[Data] In-depth analysis of the recent global polysilicon market situation

Abstract According to the latest statistics from the customs, China's polysilicon imports decreased to 8,680 tons in October 2016, a slight decrease of 2.2% from the previous month and an increase of 15.6% from the same period last year. As of October 2016, the cumulative import volume reached 112,216 tons, a year-on-year...
According to the latest statistics from the customs, China's polysilicon imports decreased to 8,680 tons in October 2016, a slight decrease of 2.2% from the previous month and an increase of 15.6% from the same period last year. As of October 2016, the cumulative import volume reached 112,216 tons, a substantial increase of 16.4% year-on-year, and the monthly average import volume was 11,222 tons. The import of polysilicon customs in October has the following four characteristics:
First, the proportion of imports from South Korea has reached a record high. In October 2016, imports from South Korea increased to 5,112 tons, a substantial increase of 47.9% from the previous month, and the proportion of total imports reached an unprecedented 58.9%, re-leading to the largest source of imports. The sharp drop in imports in September was mainly due to the extremely low market demand in the whole market, which led to a simultaneous decline in domestic and international demand. In October, when downstream demand recovered slightly, imports from South Korea resumed the highest import volume in the first 10 months. Accumulated imports of 545,81 tons, accounting for 48.6% of the total total imports, still ranked first in the import volume.
Second, imports from Germany plummeted. In October, the import of polysilicon from Germany was 2,328 tons, accounting for 26.8% of the total imports, a decrease of 37.0% from the previous month. Imports from Germany fell sharply in October after reaching the top of imports in September, mainly because imports from Germany were farther than other regions, and customs statistics would be delayed by about a month, so imports from Germany in October were imported. Customs data actually refers to imports from Germany in September, and September is the period of extremely low demand, so it can be understood from the sudden drop in imports from Germany.
Third, imports from the United States under the “freehold warehousing” accounted for absolute dominance. In October, the amount of imported polysilicon in the United States was 289 tons, an increase of 14.2% from the previous month, of which imports accounted for 83.3% of the processing trade, and 100% of the processing trade imports entered through the “freehold warehousing”. From January to October, the total import volume from the United States was 3,488 tons, and the proportion of imports by processing trade was 90.3%, of which 93.8% was entered through the “freehold warehousing” approach.
Fourth, the average monthly import price hit a record low. The average monthly import price in October fell to 13.63 US dollars / kg, down 16.0% from the previous month, a year-on-year decline of 21.5%. Mainly from the United States and South Korea, the monthly average price reached a record low, of which the average monthly price in the United States fell to 10.02 US dollars / kg, a significant drop of 74.5%, down 56.9%, the average monthly import price from South Korea fell to 12.13 US dollars / kg The chain fell by 17.8%, down 19.9% ​​year-on-year.
In October, the volume of polysilicon imports fell mainly due to the market downturn in September, and the import price was a record low. Since the customs import and delivery have a certain lag, the import price has not rebounded after the domestic market recovered in October.
Figure 1 Schematic diagram of polysilicon imports and average import prices from October 2015 to October 2016 Source: Customs
According to the country-specific import data, the total import volume in October was 8,680 tons, and 8014 tons of polysilicon were imported from South Korea, the United States, Germany and Taiwan, accounting for 92.3% of the total imports. In October, imports from South Korea were 5,112 tons, accounting for 58.9% of total imports; imports from the United States were 289 tons, accounting for 3.3% of total imports; imports from Germany were 2,328 tons, accounting for 26.8% of total imports; Imports from Taiwan were 285 tons, accounting for 3.3% of total imports; imports from other regions were 667 tons, accounting for 7.7% of the total.
Figure 2 Percentage of imports by region in October 2016 Source: Customs
The specific statistics by country are as follows:
Korea:
In October 2016, the amount of polysilicon imported from South Korea was 5,112 tons, a substantial increase of 47.9% from the previous month; the unit price of imports fell to 12.13 US dollars / kg, a decrease of 17.8%.
In the first ten months of 2016, the cumulative amount of polysilicon imported from South Korea was 54,581 tons, an increase of 32.4% over the same period of last year; the cumulative average import price was US$14.80/kg, down 11.9% year-on-year.
Figure 3 China's imports of polysilicon from South Korea data source: Customs
United States:
In October 2016, the amount of polysilicon imported from the United States was 289 tons, an increase of 14.2% from the previous month. In October, the unit price of imports fell sharply to US$10.02/kg, a decrease of 74.5% from the previous month.
In the first ten months of 2016, the cumulative amount of polysilicon imported from the United States was 3,488 tons, a decrease of 72.6% year-on-year; the cumulative average import price was 35.69 US dollars/kg, up 103.2% year-on-year.
Figure 4 China's imports of polysilicon from the United States data Source: Customs
Germany:
In October 2016, the amount of polysilicon imported from Germany was 2,328 tons, a decrease of 37.0% from the previous month. In October, the unit price of imports rose to US$17.22/kg, a month-on-month increase of 5.8%.
In the first ten months of 2016, the cumulative amount of polysilicon imported from Germany was 29,370 tons, an increase of 10.3% year-on-year; the cumulative average import price was US$16.04/kg, down 21.6% year-on-year.
Figure 5 China's imports of polysilicon from Germany Source: Customs
According to customs statistics, China's polysilicon exports in October 2016 were 165 tons, an increase of 37.5% from the previous month. The cumulative exports in January-October were 6,607 tons, an increase of 2.7%.
Table: China's polysilicon imports from 2015 to 2016 (unit: ton, US dollar / kg) Source: Customs

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