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.
Market Activity: Transaction volume remains at a low level. To cut costs, ingot manufacturers are purchasing the polysilicon as needed, preferring lower-cost mixed-grade materials. Mid- and lower-tier companies, with lighter inventory burdens and earlier low-price contracts, maintain normal operation, while top-tier companies continue to hold prices firm, though finding it increasingly difficult to secure new contracts.
Supply and Demand Dynamics: As the industry enters the off season, manufacturers in the Southwest region are cutting production as planned, adjusting their output structure to maintain the cost advantage of low electricity prices. Another leading manufacturer is also significantly reducing production, with polysilicon supply for November expected to decrease by 7%-8% month-over-month, reaching 120,000-130,000 tons. On the demand side, ingot manufacturers have agreed to coordinated production cuts, adopting a more aggressive reduction method. Therefore, polysilicon supply remains excessive this month, keeping prices under pressure, though cost support may prompt further production cuts and shutdowns in this segment during the off-peak season.
Price Trends: Polysilicon prices held steady this week, though negotiation space may arise for N-type polysilicon rods within the month, given existing production capacity, inventories, and downstream production plans.
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: Leading and specialized manufacturers have reached a consensus on production cuts, implementing large-scale reductions of 9%-10% month-over-month, targeting 44-45 GW. This is expected to reduce wafer inventory significantly. For the first time this year, wafer production has been greatly lower than the cell production, improving the supply-demand balance and supporting prices.
Inventory Dynamics: Current inventory stands at 3.5-3.8 billion units, with a high proportion of outdated, substandard sizes, which will continue to be discounted to clear stock.
Price Trends: Wafer prices across all categories remained stable this week. By size, the 183 mm N-type waders, due to significant supply cuts, saw price stability driven by downstream demand, while 210 mm RN wafers face oversupply pressure as sizes rapidly switch.
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 0.270/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, production plan has fluctuated due to orders, resulting in a slight net production increase of 1%-2% this month. Compared with downstream module demand, supply and demand in the cell sector are relatively balanced. For sizes, the 210 mm (R) N-type output has increased month-over-month, with manufacturers rapidly adjusting production lines to match changes in the demand from the module sector.
Price Trends: The price of 183 mm N-type cells increases this week. Overall, solar cell production and sales remained balanced this month, providing strong price support. Prices for 183 mm N-type cells rebounded toward the upper end of the quoted range, driven by sustained order demand.
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, only one leading manufacturer has increased production based on orders, while others have reduced production in preparation for the off season, clearing inventory to maintain reasonable levels and avoid future impairment losses. Domestic module production is expected to decline by about 6% this month, falling within the 46-47 GW range.
On the demand side:
Utility-scale projects are gradually entering a period when the orders become less, weakening support for module demand, and production is showing less peak-season growth compared to previous years.
As for the overseas market, in Europe, inventory backlog comes back again, as primary installation markets face sluggish demand due to economic issues, policy adjustments, and grid connection challenges, limiting import demand. In the U.S., the recent election result has increased uncertainty regarding ITC and PTC subsidies under the IRA, given the Republican administration, though some states' RPS mechanisms may mitigate part of this uncertainty. Additionally, the surge in AI computing power demand is inflating data center electricity needs, supporting the market demand for green energy. Considering the construction cycle of SMRs (small modular reactors) and the cautious FERC regulations on off-grid data center power supplies, solar power remains a cost-effective choice. As for India, prices of imported PV modules continue to decrease, hovering in the high single-digit range, while domestically produced modules hold a premium of 4-6 cents per watt.
Price Trends: Prices across all module types remained stable this week. In terms of bifacial M10-TOPCon modules, leading manufacturers' quotes range from 0.65-0.73 RMB/W. As for bifacial G12-HJT modules, mainstream prices range from 0.70-0.83 RMB/W.
To cope with weak market demand, module manufacturers have significantly cut production and are taking a stronger pricing stance, likely leading to price stabilization throughout the month. However, some manufacturers may offer discounts to expand the market share of new technologies.
PV Glass
This week, PV glass prices: 2.0 mm coated PV glass is trading at 12.00 RMB/m², and 3.2 mm coated PV glass at 20.00 RMB/m².
Supply and Demand Relations: This month, PV glass supply has shrunk again, with no plans to shut down production lines temporarily. Given the widening scale of production cuts among upstream module manufacturers, current PV glass capacity remains below last year's levels, though its supply still appears excessive. With limited orders, industry inventory levels continue to rise. This week, prices for both 2.0 mm and 3.2 mm coated PV glass slightly decreased.
