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Wafer Output Affected by Crucibles; Overall Industry Chain Prices Dropped Except Wafers

published: 2023-03-02 15:29


Polysilicon prices had slightly dropped this week, where mono-Si compound feedings and mono-Si dense materials were concluded at a respective mainstream price of RMB 235/kg and RMB 220/kg. Polysilicon businesses have been successively signing orders and shipping out products under inventory pressure amidst the constant and significant release of capacity from the polysilicon market recently, while the quality of crucibles, in the midst of the severe shortages of high-purity quartz sand, has impacted yield rate of wafers, which also elevated demand for polysilicon and somewhat advanced the signing schedule of polysilicon orders for March. Overall market remains under a relatively profound sentiment towards a price reduction, where first-tier businesses are smaller in quotation fluctuations, and are steadily dropping from high prices. Subsequent price trends will mainly depend on polysilicon businesses’ acceptance on inventory and wafer businesses’ acceptance on prices.

An observation on the production and operation of the polysilicon segment this week indicates that all 15 multi polysilicon businesses are maintaining normal procedures. According to the statistics of the Silicon Industry of China Nonferrous Metals Industry Association, February saw about 97.6K tons of multi polysilicon for the domestic market at a MoM reduction of 3.7% primarily owing to the fewer working days and maintenance of small equipment from individual businesses that led to a drop in output. Lihao Semiconductor and Runergy are expected to continue with their release of new capacity in March, though some businesses have planned for overhauls, and overall polysilicon output will still manifest a minor growing trend.


Wafer prices continued to stabilize this week, where M10 and G12 were concluded at a respective mainstream price of RMB 6.22/pc and RMB 8.2/pc. With the slight tension from the resources of quartz crucibles, and the worse-than-expected results yielded by the replacement of locally produced quartz sand, most specialized wafer businesses have reflected how the shortages of quartz crucibles have confined the output of crystal pulling, and are unable to fully release their utilization within the short term, which somewhat restricts wafer output. The persisting tension in the provision of quartz crucibles has provided a certain degree of support for wafer prices. Most first-tier businesses have yet to implement clear changes to their prices this week, though SMEs have been rather flexible in quotations by having started increasing in a small portion of quotations. Wafer prices, as the void of market activities enlarges, are likely to experience an inflation.


Cell prices continued to drop this week, where M10 and G12 were concluded at a mainstream price of RMB 1.08/W. Most businesses had started negotiating their March orders this week, and were constantly lowering their prices in order to facilitate transactions owing to how the small accumulation of inventory in the existing cell market has induced a certain level of pressure to some businesses. Concluded market prices were thus lingering between RMB 1.05/W and RMB 1.1/W. Cell prices may temporarily decelerate in reduction as wafer prices remain robust or increase marginally.


Modules prices had fallen this week, where 182 & 210 mono-Si single-sided PERC modules were concluded at RMB 1.75/W, while 182 & 210 bifacial double-glass mono-Si PERC modules were concluded at RMB 1.77/W.

Module makers were subject to a considerable increase in pressure when negotiating for new orders this week due to the incessant reduction of upstream cell prices, where inventory pulls from the end sector remained passive amidst the worse-than-expected increment of market demand. The decrement of cell prices has also allowed module prices to drop marginally. Some makers have somewhat lowered their prices in order to facilitate shipment. Modules, as the upstream sector temporarily slows down in reduction, are also likely to stabilize in prices.

In terms of auxiliary materials, glass prices had somewhat dropped this week, where 3.2mm and 2.0mm glasses were respectively priced at RMB 25.5/㎡ and RMB 18.5/㎡. The reduction of module prices had aggravated the degree of negotiation on glass prices, where the level of bargaining power is relatively week due to the higher operating capacity right now, together with ignition plans for some new production lines that ensure sufficient provision for market transactions.

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