The actual solar cell output in China in October was 60.58GW, including 38.04GW of PERC cells and 19.65Gw of Topcon cells. PECR cells accounted for 64.42%, down nearly 2.25 percentage points MoM, while Topcon cells accounted for 32.48%, higher than the previous month. The number of Topcon cell producers reached 31 in October, and may exceed 35 in November. PV cell production kept hitting a new high in October. Muted demand and high inventory added bearishness into PV industry chain in October, especially into solar cell sector whose supply extremely outweighed demand amid rising new capacity. Scheduled Topcon cell output may shrink after November.
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