PV Price Watch: High inventory levels persist as Chinese polysilicon and wafer prices fall again

By Carrie Xiao
Facebook
Twitter
LinkedIn
Reddit
Email

On May 14, the Silicon Industry Branch released the latest polysilicon prices, noting that while polysilicon companies initiated contract signings for moderate volumes this week, prices continued to decline slightly.

According to the pricing data, n-type recycled material transacted at RMB36,000–41,000/ton (US$4,994-5,689/ton) – with an average of RMB38,600/ton and a week on week drop -1.53% WoW, n-type granular silicon at 35,000–37,000 yuan/ton (avg. 36,000 yuan/ton, flat WoW), and p-type polysilicon at 30,000–35,000 yuan/ton (avg. 31,300 yuan/ton, -3.10% WoW).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Image: Silicon Industry Branch

The Silicon Industry Branch noted that the primary drivers behind this week’s slight decline in polysilicon market prices are persistently high inventory levels and the sharp drop in downstream product prices.

From an industry inventory perspective, current supply and demand are barely balanced on a monthly basis. If downstream production continues to decline, the polysilicon sector may face monthly inventory accumulation due to inflexible production line adjustments.

In terms of production, data from the Silicon Industry Branch shows that as of the week ending May 15th, two companies had entered maintenance shutdowns, reducing the number of active producers to 11. Statistics show that in April 2025, China’s polysilicon output was 99,100 tons, down 6.08% month-on-month. There has been a surge of news regarding polysilicon recently, with frequent shifts in market expectations. Actual implementation details will depend on the official company announcements.

TrendForce’s latest pricing reports also indicate that Chinese silicon prices have fallen across the board, while wafer prices have continued to fall.

In the week of May 15, the latest RMB price for n-type 182mm monocrystalline wafers was RMB0.95/piece, down 6.86% from RMB1.02/piece the previous week. The price for n-type 210mm monocrystalline wafers slightly dropped from RMB1.32/piece to RMB1.3/piece. The latest quote for n-type 210R monocrystalline wafers stood at RMB1.1/piece.

In cell pricing, the RMB price for M10 monocrystalline TOPCon cells stood at RMB0.26/W; the RMB quote for G12 monocrystalline TOPCon cells was RMB0.28/W; the transaction price for G12R monocrystalline TOPCon cells fell to RMB0.26/W, down 1.89%.

This week, quotes for Chinese centralised projects using 182-210mm TOPCon modules stabilised, with the average price holding at RMB0.69/W. The distributed average price stabilised at RMB0.67/W.

The price range for bifacial M10-TOPCon modules from leading manufacturers ranges between RMB0.64-0.72/W, with the price midpoint shifting downward. For bifacial G12-HJT modules, the mainstream manufacturer quotations are in the range of RMB0.68-0.76/W.

TrendForce noted that manufacturers are currently engaged in widespread price cuts, and with the demand vacuum in Q2, price stabilisation remains unlikely unless upstream players impose extraordinary production curbs.

TrendForce stated that manufacturers are currently broadly lowering prices, and with the demand vacuum in Q2, there is no sign of price stabilisation unless upstream players implement unconventional production restrictions.

10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 3, 2025
Chinese government policies and supply-side production cuts will drive a significant increase in solar and storage component costs.
September 30, 2025
Chinese solar firm SoleFiori (Hongjun New Energy) has signed an agreement with the Saudi Arabian government to build a 6GW heterojunction technology (HJT) module production facility in the country.
September 26, 2025
Chinese president Xi Jinping has unveiled a new climate target for China at the United Nations Climate Change Summit, which aims to cut by 7-10% China's peak greenhouse gas emissions by 2035.
Sponsored
September 26, 2025
Over the past three years, Tongwei has made a remarkable leap in the solar sector, shipping over 100GW of modules at record-breaking speed.
September 23, 2025
JinkoSolar and LONGi Green Energy have agreed to terminate ongoing patent lawsuits, and enter into a 'cross-licensing agreement'/

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK