According to the latest data from TrendForce's New Energy Research Center in its Global PV Industry Chain Price Trend Monthly Report, polysilicon prices continue to fall, and there are no signs of short-term recovery in the solar cell segment.
Polysilicon
This Week's Prices:
This week, the mainstream concluded price for mono recharge polysilicon is RMB 36/KG, while mono dense polysilicon is priced at RMB 33.5/KG and N-type polysilicon is currently priced at RMB 32.5/KG.
Market Activity:
After SNEC concludes, market demand remains sluggish. Crystal pulling (ingot) manufacturers, still operating at a loss, have weak purchasing interest in polysilicon. As a result, polysilicon deals remain subdued. Top-tier manufacturers show low acceptance of continued price cuts, but others have gradually accepted lower transaction prices in order to generate cash flow.
Inventory:
As of this week, total polysilicon inventory has exceeded 370,000 tons. Some top-tier manufacturers are increasing production at their Sichuan facilities, taking advantage of the hydropower season. Additionally, previously idled polysilicon capacity is being encouraged to restart operations under new electricity rebate and tax incentive policies, though actual implementation remains uncertain. These restarts, along with seasonal production ramp-ups, are contributing to increasing inventory pressure in this sector.
Supply & Demand:
As expected, capacity transitions are proceeding during the hydropower season, with some manufacturers planning to stockpile low-cost polysilicon by leveraging cheaper electricity. However, as market demand cools down after the installation rush, the overall industry remains under price pressure. Further capacity additions at this point risk exacerbating inventory buildup and intensifying bearish sentiment downstream. Meanwhile, SNEC discussions around polysilicon M&A and restructuring remain at the conceptual stage and will take time to materialize, limiting short-term supply-side adjustments.
Price Trend:
All N-type polysilicon categories saw price corrections this week. The average price for N-type dense polysilicon dropped slightly to RMB 33.5/kg. Due to downstream oversupply and persistent losses, the chances for a price rebound remain slim.
Wafers
This Week's Prices:
The mainstream concluded price for M10 N-type wafer is RMB 0.90/Pc, while 210mm N-type wafer is priced at RMB 1.25/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.03/Pc.
Supply & Demand:
Supply-demand divergence continues among different wafer formats. Demand for 183mm wafers has declined significantly. Despite early-month production adjustments by manufacturers, inventory accumulation remains an issue. As a result, wafer prices slipped again this week to RMB 0.90/piece, with stabilization unlikely.
For 210RN, there are new downstream production lines coming online this month, and thus market demand for wafers may gain supports. However, once ingot capacity conversion is completed by month-end, 210RN wafer production will surge, turning supply excessive and placing downward pressure on its prices.
Inventory:
Wafer inventory remains above 2 billion pieces. Market demand is still in a lull, while downstream production cuts have accelerated, widening the wafer supply gap and leading to the increasing inventory pressure.
Price Trend:
Wafer prices declined across the board this week. With upstream prices falling and downstream demand shrinking, the wafer market continues to face downward pricing pressure.
Cells
This Week's Prices:
The mainstream concluded price for 183mm TOPCon cell is RMB 0.240W. The price of 210N TOPCon cell is RMB 0.255W and that of G12R mono TOPCon 210 RN cell is RMB 0.265/W.
Supply & Demand:
Demand for TOPCon 183mm cells continues to fall, and with wafer inventories piling up, prices remain in a downward trajectory. If demand drops more than expected, inventory pressure for this format could intensify.
Retrofitting of production lines for TOPCon 210RN cells has not yet occurred at scale, and demand remains supportive, allowing prices to stabilize and edge up slightly this week.
TOPCon 210N, however, saw a declining demand, leading to slight price concessions.
Inventory:
Specialized cell manufacturers currently hold around 10 days of inventory. However, due to oversupply, stock levels may rise further in June.
Price Trend:
Prices for TOPCon 183mm and 210N cells declined slightly this week, while 210RN saw a modest uptick. Still, with demand persistently weak, there is little sign of a near-term rebound.
Modules
This Week's Prices:
The mainstream concluded price for N-type 182mm bifacial dual-glass modules is RMB 0.67/W, and 210mm bifacial HJT modules at RMB 0.75/W.
Supply & Demand:
Under the current electricity pricing mechanism for new energy and dynamic price adjustment rules for module deliveries, EPCs and utility-scale solar PV project developers are exerting significant price pressure on module suppliers. Some module manufacturers are exchanging lower prices for higher volumes.
Price Trend:
The pricing average for modules has shifted downward. Leading suppliers have reduced shipping prices by RMB 0.01–0.02/W, while many second- and third-tier manufacturers have adopted more aggressive discounting strategies to clear inventory.
Overseas Demand:
Europe: Module prices remained stable in May, but downward pressure from cheaper imports may persist.
India: Final anti-dumping rulings on imported solar PV glass from certain countries may drive up domestic module costs.
U.S.: FOB prices are stable for now.
Solar PV Glass
This Week's Prices:
The mainstream concluded price for 2.0mm dual-coated PV glass is RMB 12.5/m², 3.2mm dual-coated PV glass is RMB 20.0/m² and the price for 2.0mm backsheet PV glass is RMB 12.5/m².
Supply & Demand:
Although solar PV glass manufacturers have begun scaling back production and performing cold repairs, the sharp decline in module production this month has outpaced the reduction in glass output. This mismatch has worsened oversupply, pushing solar PV glass inventories to high levels. In response, some glass producers are accelerating shipments through aggressive price cuts, leading to a notable market-wide decline in average prices.
