Upstream quotes rise while downstream price negotiations persist

Polysilicon

Chinese polysilicon producers continue to respond to the government’s “anti-price war” initiative, with ongoing coordination between manufacturers and industry associations. Many producers have stated that future quotes will be based on a principle of “not below full cost.”

Seller quotes this week:

• Mono-grade polysilicon chunks: RMB 47–49/kg, with some large clients receiving slightly lower quotes at RMB 46–47/kg.

• Granular polysilicon: RMB 41–45/kg

On the demand side, buyers continue to purchase in small batches this week, primarily to adjust and fulfill previous orders. No large-volume deals have been finalized so far.

Prices vary widely this week, ranging RMB 35-49/kg. As suppliers adjusted delivery schedules, many previous orders have been fulfilled this week, slightly raising the average price to RMB 37–38/kg. Mainstream prices for China-made granular polysilicon stand at RMB 40-45/kg, with possible further fluctuation in line with prices of polysilicon chunks.

Non-China polysilicon suppliers continue to face shipment disruptions and declining utilization rates. While the average price holds at USD 19/kg, some suppliers have cut prices to USD 16–17/kg. However, with U.S.-bound suppliers adjusting their production structures in response to the One Big Beautiful Bill Act (OBBBA), a mild price rebound in August will be likely.

Notably, polysilicon shipment volumes have begun to pick up this week. With prices on the rise, this momentum could help speed up inventory depletion.
 

Wafer

Wafer prices have rebounded this week as expected.

As some manufacturers have begun to receive new orders and accept new quotes issued after July 9, transaction prices for mainstream formats have risen across the board:

• 183N: RMB 1.00/piece

• 210RN: RMB 1.15/piece

• 210N: RMB 1.35/piece

Market sentiment has turned more optimistic, shaping an initial price recovery.

The current price rebound is primarily driven by continued supply-side adjustments.

Wafer manufacturers have been cutting production throughout July, resulting in a significant drop in the average utilization rate. At the same time, rising polysilicon prices and the government’s “anti-price war” initiative have helped stabilize wafer prices.

In addition, manufacturers have begun to take concrete steps to manage prices—some have limited shipments and are reportedly attempting to raise quotes again. 

According to market sources, leading manufacturers have circulated new quotes:

• 183N: RMB 1.45/piece

• 210RN: RMB 1.65/piece

• 210N: RMB 1.93/piece

While these quotes have yet to be finalized, they signal growing market expectations of a recovery.

Upstream polysilicon prices may further support wafer and downstream prices if high-priced transactions persist. While end-market demand remains unclear and the effectiveness of price transmission has yet to be seen, inventory drawdowns and production cuts have eased the long-standing downward pressure on wafer prices.

Looking ahead, the key will be whether polysilicon prices can remain firm and continue to rise, and whether transaction volumes can support higher quotes next round.
 

Cell prices in China

N-type cell prices this week:

183N:

• Average price: RMB 0.25/W (up)

• Price range: RMB 0.245-0.25/W

210RN & 210N:

• Average price: RMB 0.26/W (up)

• Price range: RMB 0.255-0.26/W

After last week’s wafer price increase took effect, cell prices have risen accordingly this week. Chinese demand for 183N cells remains weak, resulting in few transactions in China, with most driven mainly by orders from non-China markets. For 210RN and 210N cells, leading module makers are more receptive to higher prices. However, second- and third-tier module manufacturers stay cautious earlier this week, with some opting to pause procurement and utilize existing inventories for production. 

In the short term, Wednesday’s further increase wafer price quotes is expected to drive cell prices higher again after price adjustments across the cell and module segments to offset cost pressures. In the long term, policy support may lift cell prices from cash-cost levels, allowing manufacturers to restore healthy profitability.
 

Cell prices in non-China markets

P-type cell prices in USD:

The average export price for 182P cells from China stays at USD 0.034/W this week. However, driven by upstream price increases in China, higher cell prices have begun to be reflected in this week’s deliveries. 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 risen to USD 0.032/W this week. As noted, driven by upstream price increases and strong demand from non-China markets, 183N cell prices could rise further. For higher-end Southeast Asian cells made with non-China-made polysilicon and exported to the U.S., recent prices have widened to USD 0.10–0.12/W, with the average price holding steady at USD 0.12/W. The implementation of the U.S. reciprocal tariff has been postponed to August 1, and tariff rates in various countries may still change. InfoLink will continue to monitor U.S. policy developments and provide a comprehensive analysis once they are finalized.
 

Module prices in China

Module prices remain stagnant, with recent deliveries in China focused on earlier replenishment projects. Large-scale base projects have yet to start, and the impact of weaker demand is not yet evident. TOPCon module deliveries for ground-mounted projects are mainly priced at RMB 0.60–0.68/W, with some low-priced orders still being fulfilled. Notably, distributed project prices have begun adjusting last week, with some Tier-1 manufacturers raising quotes by RMB 0.01–0.02/W, and more module makers following suit this week. However, supply chain fluctuations remain unsettled, and new module orders are still in a wait-and-see phase. Influenced by recent policies, some companies are assessing the possibility of raising prices back to RMB 0.7/W.

TOPCon glass-glass:

• RMB 0.60-0.72/W

• Bulk delivery: RMB 0.64-0.68/W

• 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: 

• Prices slightly recover, increasing from RMB 0.62–0.65/W to RMB 0.65-0.68/W.

PERC glass-glass:

• RMB 0.60–0.70/W

HJT:

• RMB 0.70–0.83/W

• Ground-mounted projects: RMB 0.70–0.78/W

• Distributed projects: RMB 0.70–0.75/W

N-TBC:

• Prices have slipped slightly this week.

• Recent transaction prices: RMB 0.73–0.80/W

• Current quotes: RMB 0.73–0.79/W

• Note: Prices exclude distributor and inventory-based sales.
   

Module prices in non-China markets

•    Asia-Pacific:

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

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. It is worth noting that some Indian manufacturers have been buying cells from Southeast Asia.

•    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 significantly by application, leading to wider price gaps. Due to exchange rate fluctuations and changes in order volumes, prices have been adjusted slightly.

•    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. reciprocal tariffs and compliance requirements under the OBBBA, suppliers and project developers are still negotiating adjustments. Some projects have reportedly been put on hold, and price updates have yet to be finalized. Current trading prices are approaching USD 0.27–0.28/W. Given trade risks, price quotes for locally-made modules are also trending upward.