The results continue the downward trend in polysilicon manufacturers’ fortunes as the market faces oversupply, cutthroat competition and prices below the cost of production.
Daqo New Energy's polysilicon average selling price dropped from US$7.66/kg in Q1 2024 to US$5.12/kg in Q2 2024, while its average production cost sat at US$6.19/kg.
Major Chinese polysilicon producer Daqo New Energy saw both production and sales of polysilicon increase by around 50% in 2023 compared with 2022, whilst the dramatic drop in polysilicon prices slashed revenues from US$4.6 billion to US$2.3 billion over the same period.
Decreasing polysilicon average selling price (ASP) has reduced by a third China-based polysilicon manufacturer Daqo New Energy’s revenue in the third quarter of 2023.