China-based polysilicon manufacturer Xinte feels the price slump
Xinte Energy, the second-largest polysilicon manufacturer in China, has issued a profit warning. The company expects its profit for the first three quarters of 2019 to be between RMB330 million (US$48 million) and RMB290 million (US$42 million), 64% to 68% below the prior-year result of RMB910.86 million (US$139.73 million).
According to Xinte, the slashed profit “was mainly due to the significant fall of the sales price of polysilicon.” The company recorded an average sales price (excluding VAT) of RMB60.5 (US$8.81) per kg in the first three quarters of 2019, compared to RMB100.9 (US$15.48) per kg in the corresponding period in 2018.
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