Polysilicon
The mainstream concluded price for mono recharge polysilicon is RMB 37/KG, while mono dense polysilicon is priced at RMB 35/KG and N-type polysilicon is currently priced at RMB 41/KG.
Trading Situation: Market sentiment has become fatigued. Ingot manufacturing factories are primarily consuming prior inventories, but due to increased losses, they are resistant to price increases of polysilicon. Throughout the week, some mid- and lower tier manufacturers secured a small number of low-priced orders, but leading manufacturers maintained stable prices and showed strong willingness to uphold prices.
Supply and Demand Dynamics: Currently, among polysilicon manufacturers, inventory, existing production capacities, and cash flow vary, leading to differing shipment pressures. Future price adjustment will gradually reveal differences. On the demand side, the recent decline in wafer prices has weakened manufacturers' purchasing power for polysilicon. Additionally, as manufacturers aim to cut costs, the supply-demand relationship for polysilicon is increasingly affected, resulting in heightened price pressure. If capacities in maintenance are gradually restored, the surplus supply pressure may compel manufacturers to reconsider price adjustments.
Price Trends: The price of polysilicon remained stable this week. Low-priced orders made up a small proportion and have not affected mainstream transaction prices. If oversupply conditions worsen in the future, there is a possibility that polysilicon companies will lower their prices under pressure.
Wafers
The mainstream concluded price for M10 P-type wafer is RMB 1.10/Pc, while G12 P-type wafer is priced at RMB 1.65/Pc. The mainstream concluded price for M10 N-type wafer is RMB 1.03/Pc and G12 N-type is RMB 1.45/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.20/Pc.
Inventory Dynamics: Currently, wafer inventory is around 4 billion pieces. The rebound in inventory levels has persisted for a quarter, putting continuous cash flow and high inventory pressure on wafer manufacturers. As a result, their price bargaining power has been gradually weakened. Looking ahead, despite more frequent production cuts by manufacturers, downstream demand is shrinking concurrently, extending the inventory clearance period. In the context of weak demand, wafer manufacturers will likely need to expedite inventory clearance to normalize inventory levels.
Price Trends: This week, 183mm N-type wafer prices saw significant declines, with mainstream transaction prices dropping to 1.03 yuan/piece. Demand for this specification is declining faster, and manufacturers are slowing down the pace of inventory clearance. The impact of selling inventory in panic also should be noticed. 210mm N-type and 210R wafer prices fell to 1.45 yuan/piece and 1.20 yuan/piece, respectively. The supply-demand relationship remains relatively stable, but as manufacturers accelerate their transitions to different sizes, wafer supply is gradually becoming redundant. Customer demand has not met expectations, continuously impacting wafer prices and forcing the entire segment to reduce output more aggressively to match actual demand.
Cells
The mainstream concluded price for M10 cell is RMB 0.270/W, while G12 cell is priced at RMB 0.270/W. The price of M10 mono TOPCon cell is RMB 0.265/W, while that of G12 mono TOPCon cell is RMB 0.280/W and that of G12R mono TOPCon cell is RMB 0.270/W.
Supply and Demand Dynamics: On the supply side, some integrated manufacturers have slightly increased production, while others continue to reduce or halt production, resulting in a monthly decrease in cell production. On the demand side, module manufacturers face significant price pressures, with intense competition for orders. Overall, the supply-demand relationship for solar cells is relatively balanced, with the lowest inventory pressure in all the segments of the supply chain. However, continuous price declines in both the upstream and downstream sectors are also posing impact on cell prices, making its prices decline.
Price Trends: This week, some prices for specific cell sizes were adjusted downward, with 183mm N-type prices falling to 0.265 yuan/W. The decline in upstream and downstream prices is dragging down their prices, while N-type G12 prices also dropped to 0.280 yuan/W.
Modules
The mainstream concluded price for 182mm facial mono PERC module is RMB 0.69/W, 210mm facial mono PERC module is priced at RMB 0.70/W, 182mm bifacial glass PERC module at RMB 0.70/W, and 210mm bifacial glass PERC module at RMB 0.71/W. The mainstream concluded price for 182mm bifacial TOPCon modules is RMB 0.72/W, and 210mm bifacial HJT modules at RMB 0.86/W.
Supply and Demand Dynamics: On the supply side, monthly production has slightly rebounded, mainly due to demand from ground-mounted power stations. On the demand side, the pressure for installation from ground-mounted power stations this year has been relatively light, with some power corporations having already achieved their annual targets. New regulations for distributed PV generation are expected to regulate the market in the medium to long term. However, in the short term, some approved projects have been adjusted to self-use, impacting installations, thus limiting Q4's demand from distributed PV projects.
Price Trends: This week, prices for various types of modules remained stable. For bifacial M10-TOPCon, leading manufacturers’ prices ranged from 0.65 to 0.73 yuan/W, while some mid to lower-tier manufacturers are selling low-priced products for more shipments and cash flow , with prices being around 0.65. For bifacial G12-HJT, mainstream manufacturers’ peices converged in the range of 0.75 to 0.83 yuan/W.
