Silver price volatility drives broad fluctuations in PV costs

In recent months, international silver prices have exhibited pronounced volatility, with sharp swings up and down. This has directly pushed up PV silver paste costs and, via the cell segment, continued to transmit downstream, creating significant disruptions to overall manufacturing costs. According to calculations from the InfoLink PV Bill of Material Market Report (Feb. 2026), every RMB 1,000/kg increase in silver prices may raise module costs by approximately RMB 0.007-0.008/W. Against this backdrop, PV companies need to place greater emphasis on raw material price risk management and adopt more flexible procurement strategies that combine phased purchasing with price-locking mechanisms. Meanwhile, the industry is accelerating the shift toward “low-silver or zero-silver paste” technology pathways, reducing reliance on silver through material substitution and process optimization. These efforts aim to hedge against long-term cost volatility risks and enhance overall profitability resilience across the value chain.