A couple details need their own top level comment.

The market’s average operating rate for cells is currently between 70% and 80%, according to a seller source.

Due to the acute lack of downstream demand, cell makers have been engaged in a price war; they have to compete to cut prices in order to encourage demand and increase sales volume, according to a cell manufacturer.

Concurrently, a Tier-2 cell supplier said that they are losing money on sales of Mono Perc M10 cells at a price of CNY0.5/W, suggesting that their production costs are higher.

I like cheap things, but if demand doesn’t increase some of those manufacturers will go out of business.