Global solar PV supply chain prices continued to weaken this week, reflecting persistent demand softness and growing oversupply across key segments, according to the latest market analysis from Infolink Consulting.
In the polysilicon segment, only limited new orders were concluded as manufacturers faced ongoing financial strain and weak market conditions. Leading producers have increasingly resorted to passive sales strategies to generate cash flow, while some medium sized manufacturers are now operating below cash cost levels. This has prompted maintenance shutdowns in early April as companies seek to contain financial risks.
Market sentiment has turned increasingly bearish, with aggressive low priced shipments from futures spot traders further destabilising prices. Demand expectations for April and May remain subdued, resulting in reduced procurement activity across the midstream segment.
Polysilicon prices continued to decline this week, with buyers lowering price expectations and limiting purchases to small volumes. The overall acceptable price level is currently estimated at RMB 30 to 32 per kg. Delivery prices stand at RMB 35 to 37 per kg for recycled mono grade polysilicon, RMB 33 to 35 per kg for mono grade mixed lots, and RMB 34 to 36 per kg for granular polysilicon. Prices are expected to fall by a further RMB 1 to 2 per kg in the near term.
Outside China, polysilicon prices remain under pressure, with the average price holding at US$ 18 per kg. Expected price increases in late March failed to materialise, while prices for Oman produced material remain under negotiation.
In the wafer segment, prices continued their downward trajectory, driven by declining upstream costs and weak demand. Mainstream transaction prices have dropped to RMB 0.93 per piece for 183N wafers, RMB 1.03 per piece for 210RN wafers, and RMB 1.23 per piece for 210N wafers.
Although trading activity improved slightly following the Qingming Festival, overall sentiment remains weak. Price dispersion has widened significantly, particularly for larger formats, indicating ongoing downside risks as the market continues to search for a price floor.
Cell prices in China also declined this week, with N type products moving closer to the industry cost line. Average prices stand at RMB 0.35 per W for both 183N and 210RN cells, and RMB 0.34 per W for 210N cells. While falling wafer prices have eased cost pressures, production remains elevated relative to module demand, sustaining oversupply conditions.
Export markets show mixed trends. Prices for P type 182P cells rose to an average of US$ 0.049 per W due to tight supply and stable demand, following the removal of export tax rebates. In contrast, N type cell export prices declined to US$ 0.052 per W, reflecting weakening international demand and narrowing price premiums over domestic Chinese markets.
Module prices in China continue to face significant pressure. For TOPCon modules, transaction prices are currently at RMB 0.68 (US$ 0.10) to 0.70 per W for utility scale projects and RMB 0.76 (US$ 0.11)to 0.80 per W for distributed generation. While distributed segment pricing has seen some strategic support, competitive pressures are intensifying and some suppliers have begun lowering quotes.
In international markets, module prices remain relatively stable. In the Middle East, logistics disruptions linked to regional conflict are constraining price movements. In Europe, prices for both distribution and utility scale projects are holding at US$ 0.12 to 0.125 per W on an FOB basis.
Overall, weak end market demand in China continues to weigh on the entire value chain. Despite efforts by manufacturers to stabilise prices, declining upstream costs and persistent oversupply are eroding support levels. Market expectations point to a potential inflection point in late April, with further price declines likely in China and possible stabilisation or reversal of recent gains in selected international markets.
Author: Bryan Groenendaal






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