[SMM Analysis] N-type polysilicon inventory rises and prices for orders fell

In late March, a new round of polysilicon order signing begins. Different from last month, the price of N-type material, which has always been in short supply, began to fell in this round.

According to SMM, in the previous rounds of polysilicon order signing, N-type material inventory has always been in a relatively tight state, and tight shipments schedules from major manufacturers caused silicon material prices to remain high.

As the price of silicon wafers continued to fall in March, N-type silicon wafers were in losses even in terms of cash costs, and the pace of crystal pull-out plants slowed down. At the same time, some crystal pull-out plants stopped purchasing P-type materials and even cauliflower materials. The increase in usage ratio has led to a decrease in the demand for N-type silicon materials. Due to the increase in the supply of N-type silicon materials and the ramp-up of capacity newly put into production, N-type silicon material inventories have gradually begun to accumulate, which in turn led to the declines of silicon material prices.

At present, N-type silicon material quotations are as low as 68 yuan/kg, but it should be noted that these quotations are currently mainly concentrated in the quotations of second- and third-tier manufacturers. The top three companies kept prices firm at 72 yuan/kg.

SMM learned from the market that the current attitude of crystal pullers towards the current price reduction of silicon materials is relatively consistent, and believes that the decline in price will occur this week.