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 granular polysilicon is currently priced at RMB 38/KG.
Market Transactions:
Transaction volumes remain low as downstream players maintain a wait-and-see attitude. However, considering the ongoing support from downstream demand, transaction volumes of polysilicon remain relatively stable.
Supply Dynamics:
Polysilicon production for April is estimated at 103,000 tons. While polysilicon manufacturers continue their production strategies to support prices, the 250,000–260,000 tons of polysilicon inventory on hand creates a strong buffer, limiting upward price transmission.
Price Trends:
This week, average prices for N-type recharge and dense polysilicon remained stable. With strong demand in the ingot segment, polysilicon continues to be de-stocked, keeping prices relatively stable in the short term.
Wafer
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 1.27/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.53/Pc.
Supply & Demand Dynamics:
The Myanmar earthquake has impacted ingot facilities in Yunnan province, with an estimated production loss of 3–5 GW. Adjusted April wafer production is now expected to range between 60–62 GW. On the demand side, cell production is steadily increasing, providing strong support for wafer demand. 183N and 210RN wafers are particularly sought after, leading to a rapid decline in inventory levels and strengthening the momentum for price increases.
Price Trends:
This week, 183N and 210RN wafer prices continued to rise, reaching 1.27 CNY/pc and 1.53 CNY/pc, respectively.
Cell
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.
Tariff Updates:
On April 2, the U.S. government announced the implementation of “reciprocal tariffs”, introducing new uncertainties for the U.S. solar market. According to TrendForce, 98% of U.S. cell imports in 2024 came from the Asia-Pacific region, and the new tariffs will broadly cover exporting countries from this region. Middle East, North Africa, and Europe have lower tariff rates, but their cell production capacity is still in the planning or construction phase. U.S. cell prices are expected to increase further, potentially pushing cell manufacturers to reconsider strategies of developing production in U.S. Many people believe that the Middle East may emerge as a tariff-safe region, with polysilicon and wafer capacities under construction that could match future cell production needs within 2–3 years.
Price Trends:This week, cell prices for all specifications remained stable.
Module
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-glass PERC module at RMB 0.70/W, and 210mm bifacial glass-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: April’s module production is expected to reach 69–70 GW, continuing its upward trend.
Demand Side:
• China: Distributed solar projects are ramping up installations ahead of the April 30 (4.30) and May 31 (5.31) policy deadlines.
• Europe: Import prices have slightly increased, though the pace of price hikes is slowing.
• India: Domestic mono module prices remain stable.
• U.S.: Prices are steady for now, but the upcoming April 5 tariff implementation introduces potential volatility.
Price Trends:
This week, prices for 182–210mm TOPCon modules remained stable in both utility-scale and distributed solar markets in China.
• Utility-scale average price: 0.69 CNY/W
• Distributed solar average price: 0.75 CNY/W
• Bifacial M10-TOPCon: Leading manufacturers are quoting 0.66–0.78 CNY/W
• Bifacial G12-HJT: Mainstream pricing is consolidating around 0.69–0.78 CNY/W
