Polysilicon
Polysilicon prices had subsided in reduction this week, where mono-Si compound feedings and mono-Si dense materials were concluded at a respective mainstream price of RMB 67/kg and RMB 65/kg.
For the supply end, polysilicon prices have now dipped below the production cost of some businesses, where implementations such as production suspension, overhauls, and delayed production among polysilicon businesses are marginally mitigating the excessive supply of polysilicon as seen from an apparent reduction of overall inventory. As for the demand end, the risen operating rate among crystal pulling plants this week has prompted an increase of polysilicon procurement, and led to an improvement in polysilicon orders, with some orders being signed until July. Downstream demand has now somewhat recovered, and polysilicon businesses are exhibiting adamancy towards safeguarding their prices, despite the persisting excessiveness of provision. Polysilicon prices are expected to further diminish in the extent of price drops within the short term.
Wafers
Wafer prices saw no changes this week, where M10 and G12 were concluded at a respective mainstream price of RMB 2.8/pc and RMB 4.2/pc.
Price drops and inventory reduction among wafer businesses had generated considerable results this week, where the drop of inventory pressure among wafer businesses, together with the shrunken reduction of upstream polysilicon prices, had first led to a suspension in the drop of wafer prices. For the demand end, the full load operation from the cell segment is providing partial support to wafer demand, though the attempt of a slight increase of prices by some businesses is preventing orders from being concluded. Crystal pulling plants have been maintaining a high operating rate lately, and overall production schedules of wafers are likely to slightly increase in July. Wafer prices are expected to stabilize within the short term.
Cells
Cell prices continued to drop this week, where M10 and G12 were concluded at a respective mainstream price of RMB 0.73/W and RMB 0.75/W, while M10 mono-Si TOPCon had fallen to RMB 0.8/W.
For the supply end, the cell segment is carrying on with a full load operation that has led to a small increase of overall inventory. As for the demand end, module makers are slowing down their cell procurement due to the worse-than-expected increase of end demand. Upstream polysilicon and wafer prices are currently stabilizing at a steady manner, though module makers are continuously suppressing prices owing to the yet-to-be improved downstream demand. Cell prices are expected to remain on the declining slope for the short term.
Modules
Module prices had somewhat dropped this week, where 182 & 210 single-sided mono-Si PERC modules were concluded at a respective mainstream price of RMB 1.43/W and RMB 1.45/W, while 182 & 210 bifacial double-glass mono-Si PERC modules were respectively concluded at RMB 1.44/W and RMB 1.46/W.
End demand has been adhering to a wait-and-see sentiment lately amidst sluggishness, while the focus on inventory reduction from overseas, together with the yet-to-be released domestic demand during the Dragon Boat Festival, have led to fewer market transactions on the whole. Judging by the prices of recently opened bids, module tender prices are dropping on a continual basis, and could continue to fall at a small degree in the short term. Upstream prices of the industry are now seeing a steady stabilization, and a further stability in prices for various segments of the industry chain subsequently could trigger a revitalization of end demand.
In terms of auxiliary materials, glass prices were leveled to that of last week, where 3.2 & 2.0mm were concluded at a respective price of RMB 25.5/㎡ and roughly RMB 18/㎡. Orders of module procurement were relatively sturdy this week, with a small and partial increase of inventory, and overall PV glass prices were stable.
