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

Key performance indicators of Tongwei, GCL Technology, Daqo New Energy and Xinte Energy in the first half of 2024

Top four polysilicon makers incur net losses in first half of 2024

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The polysilicon price crash in China left its mark on the earnings of the world’s four largest polysilicon manufacturers Tongwei, GCL Technology, Daqo New Energy and Xinte Energy in the first half of 2024.

Polysilicon EBITDA margins of OCI Malaysia, Wacker, Daqo and REC Silicon from Q2 2023 through Q2 2024

Margin of Chinese polysilicon maker Daqo crashes into deep red

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Non-Chinese competitors OCI Malaysia and Wacker left Daqo behind as their earnings benefitted from reduced costs and the increased spread to plummeting prices in China in the second quarter.

Polysilicon EBITDA margins of OCI Malaysia, Daqo, Wacker and REC Silicon from Q1 2023 through Q1 2024

Wacker is approaching the margin of Chinese competitor Daqo

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After the polysilicon price in China has fallen even below the cash costs of Daqo, its German competitor Wacker could soon outstrip the EBITDA margin of the Chinese polysilicon manufacturer.

Polysilicon EBITDA margins of OCI Malaysia, Daqo, Wacker and REC Silicon from Q4 2022 through Q4 2023

Polysilicon makers achieved mixed results in the fourth quarter

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The EBITDA margins of OCI Malaysia, Wacker and REC Silicon fell to a various extent and for different reasons. Only Chinese manufacturer Daqo New Energy was able to buck the trend.

Polysilicon EBITDA margins of Daqo, OCI, Wacker and REC Silicon from Q3 2022 through Q3 2023

Polysilicon makers Daqo and Wacker down to same margin level

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The polysilicon price crash in China drove the EBITDA margins both of Chinese low-cost producer Daqo New Energy and its German competitor Wacker down to less than 15% in the third quarter.

Polysilicon EBITDA margins of Daqo, OCI, Wacker and REC Silicon from Q2 2022 through Q2 2023

After polysilicon price crash: Daqo loses its margin lead to OCI

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The polysilicon price crash in China seriously impacted the earnings of Daqo in the second quarter. The Chinese manufacturer lost its lead to OCI, which benefited from the higher price of non-Chinese polysilicon.

Polysilicon EBITDA margins of Daqo, OCI, Wacker and REC Silicon from Q1 2022 through Q1 2023

Polysilicon margins have started to descend from their peak

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Weak demand and declining prices left first marks on the results of polysilicon manufacturers, such as Daqo, OCI and Wacker, in the first quarter; earnings have started to descend from their peak.

Polysilicon EBITDA margins of Daqo, OCI, Wacker and REC Silicon from Q4 2021 through Q4 2022

The time of sky-high polysilicon margins is drawing to a close

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2022 was another fat year for the polysilicon manufacturers Daqo, OCI and Wacker, but the fourth quarter will have been the last one with sky-high profit margins for a long time.

Polysilicon EBITDA margins of Daqo, Wacker, OCI and REC Silicon from Q3 2021 through Q3 2022

Asian polysilicon producers outperform western competition

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Chinese polysilicon manufacturer Daqo and OCI in Malaysia improved their operational performance in the third quarter, whereas western competitors Wacker and REC Silicon still suffered from high energy costs.

Polysilicon EBITDA margins of Daqo, Wacker, OCI and REC Silicon from Q2 2021 through Q2 2022

Daqo increases its lead with polysilicon EBITDA margin of 77%

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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.