Polysilicon
The mainstream concluded price for mono recharge polysilicon is RMB 40/KG, while mono dense polysilicon is priced at RMB 38/KG and N-type polysilicon is currently priced at RMB 38/KG.
Trading Status: PolySilicon orders for next month have mostly been finalized, and the market is currently in the delivery phase of earlier orders. Due to significant pressure on wafer segment following the suit to increase the wafer price, polysilicon prices are still in a state of stagnant tug-of-war.
Inventory Dynamics: Current inventory levels of polysilicon remain above 300,000 tons, but with industry-wide production cuts and some manufacturers about to enter maintenance periods, the growth of inventory levels is slowing down.
Price Trend: PolySilicon prices have stabilized this week, with significant price hikes being implemented by the mid-to-lower segment players, providing rigid price support for upstream raw materials.
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 1.18/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.28/Pc.
Inventory Dynamics: The inventory growth rate has slowed down. Thanks to the self-regulation effect in the industry, some leading manufacturers have appropriately adjusted their production plans downward, keeping wafer inventory levels above 2 billion.
Supply Dynamics: In March, wafer production is expected to rebound as the downstream sector recovers. However, the extent of the rebound will depend on the industry’s self-regulation efforts. Regarding wafer sizes, as downstream module manufacturers increase production of 210RN modules, demand for 210RN wafers is likely to rise. This could gradually reverse the previous downward trend in 210RN wafer prices.
Price Trend: This week, wafer prices across all sizes have remained stable. The ability of wafer suppliers to sustain their production control measures amid rising market demand will be crucial in driving price increases.
Cells
The mainstream concluded price for M10 cell is RMB 0.330/W, while G12 cell is priced at RMB 0.270/W. The price of M10 mono TOPCon cell is RMB 0.290/W, while that of G12 mono TOPCon cell is RMB 0.290/W and that of G12R mono TOPCon cell is RMB 0.270/W.
Supply Dynamics: In March, solar cell production may turn upwards. Most manufacturers are gradually resuming production after the holidays, and a differentiation in output structures is expected. The increase in cell output is likely to be contributed by leading manufacturers, with cell inventory expected to peak soon. Similarly, with the increase in module output of 210RN, the oversupply of 210RN solar cells is also gradually being corrected, leading to stronger price support.
Price Trend: Prices for all cell formats have remained stable this week. However, after the market demand strengthens, there is potential for price increases in some cell formats.
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: With multiple favorable factors such as the “New 531” policy and the overseas traditional peak season, March module production is expected to increase compared to the previous month. On the demand side, the ground-mounted utility installation demand is still in the preparation stage, and new policies on efficiency rates may stimulate a small increase in distributed solar installation.
Price Trend: Module prices have remained stable this week. For bifacial M10-TOPCon, the major manufacturers’ price range is 0.63-0.70 RMB/W. As for bifacial G12-HJT, mainstream module manufacturers’ price range is 0.65-0.80 RMB/W.
Recently, the number of module manufacturers reporting price increases for modules has increased. Some leading manufacturers have made secondary price hikes, and it can be seen that second- and third-tier manufacturers have followed suit. The module sector may be in a situation where buyers are more inclined to buy at higher prices than lower ones.
PV Glass
The mainstream concluded price for 2.0mm coated solar glass is RMB 13/㎡ , 3.2mm coated PV glass is priced at RMB 21/㎡, and 2.0mm coated backsheet glass at RMB 12/㎡.
Supply and Demand Dynamics: PV glass production remains stable, with no clear plans for cold maintenance or production cuts. Under the long-term pressure of suffering losses, PV glass manufacturers are more willing to unite for price hikes.
This week, manufacturers have raised their new orders by approximately 1 RMB/sqm. With expectations of increased module production in March, the supply-demand structure for solar glass is expected to improve, leading to stronger price support.