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Upstream Is in Short Supply, While Downstream Undergoes Inventory Digestion: Price Trend

published: 2018-04-19 17:35

The phenomenon of market demand has fermented, with the momentum originally expected to reflect only demand from the major or first-tier plants beginning to extend to second- and third-tier plants. For midstream and downstream cell modules, this week's continuation of last week's destocking has kept the industry on the lookout for the best purchase timing. Next week is expected to see a new quote for si-wafer, so the industry remained flat this week.


Polysilicon prices remained bullish this week due to a shortage of polysilicon supplies, continuing last week's full order until the next month. However, while there is a trend toward higher prices, this is not yet reflected in the actual transaction prices, which is related to the actual situation of material supply. This week's trading was affected by the fact that the polysilicon plants no longer released long term orders, so the change was small. Afterward, it will depend on the variety of the demand of the entire industry chain. The new si-wafer quote next week will definitely affect the price fluctuation of the entire industry chain.


As next week comes the time to provide new quotes of each month, most downstream manufacturers held a wait-and-see attitude this week, with few orders, even if it was a temporary emergency. Multi-si wafer continued to digest inventory, and the demand momentum has not yet been increased. Mono-si wafer demand continued to rise. Some small and medium-sized manufacturers have searched for si-wafer source. Currently, there is an expectation that the quotes at the end of the month may be adjusted. Some downstream manufacturers began to assess the intention of signing the long term orders.

PV cell

The first-tier mono-si PV cell manufacturers, which mainly supply the overseas market, have put production into the established process, and the market demand of high-performance PERC products was relatively sufficient. The price of partial orders rose slightly, but it has not yet reached the stage of full growth. It is expected to be related to the stock level and the flat price of si-wafer sector.

Multi-si PV cell and mono-si PV cell had a similar phenomenon. The market for high-performance product demand was far more than the standard multi-si, so the current demand for standard multi-si is waiting to be formed by China and India market.


The overall market for modules was relatively unchanged, and the original inventory level continued to drop. The speed of module destocking will gradually increase with the arrival of the peak season for power station installation in the second quarter. The price of modules remained flat. Unlike the high-performance models whose prices can still be maintained to stop the decline, the standard models may have room for price negotiation. It is estimated that with the entire capacity and inventory digestion in May, the change of supply and demand conditions will lead to a positive price situation.

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