice for cooperation. Greenland has abundant mineral resources, including gold, copper, as well as oil and natural gas, but their extraction is challenging due to geographical constraints. Currently, Greenland only has two operational mines , producing gold and anorthosite, respectively, and there are two additional mines with mining licenses that have not yet commenced production. Just last week, the Greenland government issued a license to a Danish-French joint venture to mine anorthosite in accordance with the new mining law. The company, named "Greenland Anorthosite," has investors including the Greenland National Pension Fund, local Danish banks, and the French Jean Boulle Mining Group. Anorthosite is a white rock primarily composed of aluminum, trace amounts of silicon, and calcium, with a composition similar to that of rocks on the lunar surface. The initial development plan is to crush the anorthosite and supply it to the fiberglass industry as a sustainable substitute raw material for kaolinite. The future vision includes using it as an environmentally friendly substitute for bauxite in the production of aluminum semis for aircraft, automobiles, and other applications. Interestingly, despite being well aware of Greenland's geopolitically sensitive location, Minister Natanaelson emphasized that if European and American companies are absent from local mining development, they will need to explore other avenues—not excluding cooperation with Chinese (companies) or other partners. However, she also revealed that Chinese companies are expected to have relatively small interest in mining transactions in Greenland. Currently, there are only two Chinese mining companies on the island, and both are minority shareholders in stalled projects.

On April 24, 2025, the Secretariat of Foreign Trade (Ministério do Desenvolvimento, Indústria, Comércio e Serviços/Secretaria de Comércio Exterior) of the Ministry of Development, Industry, Trade and Services of Brazil issued Notice No. 27 of 2025. In response to the application submitted by the Brazilian Association of the Automotive Glass Industry (ABIVIDRO) on October 23, 2024, it initiated an anti-circumvention investigation into automotive glass from China to examine whether windshields (Portuguese: para-brisas) originating in China were being exported to Brazil via Malaysia to circumvent the existing anti-dumping measures. The NCM codes of the products under investigation are 7007.21.00, 7007.29.00, and 8708.29.99. The period of analysis for circumvention behavior is from July 2023 to June 2024, and the period of analysis for changes in trade flows is from July 2019 to June 2024. The notice came into effect on the date of its issuance. Questionnaires will be sent to exporters/producers, importers, and domestic producers. Interested parties should submit their responses through the SEI electronic information system within 20 days of receiving the questionnaire. Information about the case can be inquired through the following means: Tel: +55 61 2027-7770 Email: vidrosautomotivoscv.rev@mdic.gov.br On January 11, 2016, the Secretariat of Foreign Trade of the Ministry of Industry, Foreign Trade and Services of Brazil issued Notice No. 1 of 2016, initiating an anti-dumping investigation into automotive glass originating in China. On February 17, 2017, Brazil issued an affirmative final determination in this case, deciding to impose anti-dumping duties ranging from $475.15 to $2,761.35 per metric ton on the products under investigation from China. On February 17, 2022, the Secretariat of Foreign Trade of Brazil issued Notice No. 7 of 2022, initiating the first anti-dumping sunset review investigation into automotive glass originating in China. On February 17, 2023, the Administrative Executive Committee (GECEX) of the Foreign Trade Chamber of the Ministry of Economy of Brazil issued Resolution No. 450 of 2023, issuing an affirmative final determination in this case and deciding to continue imposing anti-dumping duties for a period of five years on the products under investigation from China, with duties ranging from $475.15 to $2,761.35 per metric ton. On May 25, 2023, the Secretariat of Foreign Trade of the Ministry of Development, Industry, Trade and Services of Brazil issued Notice No. 18 of 2023, initiating an anti-circumvention investigation into the anti-dumping case of automotive glass from China to examine whether there were trade practices circumventing the effectiveness of the existing anti-dumping measures. On February 20, 2024, the Administrative Executive Committee of the Foreign Trade Chamber of Brazil issued Resolution No. 556 of 2024, issuing an affirmative final determination in this anti-circumvention case and deciding to extend the scope of application of the existing anti-dumping duties to glass processed by bending, beveling, engraving, damasking, vitrifying, or other processed glass used in the manufacture of automotive laminated safety glass. (Compiled from: Brazil's Official Gazette website) (Compiled by: Guangxia Zhao) (Proofread by: Lu Wen) Original text: https://www.in.gov.br/en/web/dou/-/circular-n-27-de-23-de-abril-de-2025-625497867

【SMM Analysis: Despite Market Downturn, PV Glass Prices Are Expected to Increase by 0.5 Yuan/m²】Current glass prices in April are as follows: 2.0mm single-layer coating (13.5-14.5 yuan/m²); 2.0mm double-layer coating (14.5-15.5 yuan/m²); 3.2mm single-layer coating (22-23.5 yuan/m²); 3.2mm double-layer coating (23-24.5 yuan/m²); 2.0mm back glass (12.5-13.5 yuan/m²). As of now, the mainstream transaction prices have decreased compared to early April, with the 2.0mm single-layer coating transaction price dropping to 13.5 yuan/m². However, following last week's glass meeting, some companies revealed that new glass orders in May are still expected to increase by 0.5 yuan/m² despite the market downturn.

Flat's 2024 revenue was 18.683 billion yuan, down 13.2% YoY, while net profit was 1.007 billion yuan, down 63.52% YoY. In H1, cumulative net profit reached nearly 1.5 billion yuan, with a YoY growth rate of 38%. However, in Q3 and Q4, the company incurred losses of 203 million yuan and 289 million yuan, respectively. As of December 31, 2024, Flat's total production capacity in operation was 19,400 mt/day.

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[PV Glass Furnace with 1,200 mt/Day Capacity Starts Production in Anhui Today] According to SMM, a new PV glass furnace with a capacity of 1,200 mt/day started production today in Anhui, operated by a new entrant in the PV glass industry. Additionally, in March, there is a plan to start production of another furnace with a capacity of 2,800 mt/day domestically, indicating a continuous increase in supply.