Polysilicon prices continued to drop this week, with a gradually expanding interval for concluded prices, where mono-Si compound feedings and mono-Si dense materials were concluded at a respective mainstream price of RMB 198/kg and RMB 195/kg. The centralized signing of polysilicon orders for April is coming to an end this week, and market transactions have been relatively active. Despite aggressive wafer pulling, the overall sufficient provision of polysilicon is retaining a somewhat leveled inventory volume, where polysilicon prices are still dropping. As the interval of concluded prices for polysilicon gradually enlarges, second and third-tier polysilicon businesses are intensifying in shipment intention on the one hand, which starts to widen price differences compared to that of first-tier businesses, and prices between high and low quality polysilicon are also diverging on the other hand. Most polysilicon businesses are currently negotiating on a weekly basis, and the crystal pulling end is carrying on with its price suppression. Polysilicon prices are likely to linger at a declining slope this month.
Wafer prices had slightly dropped this week, where M10 and G12 were concluded at a respective mainstream price of RMB 6.4/pc and RMB 8.05/pc. Zhonghuan announced its latest list prices this week, which are identical to its previous quotations, where 210 wafers of different thickness had dropped by RMB 0.15/pc, while 182 wafers of different thickness had risen by RMB 0.12-0.18/pc. A divergence in quotations between the two aforementioned wafers is implemented primarily to improve the market competitiveness of 210 products.
Wafer supply, as it steadily increases, has started piling up in inventory compared to downstream cell procurement, and a massive level of rod ingots have been accumulated at wafer slice plants due to how the latter is falling behind the former in terms of production speed. The large release of wafer output is likely to persist, and could gradually expand wafer inventory for the short term, with prices expected to remain on the falling slope.
Cell prices continued to stabilize this week, and did not follow with the fluctuation of upstream wafer prices. M10 and G12 cells were concluded at a respective mainstream price of RMB 1.08/W and RMB 1.1/W. High production schedules of cells this month are fully fulfilling downstream module demand, and the gradual abundance of upstream wafer output has assured a safe level of provision. Cell prices, due to a relatively stable behavior between market participants, have also been stabilized. Although a price declination was seen from upstream wafer prices this week, it would take a period of time for it to be reflected onto the cell segment, which is why cell prices are estimated to drop alongside the continuous reduction of wafer prices.
Module prices had fallen significantly this week, where 182 & 210 mono-Si single-sided PERC modules were concluded at a respective mainstream price of RMB 1.67/W and RMB 1.68/W, while 182 & 210 bifacial double-glass mono-Si PERC modules were respectively concluded at RMB 1.69/W and RMB 1.7/W.
The module market saw relatively chaotic concluded prices this week, where individual leading makers’ tender prices had pulled down overall market quotations, and the ferocious competition among module makers’ orders is inducing a continuous differentiation in prices. First-tier makers are experiencing a better level of orders, while second and third-tier makers are continuously lowering their tender prices in order to fight for orders. Despite entry of multiple end projects in April, end demand remains below expectation on the whole, and module prices are still likely to fall subsequently due to the reduction of upstream wafer and cell prices, as well as the drop of cost, and the on-going price inhibition by the end sector.
In terms of auxiliary materials, glass prices had maintained stability this week, where 3.2mm and 2.0mm glass were respectively priced at RMB 26/㎡ and roughly RMB 18.5/㎡. Module procurement was comparatively sturdy this week, which led to better shipment and a continuous drop in inventory. Glass prices are thus able to stabilize.