*Notice: Starting this week, prices for TOPCon cells will be based on a 25.3%+ efficiency due to production line optimization and ongoing efficiency improvement.
 

Polysilicon

Polysilicon manufacturers’ price quotes remain stable this week, continuing the levels seen last week. Sellers have quoted mono-grade polysilicon at RMB 49–55/kg, with spot prices reaching RMB 49-55/kg and some key buyers receiving quotes at RMB 46–50/kg. For granular polysilicon, prices sit at RMB 43–46/kg, with new orders mostly quoted at RMB 46/kg.

On the demand side, polysilicon buyers continue to purchase in small batches this week. Some mainstream manufacturers have started inquiring and negotiating prices, with some new orders delivered alongside earlier ones. No large-volume transactions have been finalized so far. As previous deliveries conclude, prices are based on new orders. Overall delivery volumes have yet to pick up, and most buyers remain cautious. Price gaps still vary widely this week, with price range diverging further amid cautious sentiment, reflecting unresolved negotiations.

Mainstream polysilicon prices this week:

•    Mono-grade polysilicon: RMB 42–47/kg

•    Recycled mono-grade polysilicon: RMB 45–50/kg

•    Granular polysilicon: RMB 43–46/kg

The sharp price increase has prompted some manufacturers to consider resuming or expanding production. Despite ongoing maintenance at a few facilities, August polysilicon output is expected to reach 125,000-130,000 MT.

While the average price for non-China polysilicon holds at USD 18-19/kg, U.S.-bound suppliers are adjusting production structures in response to the One Big Beautiful Bill Act (OBBBA). Overall prices in August come in at USD 18/kg.
 

Wafer

Wafer prices hold steady this week, entering a consolidation phase after last week's gains.

Mainstream transaction prices:

•    183N: RMB 1.20/piece

•    210RN: RMB 1.35/piece

•    210N: RMB 1.55/piece

While wafer prices remain stable this week, some manufacturers have confirmed plans to raise production in August, which may place pressure on prices. Meanwhile, with cell makers having stocked up during previous price hikes, weaker restocking demand is curbing further price increases.

In non-China markets, policy support has driven a rebound in cell demand, though such orders typically involve lead times of two weeks to over a month. 

Most manufacturers have completed prior stocking, and the price impact of non-China demand is expected to weaken. This may indirectly drive wafer prices down, especially if polysilicon output increases as planned while downstream destocking shows limited progress.

Wafer makers are firmly holding their prices, with major suppliers adopting a unified quoting strategy. Coupled with China’s “anti-price war” policies, prices still have limited modest upside potential. However, with some cell makers holding sufficient inventory, further wafer price hikes may lead to downstream hesitation or procurement delays. Wafer prices hold steady this week and are expected to stay range-bound in the short term. Long-term trends will hinge on factors such as polysilicon supply, downstream procurement, and end-market acceptance of price rebounds.
 

Cell prices in China

N-type cell prices this week, with prices across all formats largely unchanged from last week: 

183N: 

•    Average price: RMB 0.29/W (flat) 

•    Price range: RMB 0.29-0.30/W 

210RN & 210N: 

•    Average price: RMB 0.285/W (flat) 

•    Price range: RMB 0.285-0.29/W

Cell prices have held steady this week, mainly due to the following factors:

•    Last week’s wafer price hikes have yet to materialize in transactions.

•    Cell makers still hold sufficient wafer inventory.

•    End-user acceptance of price increases remains unclear, and module makers are resisting further cell cost hikes.

With lower bargaining power, the cell segment remains squeezed between upstream and downstream pressures, resulting in stable prices.

Persistent concerns over weak end-user demand are fueling market caution. At current price levels, cell makers continue to face losses, with prices falling short of covering full production costs. Future price trends will hinge on production plans, price movements across the supply chain, and evolving policy developments around the worldwithin and outside of China.
 

Cell prices in non-China markets

P-type cell prices in USD: 

The average export price for 182P cells from China has stayed at USD 0.040/W this week.

Higher-end pricing refers to Southeast Asian cells using non-China-made polysilicon, directly exported to the U.S., with recent prices at USD 0.08–0.085/W, averaging USD 0.08/W (lower). These price adjustments were made earlier in response to cost pressures from reciprocal tariffs.

N-type cell prices in USD:

The average export price for 183N cells from China has been flat at USD 0.038/W this week.

Short-term demand is supported by policy shifts in non-China markets and expectations of export rebate removal. A small number of orders are still being delivered at USD 0.039/W.

For higher-end Southeast Asian cells using non-China-made polysilicon and exported to the U.S., recent prices land at USD 0.10–0.12/W, with the average dropping to USD 0.11/W, mirroring the pricing logic seen in Southeast Asian p-type cells.

Looking ahead, developments in the U.S. market require close monitoring. Key risks include stricter supply chain compliance requirements under the One Big Beautiful Bill Act (OBBBA) and potential AD/CVD investigations targeting Indonesia and Laos—both of which could disrupt U.S. cell demand and weigh on Southeast Asian cell prices. While the policy impacts have yet to materialize, InfoLink will continue to monitor U.S. policy developments and provide comprehensive analysis as the situation evolves.
 

Module prices in China

Amid supply chain fluctuation and anti-price war initiatives, Tier-1 manufacturers continue to reduce shipments priced below RMB 0.7/W. Small-volume TOPCon spot orders are signed at RMB 0.68–0.72/W, though overall transactions remain limited. Some manufacturers, facing inventory pressure, have started selling off, dragging down prices for some products.

Prices for ground-mounted projects have remained flat. Most TOPCon modules have been delivered at RMB 0.61–0.68/W, with slight price increases at the lower end due to recent market shifts.
This week, a mix of previous and new orders has kept the overall average price temporarily stable.

Module prices this week:

TOPCon glass-glass:

•    RMB 0.61-0.72/W

•    Bulk delivery: RMB 0.64-0.70/W

Ground-mounted projects:

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

•    Lower-end prices (from previous deliveries): RMB 0.61-0.63/W

Distributed spot market:

•    Prices slightly recover, reaching RMB 0.70-0.72/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 remained flat this week.

•    Recent transaction prices: RMB 0.73–0.80/W

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

Module prices in non-China markets

Module prices by region:

•    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. Notably, manufacturers have recently started factoring potential changes to export tax rebates into contracts, resulting in minor spot price increases. Pricing also varies depending on power class certificationbins.

•    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 0.085-0.090/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.