Sluggish demand continues to weigh on prices

Polysilicon

Buyers, still holding some polysilicon inventory, are pushing prices down to RMB 30–34/kg, with some indications of offers dipping below RMB 30/kg. However, no large-volume deals have been finalized at these levels. 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 traded at nearly RMB 35/kg this week, with the trading price range slipping. Mainstream prices for China-made granular polysilicon land at RMB 33–35/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. Signs of discussions have emerged, but final agreements may not be reached until early July. Despite mixed market signals, polysilicon suppliers aim to stabilize prices. Some manufacturers have slightly increased production due to capacity reallocation in June. However, competition among suppliers is intensifying, and there is growing uncertainty over whether leading manufacturers will follow through with planned production cuts in July and August.
 

Wafer

By mid-to-late June, the wafer market remains sluggish due to lackluster demand despite ongoing production cuts by wafer manufacturers, with prices varying across formats.

Mainstream transaction prices:

• 183N: RMB 0.90–0.93/piece

• 210RN: RMB 1.03–1.05/piece

• 210N: RMB 1.25–1.28/piece

Price trends by format have seen slight changes:

• For 183N, while the mainstream price remains around RMB 0.93/piece, transaction prices have gradually slipped to RMB 0.90–0.91/piece since June 16, with some quotes now approaching RMB 0.90/piece or even down to RMB 0.88/piece.

• For 210RN, transaction prices have also slipped in recent days, with most deals now close to RMB 1.03/piece.

• For 210N, bulk transaction prices remain around RMB 1.27/piece, but deals are trending toward RMB 1.25/piece.

As more rapid production line shifts from 183N to 210RN, the share of 210RN output has surpassed 40% of the total wafer output this month. The rising demand for 210RN continues to squeeze both the market share and prices for 183N and 210N wafers.

Short-term wafer prices will continue to be influenced by inventory depletion across the supply chain, the pace of end-user demand recovery, and fluctuations in upstream polysilicon prices. Current sluggish demand continues to weigh on wafer prices.
 

Cell prices in China 

N-type cell prices this week:

183N:

• Average price: RMB 0.24/W (down)

• Price range: RMB 0.235–0.245/W

210N:

• Average price: RMB 0.255/W (down)

• Price range: RMB 0.255–0.26/W

210RN:

• Average price: RMB 0.265/W (flat)

• Price range: RMB 0.26–0.265/W

Cell prices diverge by format amid varying supply-demand dynamics. Supported by higher order volumes, 210R prices hold steady in the first half of the week, while 183N and 210N prices keep falling. With demand remaining weak through June and July, prices across all formats may continue to decline next week, despite prices already below production costs.
 

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 0.031/W this week. As prices fall in China, the export premium also narrows. 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. In early July, before the end of the 90-day tariff window for the U.S. reciprocal tariffs, demand is still likely to stay well-supported.
 

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. However, the overall decline in module production remains slow, making it difficult to control price levels. 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. Manufacturers expect weak support for module prices and expect further declines ahead.

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 0.71-0.83/W

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

• Overall deliveries may decline, mainly driven by ground-mounted projects.

N-TBC:  

• Distributed projects: RMB 0.75-0.85/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

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. BC module prices vary by application, with some scenarios reaching over USD 0.12/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.