Wait-and-see sentiment runs deep; cell prices begin to soften

Polysilicon

Seller quotes have remained stable for several weeks, with most market participants awaiting further clarity on polysilicon utilization rates and market conditions. Prices this week are as follows:

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

• 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 remain unchanged WoW, with average prices standing at RMB 0.90/piece for 183N, RMB 1.00/piece for 210RN, and RMB 1.20 /piece for 210N.

As the SNEC expo takes place in China this week, wait-and-see sentiment remains relatively strong, keeping overall prices stable for now. However, prices across the value chain may be renegotiated after the expo, and subsequent price trends will require continued monitoring.

From a supply-demand perspective, with the wet season approaching, polysilicon producers are expected to further increase output, while wafer makers also plan to raise production in June. Market inventories have recently shown signs of a modest build. Against the backdrop of rising supply and gradually emerging inventory pressure, any subsequent softening in polysilicon prices could further transmit to the wafer segment. With downstream procurement demand still relatively weak and market support limited, wafer prices are expected to face continued downward pressure going forward.
 

Cell prices in China

Prices for n-type cells this week:

• 183N

Average price: RMB 0.32/W (down)

Price range: RMB 0.315-0.325/W (down)

• 210RN

Average price: RMB 0.325/W (down)

Price range: RMB 0.32–0.33/W (down)

• 210N

Average price: RMB 0.33/W (down)

Price range: RMB 0.33-0.335/W (down)

Overall cell production schedules are set to increase MoM in June, but demand weakness has shown no improvement. Low-end transaction prices across formats moved lower during SNEC, especially for 183N and 210RN, as changes to India’s ALMM policy have led to a notable decline in its local cell procurement demand. Cell prices across formats still face a pessimistic outlook, with price ranges continuing to move lower.
 

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 0.049-0.052/W. As major Chinese manufacturers have shifted to tolling production, overall supply remains constrained. Notably, rising import demand for such cells in Africa has lifted the high end of the price range.

N-type cell prices (USD): The average export price of 183N cells from China has edged down to USD 0.048/W this week, with prices ranging from USD 0.048–0.050/W. As noted above, changes to India’s policy have weighed on 183N orders for June, and prices may move lower again next week.
 

Module

Overall module prices have remained stable this week, with market participants awaiting the outcome of price negotiations during SNEC. 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.