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Slight Increase in Polysilicon and Cell Prices; Modules Experience Lower-than-Expected Demand Leading to Price Reduction

published: 2023-07-27 16:15

Polysilicon

Polysilicon prices rebounded slightly this week. The mainstream concluded price for mono recharge polysilicon is RMB 70/KG, while mono dense polysilicon is priced at RMB 68/KG. N-type polysilicon is currently priced at RMB 78/KG.
On the supply side, the polysilicon industry has encountered some unforeseen challenges due to unplanned maintenance in certain companies. Moreover, electricity restrictions in regions like Leshan and Inner Mongolia have further impacted the output of some polysilicon enterprises, resulting in a constrained supply of polysilicon in the market. Conversely, on the demand side, downstream wafer manufacturers have been operating at a consistently high rate, with new orders continuing to be placed this week. As a result, some polysilicon enterprises have initiated order signings for August, reflecting a positive trend in demand. The favorable dynamics between supply and demand have contributed to a slight increase in the price of polysilicon.

Wafer

The prices of wafer have maintained stability throughout the week. The mainstream concluded price for M10 wafer is RMB 2.8/Pc, while G12 wafer is priced at RMB 3.8/Pc.
On the supply side, wafer enterprises continue to maintain production at full capacity, although some of them have experienced limitations in output due to electricity restrictions. However, the overall supply of wafers remains relatively adequate. Conversely, on the demand side, cell enterprises are displaying heightened enthusiasm for purchasing wafers, leading to smoother shipment of wafers. Additionally, some polysilicon enterprises are inclined to raise prices. Despite this, an oversupply situation persists, limiting the driving force behind price increases. Considering these factors, the driving force for significant price hikes is insufficient. As a result, it is anticipated that in the short term, wafer prices will predominantly remain stable.

Cell

Cell prices have experienced slight fluctuations this week. The mainstream concluded price for M10 cell is RMB 0.74/W, while G12 cell is priced at RMB 0.73/W. The price of M10 mono TOPCon cell is RMB 0.8/W.
On the supply side, cell enterprises continue to operate at a high activation rate, and the overall inventory level remains stable and within normal ranges. On the demand side, there are clear indications of an uptick in customer demand. In addition, there is evident price increases for cells, and module companies are displaying heightened activity in their cell purchases. Considering these market dynamics, it is expected that in the short term, the overall price of cells will exhibit a slight uptrend.

Module

Module prices drop slightly this week. The mainstream concluded price for 182mm facial mono PERC module is RMB 1.3/W, 210mm facial mono PERC module is priced at RMB 1.33/W, 182mm bifacial glass PERC module at RMB 1.31/W, and 210mm bifacial glass PERC module at RMB 1.34/W. On the supply side, there are promising signs in the customer market demand. This has led to a significant rise in the production scheduling of module enterprises for August compared to previous months. Furthermore, overseas module enterprises are also experiencing an enhanced operation rate. On the demand side, while customer purchasing projects have not yet commenced on a large scale, downstream players are adhering to on-demand purchases. The presence of cost pressures provides a certain level of support to module prices. However, some module enterprises are facing inventory pressure and are considering cutting profits to facilitate more shipments. Consequently, module prices experienced a slight decline. Looking ahead, as customer purchasing projects are set to commence, module prices are anticipated to rebound.

Auxiliary materials:
This week, PV glass prices continue to stay stable. The mainstream concluded price for 3.2mm glass is RMB 25.5/㎡, while 2.0mm glass is priced at RMB 18/㎡.
A new round of centralized period of singing orders is approaching. Part of the module enterprises are cautious about procurement, and thus the overall market turnover is mediocre. Therefore, part of the inventory of photovoltaic glass declined slightly, while the overall price remained stable.

As a new round of centralized order placements approaches, some module enterprises are exercising caution in their procurement decisions. As a result, the overall market turnover has been moderate. Consequently, there has been a slight decline in the inventory of photovoltaic glass for some players in the industry, while the overall market price has remained stable.

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