Polysilicon
Prices this week: This week, the mainstream concluded price for mono recharge polysilicon is RMB 45.0/KG, while mono dense polysilicon is priced at RMB 43.0/KG and N-type granular silicon is currently priced at RMB 42.5/KG.
Trading Dynamics: Price negotiations remain in a tug-of-war in the polysilicon sector. Leading producers are actively holding prices firm, but downstream acceptance is low, with customers prioritizing lower-priced polysilicon and purchasing on a just-in-time basis. Recently, downstream demand remained sluggish, cautious procurement strategy has outweighed the traditional strategy of buying into high rallies. At present, polysilicon supply is clearly in surplus, and there is no shortage of available polysilicon inventory.
Inventory Dynamics: As of this week, overall polysilicon inventories continue to climb, now approaching 400,000 tons. Leading producers have contributed significant incremental volumes by ramping up production this month.
Supply-demand Dynamics: The guiding effect of supply-demand fundamentals on prices is diminishing, with policy expectations increasingly setting the tone. The recent joint anti-irrational price competition meeting held by six ministries continues to provide rigid support for polysilicon prices to stay at high levels. Against the backdrop of oversupply in Q3–Q4 2025, price stability is becoming more dependent on policy measures in this sector. In conclusion, any sustained polysilicon price increase would require stronger interventions.
Price Trend: N-type polysilicon prices across all categories were flat this week. The policy meeting against irrational price competition has provided short-term support to prices.
Wafers
Prices this week: The mainstream concluded price for M10 N-type wafer is RMB 1.20/Pc, while G12 N-type wafer is priced at RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.35/Pc.
Supply-demand Dynamics: Sales of 183N and 210N wafers remain relatively positive, with supply and demand in weak balance. However, production expansion of 210RN wafers this month, coupled with sluggish market demand, has led to mild oversupply, though prices are still supported. Under policy backing from the anti-irrational price competition meeting, price caps are imposing rigid constraints on wafer quotations.
Inventory Dynamics: Wafer inventories have reversed from a de-stocking trend to accumulation again, with overall wafer inventories approaching 20 GW, mainly concentrated in 210RN format.
Price Trend: Wafers of all sizes held firm during the week. However, demand from overseas customers is gradually cooling, but policy support once again provides rigid price backing. In the short term, wafer prices still show upward momentum.
Cells
Prices this week: The mainstream concluded price for M10 mono TOPCon cell is RMB 0.295/W. The price of G12 mono TOPCon cell is RMB 0.285/W and that of G12R mono TOPCon cell is RMB 0.285/W.
Supply-demand dynamics: In the cell segment, high-priced overseas orders have diminished and stocking activity is winding down, leading to lower market demand. However, given that cell production did not ramp significantly during the stocking wave, the segment overall remains in weak supply-demand balance. Therefore, cell prices are temporarily stable, hinging on whether module makers can successfully pass through higher prices to buyers. If procurement orders in Q3 can be delivered at higher prices, cell pricing may remain resilient.
Inventory Dynamics: Specialized cell makers' inventories remained steady this week, but with demand decreasing, the risk of renewed stock build-up cannot be ruled out.
Price Trend: N-type cells across specifications held steady this week. The recent reinforcement of policy measures provides new opportunities for price stability.
Modules
Prices this week: The mainstream concluded price for 182mm bifacial dual-glass TOPCon modules is RMB 0.67/W, and 210mm bifacial HJT modules at RMB 0.72/W.
Supply-demand Dynamics: With September approaching, ground-mounted solar PV project procurement and stocking activities are gradually starting, increasing demand for solar modules. Backed by the anti-irrational price competition meeting, module manufacturers have actively raised quotations, but acceptance from the market remains limited.
Price trend: New orders have been priced higher across the board. Tier-1 manufacturers are strongly defending price levels, with most offers adjusted to RMB 0.70/W and above. However, actual transaction levels among top players are around RMB 0.67/W, while tier-2 and tier-3 producers are mainly transacting around RMB 0.65/W.
Overseas demand:
Europe: Module prices continued to decline in July, with summer holidays dampening solar PV installation activity.
India: DCR module prices held steady.
U.S.: FOB product offers remained stable.
