The Silicon industry Branch expects just 45 GW to 46 GW of wafer production in China in October, which annualizes to around 550 GW and means no growth in the global solar industry’s manufacturing output compared to a year ago – the first time the scale of manufacturing has stalled in more than a decade. This is because of massive oversupply and stockpiling for the past year, more so than any weakness in demand. Demand has shown it can’t keep growing extremely rapidly, it has shown its limits, but the real change has been on the supply side. We can say that demand has failed to grow beyond 600 GW currently (looking at projects to be commissioned in 2025), but…