Polysilicon
Price Trends:
This week, the mainstream concluded price for mono recharge polysilicon is RMB 37.5/KG, while mono dense polysilicon is priced at RMB 35/KG and N-type polysilicon is currently priced at RMB 34.0/KG.
Trading Activity:
Transaction volume remained weak as the industry enters a period of sluggish demand. Ingot manufacturers adopted cautious procurement strategies, with a few smaller players offloading inventory at prices RMB 1–2/kg below average. However, the transaction volumes of low prices were limited and did not significantly impact overall pricing.
Inventory Status:
Total polysilicon inventory has exceeded 360,000 tons, reflecting a further rise in inventory due to slowing downstream procurement. In conclusion, polysilicon inventory levels remain under pressure in the future.
Supply & Demand Dynamics:
No significant production cuts have been observed among polysilicon producers, though discussions and planning are reportedly underway. On the demand side, ingot makers are still following a buy-as-needed approach, with no large-scale procurement plans evident.
Outlook:
N-type polysilicon prices saw a slight week-on-week decline, with the average for N-type dense polysilicon settling at RMB 35/kg. Polysilicon prices have not yet stabilized and downward pressure remains.
Wafers
The mainstream concluded price for M10 N-type wafer is RMB 0.93/Pc, while G12 N-type wafer is priced at RMB 1.30/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.08/Pc.
Supply & Demand Dynamics:
Wafer supply still lags behind downstream cell demand, and most wafer manufacturers are executing production cuts and inventory clearance strategies. This has helped keep wafer inventory levels under control. However, upstream price volatility and disappointing market demand have weakened price support.
Inventory Dynamics:
Current wafer inventory stands at around 20 GW, with 183mm and 210RN formats accounting for the majority. Given that downstream manufacturers are still transitioning wafer formats, demand pressure is notably higher for 183mm wafers.
Outlook:
Prices for all N-type wafer formats declined week-on-week, with 183mm leading the drop. Given ongoing price instability downstream, further declines cannot be ruled out.
Cells
The mainstream concluded price for M10 mono TOPCon cell is RMB 0.255/W. The price of G12 mono TOPCon cell is RMB 0.273/W and that of G12R mono TOPCon cell is RMB 0.255/W.
Supply & Demand Dynamics:
Supply-demand imbalances vary by cell format. The 183mm segment faces a more severe imbalance, characterized by price offers without actual deals. In contrast, the 210mm market remains relatively balanced, supported by short-term demand for high-power modules. That said, distributed PV market weakness still puts pressure on 210RN cell demand.
Inventory Status:
Among all segments in the value chain, cell inventory pressure is the lowest, with a turnover cycle of approximately 6 days.
Outlook:
Prices for 183mm and 210R cells declined week-on-week, but the rate of decline has narrowed. Due to inventory and demand concerns, further downside for 183mm cells remains possible. Looking ahead, cell prices may bottom out and stabilize once end-market demand picks up in Q3.
Modules
The mainstream concluded price for 182mm bifacial TOPCon modules is RMB 0.67/W, and 210mm bifacial HJT modules at RMB 0.77/W.
Supply & Demand Dynamics:
On the supply side, order visibility for next month is declining, and module manufacturers may further reduce production. Short-term high-power module demand remains supported by specific solar PV project deadlines, but low-power modules face fiercer price competition.
On the demand side:
China: Distributed PV projects have stalled, while utility-scale PV project stocking has yet to begin.
Europe: Imported module prices remain unstable, with month-on-month declines expected due to falling import costs.
India: Final anti-dumping rulings on PV glass imported from certain countries may increase domestic module production costs and push local module prices up.
United States: While IRA revisions are still pending, it is expected that residential ITC changes will remain, which may trigger a residential installation boom in H2 2025. Some AASM members have noted a surge in imports from Southeast Asian nations not subject to AD/CVD measures.
Outlook:
In China, utility-scale PV project prices for 182–210mm TOPCon modules stabilized at RMB 0.665/W, while distributed PV project prices held around RMB 0.670/W.
Bifacial M10-TOPCon modules were quoted in the RMB 0.62–0.72/W range by top-tier manufacturers, with the price midpoint trending lower.
Bifacial G12-HJT modules had quotes clustered in the RMB 0.68–0.76/W range.
Most module manufacturers have lowered prices, and unless upstream players implement aggressive production curbs, module prices are unlikely to stabilize during Q2's weak demand.