Downward Price Drops Continue to Be Transmitted Upstream, Weak Demand Leads to Insufficient Momentum on Price Support

Polysilicon

The mainstream concluded price for mono recharge polysilicon is RMB 40/KG, while mono dense polysilicon is priced at RMB 38/KG and N-type polysilicon is currently priced at RMB 37/KG.

Market Trading Activities

Throughout the week, there was a strong bearish sentiment in the polysilicon market. Downstream ingot plants had limited acceptance of the quoted prices for polysilicon. In addition, following the 'buy high, sell low" logic and sluggish downstream demand in the market, the overall transaction volume of polysilicon showed overall weakness.

Supply and Demand Dynamics

The stocking wave has ended, and thus downstream prices have lost their anchor, beginning to decrease. The production plans of ingot growers are also expected to contract, leading to an imbalance in the supply and demand of polysilicon once again. Therefore, there is a risk that polysilicon inventory levels will rise by the end of the month.

Price Trends

This week, prices of N-type polysilicon across various categories were revised downward, and future demand is still unlikely to provide effective support.

Wafers

The mainstream concluded price for M10 N-type wafer is RMB 1.10/Pc and G12 N-type is RMB 1.45/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.30/Pc.

Supply and Demand Dynamics

The market is experiencing a supply-demand imbalance, with some wafer manufacturers even resorting to sell-offs. The procurement from the cell sector is shrinking as well.

Price Trends

This week, prices of N-type wafers across all sizes declined. Wafer inventory levels are rising, and currently, there is no sustained price support from either the cost side or the demand side, meaning wafer prices could still experience a certain degree of adjustment in the future.

Cell

The mainstream concluded price for M10 mono TOPCon cell is RMB 0.280/W. The price of G12 mono TOPCon cell is RMB 0.295/W and that of G12R mono TOPCon cell is RMB 0.280/W.

Supply and Demand Dynamics

The visibility of orders from module manufacturers for May has decreased, and a sudden drop in demand is forcing cell manufacturers to reduce prices. Leading manufacturers are planning production cuts to reduce inventory accumulation risks and avoid the reappearance of impairment losses.

By analyzing the cell formats, the mismatch in supply and demand for 210RN is particularly high. Earlier, cell manufacturers increased production, but the disappearance of current stocking demand from distributed solar PV projects is putting pressure on the market.

Price Trends

Across the board, cell prices have declined this week for all cell formats.

Modules

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 PERC module at RMB 0.70/W, and 210mm bifacial 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 and Demand Dynamics

Modules are facing weaker demand, and visibility of orders for May is poor. Therefore, production plans in module sector may shrink. In addition, market demand in the second half of Q2 looks less optimistic, and thus leading manufacturers are struggling to stabilize prices.

On the demand side:

Domestic: The stocking wave has ended, and market demand has fallen back.

Overseas: In Europe, imported module prices remain stable, but price drops still require time to be transmitted. In India, prices for domestically made monocrystalline modules remain stable temporarily, with seasonal imported demand drops after the fiscal year. In the US, during the exemption period, imported demand is being stimulated.

Price Trends

This week, the prices of 182-210mm TOPCon modules for utility-scale solar PV projects in China stabilized, with the average price for utility-scale modules holding steady at 0.69 RMB/W. The average price for distributed PV modules dropped to 0.69 RMB/W throughout the week.
For bifacial M10-TOPCon, leading manufacturers' price range is 0.66-0.75 RMB/W.

For bifacial G12-HJT, mainstream manufacturers' prices range from 0.69 to 0.78 RMB/W.
Module manufacturers generally lowered their prices, and in the second half of 2025, cash flow pressure will intensify among them.