| Category | |
|---|---|
| Author | InfoLink |
| Updated | April 01, 2026 |
Polysilicon
Only a few new polysilicon orders have been concluded this week, as leading producers resist lower prices, leaving spot activity largely stalled. Earlier low-priced transactions have disrupted market sentiment, while expectations of weak demand in April–May have further dampened midstream procurement, weakening price support. Small- and mid-sized producers continue to sell at discounted levels to generate cash flow; however, with accepted price levels now falling below the cash cost threshold for some mid-sized manufacturers, producers are reconsidering maintenance shutdowns to mitigate downside risk.
The overall average acceptable price levels (including mixed lots) is expected to soften to RMB 30–32/kg. This week, prices stand at RMB 35–38/kg for recycled mono-grade polysilicon, RMB 32–36/kg for mono-grade polysilicon (mixed lots), and RMB 36–38/kg for granular polysilicon.
The average price for non-China-made polysilicon stays at USD 18/kg. Prices were expected to rise again in late March, but materialization fell short of expectations. Prices for Oman-made polysilicon remain under negotiation. For U.S.-made polysilicon prices, please refer to the subscription-based information section.
Wafer
In line with earlier expectations, wafer prices have continued to decline this week, with RMB transaction prices falling further compared to last week. In contrast, USD prices have edged up due to the removal of export rebates. Overall, price trends diverged amid weakening costs and policy impacts.
By wafer format:
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183N: Prices stand at RMB 0.98-1.03/piece this week, averaging RMB 1.00/piece. Shipments have ramped up since last week, with prices more stable than larger formats and a narrower spread.
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210RN: This week’s price range is RMB 1.05–1.13/piece, with mainstream deals at RMB 1.10/piece. 210RN shows the widest dispersion; low-end transactions have approached RMB 1.05/piece, and further downside is being tested, with near-term direction still uncertain.
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210N: Prices come in at RMB 1.25–1.33/piece, with an average of RMB 1.30/piece, declining in line with the downward shift in the cost curve.
From a supply–demand perspective, with export rebates removed starting from April, policy-driven pull-in demand has weakened, and procurement has turned more cautious. On the supply side, although wafer output is expected to decline in April, limited production cuts and weak demand are leading to inventory build. Polysilicon prices continue to decline, further eroding cost support and weighing on wafer prices. Prices are expected to remain soft next week; however, with levels nearing the cost range, downside is likely limited.
Cell prices in China
N-type cell prices this week:
- 183N
Average price: RMB 0.36/W (down)
Price range: RMB 0.36-0.37/W
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210RN
Average price: RMB 0.36/W (down)
Price range: RMB 0.36-0.37/W
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210N
Average price: RMB 0.36/W (down)
Price range: RMB 0.35-0.36/W
Following the removal of export rebates, cell orders from non-China markets have declined, and demand in China has softened. With weakening cost support, cell prices have fallen again this week, with 210N easing to RMB 0.35/W, while 183 and 210RN remained relatively firm. Overall, April production cuts are insufficient to offset the demand slowdown, the outlook remains bearish and prices are expected to decline further next week.
Cell prices outside China
P-type cell prices in USD:
The average price of 182P holds at USD 0.045/W this week, with a range of USD 0.045–0.048/W. Compared with n-type, pricing remains stable at around RMB 0.34/W.
N-type cell prices in USD:
The average export price of 183N from China holds at USD 0.053/W this week, with a range of USD 0.051–0.055/W. Although export rebates have been removed, declines in Chinese cell prices have offset the VAT impact, leaving USD prices unchanged. Notably, some non-Chinese module manufacturers are not fully absorbing the VAT increase, which may narrow the export premium and drive further price declines.
Module
Module prices in China are still struggling to hold steady this week. Price competition is intense in ground-mounted projects, while distributed generation pricing remains strategically supported; however, some players have begun to lower quotes. At present, TOPCon module transaction prices are at RMB 0.68–0.70/W for ground-mounted projects and RMB 0.76–0.83/W for distributed projects.
TOPCon module prices in non-Chinese markets: April 1 marks the first day of export rebate removal. Prices across multiple regions remain on an upward trend, lifting the average to around USD 0.114/W. In the Middle East, shipment disruptions and logistics delays amid the war are temporarily constraining price momentum. In Europe, higher natural gas prices driven by geopolitical tensions in the Middle East are supporting residential PV and PV-plus-storage demand. Current quotes for distribution and ground-mounted projects are at USD 0.12–0.125/W (FOB). For detailed regional spot prices, please refer to the premium version of the weekly price report.
Chinese domestic end-market demand remains weak, with prices softening at the margin. Against this backdrop, price cuts have limited impact on order intake; as a result, most manufacturers are maintaining current price levels to delay further declines.
Despite near-term strategic price support from most manufacturers, under current market expectations, demand remains weak, while upstream prices for polysilicon, wafers, and cells continue to decline, further eroding cost support. Module prices are therefore expected to reach an inflection point in late April, driving further declines in Chinese domestic prices and moderating—or even reversing—upward momentum in some non-China markets.