Wafer and cell prices have yet to stabilize, with downward pressure persisting

Polysilicon

Polysilicon prices remain stuck this week, with overall transaction volume still low—similar to the previous week. Most negotiations remain unresolved, and recent market rumors have added uncertainty, prompting buyers to delay planned July purchases. Ingot manufacturers still hold some polysilicon inventory and are firmly pushing for lower prices. 

For sellers, this is a challenging period. Production ramp-up plans are already in place, but confirmed orders are limited, and current buyer offers are below production costs. Tier-1 suppliers are holding prices firm for now, but their success will hinge on the upcoming policy developments.

Still, persistent inventory buildup and weak demand continue to weigh on the market, and further price declines are likely amid mounting sales pressure. Polysilicon suppliers are actively reevaluating their sales strategies. Demand for high-quality material remains sluggish, while lower-grade material has seen rising demand as downstream players look to cut costs. As a result, many suppliers have adopted bundled sales strategies, with bundled prices now falling below RMB 30/kg.

New orders this week are traded at nearly RMB 34–36/kg. Although some quotes have been raised to RMB 36/kg amid recent market rumors, no deals have been concluded at that level.

Mainstream prices for China-made granular polysilicon land at RMB 33–35/kg. Non-China suppliers continue to face shipment disruptions and lower utilization rates. While the average price holds at USD 19/kg, some suppliers, under sales pressure, have cut prices to USD 16–17/kg.

Large-volume deals hinge on ongoing negotiations among major producers. Final agreements may conclude in early July. Despite mixed market signals, polysilicon suppliers aim to stabilize prices. However, rising overall production, rather than cuts, may make a price rebound unlikely.
 

Wafer

Wafer price declines continue heading into late June and early July, with mainstream formats dropping further this week amid persistently weak demand.

Transaction prices this week:

• 183N: RMB 0.85–0.88/piece. RMB 0.88/piece remains the dominant transaction price. Although demand continues to fall, prices are now near cash cost, making most manufacturers reluctant to offer further discounts.

• 210RN: RMB 1.00–1.01/piece. The latest deals have dropped to RMB 1.00/piece, while most bulk transactions sit at RMB 1.01/piece.

• 210N: RMB 1.18–1.20/piece. RMB 1.18/piece is now the most commonly traded price. Some quotes have dipped below RMB 1.18/piece. However, most large-volume transactions are still centered at RMB 1.20/piece.

Wafer prices remain under short-term downward pressure, as end-market demand has yet to recover, further limiting market momentum. Future price trends will depend on how these conditions evolve. Reportedly, there have been polysilicon producers collectively attempting to sustain prices. While not yet reflected in transaction prices, any rebound in polysilicon prices could provide some support to wafer prices.

Some wafer manufacturers have recently started announcing production cuts. Combined with the possibility of short-term polysilicon price stabilization, market expectations are gradually building for a potential bottoming out in wafer prices.
 

Cell in China

N-type cell prices this week:

183N: 

• Average price: RMB 0.23/W (down) 

• Price range: RMB 0.225–0.235/W 

210RN: 

• Average price: RMB 0.245/W (down) 

• Price range: RMB 0.24-0.25/W 

210N: 

• Average price: RMB 0.245/W (down) 

• Price range: RMB 0.24–0.25/W

In the second half of this week, 183N, 210RN, and 210N cells are selling in bulk at the week’s low price levels. Average prices across all cell sizes are likely to decline further next week.

Following last week, overall cell inventories have continued to build up in July. With pricing pressure from both upstream and downstream, the outlook for cell prices remains pessimistic, despite current prices having already dropped below cash costs. InfoLink’s data shows no significant production cuts in July that could stabilize prices. The supply-demand imbalance and ongoing upstream-downstream price competition are expected to push cell prices even lower.
 

Cell in non-China markets

P-type cell prices in USD:

The average export price for 182P cells from China stays at USD 0.035/W. 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 been flat at USD 0.031/W this week. However, as prices in China continue to drop, export premiums are narrowing, and some price quotes for cells have dropped below USD 0.030/W. For higher-end Southeast Asian cells made with non-China-made polysilicon and exported to the U.S., recent prices stay 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. With the 90-day window for U.S. reciprocal tariffs ending in early July, InfoLink will closely monitor upcoming policy developments.
 

Module in China

Module prices have remained flat, with limited order deliveries due to weakening demand, keeping prices at the previous week’s level. For TOPCon modules (ground-mounted projects), shipments for orders below RMB 0.65–0.66/W have slowed. However, module prices for distributed projects continue to decline. While earlier orders hold steady, newly signed contracts have slipped to RMB 0.62–0.65/W.

While most manufacturers are aiming to maintain price stability, some have adopted more aggressive pricing strategies. The circulation of non-mainstream wattage modules is also driving prices down further, with certain products being delivered at prices below RMB 0.6/W.

Weak demand and widespread market rumors have elevated uncertainty, leading to a bearish sentiment. However, the outlook depends on whether upstream players can hold prices. If successful, further declines amid weakened demand could be contained.

Module prices this week:

TOPCon glass-glass:

• RMB 0.60-0.72/W

• Bulk delivery: RMB 0.64-0.68/W

• Ground-mounted projects:

• Prices stay at RMB 0.64–0.68/W amid falling demand.

• Lower-end prices (from previous deliveries): RMB 0.60–0.63/W

Distributed spot market: 

• Price drops have driven recent changes, as weak demand has prompted some manufacturers to lower their quotes.

• Some July orders under negotiation: RMB 0.62–0.65/W

Outlook:

• Module prices may dip further in July.

PERC glass-glass:

• RMB 0.60–0.70/W  

HJT:   

• RMB 0.71-0.83/W 

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

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

N-TBC:

Distributed projects:

• Demand has weakened, causing some high-end prices to slip slightly by RMB 0.01–0.02/W.

• Current delivery prices: RMB 0.73–0.83/W

• Ground-mounted projects: RMB 0.73–0.83/W

• Overall price quotes exclude distributor and inventory resale pricing.
   

Module 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.

3.    Non-DCR (domestic content requirement) module prices are at USD 0.14-0.16/W in India.

•    Europe:

Overall delivery prices in Europe remain at USD 0.083–0.085/W. Manufacturers are gradually shifting more shipments to non-Europe markets. For Q4 orders, price negotiations are trending downward, approaching USD 0.08/W. BC module prices vary by application, with some scenarios reaching above 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.