Polysilicon
Latest Prices (as of April 30, from TrendForce's New Energy Research Center):
The mainstream concluded price for mono recharge polysilicon is RMB 39.5/KG, while mono dense polysilicon is priced at RMB 37.5/KG and N-type polysilicon is currently priced at RMB 36/KG.
Market Activity:
Ahead of the holidays, transaction volumes in the polysilicon remained limited. Given that wafer prices are still trending downward, ingot producers are still focusing on digesting existing inventories and awaiting further price drops in polysilicon before purchasing.
Supply & Demand:
As the high-water season approaches, manufacturers may adjust the ratio of hydropower to thermal power generation to ease cost pressures. However, significant output expansion is unlikely. Most players are expected to stick to existing production agreements to avoid further supply-side oversupply. On the demand side, ingot producers face rising inventory pressure and are showing weakened procurement momentum. Their purchasing preferences lean toward lower-priced polysilicon to create room for profit amid expected price declines.
Inventory Levels:
Polysilicon inventory increased week-on-week to an estimated 260,000–270,000 tons.
Price Trend:
N-type polysilicon prices continued to decline across all categories this week. Overseas prices are also weakening. Some Southeast Asian manufacturers are pushing for lower polysilicon prices to offset additional costs of exporting to the U.S. After the holidays, the polysilicon market will face a real test: once May transactions pick up, further price drops are still likely.
Wafers
The mainstream concluded price for M10 N-type wafer is RMB 1.05/Pc, while G12 N-type wafer is priced at RMB 1.40/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.15/Pc.
Supply & Demand:
Leading manufacturers are struggling to hold prices due to weakened demand, while second- and third-tier players are aggressively cutting prices and offloading inventory to avoid further depreciation and losses. Looking ahead to next month, cell manufacturers are rapidly adjusting production to avoid losses, bringing back a short-term supply-demand imbalance. On the cost side, high-purity quartz sand prices have slightly rebounded — a rigid supply factor that may gradually affect cost structures.
Price Trend:
N-type wafer prices across all specifications dropped again this week. Inventory levels are rising, and prices are unlikely to stabilize in the near term.
Cells
The mainstream concluded price for M10 mono TOPCon cell is RMB 0.270/W. The price of G12 mono TOPCon cell is RMB 0.280/W and that of G12R mono TOPCon cell is RMB 0.270/W.
Supply & Demand:
With both supply and demand shrinking, prices fell alongside lower volumes. Although top-tier manufacturers are planning production cuts in May, the reduction is insufficient compared to the steep decline in module orders. Cell inventories also increased this week. To maintain turnover rates, cell manufacturers continue to lower prices and offer discounts. At current pricing, cell prices have once again fallen below cost levels, pushing some producers into cash flow losses. On the back of limited demand, more capacity reductions or shutdowns may follow in this segment.
Price Trend:
Prices dropped across all specifications this week.
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 & Demand:
Due to weakening demand, order visibility for May is poor. Leading manufacturers are cutting production and reducing outsourced OEM orders, with estimated production cuts exceeding 10%. Second- and third-tier manufacturers are short on orders, and thus are slashing prices to offload inventory.
Demand-Side Overview:
China: Stockpiling phase is concluding, and market demand is waiting for the ground-mounted solar PV projects to kick off.
Europe: Imported module prices are unstable. As for India, seasonal demand has dropped post-fiscal year; imports are down.
U.S.: DDP prices for modules have increased and the current tariff exemption is driving up imports.
Price Trend:
This week, utility solar PV project prices for 182–210mm TOPCon modules in China stabilized at an average of 0.69 RMB/W. Distributed solar PV project prices fell to 0.68 RMB/W.
Bifacial M10-TOPCon: Leading module manufacturers' quotes ranged from 0.64 to 0.74 RMB/W, with the pricing midpoint moving lower.
Bifacial G12-HJT: Mainstream prices clustered between 0.68 and 0.76 RMB/W.
