Polysilicon
Polysilicon prices continued to drop slowly this week, where mono-Si compound feedings and mono-Si dense materials were concluded at a respective mainstream price of RMB 207/kg and RMB 203/kg. Polysilicon businesses have started signing for orders of centralized procurement on multi polysilicon for April this week, and most first-tier businesses are maintaining their quotations at above RMB 200/kg, though the repeated compromises on quotations from second and third-tier businesses in the hope of order obtainment under shipment and inventory pressure are constantly enlarging the differences of polysilicon prices. The market is generally anticipating a drop in polysilicon prices, and the crystal pulling end, due to its stronger bargaining power, continues to suppress corresponding prices, despite inclination among polysilicon businesses in supporting the market. Subsequent polysilicon prices are likely to remain on the declining slope also due to partial release and ramp-up of new capacity during April.
Wafers
Wafer prices were essentially stabilized this week, where M10 had slightly risen to RMB 6.48/pc, and G12 sat on RMB 8.2/pc. Procurement from the cell segment has decelerated recently amidst an attempt in bringing down the prices, though the relatively low inventory of wafers right now is providing a support to the sturdy prices under a stronger level of market demand. Market prices are gradually manifesting differentiation, where first-tier businesses possess stronger bargaining power due to their relatively centralized orders, while some second and third-tier businesses may somewhat compromise on prices due to shipment pressure. As the wafer segment persists in significant profitability, most businesses are maintaining a high operating rate, and are thus expected to contribute to an increase of output throughout April that will further mitigate the strained provision. It is possible for wafer prices to maintain sturdiness within the short term.
Cells
Cell quotations were largely stable this week, where M10 and G12 cells were concluded at a respective mainstream price of RMB 1.08/W and RMB 1.1/W. Tongwei announced its latest list prices this week, which although indicate a small reduction, are predominantly leveled to that of current market prices, and have yet to create any significant impact to the market. The cell segment continues to climb in operating rate during April primarily owing to the ramp-up of TOPCon cells and the initiated operation of some modified cell production lines, which would steadily alleviate the confined supply of G12 cells. A number of businesses, seeing how high-efficiency and N-type cells have been receiving better demand lately, are attempting to raise their prices, though such action is not met with acceptance, and bargaining remains on-going as a result. Cell prices, thanks to the support coming from the high degree of cost, are likely to remain stable for the short term.
Modules
Module quotations were primarily stabilized this week where 182 & 210 mono-Si single-sided PERC modules were concluded at a mainstream price of RMB 1.75/W, while 182 & 210 bifacial double-glass mono-Si PERC modules were concluded at RMB 1.77/W.
There is now a distinctive differentiation in the market prices of modules. First-tier businesses, thanks to support from orders, are raising their quotations for April orders, which are not yet accepted by the end sector that remains on the fence, while second and third-tier businesses are constantly dropping their low prices in order to seize partial projects. Schedules of module production continue to rise marginally in April as multiple end projects commence, and some module makers are commenting on an apparent increase in orders, where the strong anticipation towards an inflation in auxiliary materials, including glass and backplanes, may generate a wave of price increment for modules as cost pressure and demand improve.
N-type modules had carried on from last week’s development under small fluctuations in average concluded prices, with 182 and 210 sitting at a respective mainstream quotation of RMB 1.75-1.85/W and RMB 1.9-1.99/W.
In terms of auxiliary materials, glass prices had slightly fluctuated this week, where 3.2mm had somewhat risen to RMB 26/㎡, and 2.0mm was priced at about RMB 18.5/㎡. Production schedules of modules continue to improve, which lead to a small increase in glass demand. PV glass, having previously dropped to a low point in profitability, is seeing a slight increment in prices under revitalized demand.