Cell prices soften, while module prices rise in non-China markets

Polysilicon

Polysilicon contracted volumes have declined from early-month levels this week, with contracting activity remaining weak. Most producers remain cautious amid weak demand, while procurement in the midstream segment continues to slow. Polysilicon inventories have reached record-high levels and continue to build marginally, making it difficult for suppliers to sustain elevated prices under current market conditions.

Market strategies among producers have begun to diverge. Leading manufacturers are largely keeping prices firm and suspending new quotes, while shifting to downstream tolling arrangements to help reduce on-hand polysilicon inventories and ease pressure. In contrast, some producers under financial pressure are negotiating at lower prices. As a result, transaction prices have dropped to RMB 39-47/kg, while buyers continue to push prices down toward nearly RMB 32-35/kg.

Price adjustments this week:

• Recycled mono-grade polysilicon: RMB 40-47/kg (down)

• Mono-grade polysilicon (mixed lots): RMB 39-43/kg (down)

• Granular polysilicon: RMB 42–45/kg (flat)

The average price for non-China-made polysilicon stays at USD 18/kg. Prices for Malaysia-made polysilicon have edged up slightly, with a further increase anticipated in late March. Prices for Oman-made polysilicon remain under negotiation. For U.S.-made polysilicon prices, please refer to the subscription-based information section.
 

Wafer

Wafer prices remain stable this week, with minimal movement in the average price; only slight easing was seen in both the low- and high-price ranges. Overall, the prices have shifted from a downtrend to consolidation.

By wafer format:

• 183N: Prices stand at RMB 1.00–1.05/piece this week, with mainstream transactions remaining at RMB 1.05/piece. Low-priced deals at RMB 1.00/piece have emerged, with further discounts available via make-up shipments, though these have not become the mainstream contract prices.

• 210RN: Prices are at RMB 1.10-1.15/piece, with the average price staying unchanged from last week.

• 210N: Prices stand at RMB 1.30–1.35/piece, with lower-priced shipments gradually increasing, while mainstream transactions remaining at RMB 1.35/piece.

From a supply–demand perspective, upstream producers—amid cost pressure and relatively balanced inventories—have shown no willingness to accelerate shipments or offer concessions. Downstream, tapering export restocking demand and falling silver prices have driven cell prices lower, weakening support for wafer prices. With end demand yet to show a clear recovery, overall market sentiment remains cautious.

Overall, wafer prices have entered a bottoming and stabilizing phase, with the outlook dependent on polysilicon price trends and demand recovery. Given continued softening in polysilicon prices, further downside in wafer prices along the cost curve remains possible.
 

Cell prices in China

N-type cell prices this week:

• 183N

  Average price: RMB 0.41/W (down)

  Price range: RMB 0.40-0.41/W

• 210RN

  Average price: RMB 0.41/W (down)

  Price range: RMB 0.40–0.42/W

• 210N

  Average price: RMB 0.40/W (down)

  Price range: RMB 0.40–0.41/W

This week, beyond supply–demand dynamics across different cell formats, a lower cost base driven by declining silver prices and weaker procurement ahead of the export rebate phase-out have led to an overall decline in cell prices. As March overcapacity emerges, prices are expected to fall below RMB 0.40/W by month-end after demand softens.
 

Cell prices outside China

P-type cell prices in USD:

The average price for 182P remains flat at USD 0.05/W this week, with a price range of USD 0.047–0.050/W. Only a small number of Chinese producers continue manufacturing 182P cells, with quotes showing little change and largely anchored at around RMB 0.38/W.

N-type cell prices in USD:

The average export price of 183N from China has declined to USD 0.055/W this week, with a price range of USD 0.054–0.058/W. As noted above, procurement demand ahead of the policy transition has begun to ease, further narrowing the export premium for cells shipped to non-China markets.
 

Module

Module prices in China hold steady this week, with signs of easing in quotes from leading producers. Currently, TOPCon module quotes stand at RMB 0.85/W. Actual transaction prices land at RMB 0.68–0.70/W for ground-mounted projects and RMB 0.76–0.83/W for distributed projects.

In non-China markets, TOPCon module prices have increased in many regions this week in line with market changes, influenced by expectations of export rebate adjustments. The overall average has reached USD 0.104/W. In most markets, distribution and project quotes are at USD 0.12–0.13/W, with further upside expected after April.

End-market demand remains weak, with a limited volume of new orders and transactions and no clear incremental momentum. Although prices have shown signs of rising, the weak demand offers limited support for sustained increases, and prices may still soften in the near term.

Recent market feedback indicates clear divergence. Tighter internal management and profit assessments have led to more disciplined pricing and stricter approval of low-priced orders. Despite some manufacturers’ intentions to adjust prices, the pace of repricing remains cautious under current internal approval mechanisms, placing pressure on frontline sales. Overall, module quotes are struggling to hold steady. While manufacturers show stronger willingness to hold firm on prices, limited end-market acceptance of higher quotes continues to intensify negotiations.