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[SMM Weekly Review: Intense Price Competition in the Cell Market, Wafer Prices Under Pressure and Weakening] For P-type cells, the mainstream quotations for 182P are 0.29-0.295 yuan/W, with a significant contraction in overall demand scale. For N-type cells, the quotations for 183N are 0.26-0.27 yuan/W, for 210RN are 0.26-0.27 yuan/W, and for 210N are 0.275-0.285 yuan/W. Among them, the prices of 210RN and 183N have fallen the fastest recently, reaching the lowest point for the entire year of 2024. There are two main reasons for this: First, the continuous decline in upstream wafer prices has driven down cell costs; Second, the shrinking end-use demand has led to an increase in industry inventory levels, motivating solar cell plants to reduce prices and ship goods. Currently, the market is observing the future trend of wafer prices, with module plants showing low purchase willingness and testing the downward elasticity at the edge of the 0.26 yuan price point. Some leading cell producers still adhere to a strategy of standing firm on quotes. If wafer prices have reached the bottom, cell price reductions would cause revenue to fall below the cost line; if wafer prices continue to decline, there is room for cell prices to drop further.
【SMM Daily Review of Nickel Sulphate】May 9 Nickel sulphate prices remained stable
On May 9, the SMM index price for battery-grade nickel sulphate was 27,858 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,860-28,370 yuan/mt. The average price remained stable compared to yesterday.
Prices of Indonesian ore used for pyrometallurgy rise again, with prices of ore used for hydrometallurgy and ore used for pyrometallurgy diverging Nickel ore prices in the Philippines drop slightly, but there is still a long way to go before downstream profit margins recover
[SMM Spot Copper] Next week will mark the countdown to delivery. Currently, there is still a significant disparity between the number of open interest hands for the current month and the deliverable warrants. It is anticipated that spot copper will trade at a discount amid high price spreads between futures contracts.
