In May, the NAND Flash wafer market growth decelerated significantly. High wafer prices put severe cost and financial pressures on downstream module makers. With margins heavily squeezed and terminal demand remaining weak, buyers adopted a conservative watch-and-see procurement strategy. The market has entered a period of high prices with shrinking volumes, lacking substantive momentum for further upward movement in the short term.

Key Highlights

• Overall Market Trend: The contract price growth slowed down substantially compared to the previous month. The market entered a high-price stagnation period characterized by high prices and shrinking transaction volumes.
• Conservative Buyer Resistance: Due to prohibitive wafer costs and unreflective terminal retail prices, module makers faced immense financial strain, lowering procurement budgets and delaying pull-ins as defensive tactics.
• Product Line Performance:
  • MLC Series: Supported by marginalized production capacity and tight spot supply, its price growth slowed but remained the most resilient across all categories.
  • TLC Series: Buyers and sellers reached a price deadlock. Module makers only fulfilled minimum replenishment for rigid demand, leading to a comprehensive compression of growth.
  • QLC Series: Despite steady demand from AI servers, exorbitant quotes eroded downstream profits, resulting in a near-flatline price adjustment.
• Future Outlook: Affected by the traditional off-season and lackluster consumer electronics recovery, downstream buyers will maintain a passive defense strategy, leading to high-level consolidation with limited room for further spikes.

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