Module prices in China softened during the week of 22 to 28 October, as manufacturers accelerated shipments to hit annual targets with only about two months left in 2026, InfoLink Consulting reported in its latest weekly spot price update.
The TOPCon price for distributed projects dropped by about 0.7% to RMB 0.735/W, while the overall average slipped by roughly 0.3% to RMB 0.717/W. Suppliers are gradually offering concessions to support deliveries. Actual TOPCon delivery prices stand at RMB 0.65 to RMB 0.71/W for ground mounted projects and RMB 0.68 to RMB 0.76/W for distributed projects. BC modules command a premium, at RMB 0.75 to RMB 0.77/W for ground mounted projects and RMB 0.78 to RMB 0.81/W for distributed projects.
Strategies are diverging across the value chain. Wafer and cell producers have started raising quotes, driven by the pace of downstream shipments and year end demand from ground mounted projects in China. Module manufacturers, facing weak demand, are focused on drawing down inventories and are lowering prices to move product faster. N type 210N cell prices rose to an average of RMB 0.305/W and are expected to reach RMB 0.31/W next week, while 183N and 210RN cells were flat at RMB 0.30/W and RMB 0.31/W respectively. Quotes for 210RN are starting to soften, and the market expects prices to fall in late November.
Upstream, polysilicon prices held at roughly RMB 40 to RMB 43/kg for n type recycled material and RMB 40 to RMB 41/kg for granular material. Trading was subdued, with high industry inventories and cautious buyers limiting activity, although production cuts that began in October and are expected to continue in November are providing a price floor. Wafer prices were broadly stable, with 210N at RMB 1.13 to RMB 1.15/piece.
Outside China, the average TOPCon module price stayed at US$0.114/W. In the Middle East, regional conflict continues to disrupt shipments and cause logistics delays, leaving deliveries constrained for now. European module prices held steady this week.
In the US, the latest Section 232 announcement of 6 August is expected to unsettle price trends. With the minimum import price acting as a floor, prices for both imported and domestically made modules are forecast to rise once the measures take effect. In India, a small number of recent orders have edged higher, driven by early stocking linked to the US measures. Increases have been more pronounced for projects not subject to the Domestic Content Requirement, while prices for DCR projects have changed little as demand there is mainly domestic.
For African developers and procurement teams, the softening in China module prices may offer short term buying opportunities, although rising wafer and cell costs and shifting trade policy elsewhere could influence pricing in the months ahead.
Author: Bryan Groenendaal
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