The spot price of solar-grade polysilicion, the main raw material for photovoltaic panels, tumbled for a sixth straight week, according to a survey by PV Insights.
Polysilicon dropped 4.1 percent to $24.70 a kilogram from the previous week, accelerating from a 2.1 percent decline over the previous seven days, the research company said on its website. Solar panels fell 1.7 percent to 87 U.S. cents a watt.
Spot prices for the material have fallen by two-thirds in the past year as makers such as GCL-Poly Energy Holdings Ltd. (3800) boosted output, surpassing demand for panels and creating a glut, according to London-based Bloomberg New Energy Finance.
Renewable Energy Corp ASA (REC), Europe’s second-biggest polysilicon producer, erased gains of as much as 5.9 percent before the pricing figures were published to trade 3.3 percent higher at 1:38 p.m. in Oslo.
Solar cells fell 1.1 percent to 46 U.S. cents a watt while 6-inch multicrystalline solar wafers slid 2 percent to $1.09.
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