Why did the price of solar PV Si feedstock fluctuate so wildly in 2004-2009?

► The determination of solar PV Si feedstock price fluctuation is identified and quantified. ► Systematic structural shocks well explain 2004-2009 price fluctuations of PV Si feedstock. ► Production cost and aggregated demand shocks take longer effects on feedstock price. ► Exchange rate and feedstock specific demand shocks explain sharper price fluctuations. ► Development of national PV power should consider effects of structure shocks.