Polysilicon
Polysilicon prices have increased slightly throughout the week. The mainstream concluded price for mono recharge polysilicon is RMB 72/KG, while mono dense polysilicon is priced at RMB 70/KG. N-type polysilicon is currently priced at RMB 80/KG.
On the supply side, a combination of power constraints, maintenance overhauls, and technical modifications has impacted a portion of the polysilicon output. Consequently, the anticipated increase in supply has fallen short of expectations, leading to a reduction in inventory levels. Conversely, on the demand side, downstream crystal pulling operations are operating near their maximum production capacity. As a result, the need for procuring polysilicon remains notably high. Numerous polysilicon enterprises have already finalized orders for August. Given the influence of constrained polysilicon supply and higher downstream demand, polysilicon manufacturers are exhibiting a strong commitment to bolstering polysilicon prices. As a result of these dynamics, a modest increase in polysilicon prices is anticipated in the short term.
Wafer
The prices of wafer have maintained stability throughout the week. The mainstream concluded price for M10 wafer is RMB 2.95/Pc, while G12 wafer is priced at RMB 3.9/Pc.
On the supply side, there has been a discernible consumption in recent wafer inventory, albeit the overall supply remains relatively robust. On the demand side, an evident surge in procurement demand for wafers from downstream cell enterprises has emerged, resulting in a notable structural misalignment between supply and demand in the wafer sector. Particularly, the availability of 182mm P-type wafers has entered a phase of constrained supply, prompting certain wafer manufacturers to adjust their quoted prices upwards. However, the actual transaction instances are yet to materialize. In contrast, the demand for 210mm P-type wafers exhibits a more stable pattern, thereby maintaining price stability in the interim.
Cell
Cell prices have experienced slight fluctuations this week. The mainstream concluded price for M10 cell is RMB 0.76/W, increasing 1.335%, while G12 cell is priced at RMB 0.74/W. The price of M10 mono TOPCon cell is RMB 0.8/W.
On the supply side, cell production continues to operate at maximum capacity. Notably, the upsurge in cell supply during August is primarily attributed to the expansion of TOPCon capacity. On the demand side, downstream module enterprises have made substantial improvements in production scheduling, facilitating the smooth shipment of cells. The supply of 182mm P-type cells is experiencing constraints, contributing to a slight uptick in its price, whereas prices for 210mm P-type cells and N-type cells remain steady at present. Currently, the price of cells is hovering close to the module cost threshold, thus presenting little incentive for upward price movement. It is foreseen that given the sustained demand, cell prices will persist at elevated levels.
Module
Module prices continue to drop slightly this week. The mainstream concluded price for 182mm facial mono PERC module is RMB 1.25/W, 210mm facial mono PERC module is priced at RMB 1.27/W, 182mm bifacial glass PERC module at RMB 1.26/W, and 210mm bifacial glass PERC module at RMB 1.28/W.
Recent bidding prices indicate intense price competition among module enterprises, with major manufacturers offering low price frequently to secure market share. On the supply side, module enterprises have seen an improvement in their operation rates, and their inventory pressure still exists. On the demand side, the current domestic projects are centered on industrial and commercial industry, and the delivery of centralized power plant project starts. At present, the module price has basically bottomed out, and thus there is limited room for its price to decline.
Auxiliary materials: This week, PV glass prices continue to stay stable. The mainstream concluded price for 3.2mm glass is RMB 25.5/㎡, while 2.0mm glass is priced at RMB 18/㎡.
The recent market performance has demonstrated positive turnover, consequently leading to a reduction in overall inventory levels. Although certain PV glass enterprises have endeavored to raise quoted prices, module companies are displaying less receptivity to these higher rates. Consequently, the short-term projection indicates a stable price for PV glass.
