Daqo New Energy has reported a net loss of $345.2 million for 2024, from net income of $429.5 million in 2023. Revenue fell to $1.03 billion from $2.31 billion in 2023, mainly due to lower polysilicon average selling prices and reduced sales volume. It said its production volume reached 205,068 metric tons (MT) in 2024, up 3.7% year over year, with n-type material comprising 70% of output, up from 40% the previous year. The company plans a low utilization rate in 2025, targeting a production volume between 110,000 MT and 140,000 MT.
The China Nonferrous Metals Industry Association (CNMIA) said polysilicon prices remained stable this week, although new orders were limited. It said that n-type reprocessed material traded between CNY 39,000 ($5,350) and CNY 46,000 per ton at an average of CNY 41,700, while n-type granular silicon ranged from CNY 38,000 to CNY 41,000 per ton at an average of CNY 39,000. P-type polysilicon traded between CNY 32,000 and CNY 36,000 per ton, with an average price of CNY 34,000. The association noted that polysilicon production was largely reduced, with most producers operating at lower capacities; aside from one company in maintenance, operational rates showed no significant changes. It added that the 5/31 installation rush, spurred by domestic policy incentives, drove solar module spot prices up to CNY 0.65/W to CNY 0.70/W, with an expected rise to CNY 0.70/W to CNY 0.72/W in the coming weeks.
Canadian Solar Inc. (CSI) said its 2024 financial results revealed a 10.03% decline in revenue to CNY 46.161 billion and a 21.09% drop in net profit to CNY 2.291 billion. The company attributed the performance decline to challenging market conditions in the solar industry, where sharply decreased module prices squeezed profits, and to higher tariffs driven by geopolitical tensions and trade protectionism, which prompted CSI to write down inventory and older production assets. However, rapid growth in its energy storage business, with shipments rising 505.28% to 6.5 GWh, helped mitigate the impact, and the company expects storage shipments to increase to between 11 GWh and 13 GWh in 2025.
China National Petroleum Corp. (CNPC) has issued a tender for the procurement of 9.6 GW of solar modules for 2025. The tender includes modules based on 182mm or larger sizes and covers multiple technologies, including tunnel oxide passivated contact (TOPCon), back contact, and heterojunction (HJT) modules. The tender process is divided into six lots, with the bidding deadline set for March 19, 2025, at 9:00 a.m. (Beijing time).
