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Cell Prices Rise Again, and Strong Cell Supply-Demand Trend Continues Next Month

published: 2025-03-28 18:42

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.
  
Transaction Dynamics: Most orders were completed within the week. Ingot manufacturer showed limited acceptance of price hikes by polysilicon suppliers, and they continue to focus on using previously stockpiled low-priced polysilicon for production in order to repair profit margins.
 
Supply Dynamics: A leading supplier on the supply side is undergoing full maintenance. Some of the companies in the TOP5 have opted to increase their production capacity, but overall, the impact on total polysilicon production within the month is limited. Polysilicon supply remains tight, and the destocking process continues, creating favorable conditions for price stabilization and increases in Q2.
 
Profit Dynamics: Currently, N-type polysilicon have a negative net profit per watt (approximately -0.01 CNY/W), but the loss has narrowed compared to Q4 2024.
 
Price Trends: This week, the prices of N-type dense and recharge polysilicon remained stable. In addition, strong downstream demand played an important role in keeping polysilicon prices steady.
 
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 1.19/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.40/Pc.
 
Supply-Demand Dynamics: There is strong demand for wafers from the cell industry, and the destocking process for wafers has accelerated. The supply for 210RN wafers is tightening, and downstream price increases have been successful. And as the overall supply-demand structure remains healthy, wafer prices go higher again within the week. With the ongoing recovery in the demand, most wafer manufacturers plan to increase production next month.
 
Profit Dynamics: The gross profit margin for N-type 182 wafers is currently in the -0.3% to 0% range, approaching the breakeven point. N-type 210R wafers, after several consecutive price increases over the past weeks, now have a gross profit margin in the 4.0% to 5.5% range, with net profits per watt turning positive.
 
Price Trends: This week, the price for 210RN wafers continued to rise, with the price adjusted to 1.40 CNY/piece. Observations suggest that some large manufacturers, facing a temporary supply-demand imbalance for 210RN, have raised prices to 1.45 CNY/piece.
 
Cells
The mainstream concluded price for M10 cell is RMB 0.330/W, while G12 cell is priced at RMB 0.300/W. The price of M10 mono TOPCon cell is RMB 0.300/W, while that of G12 mono TOPCon cell is RMB 0.300/W and that of G12R mono TOPCon cell is RMB 0.330/W.
 
Supply-Demand Dynamics: With the 430-deadline approaching, the pace of downstream shipments has accelerated, and the demand for cells is very strong. Next month, major manufacturers are expected to increase production to varying degrees. Given the difficulties in the resumption of production among cell manufacturers that were previously shut down, and the pressure from debt, the supply increase this round is expected to be led by the top cell manufacturers.
 
Profit Dynamics: The gross profit margin for 210RN cells is between 3% and 5%, with net profits per watt turning positive. The gross profit margin for 183N cells is near breakeven.
 
Price Trends: This week, the prices of N-type cells for all specifications rose again month-on-month, with 210RN seeing the largest increase. The 183N cells also showed strong growth recently. Some manufacturers, due to consecutive price increases for 210RN, have slightly shifted their demand structure towards 183N cells.
 
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 Dynamics: The forecast for April module production scheduling suggests further increases, with module manufacturers seeing improved order visibility.
Demand Side:
 
•Domestic: With the 430-deadline approaching, the domestic distributed solar PV projects are creating strong demand for spot goods of modules.
•Overseas: In Europe, module prices have recovered, and distributors and installers have started replenishing stock. In India, the price of imported cells has risen, and with limited local supply, module prices are trending upwards.
 
Price Trends: This week, the prices for centralized and distributed projects in China for 182-210mm TOPCon modules saw a strong rebound. The average price for centralized modules stabilized at 0.69 CNY/W, while the price for distributed modules increased to 0.73 CNY/W.
For bifacial M10-TOPCon modules, leading manufacturers quoted prices in the range of 0.66-0.76 CNY/W. For bifacial G12-HJT modules, quoted prices of mainstream manufacturers are between 0.69-0.78 CNY/W.
 
 

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