Polysilicon
Polysilicon prices hold steady this week.
China-made polysilicon chunks:
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Spot prices sit at RMB 37-43/kg.
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Major manufacturers deliver at RMB 40-42/kg.
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Tier-2 and Tier-3 peers deliver at RMB 39-40/kg.
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Some manufacturers aim to raise prices to RMB 43/kg, but the market acceptance remains unclear.
China-made granular polysilicon:
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Primarily supplied by major manufacturers, priced at RMB 37-39/kg.
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Mid- and lower-tier manufacturers are still negotiating new orders.
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February orders: Mostly fulfilling previous agreements with new orders gradually being settled. However, the trading volume of new orders remains low.
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Manufacturers are cautious about demand in March and April and are worried about a potential price drop in the supply chain after the current installation rush ends.
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Polysilicon producers are strategizing accordingly, and production schedules must be closely monitored.
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Polysilicon production remains steady but at a slightly reduced capacity, reflecting cautious demand outlooks.
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Shipments are flat, but inventory depletion is slower, indicating sluggish end-user demand.
Wafer
Wafer prices stay flat this week.
P-type wafer trading prices this week:
As p-type wafers have become customized products, demand in China has dropped sharply, with sales mainly driven by non-China orders.
N-type wafer trading prices this week:
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M10 183N: RMB 1.18/piece (stay still)
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G12R: RMB 1.3/piece (stay still)
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G12N: RMB 1.55/piece (stay still)
Reportedly, some manufacturers are considering raising price for March.
Price expectations:
These adjustments are linked to slight rebounds in both cell and module prices. Transactions at these price levels may materialize as early as next week.
Cell
P-type cell prices this week:
M10:
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Average price: Stable at RMB 0.33/W
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High price: Decreased to RMB 0.34/W
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Price range: RMB 0.32-0.34/W
High p-type cell prices are driven by strong non-China demand. However, prices may slip as demand falls after India's fiscal year-end installation surge concludes in late March.
N-type cell prices this week:
M10:
G12:
G12R:
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Average price: Increased to RMB 0.29/W
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High price: Increased to RMB 0.295/W
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Price range: RMB 0.28-0.295/W
Reasons for price hikes:
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Short-term supply-demand imbalance due to rising end-user demand before the implementation of China’s May 31 New Policy.
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Higher production ratio of G12R modules has been set for March, affecting delivery cycles between module and cell manufacturers.
Price Details:
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Most trading prices land at RMB 0.29-0.295/W.
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Price hikes are mainly seen among leading manufacturers.
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Tier-2 and Tier-3 peers have sustained prices this week.
N-type cell price outlook for March:
Upward price forecast due to:
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Planned price hikes for wafers in the coming weeks.
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Anticipated price hikes by cell manufacturers to offset rising costs.
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Clearer module orders leading to stronger demand.
Prices will likely increase in March but WILL hinge on supply-demand dynamics for each format.
Module
Module prices this week show price hikes for distributed projects:
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Driven by rush installations due to the upcoming China’s May 31 New Policy deadline, especially in C&I distributed projects.
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Spot prices increased to RMB 0.65-0.7/W, with an upward trend towards RMB 0.7-0.72/W.
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Price implementation is still under observation.
Ground-mounted projects:
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New order volumes are limited, given the 2-month window before the policy deadline.
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New order prices have slightly increased by RMB 0.01-0.02/W, with more deals now at RMB 0.65-0.67/W.
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Cost increases have pressured manufacturers, making low-price deliveries (RMB 0.6-0.65/W) unsustainable.
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Since late February, manufacturers have been reducing or pausing deliveries of low-price orders. They are negotiating with end users for revised prices and delivery terms, with talks expected to conclude in March.
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However, given limited end-user acceptance, price increases may be modest, rising by RMB 0.01-0.02/W.
Module prices this week:
TOPCon:
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Delivery prices: RMB 0.62-0.72/W
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Lower-price range (RMB 0.62-0.65/W) has significantly narrowed.
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Average price: Has rose to RMB 0.67-0.7/W
182mm PERC glass-glass:
HJT:
N-TBC:
Non-China module prices stabilize this week:
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TOPCon: USD 0.085-0.09/W
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HJT: USD 0.09-0.11/W
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PERC: USD 0.065-0.08/W
Short-term price rises are being discussed due to:
TOPCon module prices by region:
Prices come in at USD 0.085-0.09/W in the Asia Pacific and USD 0.085-0.09/W in Japan and South Korea. In India, prices for imported modules from China are USD 0.08-0.09/W. Indian modules made with Chinese cells are priced at USD 0.14-0.15/W, with minimal price gap between PERC and TOPCon.
Reportedly, Pakistan may impose an import duty starting mid-2025, resulting in rising price quotes. However, the final prices will hinge on official confirmation.
Modules are delivered at USD 0.09/W in Australia. The overall futures delivery price in Europe remains at USD 0.088-0.092/W. Negotiations for H2 prices are ongoing, and ground-mounted project prices will likely rise from the previous level of USD 0.08-0.083/W to USD 0.085/W. The Latin American market sees overall prices at USD 0.085-0.09/W. Prices in Brazil are reportedly fluctuating at USD 0.07-0.09/W. In the Middle East, prices mostly stay at USD 0.085-0.09/W, with previous orders delivered at USD 0.09-0.095/W.
US market prices are impacted by policy changes, leading to weaker project activities. Manufacturers are delivering TOPCon modules at USD 0.2-0.27/W. PERC and TOPCon modules see a price gap of USD 0.01-0.02/W. Price quotes for new orders keep falling and are likely to drop further in 1Q25. Local-made price quotes sit at USD 0.27–0.3/W, while non-local-made ones are at USD 0.18–0.20/W.