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Outbreaks in Multiple Regions to Slow Down Installations amidst Continuous Reduction of Wafer Prices

published: 2022-11-24 16:53


Polysilicon prices continued to stabilize this week, where mono-Si compound feedings and mono-Si dense materials were respectively concluded at RMB 308/kg and RMB 305/kg. A number of second-tier businesses had slightly exhibited intention in seizing orders through low prices as seen from the wiggle room presented during their negotiation of new orders, while most businesses had focused on delivering previous orders with no adjustments in quotations for the time being. This week saw a significant reduction in the conclusion of high-price orders. Businesses, due to the expectation of continuously ascending polysilicon provision, are now implementing procurement based on actual demand. The wait-and-see sentiment from the downstream sector continues, with a slight increase in the level of order inquiries this week that did not yield any increment in actual orders. Polysilicon prices are starting to manifest pressure as wafers continue to drop in prices. With the wafer segment maintaining a certain degree of operating rate, the bargaining will persist between the two segments, and polysilicon prices are likely to welcome a subversion soon.


Wafer prices continued to fall at a small margin this week, where M10 and G12 were concluded at a respective mainstream price of RMB 7.3/pc and RMB 9.7/pc. Several wafer businesses, in order to fight for orders, had exhibited an apparent reduction in quotations this week, which resulted in a price level of roughly RMB 7.25/pc for mono-Si M10 wafers on the market, where a panic sentiment is starting to manifest. First-tier businesses are elevating in operating rate in order to complete their year-end targets, while other businesses are seeing no changes in operating rate. First-tier businesses have increased their operating rate to 85-90%, whereas integrated businesses are retained at 70-80%, while other businesses are maintained at 70-80% as well. Due to the decelerating shipment of the wafer market, as well as the constantly climbing inventory, wafer prices are not likely to stabilize within the short term.


Cell prices became sturdy this week, where mono-Si M6, M10, and G12 cells were concluded at a respective mainstream price of approximately RMB 1.31/W, RMB 1.35/W, and RMB 1.34/W. Large-sized cells remained excellent in demand under incessant order popularity and no apparent fluctuations in concluded prices. Cell businesses are maintaining a high operating rate, and are not expected to implement any changes for the short term. Cell prices are steadily approaching the ceiling of acceptance among module makers, and are likely to retain at a high level amidst the continuous influx of demand owing to how the constant decrement of upstream wafer prices is depriving inflation of sufficient dynamics.


Module prices continued to stabilize this week, where mono-Si 166 modules were concluded at roughly RMB 1.91/W, while mono-Si single-sided 182 & 210 modules were concluded at approximately RMB 1.97/W, where bifacial double glass mono-Si 182 & 210 PERC modules were concluded at RMB 2/W.

This week saw a significant increase in inquiries of module orders due to the encouragement from domestic policies, where mono-Si M10 and G12 modules exhibited signs of rising quotations at RMB 0.02-0.03/W, though concluded prices were largely leveled to that of last week under no palpable changes. The outbreak of COVID-19 in multiple regions, together with the dropping temperature, have impacted labor and logistics by various extents, as well as slowed down the progress of installations. For the overseas markets, the imminent arrival of Christmas and constrained level of manpower are accumulating pressure in modules that just arrived at ports. N-type modules had stabilized this week at a mainstream market price of RMB 2.16-2.2/W.

In terms of auxiliary materials, glass prices were overall robust this week, where 3.2 & 2.0mm variations were respectively priced at RMB 28/㎡ and roughly RMB 21.5/㎡. The module segment is currently stable in utilization, with most procurement focused on actual demand, and is seeing diminishment in partial transactions. Glass inventory is thus slowing down in reduction, and most businesses have become aggressive in shipment in order to avoid subsequent market risks, where a portion of transactions also come with small wiggle rooms.

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