光伏周价格 | 多晶硅供给冗余加剧，产业链价格趋向稳定

Core Viewpoint - The article provides an overview of the current pricing trends and supply-demand dynamics in the photovoltaic industry, highlighting stability in prices across various segments despite underlying pressures from supply increases and demand fluctuations [4][7][12]. Pricing Overview - The prices for various types of polysilicon remain stable, with N-type recycled material at 45.0 RMB/KG, N-type dense material at 43.0 RMB/KG, and N-type granular silicon at 42.5 RMB/KG [4]. - The average prices for silicon wafers are reported as follows: N-type M10 at 1.20 RMB/piece, N-type G12 at 1.55 RMB/piece, and N-type G12R at 1.35 RMB/piece [8]. - For battery cells, the main transaction prices are M10 at 0.295 RMB/W, G12 at 0.285 RMB/W, and G12R at 0.285 RMB/W [11]. - The prices for modules are reported as 0.67 RMB/W for 182mm TOPCon double-glass modules and 0.72 RMB/W for 210mm HJT double-glass modules [14]. Supply and Demand Dynamics - The overall inventory of polysilicon manufacturers is approximately 290,000 tons, with expectations of rising to over 400,000 tons by the end of August due to new capacity coming online [6][7]. - Demand for polysilicon is currently weak, which may limit the absorption of increased production capacity, leading to supply-demand imbalances [7]. - In the silicon wafer segment, the supply-demand structure is shifting positively, particularly for the 183N specification, while the 210RN faces pressure due to increased production and weak downstream demand [9][10]. - Battery cell inventories have decreased to around 8 GW, but there is a risk of re-accumulation due to declining downstream demand [13]. Price Trends - Prices for N-type polysilicon are expected to remain stable in the short term, but increasing production may introduce uncertainties [8]. - Silicon wafer prices are supported by strong overseas demand, although they may face pressure from the cancellation of export tax rebates [11]. - In the module segment, while first-tier manufacturers are raising prices, actual transaction prices remain in the range of 0.65-0.70 RMB/W [16]. Regional Demand Insights - In Europe, module prices continue to decline amid low installation enthusiasm during the summer holiday [17]. - In India, DCR module prices remain stable, but rising import battery prices may affect local pricing [17]. - In the U.S., FOB product prices are currently stable [17].