Polysilicon
Polysilicon prices rebounded slightly this week. The mainstream concluded price for mono recharge polysilicon is RMB 69/KG, while mono dense polysilicon is priced at RMB 75/KG. N-type polysilicon is currently priced at RMB 77/KG.

On the supply side, downstream purchasing demand has surged, leading to a substantial depletion of polysilicon inventory. Meanwhile, on the demand end, crystal pulling plants and polysilicon enterprises are operating at high capacity, resulting in a significant increase in polysilicon procurement. Many polysilicon enterprises have secured sizable, long-term orders, with some individual orders having slightly higher quoted prices. As a result, polysilicon prices have experienced a slight uptick, driven by increased demand and reduced inventory pressure.

Wafer
The prices of wafer have maintained stability throughout the week. The mainstream concluded price for M10 wafer is RMB 2.8/Pc, while G12 wafer is priced at RMB 3.8/Pc.

On the supply side, recent high-temperature power restrictions had minimal impact on wafer output, as wafer enterprises maintained high operational rates. However, wafer inventory has increased, leading to an ongoing oversupply situation. On the demand side, the cell production poses limited influence on procurement demand for wafers. The stability of wafer prices is partly supported by the increase in upstream polysilicon prices. However, with the expected rise in crystal pulling and wafer production capacities, wafer prices will likely face downward pressure in the future."

Cell
Cell prices have experienced slight fluctuations this week. The mainstream concluded price for M10 cell is RMB 0.74/W, while G12 cell is priced at RMB 0.72/W. The price of M10 mono TOPCon cell is RMB 0.8/W, an increase of 1.27%.

On the supply side, cell production continues at full capacity, resulting in minimal changes to the overall inventory level. On the demand side, module enterprises’ willingness to purchase has improved, leading to a relatively smooth overall shipment of cells. The demand for 182mm P-type cells and TOPCon cells remains strong, resulting in slight price increases, while the demand for 210mm P-type cells has not yet seen significant improvement, leading to a slight price decline.

Module

Module prices remained stable this week. The mainstream concluded price for 182mm facial mono PERC module is RMB 1.33/W, 210mm facial mono PERC module is priced at RMB 1.35/W, 182mm bifacial glass PERC module at RMB 1.35/W, and 210mm bifacial glass PERC module at RMB 1.37/W.
Recent bidding prices indicate intense price competition among module enterprises, and there is significant divergence in bids price. Regarding the supply side, module enterprises still face inventory pressure. On the demand side, the stabilization of industrial chain prices has reduced hesitant attitudes among customers. However, overall purchasing demand for modules has not shown significant improvement. Due to cost pressures, module prices are currently being maintained stable.

Auxiliary materials: This week, PV glass prices continue to stay stable. The mainstream concluded price for 3.2mm glass is RMB 25.5/㎡, while 2.0mm glass is priced at RMB 18/㎡.
Recently, some module companies have needed to replenish their stocks, leading to a better turnover of photovoltaic glass compared to the previous period. As a result, part of the inventory has declined slightly. In the short term, it is expected that PV glass prices will mainly remain stable.