Weekly Review of Monocrystalline Silicon Wafers-Steady Shipment and Steady and Slightly Rising Prices (2023.7.20)

Prices of silicon wafers rose steadily and slightly

this week. The average transaction price of M10 monocrystalline silicon wafers (182 mm/150 μm) was 2.80 yuan/piece, and the average transaction price of N-type monocrystalline silicon wafers (182 mm/130 μm) was 2.88 yuan/piece, with a week-on-week increase of 0.35%; The average transaction price of G12 monocrystalline silicon wafers (210 mm/150 μm) was 3.75 yuan per piece, and the week-on-week ratio was flat. This week, the price of silicon wafers was mainly stable, while the price of N-type M10 silicon wafers rose slightly, mainly because the upstream and downstream game entered a balanced period. On

the supply side, the operating rate of first-line enterprises remained high, and some enterprises were affected by power rationing. Recently, the upstream raw material inventory has obvious signs of transfer to the downstream, in addition to normal production, each has additional stock, the overall procurement market began to be active. According to statistics, the output of silicon wafers in July is expected to be more than 47 GW, the incremental part mainly comes from the increase of enterprise operating rate and the release of new capacity climbing, and the reduction is mainly the part of output affected by power rationing. Overall, the incremental part is much larger than reduction part. On the

demand side, the price of batteries has risen again, and the components have been running steadily. On the battery side, the mainstream transaction price of M10 monocrystalline PERC cells rose to 0.74 yuan/W, an increase of 2.78% annually. At present, the overall shipment of cells is smooth. Component side, the mainstream transaction price is maintained at about 1.33 yuan/W, the recent impact of component companies shipment ranking, so the price competition is more intense. Overseas, European customers are on vacation from July to September, and terminals have a certain impact on component demand.

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 90% and 100%. Judging from the above situation, the supply and demand of silicon wafers are booming, and the inventory cycle is still within a reasonable range, so it is expected that the follow-up price will remain stable.