Author InfoLink
Updated April 17, 2024


Demand picked up this week. Buyers resumed negotiations, putting an end to a frozen polysilicon market. After rapid declines in the previous two weeks, buyers set their minds on lower prices.

As a result, polysilicon prices kept setting new lows, reaching RMB 49-55/kg for Tier-1 manufacturers and RMB 44-48/kg for Tier-2 and Tier-3. The price gap among manufacturers of different tiers remained but continued to shrink. For granular polysilicon, prices dropped to RMB 45-48/kg.

For many orders, prices were still up in the air as manufacturers resorted to more diverse and flexible forms of cooperation, such as price revisions for previous orders, amid price slumps.


Notice: The average price for n-type M10 wafers is based on a diagonal length of 256mm. High and low prices in RMB and dollar terms are trading prices of all formats.

Trading prices for wafers of all formats continued decreasing this week, reaching RMB 1.7/piece and RMB 2.1/piece for p-type M10 and G12 wafers; RMB 1.55-1.6/piece and RMB 2.3/piece for n-type M10 and G12 ones, respectively. Each format saw a decline of 3-8%. Manufacturers have been purchasing n-type G12R wafers in bulksat RMB 2.1/piece. InfoLink’s weekly spot price update will include prices for n-type G12R wafers in May once the number of buyers stabilizes.

With manufacturers reducing production, wafer inventory was slightly lower than levels of the previous week but remained above 3 billion pieces. Prices are not likely to rebound in recent terms, given falling polysilicon prices amid fierce negotiations and the ongoing wafer oversupply.


Cell prices continued to decrease slowly this week, given polysilicon and wafer price drops. Recently, a project chose PERC 585 W+ modules for one of its package bidding auctions. In response, cell manufacturers raised price quotes for G12 PERC cells to RMB 0.37-0.38/W, given the product’s rather limited supply. However, trading prices remained below the quotes due to still low direct procurement volumes.

Trading prices this week slightly dropped to RMB 0.35/W for p-type M10 cells, while stabilizing at RMB 0.35/W for p-type G12 cells.

Prices for n-type M10 cells slipped to RMB 0.41/W, sustaining the price gap between M10 TOPCon and PERC cells at RMB 0.06-0.07/W. G12 HJT high-efficiency cells saw prices at RMB 0.58-0.65/W.

Pressures built for manufacturers as PERC cell prices continued decreasing. Once Tongwei and Aiko complete line modifications, PERC cells will see sharp declines in both supply and demand and become a special-spec product.


In China, centralized generation projects account for most deliveries over the recent two weeks. Deliveries for new projects were few. As a result, module makers have been delivering prices at prices for centralized generation projects this month. Despite the price-adjusting mechanism, module makers were not willing to accept the the adjustments. Price negotiations in upstream and midstream sectors made module price hikes even more unlikely. Still, Tier-1 manufacturers delivered prices at  RMB 0.88/W, while Tier-2 and Tier-3 module makers delivered at prices below break-even points. Future price trends depend on manufacturers' strategies.

This week, prices sat at RMB 0.78-0.90/W for 182mm PERC glass-glass modules, with projects in China experiencing a more noticeable decrease towards RMB 0.85/W. Module makers delivered TOPCon modules at RMB 0.82-1/W, with a wide gap between the high and the low-price range due to price adjustments before and after deliveries. The gap between prices for centralized and distributed generation projects also remained. The former took TOPCon deliveries at RMB 0.82-0.9/W (excluding prices not being delivered now), even RMB 1/W, according to orders previously signed. For the latter, orders were delivered at RMB 0.85-0.95/W, although some low-priced orders existed. As for HJT modules, prices fell to RMB 1.03-1.2/W, averaging RMB 1.1-1.15/W, with the low-price range reportedly reaching below RMB 1/W.

In non-China markets, module makers delivered new orders for PERC modules at USD 0.1-0.11/W. TOPCon prices vary significantly by region, sitting at EUR 0.12-0.13/W in Europe and USD 0.12-0.13/W in Australia, while decreasing to USD 0.11-0.12/W in Brazil and the Middle East, with price quotes for 2025 and late 2024 falling below USD 0.10/W reportedly. The U.S. placed fewer orders for the second quarter. Prices remained at USD 0.33-0.35/W, the delivery prices for centralized generation projects last week. Due to policy, manufacturers tried to raise prices for Southeast Asian modules. As for HJT modules, prices stabilized at USD 0.13-0.15/W.

European Seminar: Data-Driven Insights for Solar & Energy Storage Projects

Learn more
European Seminar: Data-Driven Insights for Solar & Energy Storage Projects

為提供您更多優質的內容,本網站使用 cookies分析技術。若繼續閱覽本網站內容,即表示您同意我們使用 cookies ,關於更多 cookies 資訊請閱讀我們的 隱私權政策