Author InfoLink
Updated September 21, 2022


Upstream sectors see few changes this week. Some major buyers have settled new polysilicon orders. As of this Wednesday, order signing prices are stable, for some orders previously signed have yet to be delivered. However, as China’s National Day holiday nears, manufacturers must schedule production and material consumption in advance. In September, mono-grade polysilicon will see a steady price trend and less likelihood of price declines. 

Mainstream prices for mono-grade polysilicon sustain at RMB 303-306/kg and sit slightly higher for recycled polysilicon scrape. Trading price range expands, meaning a larger gap between high and low-price quotes. This month, as tightening supply shores up prices in the short term, buyers seem more cautious, and the market is more in a wait-and-see mode. 

* Investigation of InfoLink covers polysilicon prices at which orders have been delivered from the previous Thursday to this Wednesday and have been signed recently. We track mainstream prices and provide feedback for the industry. Therefore, changes and future price trend will gradually emerge during periods of higher order volume. Prices for sporadic orders are to be heeded.


Prices for a-grade mono-Si wafers, especially those of major manufacturers, sustain. In September, overall mono-Si wafer production volume may rise from a month earlier, despite advert impacts of the earthquake and power rationing. 

Prices for 210mm wafers fluctuate on the spot market, due to limited growth of supply. Major manufacturers keep prices at higher levels, whereas others seem prudent. Meanwhile, 182mm supply keeps increasing faster. As a result, the supply-demand relationships of wafers in the two mainstream formats are in opposite directions.  

For non-a-grade 182mm wafers, prices keep falling on the spot market and drop faster for other trade channels.  Meantime, prices for a-grade ones will stabilize temporarily. The differentiation between prices for a-grade and non-a-grade 182mm wafers will intensify in October. 


Purchasing activity of the module sector remains strong. The cell sector, with already tight supply, sees rising demand for high-efficiency cells. Some cell manufacturers raise price quotes for M10 and G12 cells to RMB 1.32/W and RMB 1.31/W, respectively. 

For M10 cells, RMB 1.31/W is now a mainstream trading price, at which an increasing volume of M10 cells is traded this week. Prices stay at last week’s level for M6 cells due to waning demand and sustain for G12 ones despite insufficient supply. 

Trading prices come in at RMB 1.29-1.3/W for M6 cells, RMB 1.3-1.31/W for M10, and RMB 1.3/W for G12. 

Further price hikes are likely, thanks to demand for M10 and G12 cells. Future price trend hinges on the purchase volume of module makers. M6 will become a special spec, of which price trend strays from that of mainstream formats. 


Glass-glass modules rated beyond 500 W are delivered at RMB 1.98-2.01/W this week, with RMB 0.01-0.03/W of price difference with glass-backsheet ones. In the fourth quarter, as ground-mounted projects in China initiate, module prices are little changed. 

Low-price range slip for distributed projects. Some module makers purportedly offer RMB 1.93-1.94/W of price quotes.   

In overseas markets, prices slip in September, largely due to waning demand and exchange rate fluctuations. Projects for Q4 mull on delays.

Overall, module prices decline marginally in overseas markets, coming in at USD 0.25-0.27/W. Brazil sees module prices sitting at USD 0.25-0.265/W. In Europe, the average module price sustains at USD 0.27/W. 

N-type cell and module

This week, prices remain at last week’s level. Most manufacturers offer price quotes for n-type products.  We will decide whether to post the spot price of G12 HJT products or not by the fourth quarter of the year, considering mass production activities of all manufacturers.

N-type cells are mainly purchased for in-house capacities, with few external sales. Prices sustain at RMB 1.45-1.55/W for M6 HJT cells and sit at RMB 1.4-1.45/W for M10 and G12 TOPCon cells.

Module prices temporarily sustain this week, coming in at RMB 2.07-2.2/W for M6 HJT modules, and USD 0.28-0.33/W in overseas markets.

M10 and G12 TOPCon module prices stay where they were last week, at RMB 2.07-2.12/W for monofacial ones, RMB 2.1-2.15/W for bifacial ones, and around USD 0.28-0.31/W in overseas markets.

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