European Photovoltaic Modules and Cells Decline Domestic Polysilicon Prices Rise

The prices of downstream PV modules and solar panels continued to decline, and the decline in wafers and high-purity polysilicon narrowed. As the peak season for PV installation is approaching and the demand in the PV market has weakened, the price of PV modules and the decline of solar cells in the downstream this week have fallen the most in the industry chain. However, the sales prices of components of some large companies have remained at a relatively high level. The gap between the average market price continues to widen. Upstream polysilicon and wafer manufacturers have begun to implement inventory control, and the corresponding spot prices have only fallen slightly.

Photovoltaic installations represented by Germany plan to further reduce the on-grid tariff subsidies, and the market demand will be significantly reduced. The development opportunities for component suppliers next year will be mainly in emerging developing countries.

The decline in the spot price of photovoltaic products has slowed down, and carbon emissions trading will promote solar energy demand. This week, the spot price of solar energy polysilicon, silicon wafers and batteries are still showing the trend of decline, but except for polysilicon, the rest of the decline has slowed down. The carbon emissions trading system that has been widely discussed in the past has recently regained the attention of many regions in the world. In addition to Europe has established a relatively mature trading platform, Australia’s recently passed Clean Energy Act plans to implement carbon emissions trading by 2015. China also announced that it will start a trial of carbon emissions trading. Traditional thermal power generation will decline, and new energy generation including photovoltaics will benefit.

Polysilicon prices continue to rise, and domestic polysilicon start-up companies have fallen to less than four, and the Ministry of Industry and Information Technology will promote the integration of the polysilicon industry. This week, Sichuan Xinguang Silicon and Wanzhou Daquan announced the suspension of technical transformation or overhaul at the same time, which reduced the number of domestic polysilicon start-up companies to less than four. On the basis of preliminary investigations, the Ministry of Industry and Information Technology and other ministries have initially formed the idea of ​​promoting the development of the polysilicon industry, which promotes the integration of the polysilicon industry and encourages the merger and reorganization of small and medium-sized enterprises. The polysilicon companies that have passed the industrial access review in the Ministry of Industry and Information Technology are expected to become this. Secondary industry integration subject. This week, the domestic polysilicon mainstream quoted price rose to 200 yuan per kilogram, the highest rose to 240 yuan per kilogram, the mainstream transaction price of 210 yuan per kilogram, in addition to the polysilicon prices rose significantly, the silicon, battery, components and other links did not price obvious change.

In addition to the slight decrease in the average price of imported polysilicon this week, domestic polysilicon prices rose by more than 4% in the previous week. Meanwhile, prices of domestic wafers, solar cells, and components also began to stabilize. With the end of the early stage of SMEs throwing goods, companies have again limited production, the market supply will remain at a reasonable level, we expect the price of photovoltaic products in the near future is expected to have a full callback. The Ministry of Industry and Information Technology encourages large companies to adopt mergers and reorganizations of SMEs, and will also promote the sound development of the polysilicon industry. GCL-Poly released its polysilicon cost at the end of September to US$20.8/kg last Thursday. We believe that the leading companies represented by GCL-Poly will be able to use scale advantages to reduce costs, and the advantages of leading companies will further expand. . Considering that the PV industry will accept the test of subsidy reduction in the first quarter of next year, we still recommend investors to be cautious when selecting stocks, and continue to pay attention to companies with good cash flow and cost leadership.

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