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Earnings Pressure Forced Mono-Si Wafer Companies to Clear Inventory at Low Prices

published: 2024-06-14 17:09

This week, the average transaction price of N-type G10L monocrystalline silicon wafers (182*183.75 mm / 130μm/256mm) was adjusted to RMB 1.1/piece. The average transaction price of N-type G12R monocrystalline silicon wafers (182*210mm/130μm) was adjusted to RMB 1.45/piece; The average transaction price of N-type G12 monocrystalline silicon wafers (210*210 mm/150μm) was adjusted to RMB 1.65/piece. During the exhibition, the upstream and downstream negotiated trade, and the transaction volume was enlarged.

On the supply side, wafer production is expected to remain at 52GW in June, down 12.8% month-on-month. Specifically, the reduction mainly comes from integrated enterprises, and the utilization rate of specialized enterprises is not large, mainly because the current wafer prices are at a low level, and foundry is more cost-effective than self-production, so many integrated enterprises adopt external procurement or dual distribution. In addition, the recent Q2 interim pressure has caused enterprises with high inventory to increase the proportion of shipments and make transactions according to the price negotiation method of lock volume.

On the demand side, the cell production schedule for June maintained the original forecast of 53GW, and the module production schedule was lowered to 50GW. On the cell side, the price of M10 mono TOPCon cells remained at RMB 0.3/W. The increase in battery turnover inventory was forced to reduce production, but the overall range was limited, and specialized battery companies will maintain a relatively high operating rate in order to maintain market share. On the module side, the price of 182mm TOPCon bifacial and double-glass modules remained at RMB 0.86/W, and the recent poor performance of industrial and commercial distributed PV has led to doubts about the increase in domestic demand for new installed capacity, and some second- and third-tier module factories have even stopped production for maintenance. On the whole, the market is eagerly looking forward to the regulation and control of industrial policies and the confidence of stable and healthy development.

This week, the operating rates of the two first-tier enterprises remained at 50% and 80% respectively. The operating rate of integrated enterprises is maintained between 60% and 80%, and the operating rate of the rest of enterprises is maintained between 50% and 70% respectively.

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