PVinsights: Sign of bear market rally on solar components

The prices of both multi-crystalline and mono-crystalline modules decline sequentially this week, while some regional module price drop is partially offset by the USD weakening. At this moment, major markets are entering traditional slow season, including China, India, and Japan. Although some Chinese solar players are still expecting the demand improvement in 2Q16, the current weakening demand forced solar panel price more clearly. Moreover, since solar demand in Japan and in India is also heading slow, this escalates the price pressure on solar panel.


The prices of both multi-crystalline and mono-crystalline modules decline sequentially this week, while some regional module price drop is partially offset by the USD weakening. At this moment, major markets are entering traditional slow season, including China, India, and Japan. Although some Chinese solar players are still expecting the demand improvement in 2Q16, the current weakening demand forced solar panel price more clearly. Moreover, since solar demand in Japan and in India is also heading slow, this escalates the price pressure on solar panel. Moreover, major Chinese solar panel makers are doing the price competition in the US and Europe through their trade friendly capacity. On the other hand, the demand of mono-crystalline module has improved steadily in China, yet the price still remains in a downtrend, due to the strategic pricing competition which leads by some of the leading makers. As a result, the module price decreases continuously but more tenderly this week.

Multi-crystalline cell price intensifies the price downtrend this week, as overall demand becomes more uncertain. At this moment, major solar cell suppliers have seen the clear signal of the demand slow down. Under the order decreasing, the pricing competition become more intense globally, as 2nd tier players offer lower price to secure the orders, and then major multi-crystalline cell makers follow to decrease their price quotes accordingly. As for mono-crystalline cell, since Chinese mono-crystalline cell buyers still place the solid orders, the demand keep steady improving, With the steady demand improvement, the price of mono-crystalline cell remains steady, even though multi-crystalline cell price head south more severely this week.

Multi-crystalline wafer price falls limitedly this week, since the demand turned weak more slightly than the downstream. As the downstream demand turnz slower, the price of multi-crystalline wafer also being pressured. Nevertheless, the production utilization rates of downstream solar cell manufacturers remain at high level currently, so the orders on multi-crystalline wafer still remain at certain level without drastic drop. On the other hand, mono-crystalline wafer price increases this week, due to the production curtailment by one major Chinese manufacturer. However, the demand of mono-crystalline products is still increasing recently. Under the increasing demand and the short term production reduction, the current shortage makes the price rising on mono-crystalline wafer.

Poly-silicon price continues to rise this week, as Chinese and non-Chinese poly-silicon makers adjust their price quotes upwards successfully. After the announcement of production curtailment from REC silicon, poly-silicon price has increased with noticeable increment in the past few weeks. Under the current price level, major Chinese poly-silicon maker think it is difficult to raise the price quote further, as the end-market demand slows down.

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