Featured in Outlook Obscured – 03-2025

Shaped by policy

Restraint from China’s biggest polysilicon producers slashed output during January but with hydropower prices falling, how long will voluntarily imposed factory utilization rates of less than 40% persist?

 The Global Polysilicon Marker (GPM) benchmark, which OPIS uses for non-Chinese polysilicon, was unchanged from Jan. 7 to Feb. 11 at $20.36/kg, or $0.046/W. Chinese module prices, excluding shipping, fell from $0.087/W to $0.084/W over the same period, according to the Chinese Module Marker (CMM) OPIS benchmark.Falling US-made module prices, affected by concern over high …

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