This week, a small batch of G12R wafers was sold at a low price by one company, but this had no impact on the overall average price. The stability in wafer prices is primarily due to structural differences across wafer sizes. Larger wafers maintain a higher premium but have a slight oversupply compared to smaller wafers, mainly because specialized manufacturers of large wafers have maintained high operating rates, leading to increased inventory turnover.
This week, some specialized companies significantly raised operating rates to meet increased demand from integrated manufacturers and reduce production costs. The two leading companies maintained operating rates of 45% and 40%, while integrated companies kept rates between 50%-60%, with others ranging from 30%-80%.
Cell and module prices also remained stable, with M10 monocrystalline TOPCon cells priced at RMB 0.275/W and 182mm TOPCon bifacial glass modules at RMB 0.68/W. According to the Silicon Industry Association, domestic cell production is expected to reach 50-52 GW in November, with module production around 50 GW. Monthly wafer inventory consumption is projected to exceed 10 GW, accelerating a return to supply-demand balance. However, rising auxiliary material costs are intensifying losses in the cell and module segments, which could lead to further production cuts. Overall, wafer prices are expected to remain stable in the short term.
Source：https://mp.weixin.qq.com/s/kMhD2olj7LSWM7OlWXYRiQ
