PVinsights: Solar Prices Benefit from Weak Dollar

Multi-crystalline wafer prices stabilize after a long losing streak since last November due to elevated polysilicon prices and weak dollar. The recent RMB appreciation has successfully helped to stabilize multi-crystalline wafer prices, however, this temporarily price stabilization does not necessary mean that the supply and demand have eventually rebalance. In fact, the supply of multi-crystalline wafer remains sufficient in the market and not much of indications that market demand would surge strongly to outstrip the supply in the near term. Hence, the temporarily price stabilization is much be based on clam downstream prices, rising polysilicon prices, and recent RMB appreciation.


Multi-crystalline wafer prices stabilize after a long losing streak since last November due to elevated polysilicon prices and weak dollar. The recent RMB appreciation has successfully helped to stabilize multi-crystalline wafer prices, however, this temporarily price stabilization does not necessary mean that the supply and demand have eventually rebalance. In fact, the supply of multi-crystalline wafer remains sufficient in the market and not much of indications that market demand would surge strongly to outstrip the supply in the near term. Hence, the temporarily price stabilization is much be based on clam downstream prices, rising polysilicon prices, and recent RMB appreciation. On the other hand, mono-crystalline wafer remain on a mild ascension this week with persistent supply shortage. The supply shortage of mono-crystalline wafer continues to be the main reason behind the strength in mono-crystalline prices, but the scope could only be limited as restrained by the clam solar cell prices. The prices of mono-crystalline wafer continue to rise as supported by the solid demand and Yuan appreciation.

Both multi-crystalline and moo-crystalline cell prices stay clam this week. Although many solar cell makers intend to leverage production suspension during lunar New Year to increase price quotes in February, the demand does not seem to have obvious warm-up in the near term. Nevertheless, although solar cell prices in February has yet to settle down at this time and such attempts may reflect overly optimistic sentiments, it does help to sooth partial market fears regarding continuous downward price trend. Similarly, mono-crystalline cell prices also remain steady amid improving sentiment and RMB appreciation. In addition, since margin of solar cells has been squeezed at current price level, there is not much of room for solar cell prices to drop either under current circumstances. As the result, with stable solar panel prices and stronger Yuan, both multi-crystalline and mono-crystalline cell prices eventually stabilize this week.

Solar panel prices remain flat this week amid weak dollar. Recently, USD seems to be weakening against JPY, EUR and other currencies. Since solar panel price in Europe and Japan remain slightly pressured in regional currency, it means solar panel price are improved in USD term, because of EUR and JPY appreciation against USD. Meanwhile, with RMB appreciation and solid demand, solar panel price in China continues to stay firm and some even seen slight improvement. Similarly, solar panel price in India also stay flat thanks to weakening dollar and firm demand. On the other hand, solar panel prices in the US stay unchanged this week as the pace of pricing competition among module suppliers tempers and buyers strengthen their wait-and-see attitudes after the post-holiday return. As the result, overall solar panel prices stay immobile this week with the aid of weak dollar.

Polysilicon prices increase incrementally as it climbs towards its peak this week. In the Chinese market, the strong demand and RMB appreciation still grant Chinese manufacturers the opportunity to drive up the price, but scope is limited extent because the price nears saturation points. In overseas markets, the prices of polysilicon and shipment seem to remain stable, and even some overseas polysilicon suppliers intend to adjust their prices higher following the trend in Chinese market. Therefore, overall polysilicon price continue to improve slightly amid rising Chinese polysilicon prices and stronger RMB.

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