Module manufacturers accelerate shipments; 210N cell prices rise

Polysilicon

Spot trading in China’s polysilicon market remains subdued this week, with limited volumes contracted. Reference prices hold at approximately RMB 40–43/kg for n-type recycled polysilicon and RMB 40–41/kg for granular polysilicon. However, suppliers show little willingness to offer quotes, with a strong wait-and-see sentiment prevailing in the market.

Downstream manufacturers continue to draw down existing inventories, maintaining a wait-and-see approach to procurement, with no significant restocking underway. On the supply side, the impact of production cuts is gradually emerging as manufacturers implement production adjustments initiated in October. Production cuts are expected to continue in November, potentially reducing supply further.

From a supply-demand perspective, overall industry inventories remain high, with downstream manufacturers still holding stocks and downstream demand showing no clear signs of recovery. The supply overhang accumulated earlier will therefore take time to absorb. Although production cuts help ease the supply-demand imbalance, inventories continue to weigh on the market in the short term. Further destocking will depend on the implementation of production cuts and actual downstream procurement demand.

Overall, contracting supply and reduced availability of low-priced material provide a floor for polysilicon prices. However, downstream manufacturers remain focused on drawing down inventories, leaving little scope for a significant increase in spot trading volumes. Near-term price movements will continue to depend on negotiations between upstream suppliers and downstream buyers. Key factors to monitor include the extent to which manufacturers implement planned production cuts and shutdowns, the pace of downstream inventory drawdowns and restocking, and the impact of futures and spot price movements on spot transactions.
 

Wafer

Wafer prices remain broadly stable this week, with transaction prices across all formats showing no significant changes from last week. Prices hold at RMB 0.95–1.00/piece for 183N, RMB 1.03–1.05/piece for 210RN, and RMB 1.13–1.15/piece for 210N. Trading remains primarily driven by need-based restocking, with buyers maintaining a relatively cautious approach to procurement.

By format, 210N prices have remained relatively firm recently as delivery demand from some ground-mounted projects gradually materializes ahead of year-end. Some transaction prices have edged up since last week, with lower-priced orders previously at RMB 1.10/piece gradually moving toward RMB 1.13/piece, indicating a slight upward shift in price levels. In comparison, demand for 183N remains weak. However, with output declining alongside demand, prices have yet to soften significantly. Most manufacturers continue to quote RMB 1.00/piece, with some orders concluded at RMB 0.95–1.00/piece and limited price variation overall. Meanwhile, although 210RN still accounts for a relatively large share of wafer output, downstream procurement demand has shown no clear improvement, keeping shipments under pressure. Buyers largely purchase as needed, with prices holding within the existing range.

As ground-mounted projects enter the delivery phase ahead of year-end, November wafer production is expected to shift further toward 210N, continuing to increase its share of output. However, limited improvement in end-market demand and cautious downstream purchasing indicate that demand recovery for select formats is unlikely to lift prices across the board. Wafer prices are therefore expected to remain broadly stable in the near term.
 

Cell prices in China

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)

Price range: RMB 0.305–0.320/W

• 210N

Average price: RMB 0.305/W (up)

Price range: RMB 0.30-0.31/W

Production cuts by Chinese manufacturers keep the supply-demand balance and prices for 183N cells relatively stable. For 210RN, quotes are diverging and beginning to soften, with some orders outside China for future delivery also showing signs of price declines. The market expects prices to fall in late November. In comparison, 210N cell prices continue to rise, supported by year-end demand from ground-mounted projects in China and accelerating module shipments. The average price has reached RMB 0.305/W and is expected to rise further to RMB 0.31/W next week.
 

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. The supply-demand balance for 183N cells remains relatively stable, with production cuts by Chinese manufacturers continuing to support near-term prices. However, amid the impact of Section 232 measures, inventories accumulated outside China remain concentrated in 183N products, and expectations of price declines in November have emerged. Going forward, attention should remain on inventory drawdowns outside China and how policy changes affect market demand and prices.
 

Module

Module prices in China have declined this week. TOPCon module prices have fallen by RMB 0.005/W to RMB 0.735/W for distributed projects in China, while the overall average has declined by RMB 0.002/W to RMB 0.717/W.

As the month draws to a close, with only about two months remaining until year-end, most manufacturers are accelerating shipments to meet targets set at the start of the year. Prices are gradually softening as suppliers offer concessions.

Strategies to support shipments are diverging across the supply chain. Driven by the pace of downstream shipments, wafer and cell manufacturers have begun raising quotes and signaling price increases this week. Meanwhile, amid weak demand, module manufacturers are pursuing inventory drawdowns and faster shipments in line with their individual strategies, lowering prices in the process. This has created a divergence, with wafer and cell suppliers seeking price increases while module manufacturers offer concessions.

In China, actual delivery prices for TOPCon modules are around RMB 0.65–0.71/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.

In the Middle East, regional conflict continues to disrupt shipments and cause logistics delays for most projects. Deliveries remain constrained for now.

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.