Trading sentiment remains subdued; market awaits price renegotiations during SNEC

Polysilicon

Seller quotes have remained stable for several weeks, with most market participants awaiting further clarity on polysilicon utilization rates and market conditions. With SNEC PV & ES Expo opening next week, fewer orders were signed this week. Prices this week are as follows:

• Recycled mono-grade polysilicon: RMB 34-35/kg

• Mono-grade polysilicon (mixed lots): RMB 32-33/kg

• Granular polysilicon: RMB 34-35/kg, remaining stable.

Looking ahead, expectations of weak demand may continue to weigh on market sentiment. With leading producers potentially restarting capacity in late May, prices may face renewed volatility. Polysilicon inventory drawdown remains relatively slow, leaving prices exposed to further downside risk.

The average price for non-China-made polysilicon stays at USD 18/kg. Prices for Oman-made polysilicon remain under negotiation, with some manufacturers already conducting sample testing. For U.S.-made polysilicon prices, please refer to the subscriber-only information section.
 

Wafer

Wafer prices have remained stable this week, with average prices standing at RMB 0.90/piece for 183N, RMB 1.00/piece for 210RN, and RMB 1.20 /piece for 210N.

Notably, some 183N wafers still traded at a low of RMB 0.88/piece last week. While such offers remain this week, suppliers quoting at this level have limited inventory, with some output diverted to internal use. As a result, no actual transactions at this price have been reported this week. 

Prices for dual-distribution transactions and make-up wafers are excluded from the statistics. With limited support from direct procurement, mainstream 183N prices have still largely held steady this week. For 210RN, some manufacturers continue procuring at a low of RMB 0.98/piece, while mainstream transactions among Tier-1 and Tier-2 manufacturers mostly hold at RMB 1.00/piece. 210N prices stay at RMB 1.18-1.20/piece. Although 210N’s output share has increased notably this month, downstream demand remains insufficient, leaving the market cautious on subsequent price trends and prices under downward pressure, though they are still largely holding steady for now.

With the wet season approaching, polysilicon producers may further raise output, potentially lifting wafer production schedules. However, as wafer inventory has yet to see meaningful drawdown, prices may still soften and face downside risk.
 

Cell prices in China

Prices for n-type cells this week:

• 183N

Average price: RMB 0.325/W (down)

Price range: RMB 0.32-0.33/W (down)

• 210RN

Average price: RMB 0.33/W (flat)

Price range: RMB 0.325- 0.335/W (down)

• 210N

Average price: RMB 0.335/W (flat)

Price range: RMB 0.33-0.34/W (flat)

In the week ahead of SNEC in Shanghai, overall cell transaction volume has declined amid strong wait-and-see sentiment. For 183N cells, June deliveries fell due to policy changes in India, driving prices lower toward RMB 0.32/W. Similarly, 210RN and 210N orders have moved closer to lows of RMB 0.325/W and RMB 0.33/W, respectively. However, small transaction volume keeps average prices for both formats unchanged, with the Chinese market still awaiting price renegotiations in June.
 

Cell prices outside China

P-type cell prices (USD): The average price for 182P holds at USD 0.050/W this week, with prices ranging from USD 0.049-0.050/W. As major Chinese manufacturers have shifted to tolling production, overall supply remains constrained. The corresponding RMB average price stays at RMB 0.35/W.

N-type cell prices (USD): The average export price of 183N cells from China remains at USD 0.049/W this week, with prices ranging from USD 0.048–0.050/W. With India’s ALMM for cells set to take effect in June, non-Indian cells may only be used in projects granted specific exemptions, weighing on the outlook for June procurement demand. As a result, 183N prices may move lower.
 

Module

Although current delivery prices continue to soften, overall module prices have remained stable this week. At present, actual delivery prices for TOPCon modules are mostly RMB 0.68–0.75/W for ground-mounted projects and RMB 0.73-0.82/W for distributed projects. The market is broadly awaiting trading activity and potential shifts in manufacturers’ pricing strategies during SNEC in China next week.

Outside China, the average of TOPCon module prices has remained at USD 0.115/W. In the Middle East, shipment disruptions and logistics delays amid the war are temporarily constraining price momentum. Updated prices have yet to be finalized. In Europe, current prices are around USD 0.11–0.12/W. For detailed real-time prices in each region, please see Spot Price—Advanced Coverage.

Silver prices have seen continued volatility recently due to supply-demand dynamics, prompting some module manufacturers to consider raising quotes. While price increases driven by raw material fluctuations may not necessarily improve manufacturers’ margins, they could stimulate short-term procurement interest as buyers step up purchases on price upswings.