- Higher silver and polysilicon prices are pushing up costs for cells and modules with distributed generation projects seeing price increases first.
- Wafer and cell prices in China are stabilising at higher levels while transaction volumes remain subdued.
- Solar panel (module) makers are lifting quotes for 2026 deliveries in both China and international markets amid cautious demand outlook.
Rising silver prices are adding fresh cost pressure across the global solar photovoltaic supply chain, reinforcing expectations of higher prices for cells and modules, according to the latest analysis from InfoLink Consulting.
Price increase signals have become more pronounced in recent weeks, with transactions in the distributed generation segment moving up ahead of large scale utility projects. The rapid rise in silver prices has significantly increased production costs at cell level, making it more difficult for manufacturers to absorb upstream increases.
Polysilicon prices trend upward
Polysilicon prices in China continue to edge higher, with new orders transacted mainly through limited strategic or contractual arrangements. Recent deals have been concluded at around RMB 60 to 65 per kilogram, while overall new quotations are expected to settle at RMB 63 to 65 per kilogram, led by tier one suppliers.
Most trading volumes remain linked to earlier contracts, although transaction prices are showing a clear upward bias. Outside China, polysilicon prices remain firm, with spot prices in the United States rising as buyers hedge against potential policy risks. Market sentiment remains cautious due to rising inventories and seasonally weak demand, with production discipline in the first quarter expected to play a key role in stabilising prices.
Wafer and cell markets show price resilience
Wafer prices in China remained largely stable week on week, although actual transaction levels suggest a gradual upward movement. Improved acceptance of current wafer prices by cell manufacturers is helping to support the market, particularly for the 183N format, which is gaining production share.
Cell prices in China increased again this week, with average prices across mainstream N type formats reaching RMB 0.39 per watt. Leading manufacturers have begun quoting above RMB 0.40 per watt following the surge in silver prices, while some have suspended deliveries due to mounting cost pressures. As a result, transaction volumes have declined sharply and production cuts are expected to extend into February.
In export markets, both P type and N type cell prices have also moved higher, especially for products using non China polysilicon and shipped from Southeast Asia to the United States.
Module prices rise amid cautious demand
Module manufacturers in China have started to raise quotes in response to higher upstream costs and industry self regulation measures. Distributed generation projects are again leading price increases, while utility scale projects are adjusting more gradually.
Average TOPCon module prices in China have risen to around RMB 0.70 per watt, supported by a higher share of distributed projects. HJT module prices have also been revised upward, with higher power ratings commanding a premium.
In non China markets, module prices remain broadly stable for near term deliveries, but suppliers are increasing quotes for 2026 orders. Europe has seen modest upward adjustments linked to silver costs, while prices in Asia Pacific, the Middle East and Latin America remain competitive. In the United States, pricing continues to diverge widely depending on supply routes and compliance requirements.
Looking ahead, InfoLink Consulting notes that demand is likely to remain soft in the first quarter of 2026 due to seasonal factors and higher prices. While cost pressures are expected to persist, cautious procurement sentiment and limited order visibility suggest that further price increases may face resistance in the near term.
Author: Bryan Groenendaal
