Polysilicon

Polysilicon prices had maintained sturdiness on the weaker end 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 businesses have received excellent results from recent implementations such as suspended production, overhauls, and delayed production, and have been significantly mitigated from their inventory pressure. In terms of the demand end, the amplified degree of purchases among crystal pulling plants have resulted in smooth polysilicon shipment, followed by a gradual digestion of inventory. The marginal improvement of the excessive polysilicon provision, together with the hype around power restrictions, are starting to stabilize the dropping prices. The current ramp-up of the N-type market is yielding a continuous improvement in polysilicon demand. N-type polysilicon, due to a relatively restricted supply, could welcome a rebound in prices.

Wafers

Wafer prices continued to stabilize this week, where M10 and G12 were concluded at a respective mainstream price of RMB 2.8/pc and RMB 4.2/pc.

For the supply end, this week saw an essential conclusion to the digestion of wafer inventory that will trigger a small increase of production schedules during July. Regarding the demand end, the aggressive stocking among downstream cell businesses had somewhat elevated the level of concluded wafer orders. The suspended reduction of upstream polysilicon prices, together with wafer inventory returning to a reasonable threshold, as well as the relatively active procurement among cell businesses, have provided a certain degree of support on wafer prices. Wafer prices are expected to maintain stability for the short term.

Cells

Cell prices had slightly dropped this week, where M10 and G12 cells were respectively concluded at RMB 0.71/W and RMB 0.74/W, while M10 mono-Si TOPCon cells had fallen to RMB 0.79/W.

For the supply end, total cell production has somewhat risen attributable to the persistently high operating rate of the cell segment. As for the demand end, the recently stabilizing prices of upstream polysilicon and wafers have amplified purchase willingness of module makers, and led to a better extent of shipment, followed by a shrunken price decrement. Cell prices are likely to stabilize from reduction under the further price stabilization of upstream raw materials and the increase of production schedules for modules.

Modules

Module prices had expanded in depletion this week, where 182 & 210 single-sided mono-Si PERC modules were respectively concluded at RMB 1.35/W and RMB 1.37/W, while 182 & 210 bifacial double-glass mono-Si PERC modules were respectively priced at RMB 1.36/W and RMB 1.38/W.

The module market is currently seeing relatively chaotic concluded prices that are continuously dropping amid the ferocious competition among module makers. For the supply end, production schedules have elevated significantly. As for the demand end, several end projects have somewhat advanced recently, though module prices are expected to remain on a slow declination for the short term due to how end demand has yet to be substantially activated. End demand is likely to ascend subsequent to the stabilization of industry chain prices.

In terms of auxiliary materials, glass prices had maintained stability this week, where 3.2mm and 2.0mm glass were respectively priced at RMB 25.5/㎡ and RMB 18/㎡. PV glass is on the verge of entering a new round of pricing cycle, where module makers have become more cautious towards procurement, and glass businesses are seeing a mediocre level of orders, which generated a slight increase in partial inventory. Glass prices are likely to remain stable for the short term.