183N cell prices may rise on non-China demand

Polysilicon

Polysilicon prices have continued to rise this week. Leading manufacturers’ quotes align at RMB 55/kg, while Tier-2,3 makers offer RMB 52/kg. New quotes for granular polysilicon have been around RMB 48-49/kg. 

Ingot makers have reduced procurement amid rising quotes, largely adopting a wait-and-see stance. Limited orders are traded at RMB 49/kg, while higher-priced deals at RMB 50–55/kg are primarily tied to futures contracts or special-grade polysilicon. Overall transaction volume has fallen from last week.

By late August, due to concerns about further price hikes following recent policy developments, buyers have continued to purchase polysilicon in small volumes for stockpiling. InfoLink’s data shows that ingot makers’ inventories rose to 220,000–240,000 MT, while polysilicon producers’ inventories declined to around 260,000–270,000 MT from late July levels.

The sharp price increase has prompted some makers to consider resuming or expanding production. Despite ongoing maintenance at a few facilities, overall production in September is expected to be slightly higher than in August, with attention needed on the recent moves of major manufacturers.

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 remained at last week’s levels. Mainstream transaction prices stay at RMB 1.25/piece for 183N, RMB 1.40/piece for 210RN, and RMB 1.60/piece for 210N.

By format, 183N and 210N wafers have seen slight price increases from some manufacturers amid stronger demand. In contrast, 210RN wafers have remained pressured by oversupply and weak demand, with some deals still delivering as low as RMB 1.37/piece this week, reflecting limited market acceptance and slower order intake.

In non-China markets, speculation since July-August over a possible cancellation of export tax rebates has bolstered cell demand, pushing up cell prices. This upward momentum is expected to transmit to wafers, supporting price stabilization or slight gains. Combined with expected price hikes from anti-price war policies, wafer prices are unlikely to soften in the short term.

Amid rising polysilicon prices, vertically integrated manufacturers are outsourcing wafer production to manage pricing and improve cost flexibility. September wafer production is expected to rise further, while inventories are beginning to build. Their digestion will hinge on downstream orders and end-market demand.

Overall, wafer prices hold steady this week, but demand from non-China markets and upstream costs continue to provide upward momentum. In the long term, if market sentiment gradually cools, prices may still face downward pressure.
 

Cell prices in China

N-type cell prices this week:

183N: 

•    Average price: RMB 0.3/W (up) 

•    Price range: RMB 0.295-0.31/W 

210N: 

•    Average price: RMB 0.295/W (up) 

•    Price range: RMB 0.29-0.295/W

210RN:

•    Average price: RMB 0.285/W (flat) 

•    Price range: RMB 0.285-0.29/W

Price trends by format:

•    183N: Despite limited Chinese demand, prices have climbed thanks to orders from India.

•    210RN: Oversupply and high production share continue to push inventories higher, keeping the average price flat at RMB 0.285/W.

•    210N: Demand holds steady and prices start rising amid balanced supply-demand dynamics.

Concerns over insufficient end-user demand in September persist, keeping most manufacturers on the sidelines as they await greater clarity on anti-price war policies. Meanwhile, major wafer makers raised quotes on September 3, adding further cost pressure on cells.

Short-term price trends will hinge on the outcome of price negotiations in the latter half of the week. However, with pressure across the supply chain, sharp fluctuations in cell prices remain unlikely.
 

Cell prices in non-China markets

P-type cell prices in USD:   

The average export price for 182P cells from China stays at USD 0.039/W this week.

P-type cell demand in India continues to provide support, stabilizing prices 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.

N-type cell prices in USD: 

The average export price for 183N cells from China remains flat at USD 0.039/W this week.

It is worth noting that cell procurement in Türkiye (Turkey) has weakened due to policy impacts. In contrast, India continues to support demand. Expectations of price hikes, driven by China’s anti-price war policy, may trigger stockpiling in India. As a result, non-China demand for 183N cells remains intact, and prices may rise further in the near term.

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 staying at USD 0.11/W this week.
 

Module prices in China

In the first week of September, market conditions are similar to the previous week; demand becomes slightly weaker compared with August, with most module deliveries still tied to earlier orders. For ground-mounted projects, prices are mostly delivered at RMB 0.60–0.70/W, with the majority falling between RMB 0.65–0.68/W.

For distributed and self-consumption projects, more new orders have been delivered this week. Spot prices land at RMB 0.65–0.72/W, with some projects and urgent orders accepting prices above RMB 0.70/W, but the transaction volume of such cases only accounts for 5-10% at certain manufacturers.

Module prices this week:

TOPCon glass-glass:

•    RMB 0.60-0.72/W 

•    Bulk delivery: RMB 0.65-0.685/W 

•    Ground-mounted projects: RMB 0.63-0.68/W

•    Earlier price-adjusted projects: RMB 0.60–0.63/W

•    Distributed spot market: Only a few transactions are concluded above RMB 0.70/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: Price quotes 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.

•    Europe:

Overall delivery prices in Europe remain at USD 0.083–0.085/W. Notably, manufacturers have started factoring potential changes to export tax rebates into contracts. Pricing varies depending on power bins. European manufacturers report that Chinese price changes have yet to be reflected in the local market, warranting continued monitoring.

•    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.