The Chinese Module Marker (CMM), OPIS’ benchmark assessment for TOPCon modules below 645 W Free-On-Board (FOB) China, fell 0.91% this week to $0.109/W, with spot price indications ranging between $0.104/W and $0.119/W, according to the OPIS Global Solar Markets Report released on July 28.
Sentiment for forward deliveries also weakened, with FOB China TOPCon module forward curve prices falling across the board. Forward prices for Q3 2026 and Q4 2026 loading cargoes fell 0.91% week-on-week to $0.109/W, while Q1 2027 loading cargoes declined 1.82% to $0.109/W. Q2 2027 and Q3 2027 cargoes both fell 0.92%, to $0.108/W and $0.109/W, respectively.
FOB China TOPCon mainstream modules weakened amid softer tradeable indications, as more supply of high-efficiency modules prompted manufacturers to lower offers and added pressure to the overall module market.
Price indications for high-efficiency TOPCon modules, defined as products above 650 W, were heard lower this week, at around high-$0.100/W to mid-$0.110/W on an FOB China basis. Meanwhile, back-contact (BC) modules command a premium of up to $0.02-0.03/W FOB over high-efficiency TOPCon modules.
The shift toward higher-efficiency modules has partly been driven by recent policy measures encouraging manufacturers to upgrade their product mix.
A national energy efficiency standard released in late June introduced a three-tier classification for crystalline silicon PV modules, effective Jan. 1, 2027. Under Grade 1, the minimum efficiency requirements for TOPCon, heterojunction (HJT) and BC modules are 24.0%, 23.8% and 24.2%, respectively. The corresponding minimum power output thresholds are 650 W for TOPCon, 645W for HJT and 655W for BC modules.
The policy push extended to pricing practices this week, with the China Photovoltaic Industry Association (CPIA) releasing the “General Principles for the Cost Accounting Model of the Photovoltaic Industry,” a new industry-wide standard that unifies cost calculation methodologies across polysilicon, wafers, cells and modules to provide a consistent basis for cost benchmarking.
The framework classifies manufacturing costs into cash cost, production cost and full cost, and requires vertically integrated producers to transfer products between manufacturing stages at the preceding stage’s full production cost, improving comparability with specialized manufacturers by preventing downstream costs from being understated. It also accommodates different technology routes, with CPIA planning to publish separate reference values for TOPCon, HJT and BC products.
CPIA Executive Secretary Liu Yiyang said the unified cost accounting model would enable prices to better reflect production costs, product quality and technological competitiveness, allowing efficient manufacturers to earn reasonable returns. Trina Solar Chairman Gao Jifan added that greater cost transparency could accelerate the phase-out of inefficient capacity, support more sustainable pricing and discourage excessive cost-cutting at the expense of product quality.
An industry source told OPIS that the framework’s impact will ultimately depend on its adoption in commercial negotiations, pricing practices and the transparency of cost disclosures.
Momentum behind the shift could build further, as market sources told OPIS that regulators are rumored to be considering an export tax rebate of up to 4% for Grade 1 high-efficiency cells and modules.
A source at a top-tier manufacturer said that, if confirmed, the rebate would significantly benefit high-efficiency products, with more competitive export pricing likely to incentivize buyers and encourage manufacturers to convert existing production lines toward higher-efficiency output. The producer added that the ongoing expansion into 650W modules would largely involve technical upgrades and retrofits of existing lines rather than construction of new facilities.
Another source at a top-10 manufacturer said lower-efficiency modules would face growing cost disadvantages if the export tax rebate framework shifts in favor of higher-efficiency products. However, several industry sources stressed that the rumored rebates remain unconfirmed, with one advising market participants to wait for an official announcement from regulators.
OPIS, a Dow Jones company, provides energy prices, news, data, and analysis on gasoline, diesel, jet fuel, LPG/NGL, coal, metals, and chemicals, as well as renewable fuels and environmental commodities. It acquired pricing data assets from Singapore Solar Exchange in 2022 and now publishes the OPIS APAC Solar Weekly Report.
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