The China Nonferrous Metals Industry Association (CNMIA) says that polysilicon prices have fallen by more than 42% since November, when the raw material reached its highest price point.

It reports that prices for monocrystalline silicon currently range from CNY 148 ($21.50)/kg to CNY 182/kg, while polycrystalline silicon prices are between CNY 145/kg and CNY 177/kg. Compared to the peak registered in November, the average price of the raw material has fallen by more than 42%.

The CNINA said the decline was due to a slight demand reduction at the end of the year and the increasing capacity of the Chinese polysilicon industry. According to its estimations, China's domestic polysilicon capacity reached 1.2 million metric tons (MT) by the end of 2022. It estimates that the country's polysilicon capacity will hit 2.4 million MT by the end of 2023.