Polysilicon prices maintained stability on the weaker end this week, where mono-Si compound feedings and mono-Si dense materials were respectively concluded at a mainstream price of RMB 308/kg and RMB 305/kg. Most polysilicon businesses were scheduling and delivering their orders this week, with fewer new orders, and no adjustments in polysilicon prices temporarily. Despite constant release of expanded capacity, the pandemic and extreme weather have accumulated in-transit inventory, and prices may persist in high level amidst the periodic delay in supply. Judging by the current status, leading businesses are signing more long-term orders of polysilicon compared to new businesses, and sporadic orders for available products are likely to increase in the market.
Wafers had maintained the previous prices this week, where M10 and G12 were respectively concluded at a mainstream price of RMB 7.53/pc and RMB 9.93/pc. Multiple businesses that were affected by the pandemic had successively resumed production this week. Wafer production is likely to see a MoM increase of approximately 5% in October, with major increment coming from the release of new capacity by Zhonghuan Ningxia, Jinko Qinghai, Jinko Xinjiang, Shuangliang Inner Mongolia, and Yuze Yunnan, as well as the elevation of operating rate among wafer businesses under an increase of polysilicon output. The continuous supply constraint in large-sized cells recently has yielded robustness in the demand for large-sized wafers, where the steady activation of domestic ground-mounted power stations has also provided a certain level of support towards wafer demand. In addition, wafer prices are continuously stabilized under the balancing of polysilicon prices.
Cell prices had slightly fluctuated this week, where G12 cells saw a minor increase in prices due to shortages. Mono-Si M6 and M10 cells were respectively concluded at approximately RMB 1.29/W and RMB 1.33/W, while G12 cells had somewhat risen to roughly RMB 1.32/W. Leading cell business Tongwei, having deployed in module business, is seeing an increase in self-utilization of cells, and has substantially declined in external sales, which led to a slightly confined supply of cells on the whole. The market continues to amplify in procurement demand for G12 cells, which are now almost out of stock, and some businesses have started adjusting their production schedules in order to increase supply of the product. Large-sized cells may still climb in prices within the short term.
Module prices remained overall sturdy this week, where mono-Si 166mm modules were concluded at a mainstream price of roughly RMB 1.91/W, while mono-Si single-sided 182 & 210mm modules saw a concluded price of approximately RMB 1.97/W, whereas bifacial double-glass mono-Si PERC 182 & 210mm modules were concluded at RMB 2/W.
Chaotic quotations were seen from the module market this week, where first-tier businesses held firmly onto their quotations, while a number of second and third-tier businesses had lower their quotations in order to seize orders. In terms of the European market, the current shipping duration is at about 40 days, and the severity of manpower that will soon aggravate with the imminent arrival of Christmas may steadily decelerate the demand. As for the domestic market, the progressive activation of domestic ground-mounted power stations during the fourth quarter has provided support towards end demand, where most module makers are anticipating an increase of module prices, and the rising cell prices have also injected momentum in module prices at the same time. N-type modules were sitting at a mainstream market quotation of RMB 2.16-2.2/W this week amidst continuous stabilization.
Pertaining to auxiliary materials, glass prices had maintained stability this week, where 3.2 and 2.0mm glasses were respectively priced at RMB 26.5/㎡ and roughly RMB 20/㎡. Most glass businesses are now following up with their orders, with no pressure in shipment for the time being, and are seeing concluded prices leveled to that of previous periods.