Post-Holiday Industry Chain Prices Stabilize, with Some Module Manufacturers Attempting Price Increases

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 38/KG.

Supply and Demand Dynamics: During the holiday period, the downstream wafer production rate remained high, effectively supporting the supply of polysilicon. In addition, some of the polysilicon production has been shifting towards the crystal pulling production process. It is expected that polysilicon supply will remain stable in February, with the downstream ingot manufacturers also experiencing rigid support for production scheduling. As a result, the supply-demand balance for polysilicon will continue in a steady state, and prices are expected to be supported within a certain range.

Trading Situation: During the holiday period, polysilicon were shipped according to the order of previous contracts, maintaining relative stability.

Price Trend: Prices stabilized this week, and if production increases on the downstream side in March, there may be expectations for a price increase in polysilicon.

Wafers

The mainstream concluded price for M10 P-type wafer is RMB 1.10/Pc, while G12 P-type wafer is priced at RMB 1.65/Pc. The mainstream concluded price for M10 N-type wafer is RMB 1.18/Pc and G12 N-type is RMB 1.55/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.32/Pc.

Inventory Dynamics: Leading specialized manufacturers increased production, but downstream solar cell manufacturers generally took a break, resulting in limited digestion of wafers. Therefore, there is a slight increase in inventory, putting some pressure on wafer prices.

Supply and Demand Dynamics: Solar cell manufacturers completed their stocking before the holiday. Meanwhile, considering that the resumption of work in the cell sector is slower than the wafer sector, there is a slight oversupply of wafers. The 210RN wafer is under pressure due to reduced production downstream, while the supply-demand balance for the 183N and 210N specifications remains relatively stable, with prices holding steady for now.

Price Trend: During the week, prices for N-type wafers remained steady, though inventory levels increased again. If downstream production increases in March, the negative impact of the supply-demand imbalance on prices may ease.

Cells

The mainstream concluded price for M10 cell is RMB 0.270/W, while G12 cell is priced at RMB 0.270/W. The price of M10 mono TOPCon cell is RMB 0.290/W, while that of G12 mono TOPCon cell is RMB 0.290/W and that of G12R mono TOPCon cell is RMB 0.270/W.

Supply and Demand Dynamics: Solar cell manufacturers are gradually resuming production, and currently, inventory pressure for solar cells is relatively low. Although strong procurement demand from the Indian market supports cell prices, overall demand from downstream sectors in Q1 is weaker, increasing the pressure to stabilize prices for solar cells.

Price Trend: Prices for all types of solar cells remained stable this week. Downstream module manufacturers had stocked up before the holiday, so demand for solar cells may be lower. The price trend will depend on whether module production plans to increase in March.

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 Dynamics: Manufacturers’ resumption of production has slowed, and with Q1 being the off-season for market demand, production scheduling remains at a seasonal low.

Demand Dynamics: Domestically, the industry is waiting for demand to pick up. In Europe, Q4 stock clearance by distributors has led to an influx of modules in the market, suppressing prices. If European demand weakens in Q1, the supply-demand imbalance may not be reversed. In India, following the imposition of tariffs on solar glass imports from China and Vietnam, the price of DCR modules continues to rise. In the US, there is ongoing attention to government adjustments to the IRA, and some manufacturers have announced delays in cell capacity construction.

Price Trend: Module prices remained stable this week. For bifacial M10-TOPCon modules, top manufacturers’ prices ranged from 0.63 to 0.70 RMB/W; for bifacial G12-HJT modules, mainstream manufacturers’ prices ranged from 0.65 to 0.80 RMB/W.