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The July figure means that global LCD growth is stuck at a mere 1.3 per cent and the industry is seeing brand vendors and system makers cutting back their orders, the research firm said.

Desktop monitor shipments had the biggest decline in July, with a fall of some 12.9 per cent to 13.8 million units and TV and notebook panels were down by 1.7 per cent and 4.5 per cent to 7.7 million and 11.2 million units respectively, according to digitimes.

WitsView says that by the end of the third quarter, prices may fall near the cash cost levels, or the panel makers' "last line of defense,", as the company noted, with panel prices falling up to 8 per cent and Notebook and TV panel prices dropping 4-5% and 2-5% respectively.