In the first half of 2024, over 172 GW of solar modules were auctioned in China, with Tongwei Solar, LONGi, Das Solar, GCL System Integration, JinkoSolar, and JA Solar emerging as the top bidders. This marks a significant shift in the solar PV market, driven by the rapid adoption of n-type modules and increased demand for higher power modules rated at 580W and above.
Companies Securing Tenders in H1 2024
Approximately 40 GW of module tenders disclosed specific suppliers and capacities. Key companies securing significant tenders included:
- Tongwei Solar
- LONGi
- Das Solar
- GCL System Integration
- JinkoSolar
Each of these companies secured over 3 GW. Other notable performers were JA Solar, Astronergy, DAH Solar, Yingli Solar, and Huansheng PV.
Additionally, 132 GW of framework agreements listed the winning companies but did not specify supply capacities. Trina Solar, JA Solar, JinkoSolar, Tongwei, LONGi, Risen Energy, Astronergy, Das Solar, GCL, Canadian Solar, and Yingli each secured more than ten bids.
Trina Solar led with 21 bids, followed by JA Solar with 20, JinkoSolar with 18, and Tongwei with 17.
Price Trends and Analysis
In June, the average bid price for n-type modules was 0.809 RMB/W, about 10% lower than at the start of the year. The lowest bid price has reached the 0.7X RMB/W range, reflecting intense market competition and narrowing profit margins.
- P-type Modules: Prices fell from 0.943 RMB/W in January to 0.79 RMB/W in June, a 16% drop.
- N-type Modules: Prices decreased from 0.901 RMB/W in January to 0.809 RMB/W in June, a 13% drop.
Recent Developments and Outlook
On July 2, China Resources New Energy (Xichang) announced the procurement of 288.2 MW of n-type 610W+ modules, to be supplied in Q4, with a low bid of 0.7535 RMB/W.
Recent large-scale bids by state-owned enterprises have seen prices drop below 0.75 RMB/W, indicating ongoing intense price competition.
Solarbe Consulting suggests that module production is declining due to limited domestic and international demand, indicating that prices may continue to fall. The future market will depend on how companies adapt and whether prices will stabilize or keep dropping.
