Prices stabilize for now amid limited fluctuations across the supply chain

Polysilicon

This week, polysilicon prices remain largely stable, with reference prices holding at around RMB 40–43/kg for n-type recycled polysilicon and RMB 40–41/kg for granular polysilicon. However, discussions are still underway within the industry, and market participants remain cautious as they await further developments. Reports of some polysilicon being sold at lower prices have emerged during the week, but current inquiries and market feedback have yet to confirm the reported quotes or actual purchases at those levels.. 

On the strategic front, producers remain committed to selling at no less than full cost and are conducting market research to inform their next steps. Downstream restocking remains largely need-based, with large-volume procurement yet to begin in earnest and overall trading activity remaining slow.

On the supply side, producers have been gradually advancing their production cut plans since the start of October; whether they will adjust their production and sales arrangements remains to be seen. With inventory pressure yet to ease and downstream buyers remaining cautious, however, further price increases still lack support from actual transactions, and prices are expected to hold steady in the near term. Looking ahead, the actual extent of production cuts by major producers, the recovery in price quotes, the pace of downstream restocking, and actual transaction prices will be important indicators of future market price trends.
 

Wafer

Wafer prices remain largely stable this week, with market transactions still driven primarily by need-based restocking and limited interest in large-volume purchases. Transaction prices stand at RMB 0.95–1.00/piece for 183N, RMB 1.03–1.05/piece for 210RN, and RMB 1.10–1.15/piece for 210N, with no significant changes across formats from last week.

By format, 210N wafers remain relatively firm, supported by demand from some projects in China in Q4. Recently, some manufacturers have also sought to raise the lower end of their quotes from RMB 1.10/piece to around RMB 1.13/piece, although the higher prices have yet to gain traction in actual transactions. 

For 210RN, market quotes still show some divergence, but limited overall procurement volumes have kept prices largely stable. Meanwhile, demand support for 183N outside China has weakened compared with earlier periods, as U.S. Section 232 restrictions have narrowed the scope for advance stockpiling and expedited shipments, while related orders from India are gradually nearing completion. However, planned production of 183N wafers has also been reduced significantly this month. With both supply and demand contracting, prices remain within their current range for now.

On the cost side, polysilicon prices have also remained firm. Coupled with reports that some upstream polysilicon producers are planning production cuts, this has reinforced market expectations of continued cost support, while wafer manufacturers remain reluctant to lower prices. Nevertheless, downstream demand remains limited, and market participants continue to adopt a wait-and-see approach and purchase primarily as needed. Prices therefore lack sufficient momentum for an upward breakout. In the near term, wafer prices are expected to hold steady overall, with 210N remaining relatively strong while other formats fluctuate within their existing ranges.
 

Cell prices in China

Average prices for n-type cells this week:

• 183N

Average price: RMB 0.3/W (flat)

Price range: RMB 0.29–0.30/W 

• 210RN

Average price: RMB 0.31/W (flat)

• 210N

Average price: RMB 0.295/W (flat)

Price range: RMB 0.29–0.30/W

Cell prices across formats have shown no significant changes this week. Prices and supply-demand conditions for 183N cells remain relatively stable, supported by production cuts among manufacturers in China. Meanwhile, 210N cells continue to benefit from ground-mounted PV demand in China, with manufacturers still seeking to raise their quotes toward RMB 0.30/W, although average transaction prices have yet to increase. As for 210RN cells, the latest quotes have begun to diverge. Tier-1 manufacturers have generally been able to maintain prices at RMB 0.32/W thanks to stable sales channels, while some tier-2, 3 manufacturers have begun offering lower quotes for new orders.
 

Cell prices outside China

P-type cell prices (USD): The average price for 182P has stayed flat at USD 0.047/W this week, with the price range remaining at USD 0.047–0.050/W. Demand for 182P cells outside China remains unchanged, with supply still primarily tied to toll manufacturing orders. Quoted ranges and delivery prices have shown no significant changes.

N-type cell prices (USD): The average export price of 183N cells from China remains flat at USD 0.046/W this week, with a price range of USD 0.045–0.046/W. Supply-demand conditions for 183N cells have become stable, providing support for prices. Meanwhile, inventory accumulated outside China due to the Section 232 measures still consists primarily of 183N cells. Whether demand outside China will change as a result of these measures warrants close monitoring.
 

Module

Module prices remain stable this week, with no changes observed.

In China, actual delivery prices for TOPCon modules are around RMB 0.65–0.73/W for ground-mounted projects and RMB 0.68–0.76/W for distributed projects.

Actual delivery prices for BC modules are currently around RMB 0.75–0.77/W for ground-mounted projects and RMB 0.78–0.81/W for distributed projects.

Outside China, the average TOPCon module price has remained at USD 0.114/W, while prices for high-efficiency modules have been adjusted downward.

In the Middle East, regional conflict continues to disrupt shipments and cause logistics delays for most projects. Market transactions remain limited for now, and the latest prices have yet to become clear.

In Europe, module prices still hold steady this week. For euro-denominated module prices in the European spot market, please refer to the Spot Price—Advanced Coverage.

In the U.S., the latest Section 232 announcement on August 6 is expected to bring a new shock to price trends. With the minimum import price (MIP) acting as a price floor, both imported and domestically manufactured module prices are expected to rise after the measures take effect. 

In India, prices for a small number of recent orders have also edged higher, mainly driven by advance stocking amid the impact of the U.S. Section 232 measures. Price increases have been more pronounced for projects not subject to the Domestic Content Requirement (DCR), while changes for DCR projects have remained relatively limited, as demand is primarily driven by the domestic market.