Polysilicon：
The mainstream concluded price for mono recharge polysilicon is RMB 34/KG, while mono dense polysilicon is priced at RMB 32/KG and N-type polysilicon is currently priced at RMB 38/KG.
Transactions: This week, the delivery orders of polysilicon maintained stable. The price of some orders rebound slightly, but these orders only accounted for a small proportion, which was not enough to drive a great rebound in the industry's average price. Supply and Demand Dynamics: The listing of polysilicon futures is gradually being put on the agenda, with the possibility of adjustments in the polysilicon pricing. The participation and pricing power of third-party futures traders may increase, potentially mitigating the impact of changes in supply and demand on prices. In the near term, capacity clearance is steadily advancing. The polysilicon productions for August is expected to decline further. Now, the, most manufacturers are still operating in the context of suffering from losses. This month, we may observe a potential production halt from TOP6 companies and major chemical producers, with the overall productions being expected to adjust to around 140,000 tons. The integration process of the market share owned by TOP3 polysilicon producers is likely to progress faster than expected.
Wafer:
The mainstream concluded price for M10 P-type wafer is RMB 1.20/Pc, while G12 P-type wafer is priced at RMB 1.70/Pc. The mainstream concluded price for M10 N-type wafer is RMB 1.10/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.25/Pc.
Supply and Demand: In August, the overall productions for wafers is expected to slightly increase. The increasing production from leading manufacturers who resume production will offset the reduced wafer production caused by mid- and lower-tier manufacturers who are facing cash flow exhaustion. Price Trends: This week, the price of both G12 N- and P-type wafer saw a decline. Leading manufacturers of G12 wafers are facing pressure from downstream customers who require lower prices. Therefore, prices of G12 wafers see changes. Additionally, as other manufacturers continue to switch to produce G12 (R), the surplus supply of G12 (R) wafers will increase, resulting in further price pressure on it. The production of G10L in August may increase with the recovery of leading manufacturers’ operating rates. However, there has not been a significant increase in procurement from downstream cell manufacturers. Therefore, wafer prices are also expected to face some pressure of changes.
Cell:
The mainstream concluded price for M10 cell is RMB 0.290/W, while G12 cell is priced at RMB 0.290/W. The price of M10 mono TOPCon cell is RMB 0.285/W, while that of G12 mono TOPCon cell is RMB 0.285/W.
Production and Inventory: In August, the production of solar PV cells is expected to remain stable. However, there will still be a gap between module production and cell supply, leading to a risk of inventory piling up in the cell sector. Some integrated manufacturers may have plans to adjust capacity within the month, and the clearing and integration in the cell segment will continue to advance. Price Trends: This week, except for adjustments in the price of N-type TOPCon cells, other cell prices remained stable. Given the unclear orders from downstream module sector, module manufacturers have a strong inclination to lower the prices of solar cells. Meanwhile, due to the homogeneous cell capacity and unstable upstream prices, the bargaining power of the solar cell segment has weakened. As a result, the mainstream average prices of N-type M10 and G12 cells have slightly adjusted to 0.285 RMB/W. The trend of price competition in the OEM cell sector is also intensifying, with some manufacturers lowering prices to get more orders and maintain basic operations.
Module:
The mainstream concluded price for 182mm facial mono PERC module is RMB 0.71/W, 210mm facial mono PERC module is priced at RMB 0.73/W, 182mm bifacial glass PERC module at RMB 0.72/W, and 210mm bifacial glass PERC module at RMB 0.74/W. The mainstream concluded price for 182mm bifacial TOPCon modules is RMB 0.76/W, and 210mm bifacial HJT modules at RMB 0.90/W.
Productions: In August, the production plans for modules are relatively cautious. With weak orders, manufacturers are continuing to lower their productions. In the first half of the year, as second- and third-tier manufacturers completed their P-type orders, P-type capacity will be further cleared out. Currently, orders are primarily for N-type modules, and it is leading manufacturers that get most orders. In August, overall production is expected to be close to the 48 GW, with some BC-type module manufacturers having plans to increase their productions. Price Trends: This week, the price of TOPCon M10 modules is 0.76 RMB/W, and the price of HJT G12 modules is 0.90 RMB/W. There are some differences in prices offered by different manufacturers. Some manufacturers are expected to hold firm on prices, while others are getting orders with prices closing to the lower end of the mainstream price range.
