News on Germany

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 Daqo, Wacker, OCI and REC Silicon from Q2 2021 through Q2 2022

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Chinese polysilicon manufacturer Daqo benefited from falling silicon metal prices in the second quarter, whereas high energy costs weighed on the results of western competitors Wacker and REC Silicon.

Polysilicon EBITDA margins of Daqo, Wacker, OCI and REC Silicon from Q1 2021 through Q1 2022

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While Chinese polysilicon manufacturer Daqo was able to stabilize its profit margin in the first quarter, non-Chinese competitors Wacker and OCI saw their earnings decline in the wake of rising costs.

Polysilicon EBITDA margins of Daqo, Wacker, OCI and REC Silicon from Q4 2020 through Q4 2021

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While polysilicon manufacturers Wacker and OCI successfully defied the spike of the silicon metal price in the fourth quarter, their Chinese competitor Daqo New Energy felt the impact in its earnings.

Polysilicon imports into China from 2017 through 2021

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After a steep drop in 2020, polysilicon imports into China recovered somewhat in 2021. According to Chinese customs statistics, imports grew to 114,203 metric tons, an increase of 13.3% year over year.

Polysilicon EBITDA margins of Daqo, Wacker, OCI and REC Silicon from Q3 2020 through Q3 2021

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Polysilicon manufacturers Daqo, Wacker and OCI compensate the price spike of silicon metal feedstock and still increase their high margins, driven by strong demand in the third quarter.

Polysilicon EBITDA margins of Daqo, OCI, Wacker and REC Silicon from Q2 2020 through Q2 2021

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While non-Chinese polysilicon manufacturers OCI and Wacker enjoy high margins, Xinjiang-based Daqo New Energy has already announced the next major expansion to 270,000 tons in China by the end of 2024.

Polysilicon EBITDA margins of Daqo, OCI, Wacker and REC Silicon from Q4 2019 through Q4 2020

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The strong rise of polysilicon prices since mid-2020 has led the results of non-Chinese manufacturers Wacker and OCI back into positive territory. EBITDA in the second half improved significantly.

Wacker’s integrated chemical factory in Burghausen, Bavaria

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Strongly reduced demand for solar-grade polysilicon due to the Covid-19 pandemic and lower prices have left their mark in the financial figures of Wacker and OCI for the second quarter.

Sales, EBITDA and Capex of Wacker’s polysilicon division in Q1 2020 versus Q4 2019 and Q1 2019

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In response to slumping demand for solar-grade polysilicon in the wake of the Covid-19 pandemic, chemicals group Wacker has reduced the utilization rate of its German polysilicon plants to 70%.

Polysilicon EBITDA margins of OCI, REC Silicon and Wacker from Q3 2018 through Q3 2019

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Polysilicon makers OCI, REC Silicon and Wacker all landed in red territory in the third quarter. Operating EBITDA margins ranged from -3.4% (OCI) to -9.3% (REC Silicon) to -13.3% (Wacker).