1. EnergyTrend 12/14/2011
EnergyTrend: China and U.S. Solar Trade War Begins, Taiwanese Vendors to Benefit
As the US has launched an anti-dumping investigation of China’s solar products, the Chinese PV
industry is taking steps towards self-preservation – Taiwanese vendors will reap the benefits of
these measures, and will likely see increased sales.
According to statistics from EnergyTrend, a research division of TrendForce, module products from
China account for over 50% of the U.S. market. The remainder comes from Japan, Korea, and Europe,
and these countries will benefit once the anti-dumping investigation is approved. However, the
benefit to Taiwanese PV module makers will be minimal, as they are limited by production scale as
well as brand image. Furthermore, as solar cells, mainly produced in China, Europe, and Taiwan,
account for 10% of solar products imported to the U.S., once countervailing duties are imposed on
Chinese products, Taiwanese PV cell makers will benefit either from transferred or direct orders.
www.trendforce.com

2. EnergyTrend 12/14/2011
EnergyTrend: China and U.S. Solar Trade War Begins, Taiwanese Vendors to Benefit
According to EnergyTrend, recently Chinese vendors have sought out Taiwanese vendors for
cooperation; for instance, top-tier Chinese vendors have already begun preliminary negotiations
regarding solar cell and module ODM / OEM. However, EnergyTrend indicates that as price offers
have remained relatively low, Taiwanese vendors are not yet eager to accept orders.
Though transferred orders may bring out more positive market expectations, Taiwanese wafer
and cell makers revenue performance varied, according to the latest financial results released in
November. Affected by the persisting price downtrend and stagnant demand, a number of
companies underwent huge setbacks in their revenues. However, certain companies’ revenue
increased due to increased OEM orders, resale of raw material and inventory digestion.
www.trendforce.com

3. EnergyTrend 12/14/2011
EnergyTrend: China and U.S. Solar Trade War Begins, Taiwanese Vendors to Benefit
As for the outlook in December, many manufacturers’ shipments will continue to fall, which is attributed to
their strategies of deliberately accepting select clients’ orders to maintain prices. In addition, the solar
market remains in a slump and the small amount of year-end rush orders are already in place. Therefore,
based on the low utilization rate at present, despite the minor revenue contribution brought about by
certain manufacturers’ inventory digestion and the long-term partnerships on material supply, the
contribution of wafer and cell production can bring to the total revenues is limited. Moreover, in response
to the conservative trend that dominated the solar market, many manufacturers have begun optimizing
manufacturing process and seeking to join forces with upstream and downstream players, in the hope of
spurring growth in 2012.
www.trendforce.com

4. EnergyTrend 12/14/2011
EnergyTrend: China and U.S. Solar Trade War Begins, Taiwanese Vendors to Benefit
Compared to October revenues, Solartech Energy’s November revenue suffered the biggest downturn, fell by
46.3%, while November revenues of Motech, Sino-American Silicon Products and Gintech dipped by 33.8%,
32.9% and 10.2%, respectively. Green Energy Technology’s November revenue increased 15.4% MoM, and Neo
Solar Power’s remained similar to its October revenue.
As for this week’s spot prices, polysilicon, Si wafer, and solar cell price all remain on a downtrend, but the price
decline has slowed. As for spot market prices, lowest polysilicon price fell to US$20/kg, but transaction volume
was low. Polysilicon ASP fell to US$23.98/kg, a decrease of 2.36%. In terms of Si wafers, lowest multi-Si wafer
price remained at US$1.05/piece, while lowest mono-Si wafer price stayed at US$1.48/piece. This week’s multi-
Si wafer ASP fell to US$1.119/piece, a decrease of 1.06%, while mono-Si wafer ASP dropped to US$1.570/piece,
a 0.95% decrease. As for solar cells, this week’s prices show signs of a stabilization, with lowest solar cell price at
US$0.47/Watt, while ASP was $0.511/Watt, a 0% decrease. In terms of modules, lowest PV module price was
approximately US$0.7/Watt, while ASP fell by 2.27% to US$0.861/Watt. Furthermore, affected by the module
price decrease, thin film ASP fell as well, by 1.07% to US$0.829.
www.trendforce.com