Polysilicon
Polysilicon prices were essentially stabilized this week, where mono-Si compound feedings and mono-Si dense materials were concluded at a respective mainstream price of RMB 245/kg and RMB 235/kg. Polysilicon businesses had mostly signed their February orders, with merely a small amount of additional or sporadic orders being concluded this week. Prospect in downstream orders is constantly receding, and the market, in the midst of persisting inventory issues, has amplified in anticipation towards a decrement in prices, which provided insufficient dynamics for a price hike in polysilicon. Polysilicon prices are likely to keep dropping with the order signing period arriving at the end of the month, though the overhaul from a certain polysilicon business during March may result in a lower-than-expected domestic production of multi polysilicon, and thus reduce the degree of decrement in polysilicon prices.
Wafers
This week’s wafer prices had leveled to that of last week, where M10 and G12 were respectively concluded at RMB 6.22/pc and RMB 8.2/pc. LONGi announced its latest list prices for wafers on February 17th, where mono-Si P-type M10 wafers and M6 wafers (150μm) are now respectively priced at RMB 6.25/pc and RMB 5.4/pc under a maximum increase of 18.9%, though the downstream sector has been rather restricted in terms of acceptance, with concluded market prices sitting at about RMB 6.2-6.22/pc.
Cell prices, after manifesting a loosening last week, are gradually amplifying the pressure of negotiation on wafers, where several first-tier wafer businesses continue to maintain their robustness in quotations, while second and third-tier businesses have somewhat dropped in prices, followed by a constant drop in high-priced quotations. It is noteworthy that despite a continuous increase in operating rate among wafer businesses, the growth of wafer supply would require a certain period of buffer duration, and that the wafer market is still somewhat confined in provision right now. Wafer quotations may continue to stabilize in the short term.
Cells
Cell quotations continued to loosen this week, where M10 and G12 were concluded at a mainstream price of RMB 1.1/W. End demand that is currently constricted has prompted a number of module makers to drop their production schedules, followed by a steady fallback of orders amidst the intensifying rejection towards high-priced resources, which made it more difficult for cell shipment. Cell businesses, having retained a higher level of utilization that leads to continuous output increment, may experience a certain extent of inventory pressure, and are dropping in prices under the simultaneous pressure of inventory and price bargaining with the module segment. Mainstream first-tier businesses are now sitting at RMB 1.05-1.12/W in quotations, while several second and third-tier businesses are even lower, though the transaction volume has been small. Cell prices, as cells and wafers continue to rise in production, are likely to fall incessantly within the short term.
Modules
Module prices continued to stabilize this week, where 182 & 210 mono-Si single-sided PERC modules were concluded at RMB 1.77/W, while 182 & 210 bifacial double-glass mono-Si PERC modules were concluded at RMB 1.79/W.
End project providers have been apparent in price suppression from their anticipation towards declining prices in the subsequent market, and are relatively restricted in conclusions under a worse-than-expected increment of market demand due to incomplete activation of most previous tender projects. Module makers are now experiencing an intensified competition in shipment, and may first compromise on profits in order to facilitate shipment under the continuously dropping cell prices, which would lead to a reduction of concluded prices for the module market. N-type modules were essentially sturdy in quotations this week, where 182 & 210 were respectively priced at RMB 1.75-1.88/W and RMB 1.95-2.05/W.
In terms of auxiliary materials, there were no changes to glass prices this week, where 3.2mm and 2.0mm glasses were priced at RMB 26.5/㎡ and roughly RMB 19.5/㎡. Glass inventory is retained at a higher level as module makers are procuring glasses based on their actual needs. All eyes are set on new list prices that will be announced in early March.
