Price declines continue, with all sectors seeing fierce negotiations

1. In India, domestically produced modules will be changed to TOPCon products, and the export price from China will be removed.

2. In the U.S., the public pricing for PERC modules will be cancelled, and the pricing for domestically produced TOPCon modules will be added.

3. In Europe, the public pricing for PERC modules will be cancelled.
 

Polysilicon

This week, transaction volumes in the polysilicon spot market remain low, with only a few small orders completed. Prices for polysilicon chunks have seen more rapid declines, mainly due to continued price suppression from downstream buyers, leading to a slowdown in the ingot segment’s purchases and delayed post–International Workers’ Day negotiations, with some new deals traded near buyer-side target prices of RMB 36–37/kg.

For China-made granular polysilicon, deliveries have been mostly fulfilled by leading manufacturers, with small volumes traded this week. Prices continued to slide in response to market conditions. Current mainstream trading prices land at RMB 34–36/kg.

U.S. policy changes have disrupted non-China manufacturers’ polysilicon shipments, leading to a wait-and-see sentiment in manufacturing, cautious downstream buying, and a slip in average prices to USD 19/kg.

Ingot manufacturers’ short-term strategy focuses on inventory depletion to gain leverage in April and May, the same as reported last week. Smaller firms with limited stock will have a small number of deals by late April but will not affect overall average prices. Large transactions still depend on major players' negotiations and are likely to be settled in early May.
 

Wafer

After the International Workers’ Day holiday, the wafer market continued to show weakness. Although transaction volumes were limited during the holiday, prices have not stabilized afterward; instead, overall market sentiment remains bearish.

With sluggish end-user demand and ongoing declines in cell prices, downward pressure on wafer prices has yet to ease, and price negotiations between buyers and sellers have become fiercer.

Starting this week, p-type wafers will no longer be included in the weekly spot price report due to a sharp plunge in market supply and minimal transactions, reducing their reference value.

N-type wafers:

•    183N: The mainstream price has dropped to around RMB 1.00/piece.

•    210RN: Prices have fallen further from RMB 1.18/piece before the holiday to RMB 1.15/piece.

•    210N: Prices have stabilized at RMB 1.35–1.38/piece, but signs of slipping are emerging.

Details of n-type wafers:

•    183N: Smaller producers have reportedly sold at prices as low as RMB 0.98/piece, a further downward shift in market pricing.

•    210RN: Most trading prices have come in at RMB 1.15–1.18/piece, with RMB 1.15/piece becoming the benchmark for post-holiday negotiations and contracts.

•    210N: Although prices have shown temporary resistance to declines, recent quotes reported below RMB 1.35/piece suggest that buyers are gaining more bargaining leverage, and price pressure continues to build.

Overall, while the post-holiday price drop has temporarily eased, sluggish demand and continued cell price declines reflect that short-term wafer prices remain gloomy.
 

Cell in China

P-type (182P) cell prices this week: 

•    Average price: RMB 0.29/W (sustained) 

•    Price range: RMB 0.28-0.29/W (slipped) 

China’s demand for p-type cells is primarily for small, scattered orders, with overall order volume sharply shrinking. Most of the current production is now being shipped to non-China markets, and significant price fluctuations are unlikely in the short term.

N-type cell prices of all formats dropped this week: 

183N: 

•    Average price: RMB 0.265/W 

•    Price range: RMB 0.26-0.275/W 

210RN: 

•    Average price: RMB 0.265/W 

•    Price range: RMB 0.26-0.27/W 

210N: 

•    Average price: RMB 0.28/W 

•    Price range: RMB 0.28-0.285/W

Only a few manufacturers have reduced May cell production after the International Workers’ Day holiday, while most are maintaining production steady at April levels. Falling wafer prices and weak demand continue to drive down cell prices. Price negotiations for cells and modules remain tense, with some leading cell makers trying to support prices. However, module makers are pushing 183N and 210R cell prices below RMB 0.26/W.

Even though current prices have fallen below the average cost line, the severe supply-demand imbalance suggests that prices may drop further. If production levels do not adjust in May, prices could still fall back to the lows seen in the second half of 2024, potentially dragging down wafer prices.
 

Cell in non-China markets

P-type module prices in USD: 

Averaging USD 0.037/W (around RMB 0.29/W). High-end price range reflects prices for Southeast Asian cells using non-Chinese polysilicon and directly exported to the U.S., at USD 0.08–0.09/W, averaging of USD 0.085/W.

N-type module prices in USD: 

183N cells fall from USD 0.038/W last week to USD 0.036/W, ranging USD 0.035–0.036/W. USD prices see declines over 5% due to falling Chinese prices, exchange rates, and manufacturers strategy changes. High-end price range also reflects prices for Southeast Asian cells using non-Chinese polysilicon and directly exported to the U.S., at USD 0.11–0.12/W, averaging USD 0.12/W.

Southeast Asian cell prices to the U.S. have stayed stable. Demand should hold through June and July before the 90-day tariff window ends, but U.S. trade policy may still change. InfoLink will keep tracking developments.
 

Module in China

After the International Workers’ Day holiday, transactions are limited as end-users remain cautious and wait for prices to fall. The 531 installation rush is not strong, with demand mainly from previous projects, and some projects are delayed due to low returns. Future demand in H2 will continue to depend on the progress of large-base projects. With demand remaining uncertain, manufacturers are offering giveaways and price concessions in recent negotiations, and new TOPCon orders are now priced at RMB 0.65–0.66/W, with some smaller makers even offering RMB 0.63–0.65/W. Earlier mainstream delivery prices remain at RMB 0.68–0.70/W.

Module prices this week:

182mm PERC glass-glass:

•    RMB 0.62–0.70/W (sustained)

HJT:

•    RMB 0.72-0.85/W 

•    Ground-mounted projects: RMB 0.72-0.75/W

BC:

•    N-TBC: RMB 0.7-0.8/W (new orders for distributed projects) 

•    Ground-mounted projects: RMB 0.74-0.75/W
 

Module in non-China markets

Prices remain stable. TOPCon prices by region:

•    Asia-Pacific:

1.    Prices for Chinese exports to the Asia-Pacific come in at USD 0.085-0.09/W. In India, modules made with Chinese cells and assembled locally are selling in bulk at USD 0.14–0.15/W. It is worth noting that some Indian manufacturers have recently begun sourcing cells from Southeast Asia.

2.    Modules are delivered at around USD 0.09/W in Australia, with prices for distribution-based and distributed projects starting to rise by USD 0.09-0.10/W.

•    Europe:

Overall delivery prices in Europe remain at USD 0.085-0.09/W, with reduction in recent and future orders, leading to signs of price decline. H2 prices for ground-mounted projects sit at USD 0.08-0.085/W.

•    Latin America:

Mainstream prices are at USD 0.08-0.085/W, same in the Brazilian market.

•    North America (the U.S.):

Impacted by U.S. tariff policies, suppliers and project developers are actively negotiating new quotes. Current trading prices have slightly increased, approaching USD 0.27–0.30/W. Considering trade risks, price quotes for locally manufactured modules are also trending upward, with prices above USD 0.40/W gradually becoming more common.

•    Middle East and Africa:

Prices mostly stay at USD 0.085-0.09/W for bulk procurement, while earlier high-priced locked-in orders are still being executed at USD 0.10–0.11/W.