Prices plateau across supply chain

Polysilicon

Polysilicon orders are mostly settled, with few buyers still sealing new ones. Some orders previously signed have yet to be delivered. Manufacturers are delivering new and old orders simultaneously. 

Mainstream prices for mono-grade polysilicon sustain at RMB 303-306/kg and sit slightly higher for recycled polysilicon scrape. Still, manufacturers see steady order volumes. Trading price range expands, meaning a larger gap between high and low-price quotes. Buyers seem more cautious, as tightening supply this month shores up prices in the short term. 

* Investigation of InfoLink covers polysilicon prices at which orders have been delivered from the previous Thursday to this Wednesday and have been signed recently. We track mainstream prices and provide feedback for the industry. Therefore, changes and future price trend will gradually emerge during periods of higher order volume. Prices for sporadic orders are to be heeded.
 

Wafer

In September, overall mono-Si wafer production volume may rise from a month earlier, despite advert impacts of the earthquake and power rationing. The addition will be more evident in the latter part of the month. However, 210mm wafers see limited growth of supply, while 182mm wafer supply increases faster and faster. 

Prices keep declining for non-a-grade 182mm wafers but stabilize temporarily for a-grade ones until. In October, the differentiation between prices for a-grade and non-a-grade 182mm wafers will intensify.  

On September 8, leading wafer manufacturer Zhonghuang raised pricings for p-type 210mm-150μm wafers to RMB 10.06/piece and will post pricings based on 150μm of thickness rather than 155μm ever since. To date, the high-price range of 210mm wafer trading prices rise to approach Zhonghuang’s pricings, but whether average prices will successfully advance requires further observation of the market. 
 

Cell

Cell prices stay elevated. In September, demand from the module sector sustain, underpinning cell prices. Some Tier-1 module makers post 0.5-1 GW of cell demand for each supplier. 

Cell trading prices sustain this week, sitting at RMB 1.29-1.3/W, RMB 1.2-1.31/W, and RMB 1.3/W for M6, M10, and G12 cells. 

An increasing volume of 182mm cells are traded at RMB 1.31/W within the high-price range. Some manufacturers purportedly offer RMB 1.32/W of price quotes. For 210mm cells, prices pick up marginally in dollar terms amid short supply. 
 

Module

Glass-glass modules rated beyond 500 W are delivered at RMB 1.98-2.01/W this week, with RMB 0.01-0.03/W of price difference with glass-backsheet ones. In China, as projects have no choice but to take deliveries, module prices are little changed and may only fall to RMB 1.95-1.98/W by Q4.

Note that some module makers have started cutting prices to grab market share. The market even heard RMB 1.9/W of price quotes amid intense price war in Q4. 

In overseas markets, prices slip in September, largely due to waning demand and exchange rate fluctuations. Projects for Q4 mull on delays. Overall, module prices decline marginally in overseas markets, coming in at USD 0.25-0.275/W. Australia and Japan see module prices stepping down to sit at USD 0.275/W and USD 0.265-0.27/W, respectively. 

In Europe, inventories are sold at prices as low as USD 0.25/W on the distribution market. Average prices stay at USD 0.27-0.275. 
 

N-type cell and module

The market has yet to see many price quotes for n-type products. This week, prices remain at last week’s level. We will decide whether we should post the spot price of G12 HJT products in the fourth quarter of the year, considering mass production activities of all manufacturers.

N-type cells are mainly purchased for in-house capacities, with few external sales. Prices sustain at RMB 1.45-1.55/W for M6 HJT cells and sit at RMB 1.4-1.45/W for M10 and G12 TOPCon cells.

Module prices temporarily sustain this week, coming in at RMB 2.07-2.2/W for M6 HJT modules, and USD 0.29-0.33/W in overseas markets. 

M10 and G12 TOPCon module prices stay where they were last week, at RMB 2.07-2.12/W for monofacial ones, RMB 2.1-2.15/W for bifacial ones, and around USD 0.28-0.31/W in overseas markets.