Our coverage of the polysilicon price has long assumed that it would bottom out at the marginal cost of production, which we placed at around $5.5 per kg ($13.2 per kW solar). It has now fallen to $5.4 per kg, perhaps lower by the time you read this. At least temporarily the logic of competition has become more prominent than the profit motive – now we wait for the announcements of mothballed production lines and bankruptcies. A few years back the marginal cost was $7 per kilogram, but that was before the 2022-2023 wave of new facilities were built, also featuring incremental process optimizations which besides reducing cost also allow China to supply its own 10N purity grade for TOPCon,…