- Chinese distributed solar module prices fell again this week as manufacturers faced mounting pressure to secure orders.
- Polysilicon prices remained broadly stable despite weak demand and rising concerns over renewed oversupply.
- Higher silver prices are beginning to push up cell manufacturing costs, with some producers raising quotes.
Global solar PV supply chain prices remained under pressure this week, with weak downstream demand continuing to weigh on the Chinese market despite tentative signs of price stabilisation in upstream segments, according to the latest spot price report from InfoLink Consulting.
Polysilicon prices remained largely unchanged as manufacturers resisted selling below cash cost levels. Recycled mono grade polysilicon held steady at RMB 35 to 36/kg, while mono grade mixed lots traded at RMB 32 to 34/kg. Granular polysilicon prices also remained stable at RMB 34 to 36/kg.
InfoLink said polysilicon transactions during the week were mainly limited to smaller volume deals as buyers cautiously resumed restocking activity. Negotiations for new chunk polysilicon contracts are now nearing completion, while May orders for granular polysilicon are close to being fully booked.
However, the consultancy warned that market sentiment remains fragile amid expectations of weak downstream demand and the possibility of major producers restarting idle capacity later this month. Slow inventory reductions continue to expose the market to downside pricing risks.
The average price for non-Chinese polysilicon remained at US$18/kg, while pricing discussions for Oman produced polysilicon are still ongoing as manufacturers conduct sample testing.
In the wafer segment, prices remained stable across all major formats. 183N wafers traded at RMB 0.90/piece, 210RN wafers at RMB 1.00/piece and 210N wafers at RMB 1.20/piece.
Although several wafer manufacturers have begun signalling potential price increases, market activity remained subdued as cell producers continued to digest existing inventory rather than commit to significant new purchases.
InfoLink noted that wafer manufacturers have been gradually increasing utilisation rates this month, leading to a slow build-up in inventories. The market is now closely watching whether higher production volumes can be absorbed by end demand.
The report also highlighted growing cost pressure from rising silver prices, which have started feeding through into solar cell pricing.
Prices for 183N and 210RN n type cells remained unchanged at average levels of RMB 0.325/W and RMB 0.33/W respectively. Meanwhile, 210N cell prices edged higher to RMB 0.335/W, supported by demand from utility scale ground mounted solar projects.
Leading cell manufacturers began raising quotes by RMB 0.005/W from 12 May as silver price volatility pushed up production costs. Further price increases are expected in the second half of the week.
Outside China, average export prices for both p type and n type cells remained at US$0.049/W, although export prices are expected to rise next week in line with domestic market adjustments.
The module market continued to weaken following the Labour Day holiday period in China, particularly in the distributed generation segment.
Prices for distributed PV modules fell by RMB 0.01/W this week to RMB 0.77/W, while the overall average module price declined to RMB 0.75/W. Current delivery prices for TOPCon modules range between RMB 0.68 and 0.75/W for utility scale projects and RMB 0.73 to 0.82/W for distributed generation projects.
Ground mounted project prices increased slightly by RMB 0.01/W to RMB 0.72/W, although InfoLink cautioned that the broader outlook for module prices remains bearish.
Outside China, average TOPCon module prices held steady at US$0.115/W. In Europe, module prices were reported at around US$0.11 to 0.12/W.
In the Middle East, shipment disruptions and logistics delays linked to regional conflict are constraining pricing momentum and delaying updated quotations.
InfoLink said module manufacturers are increasingly prioritising order acquisition and production stability over strict price discipline. This shift has resulted in more flexible pricing strategies and widening gaps between quoted and actual transaction prices.
At the same time, renewed volatility in silver prices could trigger short term procurement activity as buyers move to secure inventory ahead of possible further increases in module prices.
Author: Bryan Groenendaal
