China PV Module Prices Hold Steady as Downstream Demand Remains Weak

China’s PV module market remained largely stable this week, but growing inventory pressure and weak demand are creating increasing downside risks across the supply chain.

Module Prices Remain Stable

Ground-mounted TOPCon 210 bifacial modules were priced at around RMB 0.700/W, while rectangular TOPCon and HJT modules stood at RMB 0.690/W and RMB 0.740/W, respectively.

Although prices are currently unchanged, actual transactions are becoming weaker. Domestic and overseas demand remains subdued. Demand may improve gradually in October with seasonal support, but could weaken again in November as overseas procurement winds down and domestic project demand remains limited.

Some Chinese module manufacturers are already planning production cuts in September. Further reductions could follow if costs continue to rise while demand fails to recover.

Upstream Prices Show Weakness

Polysilicon prices remained unchanged, with N-type dense polysilicon averaging RMB 30.9/kg, while actual transactions were reported at around RMB 33.5/kg despite producer quotes of RMB 40–43/kg. Rising production and accumulating inventories continue to weigh on the market.

Silicon wafer prices also held steady at RMB 1.22/wafer for N-type 210 and RMB 1.14/wafer for N-type 182×210mm. However, the end of the overseas export window is expected to weaken demand and increase downward pressure.

Cell Prices Decline

N-type TOPCon 210 cell prices fell to RMB 0.30/W, while 210R cells averaged RMB 0.31/W.

The decline reflects weaker overseas demand, softer wafer prices and poor domestic demand. With price increases difficult to pass downstream, cell prices are expected to remain under pressure in the near term.

Overall, the Chinese PV supply chain is entering a weaker phase, with soft demand, rising inventories and limited cost support increasing the risk of further price declines.