Market slump persists; post-SNEC trends will be pivotal

June 11, 2025
*BC module prices in China are now split into ground-mounted and C&I segments; residential and C&I prices are also included for Europe.   Polysilicon Buyers, still holding some polysilico
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0~3%
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<-3%
Polysilicon （kg）
Item High Low Average price Change(%) Change($) Price prediction for next week
Polysilicon Price - Chunk polysilicon (USD) 20.0 16.0 19.0 -- --
Polysilicon Price - Chunk polysilicon (RMB) 36.5 33.0 35.0 -2.8 -1.000
Polysilicon Price - Granular polysilicon (RMB) 35.0 32.0 34.5 -- --
  • InfoLink’s polysilicon price quotes exclude additional costs from special specifications or requirements (e.g., traceability documentation). Currently, non-Xinjiang polysilicon with traceability data generally carries a quoted premium of RMB 3–5/kg.
  • Polysilicon prices in dollar terms are prices for polysilicon with non-China origins in dollar terms, not translated from RMB prices.


N Type Wafer (pc)
Item High Low Average price Change(%) Change($) Price prediction for next week
Mono N Type Wafer - 182-183.75mm / 130µm (USD) 0.120 0.120 0.120 -- --
Mono N Type Wafer - 182-183.75mm / 130µm (RMB) 0.930 0.930 0.930 -2.1 -0.020
Mono N Type Wafer - 182*210mm / 130µm (RMB) 1.080 1.050 1.070 -0.9 -0.010
Mono N Type Wafer - 210mm / 130µm (RMB) 1.300 1.280 1.300 -- --
  • InfoLink’s wafer price quotes exclude additional costs from special specifications or requirements (e.g., traceability documentation). Currently, non-Xinjiang wafers with traceability data generally carry a quoted premium of RMB 0.15–0.2/pc.
  • Weekly spot price report for 182mm wafers and cells will be based on the 182-183.75mm format from June 2024 onwards due to market changes.
  • Starting February 2025, spot price updates for 183mm n-type wafers in dollar terms will be introduced.


P Type Cell （W）
Item High Low Average price Change(%) Change($) Price prediction for next week
Mono PERC Cell - 182-183.75mm / 23.1%+ (USD) 0.085 0.035 0.036 -- --
  • The high prices for M10 PERC and TOPCon cells is based mostly on those of Southeast Asian origins.
  • Weekly spot price report for 182mm wafers and cells will be based on the 182-183.75mm format from June 2024 onwards due to market changes.
  • Starting February 2025, the coverage of 210mm p-type cells will be discontinued.
  • The public pricing for PERC cells in RMB will be cancelled from May 2025


N Type Cell (W)
Item High Low Average price Change(%) Change($) Price prediction for next week
TOPCon Cell - 182-183.75mm / 25.0%+ (USD) 0.120 0.031 0.032 -3.0 -0.001
TOPCon Cell - 182-183.75mm / 25.0%+ (RMB) 0.250 0.240 0.245 -2.0 -0.005
TOPCon Cell - 182*210mm / 25.0%+ (RMB) 0.270 0.265 0.265 -- --
TOPCon Cell - 210mm / 25.0%+ (RMB) 0.265 0.255 0.260 -1.9 -0.005
  • The high prices for M10 PERC and TOPCon cells is based mostly on those of Southeast Asian origins.
  • TOPCon cell efficiency for spot price report will be adjusted to 24.7%+ from April 2024 onwards.
  • TOPCon 182*210mm cells will be included from May 15,2024
  • Weekly spot price report for 182mm wafers and cells will be based on the 182-183.75mm format from June 2024 onwards due to market changes.
  • TOPCon 210*210mm cells will be included from June 19,2024.
  • Prices for TOPCon cells will be based on an efficiency of 24.9%+ from August 14,2024.
  • Prices for TOPCon cells will be based on a 25.0%+ efficiency due to production line optimization and efficiency improvement from October 23,2024.


Glass to Glass Bifacial N Type Module （W）
Item High Low Average price Change(%) Change($) Price prediction for next week
182*182-210mm Mono TOPCon Module (USD) 0.330 0.080 0.088 -- --
182*182-210mm Mono TOPCon Module (RMB) 0.720 0.600 0.680 -- --
210mm Mono HJT Module (USD) 0.115 0.090 0.100 -- --
210mm Mono HJT Module (RMB) 0.830 0.720 0.830 -- --
  • Module prices in RMB terms are based on domestic price quotes and the average price is based on delivery prices of the week for distributed and centralized generation projects, excluding transportation costs. The high and low prices reflect prices of Tier-2 module makers or previous projects. Module prices in dollar terms are price quotes in non-China markets (before tax), not translated from RMB prices.
  • Weekly spot price report for 182mm modules will be based on the 182*182-210mm format from June 2024 onwards due to the slim price gap among varying formats.


China Projects Glass to Glass Bifacial Module （W）
Item High Low Average price Change(%) Change($) Price prediction for next week
182*182-210mm/210mm TOPCon Module - Ground-mounted project 0.690 0.600 0.670 -- --
182*182-210mm/210mm TOPCon Module - Distributed project 0.720 0.630 0.680 -- --
182*182-210mm BC Module - Ground-mounted project 0.850 0.730 0.780 -- --
182*182-210mm BC Module - C&I project 0.830 0.750 0.800 -- --
  • Module prices in RMB terms are based on domestic price quotes and the average price is based on delivery prices of the week for distributed and centralized generation projects, excluding transportation costs. The high and low prices reflect prices of Tier-2 module makers or previous projects. Module prices in dollar terms are price quotes in non-China markets (before tax), not translated from RMB prices.
  • Prices for Chinese project will be prices for TOPCon modules instead of PERC from April 2024 onwards.
  • Weekly spot price report for 182mm modules will be based on the 182*182-210mm format from June 2024 onwards due to the slim price gap among varying formats.
  • BC module prices in China will be added and split into ground-mounted and C&I segments from June 2025.


Region Module （W）
Item High Low Average price Change(%) Change($) Price prediction for next week
182*182-210/210mm Mono TOPCon - India made (USD) 0.150 0.140 0.150 -- --
182*182-210/210mm Mono TOPCon - US made (USD) 0.400 0.300 0.300 -- --
182*182-210/210mm Mono TOPCon - US (USD) 0.290 0.240 0.270 -- --
182*182-210/210mm Mono TOPCon - EU (USD) 0.095 0.082 0.085 -- --
182*182-210mm BC Module - C&I project - EU (USD) 0.158 0.120 0.125 -- --
182*182-210mm BC Module - Residential project - EU (USD) 0.216 0.170 0.185 -- --
  • Module prices in RMB terms are based on domestic price quotes and the average price is based on delivery prices of the week for distributed and centralized generation projects, excluding transportation costs. The high and low prices reflect prices of Tier-2 module makers or previous projects. Module prices in dollar terms are price quotes in non-China markets (before tax), not translated from RMB prices.
  • Non-China module price (by region): Stop reporting PERC module prices for projects in Australia and Europe, only report for India-made PERC modules and PERC modules for projects in the U.S.  Addition: TOPCon module prices for projects in the U.S., Europe, and India from April 2024 onwards
  • Weekly spot price report for 182mm modules will be based on the 182*182-210mm format from June 2024 onwards due to the slim price gap among varying formats .
  • In India, domestically produced modules will be changed to TOPCon products, and the export price from China will be removed from May 2025.
  • In the U.S., the public pricing for PERC modules will be cancelled, and the pricing for domestically produced TOPCon modules will be added from May 2025.
  • In Europe, the public pricing for PERC modules will be cancelled from May 2025.
  • In Eurpoe, the public pricing for BC modules (residential and C&I) will be added from June 2025.


Source：InfoLink Consulting
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