Polysilicon
The mainstream concluded price for mono recharge polysilicon is RMB 34/KG, while mono dense polysilicon is priced at RMB 32/KG and N-type polysilicon is currently priced at RMB 38/KG.
Market Dynamics: The volume of signed orders saw a slight increase this week compared to the last, largely due to leading manufacturers securing significant contracts. Prices for futures and trading companies experienced a modest uptick, with transactions gravitating towards the higher end of the price range. This indicates a relatively smooth process for manufacturers raising their prices. However, mainstream long-term contracts have yet to fully embrace these higher prices, resulting in stable transaction levels overall.
Inventory Dynamics: As of this week, polysilicon inventory levels have seen a slight increase, with total inventory hovering around 230,000 tons. Leading manufacturers have begun implementing plans to reduce or even halt production, suggesting that inventory levels will likely remain stable throughout the month.
Price Trends: Prices held steady this week. With the anticipated launch of polysilicon futures, traders have begun stockpiling, alleviating some of the pressure on marginal demand. As supply-side reductions take effect, polysilicon prices may begin to show signs of improvement.
Wafers
The mainstream concluded price for M10 P-type wafer is RMB 1.15/Pc, while G12 P-type wafer is priced at RMB 1.70/Pc. The mainstream concluded price for M10 N-type wafer is RMB 1.10/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.25/Pc.
Inventory Dynamics: Wafer inventory has not yet decreased to the critical threshold of 35 billion pieces. Moreover, with some leading manufacturers resuming production, there is a slight upward trend in inventory levels. Currently, all wafer specifications are experiencing a supply surplus.
Price Trends: The average transaction price for G10L wafers continues to face downward pressure, with prices trending towards the lower end of the quoted range (RMB 1.08) due to increased production and rising inventory. G12(R) wafer prices have remained stable, but should leading manufacturers proceed with production cuts this month, prices could stabilize further. However, close attention must be paid to the potential downstream impact of reduced cell production.
Cells
The mainstream concluded price for M10 cell is RMB 0.290/W, while G12 cell is priced at RMB 0.290/W. The price of M10 mono TOPCon cell is RMB 0.285/W, while that of G12 mono TOPCon cell is RMB 0.285/W.
Inventory Dynamics: Cell inventory saw a slight week-on-week increase, with current levels reaching between 19-21 GW. This rise is primarily due to insufficient demand from the downstream module sector.
Supply and Demand: This month, leading integrated manufacturers have gradually shut down their high-cost PV cell production capacities, while new entrants have mostly halted production to minimize losses. Specialized cell manufacturers are beginning to undergo restructuring and consolidation as their order volumes continue to decline.
Price Trends: Prices for all solar cell specifications held firm this week, with mainstream N-type M10 and G12 transaction prices trending towards the lower end of the quoted range (RMB 0.28). Rising inventory levels and declining demand from the module sector could become key factors influencing future solar cell prices. The U.S. has increased its tariff exemption quota for PV cells to 12.5 GW, which may stimulate short-term growth in Southeast Asian PV cell exports.
Modules
The mainstream concluded price for 182mm facial mono PERC module is RMB 0.71/W, 210mm facial mono PERC module is priced at RMB 0.73/W, 182mm bifacial glass PERC module at RMB 0.72/W, and 210mm bifacial glass PERC module at RMB 0.74/W. The mainstream concluded price for 182mm bifacial TOPCon modules is RMB 0.76/W, and 210mm bifacial HJT modules at RMB 0.90/W.
Inventory Dynamics: Overall module inventory levels remained stable, sufficient to support 1 to 1.5 months of installations. Some manufacturers have been observed offloading inventory at low prices, with module prices dipping below RMB 0.70/W.
Supply and Demand:** The visibility of orders for module manufacturers remains low, with some producers beginning to shut down high-cost production facilities. In overseas markets, module production is gradually shifting towards regions such as the Middle East. Domestically, distributed solar PV installations have been affected by grid-connection policies, leading to weak demand, while ground-mounted projects are awaiting further progress. In overseas markets, regions like the Middle East and South Asia continue to drive installation demand.
Price Trends: Prices for various module types held steady this week, but the ongoing pressure to lower prices for shipments remains a concern moving forward.
