Polysilicon prices continued to drop marginally this week, where mono-Si compound feedings and mono-Si dense materials were respectively concluded at RMB 295/kg and RMB 285/kg under a decelerated degree of decrement compared to that of last week. Polysilicon businesses, having been forced by the downstream sector recently, have been constantly dropping in mainstream concluded prices, though the overall drop is relatively small as a number of businesses remain robust in their quotations under the overall confined level of polysilicon inventory in the market. The downstream wafer segment’s deceleration in polysilicon procurement is expected to yield a continuous increment of inventory for the polysilicon market that will provide additional room for price reduction.
Wafer prices had constantly dropped this week, with a slight expansion in the interval of concluded prices. M1 and G12 were respectively concluded at RMB 6.5/pc and RMB 8.5/pc this week under a reduction of 6.07-6.59%. Pressure from wafer inventory has yet to be mitigated. As leading businesses lead in price drops, several second and third-tier wafer businesses are slightly impeded in shipment, with fewer finalized orders, and are forced to carrying on with their decrease of bottom prices in wafers due to the status quo. M10 has now fallen below RMB 6/W in concluded price that is largely identical to that of early 2022. As pressure of inventory persists among wafer businesses, wafer prices may continue to drop subsequently.
Cell prices had continued dropping this week, where M10 and G12 were respectively concluded at roughly RMB 1.3/W and RMB 1.29/W under an approximate reduction of RMB 0.03/W compared to that of last week that is also lower than the decrement seen from the wafer segment. The incessant drop of wafer prices has led to a larger extent of pressure in price suppression during negotiations of cell orders, where a number of module makers have lowered their operating rate and are even intentionally delaying the time of cell procurement and stocking, which has depleted the demand for cells. Cell prices, also taking into account how the constant decrease of wafer prices has provided room for price compromises, may remain on the declining slope within the short term.
Module prices had remained sturdy on the weaker end this week, where mono-Si 166 modules were concluded at roughly RMB 1.89/W, while mono-Si single-sided 182 & 210 modules were concluded at RMB 1.05/W, where 182 & 210 bifacial double-glass mono-Si PERC modules were concluded at RMB 1.98/W.
There were no apparent fluctuations among the quotations of mainstream module makers, where a small number of SMEs were still seeing loosening in orders, followed by difficulties in order conclusions at high price levels. In terms of orders, a certain extent of demand persist in the market recently, where first-tier businesses have been experiencing smooth shipment under no significant price oscillations. As the end of the year approaches, domestic installation demand has gone down sizably, especially from centralized projects, while the upcoming Christmas and expectation towards declining industry chain prices, as well as the small drop of US dollars, have amplified the wait-and-see sentiment. Modules, under the continuously dropping upstream industry chain prices, are provided with space for compromises on profitability, and are likely to follow on the reduction of prices. N-type modules were largely stable this week at a mainstream quotation of RMB 2.08-2.12/W.
In terms of auxiliary materials, glass prices had stabilized on the whole this week, where 3.2mm and 2.0mm glasses were concluded at RMB 27.5/㎡ and RMB 20.5/㎡. Most glass businesses are currently aggressive in shipment, and are offering bargains on some orders to generate interests from buyers. A price level of RMB 1/㎡ is seen from a segment of 3.2mm coated glasses orders that are being concluded with low-price resources.