Cells and Wafers See Three Consecutive Price Hikes, Module Price Momentum Slows

Polysilicon

The mainstream concluded price for mono recharge polysilicon is RMB 41/KG, while mono dense polysilicon is priced at RMB 40/KG and N-type polysilicon is currently priced at RMB 38/KG. 

• Market Transactions: Some manufacturers have started signing orders for next month, but overall transaction volumes remain low. Despite robust activity in the downstream market, most industry players have a clear understanding of post-“531 Solar Policy” market dynamics. As a result, ingot manufacturers are primarily adopting a strategy of consuming previously purchased low-cost polysilicon and purchasing only as needed to avoid restarting a cycle of losses.

• Price Trend: This week, the average prices for N-type recharge and dense polysilicon remained stable. With strong demand from downstream wafer manufacturers and ongoing inventory clearance, polysilicon prices are expected to remain steady in the short term.

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 1.21/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.45/Pc.

• Supply and Demand: Strong demand for solar PV installations has driven cell manufacturers and traders to actively procure wafers, leading to continued inventory reduction. Given the expected steady increase in downstream production in April, wafer prices are likely to remain strong. Additionally, specialized wafer manufacturers are showing a clear tendency to ramp up production next month.

• Price Trend: This week, prices for 183N and 210RN wafers continued to rise, reaching ¥1.21 and ¥1.45 per piece, respectively. In addition, we find that leading manufacturers are further increasing their wafer prices, with their quotations exceeding the market average by ¥0.02-¥0.05 per piece.

Cells

The mainstream concluded price for M10 cell is RMB 0.330/W, while the price of M10 mono TOPCon cell is RMB 0.305/W. The price of G12 mono TOPCon cell is RMB 0.305/W and that of G12R mono TOPCon cell is RMB 0.340/W.

• Supply and Demand: Persistent demand for accelerated solar PV installations continues to drive purchases of solar cells by downstream manufacturers and traders. At the same time, cell manufacturers, benefiting from both rising volumes and prices, have gained confidence and plan to further increase production next month. This week, solar cells continued to experience strong sales and production growth.

• Price Trend: Prices for all N-type cell specifications rose again this week, with 210RN leading the gains at ¥0.34/W. Both 183N and 210N also increased, stabilizing at ¥0.305/W. Given the current low inventory levels of solar cells and strong bargaining power among manufacturers, cell prices still have upward momentum.

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 Side: Module production is expected to increase further in April, with manufacturers seeing significant improvement in order visibility.

• Demand Side:

(1)China: As the deadlines for the “430” and “531” solar policies approach, the rush for distributed solar installations continues. However, concerns about market demand remain. For instance, recent grid-connection policies in Hubei province indicate that authorities are wary of the strain that the installation boom may place on the distribution grid.

(2)Overseas:

• Europe: Import prices for modules have seen a slight increase as buyers of spot goods are showing greater acceptance of price hikes.

• India: Prices for domestically produced monocrystalline modules remain stable, while import module prices have edged up. Prices for imported solar cells also saw a slight increase. Following the implementation of new MNRE regulations, the demand for imported solar cells is expected to rise further.

• United States: DDP-TOPCon prices remain stable. However, there is growing anticipation of adjustments to anti-dumping and countervailing duties (AD/CVD) by the U.S. Department of Commerce, which could further strengthen the competitiveness of domestically produced modules.

• Price Trend:

In China, prices for 182-210mm TOPCon modules in both utility-scale and distributed solar PV projects rebounded significantly this week. Utility-scale solar PV project prices stabilized at an average of ¥0.69/W, while distributed solar PV project prices continued rising, reaching ¥0.75/W. Bifacial M10-TOPCon: Leading manufacturers are quoting within the range of ¥0.66-¥0.78/W. Bifacial G12-HJT: Mainstream manufacturers’ quotes range between ¥0.69-¥0.78/W.

PV Glass

The mainstream transaction price for 2.0mm coated PV glass was RMB 13.5/㎡. The mainstream transaction price for 3.2mm coated PV glass was RMB 22.5/㎡. The mainstream transaction price for 2.0mm backsheet glass was RMB 12.5/㎡.

• Supply and Demand: PV glass prices continued to rise this week, driven by strong module demand. Combined with healthy inventory levels and rising raw material costs, next month’s prices are likely to go higher. However, if short-term price increases stimulate new production capacity to come online, a renewed supply-demand imbalance cannot be ruled out.