Polysilicon prices remained stable at a high level this week, with overall mono polysilicon quotations sitting at roughly RMB 247/kg. Most of previous polysilicon orders for March have been signed, and are left with an insignificant level of available volume. Polysilicon businesses focused on fulfilling previous orders this week, and market transactions had been relatively lethargic, with only a few businesses having signed sporadic orders. The slower-than-expected release of new polysilicon capacity, together with the accelerated release of new capacity and the higher operating rate for the wafer end, continue to be the reasons behind polysilicon’s excess demand status. Simultaneously, the risen wafer prices have facilitated higher acceptance towards polysilicon prices.
An observation on the production, operation, and shipment status of the polysilicon sector indicates that businesses that were under successive overhaul for production lines have now started to gradually resume operation. With that being said, several domestic polysilicon businesses are about to initiate overhaul that would take up two months after entering April, while overseas polysilicon businesses’ overhauls and shipping logistics have yet to return to normal. There will be a constrained addition of polysilicon during April.
Wafer prices remained largely stable this week, with M6, M10, and G12 concluding at a respective mainstream price of approximately RMB 5.5/pc, RMB 6.64/pc, and RMB 8.86/pc. The recently aggravated pandemic status around the country has inflicted a certain degree of impact to the operating rate and logistics of a number of businesses, where even silica sand, a raw material for mono-Si pull-rod crucible, has also manifested shortages, which confines the supply of certain large-sized wafers. In addition, market feedbacks show that order popularity has persisted, and insufficient subsequent provision of crucible will affect the crystal pulling segment that will only exacerbate the excess demand status. Wafer prices are still likely to rise as a result.
Cell prices remained essentially stable this week, with mono-Si M6, M10, and G12 cells concluding at a respective mainstream price of roughly RMB 1.1/W, RMB 1.14/W, and RMB 1.15/W. The bargaining results between upstream and downstream sectors are becoming lucid, with the module side successively accepting the upward adjusted prices after the inflation of cells during mid-March, and an increase has been seen in the concluded high and low prices of cells, though the demand end remains on a decelerating tendency. Subsequent cell prices are expected to remain sturdy.
Module prices had somewhat risen this week, with various degrees of increment seen from different sizes. Mono-Si 166mm, 182mm, and 210mm modules were respectively risen to about RMB 1.87/W, RMB 1.89/W, and RMB 1.9/W (an increase of 1.06%) in mainstream concluded prices. Shandong Electric Power Engineering Consulting Institute has recently opened bids to the 2022 PV module frame tender, where single-sided 182 & 210mm modules were quoted at RMB 1.81-1.94/W. The end market is starting to accept the inflation of modules after a period of bargaining, with increment seen in both centralized and distributed quotations, as well as the average concluded prices. However, a number of project providers are still on the fence.
In terms of auxiliary materials, glass prices remained stable this week, where 3.2mm and 2.0mm glasses were respectively concluded at a mainstream price of approximately RMB 27/㎡ and RMB 21/㎡. Glass businesses attempted to elevate their quotations this week, though the module sector is reluctant towards risen glass prices due to the sufficient provision of the glass market. Glass prices are currently stabilized.