Polysilicon
This week, 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.
Market Activity: Ingot manufacturers remain cautious with their procurement strategies. Downstream players expect polysilicon producers to ramp up production during the wet season, and based on the analysis of market demand after “531” policy being come into effect, the bearish sentiment is strong in this segment. As a result, most players decide to chase the uptrend and avoid the downtrend. Polysilicon spot trading volume has shrunk at the beginning of the month, with most transactions driven by previous orders.
Supply Dynamics: Polysilicon output in April is estimated at around 104,000 tons, a slight 3.7% MoM increase. Manufacturers are strictly following production control agreements in line with utilization rate targets set earlier this year. Currently, strict management in the polysilicon remains the cornerstone of price stability.
Inventory Status: Industry-wide inventory is currently between 340,000–360,000 tons. If seasonal high production strategies persist during the wet season, polysilicon inventory may rise again.
Price Trend: Average prices for both N-type recharge and dense polysilicon held steady this week. There are indications that the industry alliance may intervene preemptively to manage future price fluctuations.
Wafers
This week, the mainstream concluded price for M10 N-type wafer is RMB 1.25/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.50/Pc.
Supply & Demand: April wafer production is estimated between 61–63 GW, a sharp 20.5% MoM increase, mainly driven by top-tier specialized and vertically integrated manufacturers. On the demand side, monthly cell production remains stable, but the downstream inventory build-up phase is nearing its end, softening procurement sentiment for wafers. The previously surging 210RN wafers started losing momentum mid-month and have already begun to pull back in price.
Price Trend: 210RN prices dropped 5% this week. The momentum from the solar installation rush is no longer sufficient to sustain wafer price hikes. Therefore, wafer manufacturers are becoming concerned about potential asset impairment from further price declines and are considering offering moderate price concessions to accelerate inventory clearance.
Cells
This week, the mainstream concluded price for 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 0.320/W.
Supply Dynamics: April cell output is estimated at 63–65 GW, a robust 18.2% MoM increase, largely contributed by vertically integrated cell manufacturers. On the demand side, as the installation boom peaks, the stockpiling phase is winding down by mid-April. Most module manufacturers have completed their procurement of cells, leading to a sharp price cooldown for 210RN cells.
Price Trend: 210RN cells fell by around 6% this week, down to RMB 0.32/W, with bearish sentiment prevailing in the market.
Modules
This week, 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: Module output in April is estimated at 69 GW, a strong 24.8% MoM increase.
Demand Side: Domestically, the stockpiling cycle is ending, and market demand has entered a temporary lull. Utility-scale solar PV project demand in H2 will be critical. Internationally, module prices have seen slight increases in Europe, though the upward margin is narrowing. Prices in India for locally produced mono modules remain stable. U.S. pricing is also holding steady.
Price Trend: Module prices for 182–210mm TOPCon products have stabilized in China across both utility and distributed project segments.
•Utility-scale Solar PV average: stabilized at RMB 0.69/W
•Distributed Solar PV average: stabilized at RMB 0.75/W
For bifacial M10-TOPCon, leading manufacturers are quoting in the RMB 0.66–0.75/W range. For bifacial G12-HJT, major suppliers are quoting in the RMB 0.69–0.78/W range.
Given the current dip in market demand, some module manufacturers have already begun discounting to offload stock. The overall price outlook remains under downward pressure.