Polysilicon
Polysilicon prices have increased slightly throughout the week. The mainstream concluded price for mono recharge polysilicon is RMB 74/KG, while mono dense polysilicon is priced at RMB 72/KG. N-type polysilicon is currently priced at RMB 82/KG.
On the supply side, the introduction of new capacity in August has fallen short of initial projections, and there is a destocking phase for polysilicon now. Several polysilicon firms are deliberately holding their inventory at modest levels. Meanwhile, on the demand side, downstream wafer companies are back in full production mode, driving up their need for polysilicon procurement. A substantial portion of polysilicon orders for August have been confirmed, with some enterprises even securing contracts extending into early September. The broader equilibrium between polysilicon supply and demand stands on the edge, fostering a conducive environment for a marginal price uptick.
Wafer
The prices of wafer have rebounded slightly throughout the week. The mainstream concluded price for M10 wafer is RMB 3.15/Pc, an increase of 6.78%, while G12 wafer is priced at RMB 4.2/Pc, an increase of 7.69%.
Regarding the supply side, the alignment between wafer production scheduling and cell demand has achieved a harmonious equilibrium in August. Consequently, wafer enterprises are experiencing reduced inventory pressures. On the demand side, the current profitability of cells stands notably robust, fostering higher enthusiasm for wafer procurement. The upward surge in polysilicon prices has lent robust support to the pricing of wafers. In recent developments, key wafer manufacturers have initiated price hikes, prompting a ripple effect among other enterprises, consequently contributing to a marginal increase in wafer prices. As the surge in demand persists, the wafer supply is tight, indicating that there remains a window for further upward movement in wafer prices in the near term.
Cell
Cell prices have remained stable this week. The mainstream concluded price for M10 cell is RMB 0.76/W, while G12 cell is priced at RMB 0.74/W. The price of M10 mono TOPCon cell is RMB 0.8/W.
On the supply side, cell manufacturers have sustained a heightened operational rate, with a continued upward trajectory in N-type cell production capacity. On the demand side, the overall cell shipment process remains relatively smooth, although some module companies are exhibiting indications of scaling back production, which results in a finely balanced cell market. While the prices of upstream polysilicon and wafers experience marginal increases, downstream module prices have inched closer to the cost threshold. As a result, the readiness to embrace higher cell price remains somewhat restrained, thereby contributing to the present stability in cell prices. As new cell production capacities continue to be unveiled, the profit margins within this sector will confront dual pressures emanating from both the wafer and module facets.
Module
Module prices have maintained stability throughout the week.. The mainstream concluded price for 182mm facial mono PERC module is RMB 1.25/W, 210mm facial mono PERC module is priced at RMB 1.27/W, 182mm bifacial glass PERC module at RMB 1.26/W, and 210mm bifacial glass PERC module at RMB 1.28/W.
Recent bidding prices underscore intense price competition among module enterprises, with integrated module firms enjoying more pronounced cost advantages. Some specialized module companies find themselves grappling with cost inversion, which has led to continued differentiation in bidding prices.
On the supply side, module inventory persists at elevated levels, prompting certain enterprises to contemplate trimming their module production schedules. Turning to the demand side, domestic centralized procurement customer-side projects are kickstarting purchases, while distributed demand exhibits a better trend. However, overseas demand remains relatively modest. Despite the current module price approaching the cost line, the underlying cost structure is poised to provide a stabilizing influence on module pricing. This, in turn, has curtailed the downward trajectory of module prices, leading to a state of stabilization.
Auxiliary materials: This week, PV glass prices have experienced slight fluctuations this week. The mainstream concluded price for 3.2mm glass is RMB 26/㎡, while 2.0mm glass is priced at RMB 18/㎡. The recent market performance has demonstrated positive turnover. There is no ignition ceremony for new production lines, and the overall supply of PV glass maintained stable this week. In addition, the concluded prices of part of orders increased slightly.
