| Category | |
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| Author | InfoLink |
| Updated | September 16, 2026 |
Polysilicon
Polysilicon quotes have remained largely stable this week, with n-type recycled mono-grade polysilicon at approximately RMB 40–43/kg and granular polysilicon at RMB 40–41/kg. Actual transactions remain relatively scattered, as downstream buyers show limited acceptance of higher-priced materials. Some traders have made small-volume purchases, while mainstream downstream companies remain cautious overall in their procurement.
The overall extent of polysilicon production cuts and specific implementation plans remain uncertain. Leading manufacturers are currently formulating subsequent production adjustment plans, while most other producers are taking a wait-and-see approach. At present, some companies have already scheduled production cuts, but these are still largely part of previously confirmed plans. The extent of any additional cuts will depend on actual implementation by manufacturers.
Overall, polysilicon quotes remain broadly stable, but actual transaction volumes are still limited, and inventory pressure has increased as supply recovers. No concrete implementation plans have yet emerged from the relevant meetings, and the market will continue to watch the actual extent of production cuts by leading manufacturers and whether other producers follow suit.
If production cuts are implemented in line with market expectations, supply-side pressure could ease somewhat and provide support for polysilicon prices. Conversely, if the cuts prove limited, price stability will remain uncertain as inventories continue to build. Meanwhile, downstream acceptance of current prices and the pace of restocking will also be key factors determining whether transaction volumes can pick up going forward.
Wafer
Wafer prices have temporarily stabilized this week after recent declines, but market transaction activity remains relatively limited, with slight divergence across formats. Prices for 183N wafers remain at last week’s low of RMB 1.00/piece, with no significant price spread emerging in the market. Transaction prices for 210RN wafers range from RMB 1.03–1.05/piece, with mainstream deals still concentrated at RMB 1.05/piece. For 210N wafers, leading manufacturers have raised quotes to RMB 1.20/piece this week. Coupled with support from upstream polysilicon prices, sellers have shown stronger willingness to defend prices, and further quote increases may still be under consideration.
However, actual transactions show that demand has yet to improve meaningfully. Mainstream transaction prices for 210N wafers currently remain at RMB 1.13–1.15/piece, while some lower-priced deals can be negotiated at RMB 1.08–1.10/piece, with downstream buyers continuing to negotiate for prices below RMB 1.08/piece. A gap remains between quotes and actual transaction prices, indicating that negotiations between upstream and downstream players have yet to conclude. However, with leading manufacturers showing stronger willingness to defend prices and polysilicon prices showing no significant signs of weakening for now, the room for further declines in wafer prices may be relatively limited in the near term.
Wafer production schedules have increased since the start of September. While the market had generally expected the supply increase to put further downward pressure on prices, the decline has slowed for now. On the one hand, earlier wafer restocking outside China linked to cell demand has gradually been completed, weakening demand momentum for 183N wafers and pushing prices back to relatively low levels. On the other hand, relatively stable upstream polysilicon prices, together with the possibility that some manufacturers may still cut production or adjust production schedules going forward, are providing some support for wafer prices. As Q4 approaches, wafer prices may see a temporary recovery if project demand in China materializes as expected, although the extent of any rebound will still depend on end-market demand absorption and the extent of supply-side production controls.
Cell prices in China
Average prices for n-type cells this week:
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183N
Average price: RMB 0.3/W (flat)
Price range: RMB 0.29–0.30/W
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210RN
Average price: RMB 0.31/W (flat)
Price range: RMB 0.305–0.32/W
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210N
Average price: RMB 0.29/W (flat)
Price range: RMB 0.285–0.295/W
Overall market sentiment for cells remains stable this week. The demand mix outside China continues to shift toward 210RN, keeping this format’s prices stable for now, with export quotes still mostly above RMB 0.32/W. By comparison, 210N cells are currently supplied mainly to the Chinese market, with prices continuing to track cost trends. However, as demand from ground-mounted projects in China gradually materializes, some cell manufacturers have begun considering quote increases, while overall supply and demand for large-format cells remain relatively stable.
As for 183N cells, expectations of further price declines have eased compared with earlier periods, mainly because leading Chinese cell manufacturers are expected to implement large-scale production cuts going forward. Expectations of tighter supply have limited the room for further price declines.
Cell prices outside China
P-type cell prices (USD): The average price for 182P has remained flat at USD 0.047/W this week, with price range moving up to USD 0.047–0.050/W. Demand outside China for 182P cells has continued into September, with wafer prices and tolling fees broadly stable. With higher-priced customized orders continuing to transact, market supply-demand conditions have remained relatively stable, and the overall quote range has moved higher.
N-type cell prices (USD): The average export price of 183N cells from China has remained flat at USD 0.046/W this week, with price range at USD 0.045–0.046/W. Stockpiling momentum outside China driven by the U.S. Section 232 measures has gradually weakened, while the scope for market premiums has also narrowed. However, as noted above, expectations of production cuts among Chinese cell manufacturers are likely to provide some support for prices. Whether prices can remain stable going forward will still depend on manufacturers’ actual production schedules and changes in supply and demand in the Chinese market.
Module
Module prices remain stable this week, with no changes observed.
In China, actual delivery prices for TOPCon modules are around RMB 0.65–0.73/W for ground-mounted projects and RMB 0.68–0.76/W for distributed projects.
For BC modules, the average price in China has stayed at RMB 0.79/W this week. Actual delivery prices for BC modules are currently around RMB 0.75–0.77/W for ground-mounted projects and RMB 0.78–0.81/W for distributed projects.
Outside China, the average TOPCon module price has remained at USD 0.114/W.
In the Middle East, regional conflict continues to disrupt shipments and cause logistics delays for most projects. Market transactions remain limited for now, and the latest prices have yet to become clear.
In Europe, prices remain stable this week. For euro-denominated spot prices, please refer to the Spot Price—Advanced Coverage.
In the U.S., the latest Section 232 announcement on August 6 is expected to bring a new shock to price trends. With the minimum import price (MIP) acting as a price floor, both imported and domestically manufactured module prices are expected to rise. For now, market participants remain in wait-and-see mode on U.S.-assembled module prices, which remain at around USD 0.30–0.33/W.
In India, prices for a small number of recent orders have also edged higher, mainly driven by advance stocking amid the impact of the U.S. Section 232 measures. Price increases have been more pronounced for projects not subject to the Domestic Content Requirement (DCR), while changes for DCR projects have remained relatively limited, as demand is primarily driven by the domestic market.