China PV Prices Remain Stable as Market Enters Holiday Watch-and-Wait Period

Silicon Wafer and Module Prices Hold Steady

China’s PV supply chain saw limited price movement this week, with market participants largely taking a wait-and-see approach ahead of the upcoming holiday.

N-type G10L wafers averaged RMB 1.01 per piece, while G12R and G12 wafers averaged RMB 1.03 and RMB 1.15 per piece, respectively. Battery cell prices also remained relatively stable, with M10 at RMB 0.29/W, G12R at RMB 0.305/W and G12 at RMB 0.30/W. Mainstream module prices stayed at around RMB 0.69–0.71/W.

Weak Demand Limits Market Activity

Trading remained relatively light as downstream demand stayed weak. However, firm polysilicon pricing has provided cost support for wafer manufacturers, reducing their willingness to cut prices.

Meanwhile, demand from China’s centralized solar projects has started to improve, while higher silver prices and stable wafer costs are providing some support to the cell market.

October Supply Cuts Could Reshape the Market

Several wafer manufacturers are planning production cuts, with October output expected to fall to around 51 GW. If downstream demand improves, wafer prices could see a modest recovery.

The cell market faces greater uncertainty, however. New U.S. Section 232 measures are expected to put pressure on overseas demand, potentially weighing on cell prices. Going forward, wafer prices will depend largely on supply-demand conditions and polysilicon costs, while cell market trends will be closely tied to overseas demand.