Polysilicon
This Week's Prices:
This week, the mainstream concluded price for mono recharge polysilicon is RMB 37/KG, while mono dense polysilicon is priced at RMB 34.5/KG and N-type polysilicon is currently priced at RMB 33.5/KG.
Trading Activity:
Procurement for June orders has begun, with the price center sliding downward. Ingot manufacturers remained cautious in their purchasing, with transaction volumes still falling short. Actual deal prices of polysilicon averaged around RMB 35/kg.
Inventory Status:
As of this week, total polysilicon inventory surpassed 370,000 tons, with downstream purchasing slowing further. In the short term, polysilicon stockpiles are expected to continue rising.
Supply & Demand Dynamics:
Top-tier manufacturers are planning gradual production cuts, set to be implemented month by month. Production shifts during the wet season are proceeding as scheduled. Other producers, facing sustained price declines, have broadly aligned on coordinated reductions in utilization rates. Meanwhile, some ingot makers remain bearish on the future market and are exercising greater caution in procurement.
Price Outlook:
N-type polysilicon prices continued to decline, with dense polysilicon averaging RMB 34.5/kg, a slight week-on-week drop.
It is reported that some domestic polysilicon producers reached a temporary consensus on floor prices during discussions aimed at curbing further market deterioration. However, with no binding enforcement mechanism and widespread bearish sentiment, polysilicon prices are still expected to decline further in the short term.
Wafers
This Week's Prices:
The mainstream concluded price for M10 N-type wafer is RMB 0.93/Pc, while G12 N-type wafer is priced at RMBÂ 1.27/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.07/Pc.
Supply & Demand Dynamics:
Supply-demand conditions diverge across wafer formats. Demand for 183mm wafers remains unclear, while 210RN wafers have seen a shift in market demand as leading downstream players stock up at low prices, helping to reduce earlier inventory backlogs in this sector. Some wafer producers are also taking advantage of the situation to offload their inventory.
Inventory Status:
Wafer inventory remains stable at around 20 GW, with no significant short-term growth, reflecting relatively balanced supply.
Price Outlook:
Temporary increases in 210RN demand have prompted some cell manufacturers to buy the dip, offering slight upward support for its prices. However, due to weak overall demand and existing inventory pressure, the price rebound has yet to materialize fully.
Prices of other wafer formats are also showing early signs of stabilization, driven by cost pressure.
In the short term, the supply chain remains in adjustment mode, and with polysilicon prices still unstable, wafer prices may continue to fluctuate slightly.
Cell
This Week's Prices:
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 0.260/W.
Supply & Demand Dynamics:
The supply-demand balance varies by cell size. Demand for 183mm cells remains weak despite pricing, while 210mm cells maintain a more stable supply-demand dynamic.
Recently, demand for 620W high-power modules has improved, supporting demand for 210RN, leading to a modest rebound in 210RN prices. Therefore, the corresponding cell price returned to RMB 0.26/W this week.
Inventory Status:
Specialized cell manufacturers are holding around one week's worth of inventory, which remains at the low end of normal levels—the lightest inventory burden across the entire value chain.
Price Outlook:
Cell prices stabilized this week after previous declines, though manufacturers are still operating at a loss.
210RN prices rebounded slightly, supported by short-term demand. The resurgence of 210RN is prompting producers to accelerate format transitions, and its share of total output is likely to keep rising. However, the market should also prepare for possible overcapacity as manufacturers rapidly convert production lines.
Modules
This Week's Prices:
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:
As downstream demand continues to weaken, module makers report reduced order visibility for June. Most are responding by lowering operating rates, minimizing inventories, and cutting back on outsourcing orders. This has created a weak-on-both-sides scenario for supply and demand. That said, temporary installation rushes for distributed PV projects have triggered short-term boosts in demand for 620W modules, helping to pull demand for related products in upstream segments.
Price Outlook:
So far, June module orders have dropped significantly. With the upcoming SNEC expo, the near-term module market faces continued volume and price pressure.
Overseas Demand:
Europe: May prices remained stable, but are likely to decline in the coming months under pressure from falling import prices.
India: A finalized anti-dumping ruling on PV glass from certain countries may increase local module costs, pushing domestic module prices higher.
United States: Pending revisions to the IRA subsidy program are still under congressional review. If retained, residential installation tax credits (ITC) may drive a surge in H2 2025 residential solar installations.Additionally, a pending CIT ruling could bring more uncertainty, possibly extending the profitability window for production capacities not subject to AD/CVD tariffs.