News on China

News on suppliers, market trends and technology innovations in polysilicon and wafer production is selected, assessed and written for you by Bernreuter Research.

Polysilicon EBITDA margins of OCI TerraSus, Wacker and Daqo New Energy from Q3 2025 through Q3 2026

Polysilicon margins improve across the board in third quarter

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While market conditions held Chinese Daqo New Energy and Germany-based Wacker back to some degree, Malaysian manufacturer OCI TerraSus built on its good performance from the second quarter.

A heap of polysilicon chunks

Why polysilicon futures trade much lower than the spot price

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Since China’s market regulator threatened measures against dumping, the settlement price of the polysilicon futures main contract has fallen significantly below the spot price. What is the reason for this gap?

Trend of China’s PV installations from Q3 2025 through Q3 2026 year over year and versus 2023/2024

Solar installations in China start to recover from the low point

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The third quarter was the first with a positive growth rate since Chinese PV installations crashed in mid-2025. An annual volume of 200 GWAC is possible in 2026.

 

Polysilicon EBITDA margins of Wacker, OCI TerraSus and Daqo New Energy from Q2 2025 through Q2 2026

Weak demand still weighed on polysilicon makers’ results in Q2

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Daqo New Energy and Wacker struggled with the market conditions in and outside China. By contrast, Malaysian competitor OCI TerraSus announced a doubling of its production capacity by 2029.

Solar market prices, minimum import prices (MIPs) and production costs in the USA

US Section 232 solar import hurdles: Well meant, not well done

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There are good reasons for protecting domestic PV production against price dumping. However, the new US minimum import prices under Section 232 of the Trade Expansion Act raise questions.

Trend of China’s PV installations from Q3 2025 through Q2 2026 year over year and versus 2023/2024

Solar demand in China slightly recovers after slump in spring

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A very weak second quarter interrupted the previous trend of recovery in Chinese PV installations. In June, however, a silver lining appeared on the horizon.

 

Polysilicon EBITDA margins of Wacker, OCI TerraSus and Daqo New Energy from Q1 2025 through Q1 2026

Daqo’s sales crash as the polysilicon price falls below costs

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The collapsing sales of Daqo New Energy in the first quarter shine a spotlight on the oversupply dilemma of the Chinese polysilicon industry. Non-Chinese competitors OCI and Wacker are better off.

Trend of China’s PV installations from Q3 2025 through Q1 2026 year over year and versus 2023/2024

Hidden positive trend behind the weak solar demand in China

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Pessimistic views on China’s solar market development in 2026 are distorted by the anomaly of the exorbitant installation rally in 2025. A comparison with the installations in 2024 provides a better picture.

Polysilicon EBITDA margins of Wacker, OCI TerraSus and Daqo New Energy from Q4 2024 through Q4 2025

US trade case to make or break Wacker’s solar polysilicon unit

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The German manufacturer’s solar-grade polysilicon business hinges upon the outcome of the U.S. Section 232 investigation. Competitor OCI is more confident after a positive EBITDA in the fourth quarter.

Qinghai Lihao Qingneng Co., Ltd., polysilicon plant, main building, Nanchuan Industrial Park, Xining Economic and Technological Development Zone, Qinghai Province, China

Tongwei’s acquisition of Lihao promotes a polysilicon oligopoly

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The plan of polysilicon market leader Tongwei to acquire Qinghai Lihao, the fifth largest manufacturer, has advantages for both parties; however, it weakens the foundations for a perfect market.

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