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.
Transaction Dynamics: This week saw limited orders in the polysilicon market, with overall transactions remaining at low levels. Some transaction prices showed signs of fluctuations, which are mainly contributed by low-priced mixed-grade polysilicon.
Inventory Dynamics: The inventory level of polysilicon increased slightly this week. Over 60% of the inventory is concentrated among the top four polysilicon manufacturers. To alleviate inventory pressure, it is estimated that polysilicon producers will need to further ramp up production cuts or shutdowns.
Price Trends: The monthly supply-demand relationship for polysilicon remains surplus, which has further increased inventory pressure in this sector. Combined with the growing determination of wafer manufacturers to cut production to reduce losses, bargaining power of polysilicon producers who want to stabilize polysilicon prices has been weakened. Some leading manufacturers are now anticipating downward adjustments. While polysilicon prices remained stable this week, the pressure for price declines is expected to intensify in the coming weeks.
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 wafer segment continues to focus on reducing inventory. Prices across different sizes show great divergence: 183 N-Type wafers face tight supply, providing strong price support.
210 N-Type wafers have relatively balanced supply and demand, keeping prices stable.
However, due to a large-scale shift to 210 RN production by wafer manufacturers in October, the oversupply pressure for this size has significantly increased, causing prices to remain under downward pressure.
Price Trends: In the short term, the wafer market will remain focused on production cuts to reduce inventory. 183 N-Type wafers are temporarily stable due to strong demand in the current market phase. Larger format wafers continue to face oversupply challenges, leaving room for further price declines in the future.
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 0.275/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:
Inventory Levels: The solar cell segment maintains relatively healthy inventory levels. 183 N-Type Cells: Demand remains strong, with mainstream transaction prices rising to 0.275 RMB/W this week. Based on order forecasts, the market demand for this size is expected to remain robust through early December. Some leading manufacturers have quoted prices as high as 0.28 RMB/W, though transactions at this level remain limited. 210 N-Type Cells: Demand is relatively stable, keeping prices steady. 210 RN Cells: Supply exceeds demand, creating downward pressure on prices moving forward.
Price Trends: This week, the price of 183 N-Type cells saw a slight increase, and short-term price support for this size remains strong, suggesting that its price may see slight uptick in the future. However, larger-size cells face the excess supply, which may result in price declines due to the oversupply pressure.
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:
Delivery Periods: Centralized solar project deliveries are nearing completion, mainly for power ranges between 580-590W, with 183 N-Type orders starting to increase in volume. Some manufacturers module anticipate price adjustments following recent increases in solar cell prices. Tender Pricing: Recent bidding projects show a rebound in prices; however, spot prices remain in the lower range of the quotation range. Export Dynamics: Some manufacturers previously proposed export VAT refund price caps to relevant authorities. Recently implemented policies reducing export tax rebate rates for certain PV products may lead to adjusted gross margins for exported products by the end of Q4. However, the specific impact will depend on contract terms between manufacturers and customers. Price Trends: Module prices across all types remained stable this week. For bifacial M10-TOPCon modules, leading manufacturers’ quotes are concentrated within the 0.65–0.70 RMB/W range. For bifacial G12-HJT modules, mainstream quotes are clustered between 0.65–0.80 RMB/W.
