The decline in PV module prices has not stopped, driving the middle and upstream supply chains to continue to decline

With the two major market exhibitions in India and the United States, the demand for photovoltaic markets has been as cold as in August
.
However, in order to win orders from manufacturers at the exhibition, module prices fell rapidly
.
The Indian market, which is known for its low prices, continues to demand lower quotations, and the average price of cells and modules has reached new lows
.
The US market, which was originally affected by the double reverse tax rate and had a higher spot price, also fell significantly due to the fierce competition of manufacturers and the maturity of overseas zero-rated production capacity
.

Downstream prices are frequently lost, but also drive the middle and upstream prices to continue to fall, China polysilicon due to low trading volume, price chaos, rumored to have a transaction price lower than RMB100/kg
.
The decline in prices in the Chinese market has also implicated the decline in the price of materials in the non-Chinese market, and the subsequent price of polysilicon still has a short decline
.

Multicrystalline wafers are the most significant segment of recent price
declines.
Although the operating rate of China's first- and second-tier factories has dropped to around 50%, and it is planned to resume operation after the November holiday, the transaction price continues to fall while the inventory is still sufficient to meet market demand
.
Monocrystalline silicon wafers are still a segment with weak demand in the near future, and it is difficult to stimulate demand even if the price is reduced, and the price has stagnated
slightly recently.
At present, it maintains the level of
RMB5~5.
1/pc in China and US$0.
66~0.
69/pc in Taiwan.

From the perspective of negative gross profit, cells are currently the deepest decline.

Although demand has gradually shown signs of warming up around the Mid-Autumn Festival, it coincides with the settlement of the third quarter of the financial report, and manufacturers are still reporting new low prices
in order to clear inventory.
At present, the price of batteries in mainland China has slowed down at RMB1.
5~1.
55/W, and Taiwan is lower than the order of US$0.
195/W
.
After the price has fallen below the cash cost for a long time, there is little difference between manufacturers receiving orders and not receiving orders, and may even do more losses, so the subsequent cell decline will begin to converge.

At present, in addition to some manufacturers only taking larger area batteries (156.
75*156.
75) with five-gate lines in the future, there are also manufacturers of conventional batteries that require a conversion efficiency of more than 18.
4%, prompting battery factories to try to carry out another wave of efficiency improvement
.

In terms of modules, the spot price of China's domestic demand modules has fallen to RMB2.
95~3.
1/W, which is equivalent to about US$0.
39/W, and the United States has fallen by more than 25% since the beginning of the year, and the average price of the Japanese and European markets has also fallen rapidly, making the average module price in the near future have fallen
significantly.