Wafer, cell prices sustained while module prices lose ground

Polysilicon

After polysilicon prices bottomed out, low-price range and overall price quotes increased, leading to improved transaction volumes and average prices. The overall price quote recovered to RMB 37-40/kg, averaging at RMB 39.5/kg, with a possible further increase. High-price range rebounded to RMB 41-42/kg.

Some spot market transactions exceeded these prices, but these are limited and not from direct users. More market participants are attempting to engage with bottom prices. Since trading activity before the listing of polysilicon futures is still low, InfoLink will keep an eye on it and assess its future impact on spot prices.
 

Wafer

Prices for p-type M10 and G12 wafers stayed at RMB 1.25/piece and RMB 1.7/piece, respectively. For n-type M10, G12, and G12R wafers, prices reached RMB 1.08-1.1/piece, RMB 1.55/piece, and RMB 1.23-1.25/piece, respectively. Trading prices for 210N and 210RN wafers sit at RMB 1.5-1.55/piece and RMB 1.23/piece, respectively.

Wafer price trend is subject to polysilicon supply and demand. Although the wafer sector stabilized, changes in polysilicon prices could affect wafer prices. Moreover, subtle changes in supply-demand dynamics for specific formats will impact price stability.
 

Cell

Given that the LECO technology became essential for TOPCon cell production in the first half of the year, cell makers have been upgrading production lines via enhancing efficiency, with the current mass production efficiency reaching 24.9% or above 25%. InfoLink will adjust publicized efficiency to 24.9%+ starting this week. 

This week, trading prices mostly stabilized at RMB 0.29/W this week, with p-type M10 and G12, M10 TOPCon, and G12R cell prices staying at RMB 0.28-0.29/W, and G12 TOPCon cells sustained at RMB 0.29-0.3/W. For 210mm n-type rectangular (210RN) cells, sluggish demand reduced production willingness, similar to wafers. 

Manufacturers can hardly survive amid the current low-price level, while falling material prices have alleviated production pressure. Price declines for cells will remain linked to module prices.
 

Module

Module prices slipped this week, given that the prices for ground-mounted projects reached RMB 0.71-0.77/W. Tier-2 and Tier-3 manufacturers offered lower price quotes due to lower order volumes, with some new orders reaching a new low. Prices for distributed generation projects fell to RMB 0.77-0.83/W. Overall, TOPCon average prices came in at RMB 0.8/W and would likely touch RMB 0.78/W at the end of August.

Prices for 182mm glass-glass PERC modules sat at RMB 0.67-0.8/W, with ground-mounted projects delivered below RMB 0.7/W. Overall, prices slightly dipped. For HJT modules, prices stayed at RMB 0.8-0.95/W, with utility-scale projects falling toward lower prices. Manufacturers would sustain prices at RMB 0.9/W.

The price gap between p-type IBC and TOPCon modules remained at RMB 0.02/W, while that with n-type TBC module prices reached RMB 0.05-0.07/W.

Demand has not significantly recovered. Utility-scale projects in China will boost demand in August, while non-China demand remains stable. Few buyers accept higher prices. Price wars and cheap, low-efficiency products continue disrupting the market, making it difficult for module prices to rebound.

In non-China markets, prices for HJT modules stayed at USD 0.12-0.125/W. PERC modules were delivered at USD 0.09-0.1/W. For TOPCon modules, prices varied significantly among regions, sitting at USD 0.1-0.105/W in Asia-Pacific, EUR 0.085-0.115/W in Europe, USD 0.105-0.12/W in Australia, USD 0.085-0.115/W in Brazil, and USD 0.09-0.11/W in the Middle East. For utility-scale projects, prices approached below USD 0.1/W in the Middle East and USD 0.09-0.11/W in Latin America.

In the U.S., market prices are affected by policy uncertainties, resulting in less demand. Manufacturers delivered TOPCon modules at prices of USD 0.23-0.28/W this week, slightly below the previous USD 0.28-0.3/W level. The price gap between PERC and TOPCon modules is USD 0.02-0.03/W. InfoLink’s weekly spot price updates will include prices for U.S.-made modules based on market movements.