Polysilicon
Some polysilicon orders have been concluded this week, but the ingot segment still holds inventory, keeping overall procurement slow. Only some small-volume deals have been finalized, mostly at RMB 36–37/kg. China-made granular polysilicon has seen steady deliveries, with mainstream prices at RMB 35–36/kg. U.S. policy changes have disrupted non-Chinese polysilicon makers’ shipments, resulting in a cautious sentiment in manufacturing. Newly-signed orders have been under negotiation recently, with fewer purchases and an average price holding at USD 19/kg.
Large-volume deals hinge on ongoing negotiations among major producers, which remain unsettled. Despite mixed market signals, polysilicon suppliers aim to stabilize prices and are assessing potential production cuts, while only a few have confirmed maintenance plans, and most show no capacity increases. Significant production cuts are likely around June to August, aligning with weak end-user demand. Some suppliers facing higher inventory levels are also weighing capacity adjustments to maintain stable annual output.
Wafer
After weeks of decline, wafer prices have started stabilizing this week. Given upstream production control and narrowing drops in cell prices, market sentiment has slightly improved, with overall wafer prices staying flat from last week.
Mainstream wafer trading prices:
• 183N: RMB 0.95/piece
• 210RN: RMB 1.10/piece
• 210N: RMB 1.30/piece (showing signs of bottoming out)
Price ranges by wafer format:
• 183N: RMB 0.95–0.98/piece
• 210RN: RMB 1.05–1.10/piece; most traded at RMB 1.08–1.10/piece, while some lower-priced at RMB 1.05/piece
• 210N: RMB 1.30–1.35/piece, holding firm
While wafer prices have stabilized this week, market sentiment remains cautious. End-user demand has yet to pick up as current supply-demand dynamics lack strong drivers for price recovery. Thus, a sharp short-term price rebound remains unlikely. The supply chain is still in adjustments, and prices for polysilicon and cells remain crucial to track. Upstream producers have been planning production cuts. If these cuts are effectively implemented and inventory is depleted faster, it could help stabilize prices. However, whether wafer prices can hold or rebound will depend on actual production cuts and demand recovery in June.
Cell prices in China
P-type (182P) cell prices have sustained this week:
• Average price: RMB 0.285/W
• Price range: RMB 0.28-0.285/W
China’s demand for p-type cells is primarily for small, scattered orders. Significant price fluctuations are unlikely in the short term.
N-type cell prices this week:
183N:
• Average price: RMB 0.255/W (slipped)
• Price range: RMB 0.25-0.26/W
210N:
• Average price: RMB 0.275/W (slipped)
• Price range: RMB 0.27-0.275/W
210RN:
• Average price: RMB 0.265/W (sustained)
• Price range: RMB 0.26-0.27/W
According to some cell manufacturers, demand for 183N cells remains weak, and module makers are reluctant to accept current average prices. As a result, the average price may drop further to RMB 0.25/W. For 210R cells, leading manufacturers held firm on pricing last week, keeping average prices stable this week.
Overall, some cell manufacturers have gradually cut production by the end of May. With prices hovering near production costs, sustaining operations has become difficult. Given expectations of weaker end-market demand in June, whether cell prices can recover will depend on how significantly and effectively production cuts are carried out.
Cell prices in non-China markets
P-type cell prices in USD:
The average export price for 182P cells from China stays at USD 0.036/W. The higher-end pricing refers to Southeast Asian cells made with non-China-made polysilicon, directly exported to the U.S., with recent prices at USD 0.08–0.09/W, averaging USD 0.085/W.
N-type cell prices in USD:
The average export price for 183N cells from China stays at USD 0.035/W this week. For higher-end Southeast Asian cells made with non-China-made polysilicon and exported to the U.S., recent prices have sat at USD 0.11–0.12/W, averaging USD 0.12/W.
The average price of Southeast Asian cells exported to the U.S. has remained flat over time. During June and July, before the end of the 90-day tariff window for the U.S. reciprocal tariffs, demand is still likely to stay well-supported. However, significant shifts in U.S. trade policies remain possible. InfoLink will continue to closely monitor developments.
Module prices in China
This week has seen little change, but as supply chain prices near the bottom, some manufacturers are struggling to deliver at RMB 0.65/W, as noted last week. Even aggressive manufacturers are now adjusting their strategies. Signs of price support are emerging across the supply chain.
For modules, leading TOPCon makers have set a price floor at RMB 0.65–0.66/W. Low-price orders are being limited, and production cuts are starting to impact supply. As a result, some popular models are in short supply again, with new spot prices trading at RMB 0.67–0.72/W.
In early May, demand was mainly driven by previously secured projects. However, demand support in the latter half of the month appears weak, with high market uncertainty. The sluggish market will likely persist through July and August. How manufacturers adjust their strategies will affect future price stability and needs close attention.
Module prices this week:
TOPCon glass-glass:
• RMB 0.62-0.72/W
• Bulk orders: RMB 0.67-0.68/W
• Low-priced deals are becoming less common.
PERC glass-glass:
• RMB 0.60–0.70/W
HJT:
• RMB 0.72-0.85/W
• Ground-mounted projects: RMB 0.73-0.75/W
xBC (N-TBC):
• Distributed projects: RMB 0.7-0.82/W
• Ground-mounted projects: RMB 0.74-0.75/W
Module prices in non-China markets
Module prices in non-China markets hold steady this week.
TOPCon module prices by region:
• Asia-Pacific:
1. Prices for Chinese exports to the Asia-Pacific come in at USD 0.085-0.09/W. In India, modules made with Chinese cells and assembled locally are selling in bulk at USD 0.14–0.15/W. It is worth noting that some Indian manufacturers have recently begun sourcing cells from Southeast Asia.
2. Modules are delivered at around USD 0.09/W in Australia, with prices for distribution-based and distributed projects starting to rise by USD 0.09-0.10/W.
• Europe:
Overall delivery prices in Europe stay at USD 0.085-0.09/W. With installation rush ending in China, Chinese companies are shifting more shipments overseas. After Intersolar Europe, prices start to decline. In H2, prices for ground-mounted projects are expected at USD 0.080–0.085/W.
• Latin America:
Mainstream prices are at USD 0.08-0.09/W. Brazil see prices both at USD 0.08/W and USD 0.09/W.
• Middle East:
Prices mostly hold at USD 0.085-0.09/W for bulk procurement, while previous high-priced locked-in orders are still being delivered at USD 0.10–0.11/W.
• The U.S.:
Impacted by U.S. tariff policies, suppliers and project developers are actively negotiating new quotes. Current trading prices have slightly increased, approaching USD 0.27–0.30/W. Given trade risks, price quotes for locally made modules are also trending upward, with quotes above USD 0.40/W gradually becoming more common.
