Category
Author InfoLink
Updated April 06, 2022

Polysilicon

The polysilicon sector is still bustling with negotiations and purchases. Overall, prices for mono-grade polysilicon rise to RMB 242-247/kg. Average prices increase to RMB 245/kg, with mild upward momentum. Prices for recycled polysilicon scrap sit slightly higher, and other polysilicon slightly lower.

As polysilicon consumptions of ingot manufacturers vary, polysilicon costs will see small differences.

Polysilicon manufacturers recently scheduled line inspections, of which concrete impacts on production volumes need more time to assess. Still, losses resulting from line inspections are unneglectable for the already slothful growth of effective supply volume.

In April, supply-demand relationship has yet to improve between the polysilicon sector and the ingot segment. 
 

Wafer

Faced with intensifying pandemic, Chinese local authorities step up regulations, stoking logistical challenges and dragging down efficiencies. As locations of ingot facilities are relatively concentrated, uncertainty looms over delivery schedules, taking a toll on wafer manufacturers.

After Longi released new pricings on March 25, Zhonghuan followed suit on April 2 with a comprehensive upward revision. Prices for 166mm wafers with a thickness of 160um format rose to RMB 5.64/piece, and to RMB 6.79/piece, RMB 9.05/piece for the 182mm / 160μm format and the 210mm / 160μm format, respectively. Each format sees 2-3% of increases.

Whether cell manufacturers can absorb or pass on the increased wafer costs and the outlook for downstream and end user demand remain obscured, as of the beginning of this month.

Prices for mono-Si wafers have been on the rise since the beginning of 2022.

Presently, the 182mm / 165μm format has seen price quote as high as RMB 6.85/piece, meaning that current prices have exceeded the RMB 6.81/W peak in October 2021. Downstream acceptance requires further observation.
 

Cell

Cell prices are poised to rise this week, as leading wafer manufacturers raised official pricings in April. For new, cell price quotes advanced to RMB 1.1-1.12/W for M6 cells, RMB 1.15-1.16/W, for M10 cells, and RMB 1.16-1.17/W for G12 cells. Still, actual trading prices hinge on acceptance of the module sectors. Average prices sit at RMB 1.09-1.1/W, RMB 1.145-1.15/W, and RMB 1.15-1.16/W for M6, M10, and G12 cells, respectively.

M6 cell prices can hardly inch further this week, for smaller formats are now special specs, of which demand has waned. The mainstream M10 cells see prices gain, sitting at RMB 1.14-1.15/W this week, as module makers keep fair utilization rates, underpinning the demand. Presently, some rush orders are delivered at RMB 1.15/W.

In accordance with rising production costs, price quotes for G12 cells are expected to reach beyond RMB 1.16/W this week. Overall, cell prices stay elevated, with buyers and sellers remaining in a stand-off. 

Multi-Si cell prices sustain at last week’s level amid lower demand this week, sitting at RMB 3.65-3.8/piece and USD 0.52-0.54/piece in overseas markets.
 

Module

The pandemic wears on in China after the Chinese Qingming Festival, hitting hard on logistics in recent terms. Module makers still buy raw materials actively, in fear that supply will be disrupted in the future.

For now, some makers have seen glass and junction box shortages. BoM prices increase accordingly. 

With logistic bottlenecks, it is difficult for end users to access modules.

Prices are still on the upward trend, with both high-price and low-price range marginally increasing this week.

Still, average prices stabilize, as projects are mostly suspended. 

In April, demand looks gloomy in the high-price environment. Distributed projects see prices for large format glass-backsheet modules coming in at RMB 1.87-1.94/W, and utility-scale projects at RMB 1.83-1.86/W. Glass-backsheet modules rated beyond 500 W and their glass-glass counterparts see RMB 0.02-0.04/W of differences in mainstream prices.

In Europe, delivering prices mildly increase. Glass-backsheet modules rated beyond 500 W are delivered at USD 0.27-0.275/W this month, whilst spot prices come in at RMB 0.275-0.28/W. For residential distributed projects, prices stand at USD 0.28-0.29/W. 

The Asia-Pacific region sees module prices stabilize for the time being, sitting at USD 0.26-0.266/W for glass-backsheet modules rated beyond 500 W. Price quotes may reach USD 0.27/W. In Australia, module prices sit at USD 0.275-0.29/W.

Prices in the U.S. have yet to see any change for the time being. Modules from Southeast Asia are exported to the U.S. at around USD 0.32-0.34/W (FOB). Local selling prices may be higher, as uncertainty emerges over delivery for U.S. orders in April, right after U.S. commerce launched anti-circumvention investigation. For now, small-scale manufacturers are still delivering some orders, but subsequent orders have been suspended. In the future, Southeast Asia-based manufacturers will turn these orders to other regions, such as Europe and Canada. U.S. demand is expected to be weak until preliminary result of anti-circumvention unveils.

N-type cell and module

From April onward, InfoLink will update prices for n-type products in the weekly price summary, as the market starts to see quotations for n-type products, although it has yet to become mainstream. 

Presently, prices for M6 HJT cells sit at around RMB 1.25-1.35/W. M10 and G12 TOPCon cells have not seen much trading by far, with prices sitting at RMB 1.2-1.25/W for the time being. 

Chinese tender market starts to see n-type modules, with only price quote negotiations and no bulk delivery yet. Prices for M6 HJT modules sit at RMB 2.05-2.1/W for the time being and see USD 0.04-0.06/W of price differences, as compared to M6 PERC modules in overseas markets.

M10 and G12 TOPCon module prices come in at RMB 1.92-2.03/W, with USD 0.01-0.025/W of price differences, as compared to M10 and G12 PERC modules in overseas markets.