imminent introduction of large-scale capacity in Q2 and Q3 will further strain polysilicon supply, especially considering that current prices are below manufacturers’ production costs

current inventory stands at approximately 190,000 to 220,000 tons

some manufacturers may opt to conduct maintenance in advance to mitigate profit pressures

wafer manufacturers are scaling back their production as anticipated, resulting in reduced purchasing demand for polysilicon

operating rates in the wafer sector have plummeted to below 50%

182N wafers constitute 66% of the total wafer inventory, while 210 (including 210R) accounts for 11%, and N-type 18X(R) faces even greater inventory pressure

cells are still at risk of price reduction

mainstream concluded price for

–182mm facial mono PERC module is RMB 0.86/W (12¢/W USD)

–210mm facial mono PERC module is priced at RMB 0.88/W

–182mm bifacial glass PERC module at RMB 0.88/W

–210mm bifacial glass PERC module at RMB 1.13/W (16¢/W USD)

With the likelihood of continued decreases in n-type cell prices, module manufacturers are increasingly inclined to lower their operating rates to mitigate the risk of decreased module value due to declining raw material prices



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