Market slump persists; post-SNEC trends will be pivotal

Polysilicon

Buyers, still holding some polysilicon inventory, are pushing prices down to RMB 30–34/kg. Signs of further price decline persist, though no significant volumes have been traded at this level. For sellers, this is a challenging period. Few orders have been finalized, and current buyer offers are below production costs. Tier-1 suppliers sustain prices.

New orders are trading at nearly RMB 35/kg this week, with the trading price range slipping. Mainstream prices for China-made granular polysilicon are staying at RMB 34–35/kg. Polysilicon shipments from non-China markets remain affected by fluctuations, with the overall average price holding steady at USD 19/kg.

Large-volume deals hinge on ongoing negotiations among major producers, which will continue till late June, with signs of ongoing discussions already emerging. Despite mixed market signals, polysilicon suppliers aim to stabilize prices. Some manufacturers have slightly increased production due to capacity reallocation in June. Significant production cuts are expected around July to August, aligning with typically sluggish end-user demand.
 

Wafer

This week, wafer prices are showing a downward trend, with price ranges across all specifications declining.

183N wafer prices have fallen to RMB 0.93/piece. As 210RN continues to squeeze 183N’s market share, further price declines of 183N wafers are likely. 210RN wafer prices have also fallen, but declines are limited, with most transaction prices falling between RMB 1.05–1.08/piece. RMB 1.07/piece remains the mainstream price. For 210N, although trading prices remain at RMB 1.30/piece, actual offers have dropped as low as RMB 1.28/piece or below.

Overall, market weakness is expected to persist. Wafer price trends will depend on three key factors: the pace of supply chain destocking, recovery in end demand, and stability of polysilicon prices. Although demand is shifting toward 210RN, supporting its price resilience, wafer prices will remain under short-term pressure amid subdued overall demand.
 

Cell prices in China

N-type cell prices this week:

183N:

• Average price: RMB 0.245/W (down)

• Price range: RMB 0.24–0.25/W

210N:

• Average price: RMB 0.26/W (down)

• Price range: RMB 0.255–0.265/W

210RN:

• Average price: RMB 0.265/W (flat)

• Price range: RMB 0.265–0.27/W

Cell prices diverge by format amid varying supply-demand dynamics. Prices for 210RN cells hold steady this week, supported by completed production line transitions and relatively strong demand in June. In contrast, 183N and 210N cells face weaker demand due to competition from 210RN; despite prices dropping below production costs, both 183N and 210N cell prices have slipped this week, with further declines likely.
 

Cell prices in non-China markets

P-type cell prices in USD:  

The average export price for 182P cells from China stays at USD 0.036/W. The higher-end pricing refers to Southeast Asian cells made with non-China-made polysilicon, directly exported to the U.S., with recent prices at USD 0.08–0.09/W, averaging USD 0.085/W.

N-type cell prices in USD:  

The average export price for 183N cells from China has slipped to USD 0.032/W this week. Due to low demand and falling prices in China, cell prices for new orders continue to decline. For higher-end Southeast Asian cells made with non-China-made polysilicon and exported to the U.S., recent prices have sat at USD 0.11–0.12/W, averaging USD 0.12/W.

The average price of Southeast Asian cells exported to the U.S. has remained flat over time. During June and July, before the end of the 90-day tariff window for the U.S. reciprocal tariffs, demand is still likely to stay well-supported. However, significant shifts in U.S. trade policies remain possible. InfoLink will continue to closely monitor developments.
 

Module prices in China

Module prices have held steady this week, with most manufacturers prioritizing price stabilization amid recent sluggish demand. Prices have remained at the previous week’s level, and low-priced deliveries are now being limited in volume. However, rising export returns from non-China markets and growing module inventories have increased market pressure, with signs of low-priced spot sell-offs emerging.

Demand remains weak heading into late June amid elevated market uncertainty. The downturn may extend through July and August, with manufacturers facing a subdued outlook for new orders.

Module prices this week:  

TOPCon glass-glass: 

• RMB 0.60-0.72/W 

• Bulk orders: RMB 0.67-0.68/W 

• New orders remain at RMB 0.67-0.73/W 

• Ground-mounted projects: RMB 0.66-0.67/W 

• Low-priced deals, mainly for earlier ground-mounted projects: RMB 0.60–0.63/W 

PERC glass-glass:  

• RMB 0.60–0.70/W 

HJT:  

• RMB 0.72-0.83/W

• Ground-mounted projects: RMB 0.73-0.75/W  

• Overall deliveries may decline. 

N-TBC:  

• Distributed projects: RMB 0.75-0.83/W 

• Ground-mounted projects: RMB 0.73-0.85/W 

• Overall price quotes exclude distributor and inventory resale pricing.
   

Module prices in non-China markets

Module prices in non-China markets have been flat during SNEC 2025, with minor price changes in Europe reflecting recent adjustments. Most companies are cautious, awaiting further updates from the SNEC.

TOPCon module prices by region:

•    Asia-Pacific:

1.    Prices for Chinese exports to the Asia-Pacific come in at USD 0.085-0.090/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 USD 0.09-0.10/W in Australia.

•    Europe:

Overall delivery prices in Europe stay at USD 0.085-0.09/W. With installation rush ending in China, Chinese companies are shifting more shipments overseas. In H2, prices for ground-mounted projects are expected at USD 0.080–0.085/W.

•    Latin America:

Mainstream prices are at USD 0.08-0.09/W. Brazil sees prices both at USD 0.08/W and USD 0.09/W.

•    Middle East:

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

•    The U.S.:

Impacted by U.S. tariff policies, suppliers and project developers are still negotiating new quotes. Current trading prices are approaching USD 0.27–0.30/W. Given trade risks, price quotes for locally made modules are also trending upward.