China’s solar manufacturing supply chain continues to face mounting pressure as weak downstream demand, elevated inventories and cautious buyer sentiment limit any sustained recovery in prices across polysilicon, wafers, cells and modules, according to the latest weekly market update from InfoLink Consulting.
Polysilicon prices remained broadly stable this week, supported mainly by producers resisting sales below cash cost levels. Recycled mono grade polysilicon was priced between RMB 34/kg and RMB 36/kg, while mono grade mixed lots traded at RMB 32/kg to RMB 33/kg. Granular polysilicon prices held steady at RMB 34/kg to RMB 36/kg.
Trading activity remained dominated by smaller volume orders, although stable pricing encouraged some buyers to resume restocking. New orders for chunk polysilicon were concluded during the week, while May orders for granular polysilicon are now almost fully booked.
Despite this temporary stability, market participants remain cautious. Expectations of subdued downstream demand and the potential restart of leading production capacity later in May could renew volatility in the market. Slow inventory drawdowns also continue to expose polysilicon prices to further downside risks.
Outside China, non China made polysilicon prices remained at around US$18/kg. Prices for Oman produced polysilicon are still under negotiation as manufacturers continue sample testing.
Wafer prices also remained largely stable week on week, although lower end transaction prices continued to soften. Average prices for 183N, 210RN and 210N wafers held at RMB 0.90/piece, RMB 1.00/piece and RMB 1.20/piece respectively. However, low end deals fell to RMB 0.88/piece for 183N, RMB 0.98/piece for 210RN and RMB 1.18/piece for 210N.
Recent declines in upstream polysilicon prices have added pressure to wafer manufacturers. Although some producers attempted to support pricing through production cuts and tighter supply strategies, broader market acceptance for price increases remained limited.
Market analysts warned that additional polysilicon output during the upcoming wet season, combined with ongoing inventory pressure, could drive further declines in polysilicon prices and indirectly weaken wafer prices. In the near term, however, wafer prices are expected to remain relatively stable.
China’s solar cell market showed mixed performance this week. The average price for 183N cells increased slightly to RMB 0.33/W, while 210RN and 210N cell prices remained flat at RMB 0.33/W and RMB 0.34/W respectively.
A sharp correction in silver prices between 15 and 20 May prevented broader price increases from materialising. Only a limited number of manufacturers managed to raise transaction prices by RMB 0.005/W across certain formats. Analysts said falling silver prices have reduced upward momentum for cell pricing, with prices expected to remain stable into early June pending market sentiment at the upcoming SNEC PV Power Expo in Shanghai.
In overseas markets, average export prices for Chinese 183N cells remained stable at US$0.049/W, while p type 182P cell prices edged higher to around US$0.05/W due to tighter supply and earlier increases in silver related production costs.
Module prices in China continued to weaken following the Labour Day holiday. Distributed generation PV module prices declined by RMB 0.01/W this week to RMB 0.76/W, bringing the overall market average down to RMB 0.744/W.
Current transaction prices for TOPCon modules are mainly between RMB 0.68/W and RMB 0.75/W for ground mounted projects and RMB 0.73/W to RMB 0.82/W for distributed generation projects.
Internationally, average TOPCon module prices remained stable at US$0.115/W. European prices were reported at around US$0.11/W to US$0.12/W, while shipment disruptions and logistics delays linked to conflict in the Middle East continued to affect pricing dynamics in the region.
Manufacturers are also adjusting pricing strategies in response to intensifying market competition. Instead of focusing solely on maintaining margins, many producers are now prioritising order acquisition and stable factory utilisation rates. This has led to more flexible pricing and softer negotiating positions across the market.
At the same time, renewed volatility in silver prices is prompting some module manufacturers to consider selective price increases. While higher raw material costs may not significantly improve margins, they could trigger short term procurement activity as buyers move to secure supply ahead of potential price rises.
Author: Bryan Groenendaal






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