Polysilicon prices fall to an annual low due to oversupply in China
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According to solar photovoltaic (PV) research firm PVinsights on Monday, the average transaction price of polysilicon for solar PV reached $10.96 per kilogram in the first 7 days of June, down 18.8 percent from the same period a week ago. It is the lowest level in the year after peaking at $28.8 per kilogram in the second week of February.
The decline is significant even when comparing it with other elements of the solar value chain, such as wafers that declined 5.7 percent, cells 4 percent, and modules 1.7 percent during the same period.
The price of PV polysilicon soared to $38.3 per kilogram in August last year before plummeting to the range of $10 per kilogram in January this year. It rebounded to a peak of $28.76 per kilogram in the second week of February but fell for 17 consecutive weeks until the first week of June.
Analysts note that the decline in polysilicon prices is attributable to oversupply.
Inventory has soared to a month’s worth of production at many companies as Chinese polysilicon manufacturers undergo large-scale expansion. China’s polysilicon production is expected to exceed global module demand this year.
According to Mirae Asset Securities Co., China’s polysilicon production is estimated at 1.25 million tons this year, which exceeds the estimated global module demand of 320-350 gigawatts this year.
The decline in polysilicon prices has created mixed results for OCI Co., the country’s only polysilicon producer, and Hanwha Solutions Corp., producer of solar modules.
OCI is expected to take a hit following the fall in the sales price while Hanwha Solutions is likely to improve its profitability.
The value chain of the solar business begins from polysilicon to ingot, wafer, cell, and module. Lower polysilicon prices result in a lower operating profit for polysilicon manufacturers but cell and module producers are able to improve earnings on reduced cost.
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