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.
Trading Situation: Due to significant production cuts in the wafer sector, ingot manufacturers have postponed purchasing plans to reduce on-hand inventory and increase the proportion of lower-cost materials. Smaller manufacturers are showing signs of adjusting their prices to maintain cash flow, but major manufacturers are still maintaining stable prices. Overall, transaction volume and purchasing frequency are low, indicating a contraction in the market as polysilicon manufacturers are struggling to reduce inventory.
Inventory Status: Inventory levels currently range between 290,000 to 310,000 tons, mostly held by the top four manufacturers. Smaller manufacturers have less inventory pressure due to capacity scale and previous pricing strategies.
Supply and Demand Dynamics: Polysilicon production remains excessive. Despite inventory pressures, rigid production costs are providing some support in maintaining the polysilicon prices, creating a more intense price competition and additional pressure on polysilicon prices.
Price Trend: Due to limited transactions and few low-price orders, the central price level remains stable this week.
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 1.43/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.18/Pc.
Supply and Demand Dynamics: The supply-demand balance for 183X N-type wafers has gradually improved as manufacturers have increased its production proportion. Improved downstream demand for 183mm N-type cells has accelerated inventory reduction for these wafers, creating a temporary support for wafer prices. However, long-term demand for 183 wafers is expected to shrink, requiring output adjustments among manufacturers to stabilize prices. In contrast, as ingot manufacturers rapidly change their demand, the supply of 210 (R) wafers has become more surplus. Therefore, the inventory pressure increases and the wafer price sees fluctuations this week.
Price Trend: While prices for 210 N-type and 210R wafers fluctuate slightly, the prices of other specifications remained stable.
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: Strong market demand for 183N cells has improved the supply-demand balance and supported prices, with some manufacturers expecting price hikes. For 210RN cells, its supply has become more surplus because the many manufacturers began producing it since last week. Therefore, its inventory pressure increased slightly. Demand has improved for 210N cells due to phased delivery in bulk procurement projects, stabilizing prices in the short term.
Price Trend: Prices for all types of solar cells remained stable this week, with short-term supply and demand remaining balanced. However, 210RN cells may face more price pressure due to upstream price declines and rising inventory.
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: At the year-end, some large-scale projects are still in the delivery phase. Demand for 183 modules increases temporarily this month. Module manufacturers remain cautious with production planning, prioritizing inventory clearance given the uncertainty in continuous demand and the coming winter. Some leading manufacturers are pushing for price increases, but this depends on whether contract prices reflect these increases. Additionally, recently returned overseas modules are flooding the market at lower prices, impacting prices for lower power modules.
Price Trend: Module prices remained stable across the board this week. Leading manufacturers priced bifacial M10-TOPCon modules between 0.65–0.70 RMB/W, while bifacial G12-HJT modules are priced around 0.65–0.80 RMB/W. Approaching the traditional low season, module manufacturers are likely to continue reducing production to maintain stable prices.
