Weekly Review of Monocrystalline Silicon Wafers-Specialized Enterprises Are Eager to Try, Prices Decline Slightly

This week, the price of silicon wafers fell slightly, mainly due to the price adjustment of downstream batteries.

This week, the market price range converged, and there were basically no low-price orders in the market. The average transaction price of M10 monocrystalline silicon wafers (182 mm/150μm) dropped to 2.39 yuan/piece, and the week-on-week ratio was flat; the average transaction price of N-type monocrystalline silicon wafers (182 mm/130μm) dropped to 2.48 yuan/piece, and the week-on-week ratio decreased by 0.8%; The average transaction price of G12 monocrystalline silicon wafers (210 mm/150 μm) dropped to 3.34 yuan per piece, with a week-on-week decline of 0.3%. The slight decline in the price of some specifications of silicon wafers was mainly affected by the price adjustment of downstream cells. On

the supply side, the operating rate of specialized enterprises showed signs of recovery, and the inventory was cleared to a reasonable level. This week, integrated enterprises maintained more than 80% of the operating rate, and some specialized enterprises slightly increased the operating rate. Firstly, the silicon wafer link can flexibly adjust the characteristics of start-up load, so that the backlog inventory in the early stage can be quickly cleared to a reasonable level. Secondly, the price of raw materials has fallen rapidly, and the risk exposure of enterprises to bear the loss of falling prices is becoming smaller. Therefore, enterprises are eager to try, and enterprises still need to rationally plan capacity utilization rate to avoid the imbalance between supply and demand again. On the

demand side, battery prices continue to fall and components are relatively stable. On the battery side, the transaction price of M10 single crystal PERC battery dropped to 0.46 yuan/W, down 4.17% annually. At present, the operating situation of battery enterprises has not been significantly reduced, and the degree of differentiation of battery links is obvious recently. High-efficiency batteries represented by Topcon, HJT and BC batteries continue to squeeze the market share of low-efficiency PERC batteries, resulting in the narrowing of the market of low-efficiency batteries and accelerating the elimination of backward production capacity. On the component side, M10 single-sided single crystal PERC components are maintained at 1.08 yuan/W, and the demand for terminal installation is expected to erupt again at the end of recent years.

This week, the operating rate of the two first-line enterprises remained at 90% and 80%. The operating rate of integrated enterprises is maintained between 80% and 100%, while that of other enterprises is increased to between 60% and 80%. According to the statistics of Silicon Branch, the domestic production of silicon wafers decreased to 52.34 GW in October, a decrease of 14.11% compared with the previous month, of which the production of monocrystalline silicon wafers decreased to 52.14, and the production of polycrystalline silicon wafers remained at 0.2G W. Wafer output is expected to recover to between 53-55 GW in November. According to the production schedule of each enterprise, it is estimated that the output of silicon wafers in November will be between 53-55 GW, with a slight increase on a month-on-month basis. The increment mainly comes from the increase of start-up load of specialized enterprises and the release of climbing slope of Inner Mongolia projects.