Weakened Demand Pressures Polysilicon Prices; Temporary Supply-Demand Imbalance for 210RN Wafers and Cells

Polysilicon

This week, the mainstream concluded price for mono recharge polysilicon is RMB 41/KG, while mono dense polysilicon is priced at RMB 40/KG and N-type polysilicon is currently priced at RMB 38/KG.

Trading Activity:

Trading was relatively subdued this week, with few deals closed. Downstream players continued to prioritize consuming existing inventory. Some buyers purchased low-priced blended feedstock. But ingot growers were not aggressively pushing prices down, highlighting once again the importance of cost support for suppliers.

Supply Dynamics:

In May, the fading installation rush may lead to more excessive supply in this segment. Although the rainy season typically leads to higher production, the likelihood of polysilicon producers expanding output is diminishing. Still, new production capacity ramp-ups are expected to keep pressure on the supply side.

Price Trend:

While prices for N-type recharge and dense polysilicon remained stable this week, the weakening of downstream demand continues to exert downward pressure on prices.

Wafer

This week, the mainstream concluded price for M10 N-type wafer is RMB 1.23/Pc and G12 N-type is RMB 1.50/Pc. The mainstream concluded price for N-type G12R wafers is RMB 1.43/Pc.

Supply & Demand Dynamics:

This week, prices for all sizes of N-type wafers declined under pressure from falling solar cell prices. The majority of new wafer output in April was concentrated in the 210RN format, which has now encountered a structural supply-demand imbalance as demand cools. Further price reductions for this format are still possible to be seen.

Price Trend:

N-type wafer prices saw broad-based declines this week. While leading manufacturers attempted to maintain prices, cash flow concerns among smaller players triggered panic selling, with prices dropping by as much as RMB 0.05/piece in some cases.

The previous destocking cycle has come to a halt, and inventory levels are rising again. With solar cell prices still unstable, wafer prices may continue to retrace earlier gains — unless the self-discipline alliance in May enforces stricter production controls that better align with downstream production plans to restore supply-demand balance.

Cell

This week, the mainstream concluded price for M10 mono TOPCon cell is RMB 0.300/W. The price of G12 mono TOPCon cell is RMB 0.305/W and that of G12R mono TOPCon cell is RMB 0.290/W.

Supply Dynamics:

Leading specialized cell manufacturers have significantly ramped up production. Therefore, following the end of the pre-installation stockpiling phase, this surge has led to a supply-demand mismatch for the 210RN format, resulting in inventory buildup. This has translated into a sharp price drop of nearly 9% within the week.

There are also potential supply-demand mismatch risks for the 182mm and 210mm cell formats.

Price Trend:

This week, 183N and 210RN cells fell to RMB 0.300/W and RMB 0.290/W, respectively.

Modules

This week, 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-glass PERC module at RMB 0.70/W, and 210mm bifacial glass-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 & Demand Dynamics:

Weakened demand continues to pressure module pricing. Module distributors are preemptively slashing prices, but major manufacturers have been unable to maintain price floors, leading to factory price reductions of RMB 0.01–0.04/W.

Domestic Market: The pre-installation stockpiling phase is winding down, with demand weakening. Demand in the second half of the year will depend on centralized utility-scale solar project procurement.

Overseas Market:

Europe: Imported module prices remain steady; further price transmission will take time.

India: Domestic mono module prices are temporarily stable, with seasonal decline in import demand post fiscal year-end.

U.S.: Prices remain steady, though some suppliers are in negotiations with buyers to revise contract structures and discuss how to absorb increasing import costs.

Price Trend:

In China’s centralized utility-scale solar PV market, price quotes for 182mm to 210mm TOPCon modules have stabilized at around RMB 0.69/W. Meanwhile, distributed solar system module prices declined to RMB 0.730/W this week.

Bifacial M10 TOPCon modules: Leading manufacturers are quoting in the RMB 0.66–0.75/W range.
Bifacial G12 HJT modules: Quotes from mainstream manufacturers are concentrated around RMB 0.69–0.78/W.

Lower-power TOPCon modules have retreated below RMB 0.70/W, with frequent price cuts from manufacturers aiming to prevent inventory buildup.