Muted demand triggers price pullback

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 make small-volume purchases this week, mainly via new orders mixed with earlier contract deliveries. No large-scale transactions have been finalized so far. Overall delivery volumes have yet to pick up, and most buyers remain cautious.

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 makers to consider resuming or expanding production. Despite ongoing maintenance at a few facilities, August polysilicon output is set 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 have been 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 have largely remained flat this week despite minor price concessions. 

Mainstream transaction prices (same as last week): 

•    183N: RMB 1.20/piece

•    210RN: RMB 1.35/piece

•    210N: RMB 1.55/piece

However, a small number of low-priced deals have emerged for larger formats, with 210RN dipping to RMB 1.33/piece and 210N to RMB 1.53/piece.

Prices for 183N wafers remain relatively stable this week, supported by tightening supply.

In contrast, 210RN and 210N have seen lower shipment momentum due to a slowdown in downstream procurement. Market sentiment has shifted from optimistic to cautious, even turning pessimistic.

Most wafer makers are still maintaining unified quotes and holding firm on prices. However, with the ongoing standoff between buyers and sellers, a near-term price decline remains likely.

Wafer ingot utilization rates have risen this month, potentially adding downward pressure on prices. However, production cuts in July have effectively reduced inventories, easing downside risks.

Manufacturers remain focused on stabilizing prices, with September production plans set to hold at current levels and little likelihood of capacity expansion.

While demand from non-China markets have picked up slightly amid policy incentives, most of these orders are for pre-stocked products. Given the typical delivery and shipping cycle of two to four weeks, the direct impact on current prices is limited. Thus, prices are expected to fluctuate within a narrow range, with market sentiment generally cautious.
 

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

As mentioned last week, 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.

Signs of weakening end demand are emerging, with growing market caution toward September. As non-China markets shift and policy-driven price gains lose momentum, cell prices may start easing as early as next week through late August.
 

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 0.08–0.09/W, averaging USD 0.08/W. These price adjustments were made earlier in response to cost pressures from reciprocal tariffs.

N-type cell prices in USD:

Considering price lag due to delivery cycle, Orders priced at the USD equivalent of RMB 0.30–0.31/W are delivered in large volumes this week. The average export price for 183N cells from China has increased to USD 0.039/W this week. However, with short-term policy-driven demand in non-China markets fading, cell prices are expected to decline again.

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.

Stricter supply chain compliance requirements under the One Big Beautiful Bill Act (OBBBA) and the launched 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

Weak demand is weighing on the market, with small-volume TOPCon spot orders signing at RMB 0.65–0.70/W and falling quotes for upcoming orders. Overall transactions remain limited, with most deliveries fulfilling earlier contracts. Inventory pressure has led to more low-priced sales, dragging down prices for some products. 

Prices for ground-mounted projects remain stable but show signs of easing, with TOPCon orders mainly delivered at RMB 0.61–0.68/W. Distributed projects saw limited execution, with prices holding steady.

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 0.61-0.71/W

•    Bulk delivery: RMB 0.64-0.68/W

Ground-mounted projects:

•    Prices slightly dip to RMB 0.62-0.68/W amid falling demand.

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

Distributed spot market:

•    Prices hold steady, with orders priced over RMB 0.7/W declining.

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 bins.

•    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 domestic spot distribution prices have seen a slight rebound.. Current trading prices are approaching USD 0.27–0.28/W. Given trade risks, price quotes for locally-made modules are also trending upward.