In July, the total production of solar cells by Chinese companies, both domestically and overseas, reached 58.68GW. The domestic production of solar cells was 55.93GW, including 10.78GW of P-type cells and 45.15GW of N-type cells, with N-type cells accounting for 80.73%. The production of N-type cells increased by about 5GW compared to the previous month, mainly driven by the production of Topcon cells. By manufacturer, the capacity of integrated producers increased significantly, while the capacity of specialized cell makers remained stable. However, from the supply and demand perspective, the transaction volume of cells in July saw a significant decline compared to June, leading to increased shipment pressure for cell makers, rising inventories, and corresponding price drops.
Looking ahead to August, cell orders are expected to continue to decline, but the scheduled production of major battery makers is still increasing, further exacerbating market inventory pressure. In August, the planned production of solar cells by Chinese companies, both domestically and overseas, is expected to be 58.54GW, with domestic production planned at 55.74GW, including 8.96GW of P-type cells and 46.78GW of N-type cells. As the supply of N-type cells expands while demand shrinks, prices may continue to decline.
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