The depressed mono-crystalline PERC module prices continue to put a lid on any potential procurement at the current high pricing mono-crystalline PERC cell.

Polysilicon prices take another leg down, dropping slightly as rising production in major Chinese manufactures spur concerns that supplies are once again topping demand. Since demand remains sluggish, the diminish downstream performance provides no driving forces for prices to recovery. Furthermore, as Chinese polysilicon manufacturers such as YongXiang, GCL, Daqo, and TBEA, continues to expand their production capacities and low production utilization by some players with old facility are expected in 2Q19, the increasing supplies with low cost spur the speculation that prices would probably head down further. As a result, overall polysilicon prices decline incrementally as polysilicon prices in China witness downward corrections.

Multi-crystalline wafer prices sustain the downward this week, as the outlook remains subdued. While major Chinese multi-crystalline wafer suppliers have gradually cut their price quotes, the other suppliers have also seen pricing pressure building as downstream multi-crystalline product sectors are losing market share. On the other hand, the 2nd tier Chinese suppliers continue to head oversea drive mono-crystalline wafer prices down to enjoy the better price than in China this week. Since major Chinese wafer supplier is still offering the lowest prices without the further price reduction, overall prices drop slightly this week. Besides, some solar cell makers start to cut their mono-crystalline cell production utilization rates in effort to prevent from the serious oversupply so as to cut their mono-crystalline wafer procurements.

Multi-crystalline cell prices are poised to drop as major buyers continue to reduce procurement volume or cut prices. Oversupply nature leave competition fiercely as some solar cell makers engage in price reduction to secure the limited orders. Moreover, market sentiment keeps pessimism as demand has been disappointing since Chinese New Year holiday return. On the other hand, mono-crystalline PERC cell prices drop further as pressurized by elevated mono-crystalline PERC supply and the limited orders from major Chinese buyers. Moreover, the depressed mono-crystalline PERC module prices continue to put a lid on any potential procurement at the current high pricing mono-crystalline PERC cell.

Module prices keep stable or drop slightly on speculation that some 2nd tier module makers intensify pricing competition amid a darkening outlook for China demand. As the traditional hot seasons in India is over, the recent auctions for local PV projects in 2Q have witnessed noticeable decline as project developers leverage lower module pricing to win the auctions. In China, the recent released consultation documents by China NEA have seen the further policy delay and more and more Chinese module makers have expanded their market exposures to those trade friendly countries continuously since the demand recovery in China after lunar New Year are still weaker than anticipated. However, most Chinese module makers stop outsourcing their mono-PERC cell manufacturing so as to have the limited supply on mono-crystalline PERC cell, since they can not make profits amid the expensive cells taking all the profits. Besides, the limited oversea supply from Chinese suppliers leads solar panel prices in the US to be stable consecutively.