Latest Update in the SMM Separator Market

[SMM Silicon-Based PV Morning Meeting Minutes] Polycrystalline silicon N-type recharging polysilicon quotes 48.5-58.8 yuan/kg, granular polysilicon quotes 49-51 yuan/kg, the polysilicon price index is 52.6 yuan/kg, polysilicon prices rise slightly, mainly due to some manufacturers being affected by cost delineation subsequently raising expectations slightly, mainstream prices remain stable. Approaching Chinese New Year, market transactions slow down, overall atmosphere shows no significant changes.

[SMM Analysis: Space PV Stimulates Market Sentiment to Heat Up, Yet the Path to PV Commercialization Remains Long] On January 22, Musk strongly endorsed space PV during the World Economic Forum annual meeting in Davos, Switzerland, and disclosed key capacity plans. Musk stated that SpaceX and Tesla are simultaneously advancing solar capacity expansion, aiming to achieve an annual solar manufacturing capacity of 100 GW within the next three years to power ground-based data centers and space AI satellites. Following the earlier visit by Musk's SpaceX team to China to meet with Chinese PV enterprises, market sentiment in the PV sector further rose.

[SMM Silicon-Based PV Morning Meeting Summary: Polysilicon Costs Redefined, Module Prices Temporarily Hold Steady] Over the weekend, the quoted price for N-type recharging polysilicon was 48.2-59 yuan/kg, the N-type polysilicon price index stood at 52.58 yuan/kg, and granular polysilicon was quoted at 49-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend, while the related cost verification results were released. It is understood that the full tax-inclusive cost of polysilicon may be set at 54.125 yuan/kg, and manufacturers might make minor adjustments based on their individual costs.

[SMM Silicon-Based PV Morning Conference Minutes] Polysilicon: The quotation for polysilicon N-type recharging polysilicon was 48-59 yuan/kg, granular polysilicon was 49-51 yuan/kg, and the polysilicon price index was 52.45 yuan/kg. Polysilicon prices rose. The polysilicon enterprise meeting held on Saturday, combined with the PV conference on February 5 and the sharp drop in silver prices, boosted the confidence of polysilicon enterprises to raise prices. The highest enterprise quotation increased to 63 yuan/kg. However, market acceptance of high prices remained relatively low. The actual transaction outcomes still require attention to tomorrow's meeting and the trend of silver. Wafer: The market price for 18X wafers was 1.2-1.25 yuan/piece, 210RN wafers were 1.3-1.35 yuan/piece, and 210N wafers were 1.5-1.55 yuan/piece. Wafer prices held steady this week. Recent wild swings in metal prices led to battery modules facing repricing, and wafer enterprises adopted a wait-and-see attitude towards the current raw material price increases.

[SMM Silicon-Based PV Morning Meeting Summary: Module Prices Slightly Raised, Polysilicon Market Sluggish] Last week, domestic module prices saw a slight increase, but recently, transaction prices for some top-tier enterprises in certain segments showed a slight pullback. Currently, there are still instances of low-price shipments in the market, and competitive bidding activity is beginning to rise. In the centralized segment, there have been no transactions so far, but enterprises have shown an intention to raise prices, and it is expected that bidding prices for some upcoming projects will increase. Current distributed high-efficiency Topcon modules are quoted at 0.735 Yuan/W (183), 0.758 Yuan/W (210R), and 0.761 Yuan/W (210N), while centralized high-efficiency Topcon modules are quoted at 0.716 Yuan/W (182/183) and 0.736 Yuan/W (210N).

[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.