The Zhitong Finance App learned that according to Antec statistics, silicon wafer prices continued to decline this week. Among them, the average transaction price of N-type G10L monocrystalline silicon wafers (182*183.75mm/130 μm) was 0.95 yuan/sheet, down 2.06% from week to week; the average transaction price for N-type G12R monocrystalline silicon wafers (182*210mm/130 μm) was 1.0 yuan/piece, down 0.99% from week to month; and the average transaction price for N-type G12 monocrystalline silicon wafers (210*210 mm/130 μm) was 1.1 yuan/sheet, down 1.79% from week to month. Cell prices were divided this week. Among them, the average transaction price of M10 cells was 0.29 yuan/W, the average transaction price of G12 cells was 0.30 yuan/W, the same as last week; the average transaction price of G12R cells was 0.303 yuan/W, a decrease of 0.65% from week to week.
The core of the weakening of silicon wafers this week is still “loose supply+insufficient demand acceptance”. Currently, the silicon wafer inventory in the industry is about 34 GW. Downstream battery manufacturers are mainly removing warehouses. New orders are being purchased to be rigid, silica stocks are high, cost side support expectations are weakening, and some manufacturers are actively making concessions to ensure shipment towards the end of the year. In November, silicon wafer production was stable, supply was not significantly reduced, demand was weak, and stocks were still accumulated.
The internal price gap widened in the battery sector this week: M10 was affected by weak domestic demand and a narrow shipping window, and the transaction price remained stable for the time being; G12R overseas phased orders came to an end, export support weakened, and forward prices began to decline; G12 benefited from centralized assembly and rapid delivery by component manufacturers at the end of the year, phased improvements in supply and demand, and the price resilience was strongest. The component side declined steadily this week. TopCon delivered 0.65 to 0.71 yuan/W in a centralized manner, distributed 0.68 to 0.76 yuan/W. The company exchanged price for volume and accelerated repayment, further suppressing the space for price increases in the middle and upper reaches.
Aftermarket judgment
Silicon wafers: Short-term demand is unlikely to reverse. Downstream stocks are mainly replenished as needed. Price increases coexist with shipping pressure. Prices may continue to operate weakly. Considering that some specifications are close to the cost line, the downside space is relatively limited. Battery: The size differentiation will be more pronounced. If the M10 transaction falls below the 0.29 yuan/W mark, it may trigger a chain price adjustment; G12R price reduction expectations will gradually be realized; after the G12 rush to install in early December, the overall situation is mainly weak and stable.
