Polysilicon
The mainstream concluded price for mono recharge polysilicon is RMB 37/KG, while mono dense polysilicon is priced at RMB 35/KG and N-type polysilicon is currently priced at RMB 41/KG.
Transaction Status: Besides a few deals involving lower-quality polysilicon, the transaction volume for other types of polysilicon has declined. The market is currently in a state of deadlock between upstream and downstream players, with increasing pressure from both sides to lower the prices of polysilicon.
Inventory Dynamics: Inventory levels have risen again this month, now ranging between 290,000 to 310,000 tons. Specifically, leading manufacturers and some mid- to lower-tier manufacturers hold large inventories. However, mid- to lower-tier manufacturers are under significant pressure to consume the inventory, with some considering price adjustments to increase the shipments.
Supply and Demand Dynamics: Downstream production cuts may intensify, while some polysilicon manufacturers undergoing maintenance will gradually resume production. The increasing supply pressure is exacerbating the imbalance between supply and demand.
Price Trend: Polysilicon prices remained stable this week. However, if the supply becomes more surplus, it is likely that manufacturers may be forced to lower prices.
Wafers
The mainstream concluded price for M10 P-type wafer is RMB 1.10/Pc, while G12 P-type wafer is priced at RMB 1.65/Pc. The mainstream concluded price for M10 N-type wafer is RMB 1.03/Pc and G12 N-type is RMB 1.45/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.20/Pc.
Supply and Demand Dynamics: Manufacturers are continuing to reduce production in unison to stabilize prices. Under the pressure of enormous production capacity, cutting production and clearing out inventory seem to be the only way to stabilize prices. The supply-demand outlook for N-type 183 wafers remains bleak. As downstream module manufacturers switch to produce other sizes of wafers, the market demand for this specification is shrinking, leading to mounting inventory pressure and frequent panic selling among manufacturers. Therefore, wafer prices will continue to be under great downward pressure.
Price Trend: Wafer prices remained stable across the board this week, but the market remains under pressure from ongoing price negotiations.
Cells
The mainstream concluded price for M10 cell is RMB 0.270/W, while G12 cell is priced at RMB 0.270/W. The price of M10 mono TOPCon cell is RMB 0.265/W, while that of G12 mono TOPCon cell is RMB 0.280/W and that of G12R mono TOPCon cell is RMB 0.270/W.
Supply and Demand Dynamics: On the supply side, manufacturers continue to reduce production and clear inventory, with minimal excess supply pressure across various cell sizes. On the demand side, looking into next month, module orders are expected to remain in a state of stagnation, and thus no significant recovery has been observed in orders from leading manufacturers. Overall, the supply-demand balance for cells is relatively stable, and production cuts are expected to continue to keep the supply-demand balance.
Price Trend: Solar cell prices all remained stable this week, and if module prices stabilize, solar cell prices are also expected to stay relatively stable.
Modules
The mainstream concluded price for 182mm facial mono PERC module is RMB 0.69/W, 210mm facial mono PERC module is priced at RMB 0.70/W, 182mm bifacial glass PERC module at RMB 0.70/W, and 210mm bifacial glass PERC module at RMB 0.71/W. The mainstream concluded price for 182mm bifacial TOPCon modules is RMB 0.72/W, and 210mm bifacial HJT modules at RMB 0.86/W.
Supply and Demand Dynamics: On the supply side, module orders have maintained a steady pace with no significant changes. On the demand side, industry association efforts have contributed to price stability, but the cost-line definition still needs further refinement. The non-silicon cost differences between integrated manufacturers and specialized manufacturers have led to varying final production costs across tiers, suggesting that a more reasonable price range may be appropriate. Moreover, current excess capacity in the module segment is already well recognized, and the marginal effect of association-driven stabilization efforts is diminishing. Therefore, manufacturers' competitive edge will still rely on comprehensive strengths in cost management, product quality, and other factors.
Price Trend: Module prices remained stable across all types this week.
