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Updated November 21, 2019

Poly Price

Polysilicon for multi-Si wafers continued to sustain price decline this week, with its market price having come in at under RMB 60/kg. Despite low prices, trading volumes of polysilicon for multi-Si wafers were low due largely to either previous orders are still being filled or price adjustment being made to these orders. Negotiations on polysilicon orders for December will take place next week, intensifying the talk about polysilicon prices.
 
Polysilicon supply has begun to improve after cast mono makers either reduced their utilization rates or shutdown, and as polysilicon makers undergoing maintenance are resuming production one after another, the overall volume of polysilicon produced is slightly higher than what it was in October. Yet, because polysilicon stock remains at the acceptable level, there will not be much adjustment made to polysilicon prices and many buyers are biding their time. So, polysilicon prices for multi-Si wafer could further decline in the weeks ahead.
 
Polysilicon prices for mono-Si wafer hovered at RMB 74/kg this week as the production volume of polysilicon for mono-Si wafers was growing and the downstream demand for this material remained stable. However, polysilicon prices for mono-Si wafer have weakened a bit among some producers, largely because the recent decrease in the polysilicon price for multi-Si wafers helped narrow the price gap between both materials. Overseas polysilicon prices, despite being subject to Chinese ones, remained consistent this week with their previous levels because of exchange-rate variations.
 

Wafer Price

Prices for multi-Si wafer continued to decline this week, arriving at RMB 1.73–1.79/piece, although the price decline eased off for some multi-Si wafers. Concerns over selling multi-Si wafers at bargain prices are subsiding, although a handful of low-priced ones keep disrupting the market.

Future demand for multi-Si products, which is forecast to be weak, has exerted considerable pressure on multi-Si supply chain. The multi-Si wafer price still shows a downward trend as the multi-Si cell inventory is difficult to thin down. Hit by  decreased multi-Si wafer prices in China, the overseas multi-Si wafer price was down to USD 0.23–0.233/piece this week.
 
The price for mono-Si wafers did not show much change this week, staying at RMB 2.95–3.06/piece. Zhonghuan Solar and Longi are going to publish their list prices for mono-Si wafers for the next month; this would have a crucial influence on polysilicon and wafer markets. Other producers maintained their mono-Si wafer prices at the previous week’s levels.
 

Cell Price

Negotiations on the price for mono PERC cells for December will take place next week. Cell makers are likely to raise their price
 
With the bargain sale of multi-Si cells getting under way, this week’s market price for such cells came in at RMB 3–3.05/piece or around RMB 0.65/W. This price range hovers below the break-even point for many producers. So, there would be more multi-Si cell production lines either reverting to mono-Si cells or slowing down production in December.
 
The depressed price of multi-Si cells kept hitting their prices for overseas markets. The overseas market price for such cells declined to USD 0.08–0.86/W this week, not least because the price at which Indian module makers are willing to pay for the cells was still falling. As the multi-Si cell price declined in China, it soon underwent a corresponding change in the regions outside China, having dropped to around USD 0.1/W in Southeast Asia.
 
Negotiations on the price for mono PERC cells for December will take place next week. Cell makers are likely to raise their price quotes somewhat on mono PERC cells because demand for such cells remains stable. The actual capacity of mono PERC cells dealt depends on the level of module demand throughout December.
 

Module Price

The solar PV projects recently allocated through auctions in China reflects that multi-Si modules continued to sustain price decline this week, with their market price coming in at RMB 1.58–1.65/W and trending downward. Having declined in China, the multi-Si module price showed a downward trend overseas, too.
 
Mono PERC module prices were relatively stable in China this week. For overseas markets, the price is subject to the pessimistic sentiment over Q4, a bustling period haunted by stagnant demand; therefore, module producers are aggressively outdoing each other by offering lower price quotes for the first half of 2020.
 

PV Glass Price

Having received quite a few orders, PV glass makers are experiencing a minor shortage. Moreover, natural gas has achieved small price increase in some regions in China. All this means that PV glass prices would go up next month. Yet, as module makers face intense end-market expectation for price decrease and may encounter low demand in Q1 2020, next week’s negotiations on PV glass prices could see lots of bargaining.