In a new weekly update for pv magazineOPIS, a Dow Jones company, provides a brief overview of the major price trends in the global PV industry.
FOB Chinese prices for n-type wafers remained largely stable this week. According to the OPIS Solar Weekly Report published on October 31, FOB China prices for M10 and G12 wafers remained unchanged week on week and remained stable at $0.177 per unit (pc) and $0.217/pc, respectively.
In the Chinese domestic market, industry participants reported that more than half of the nearly 20 GW wafer inventory includes n-type 210R (182 mm x 210 mm) wafers, underscoring a concentration in this specification. Market insiders noted that some manufacturers have slightly reduced retail prices for these wafers from around CNY1.40 ($0.20)/pc to CNY1.35/pc to ease inventory pressure and improve cash flow, while emphasizing that favorable policy guidance alone is insufficient to stabilize prices amid weak demand.
Adding to costs, another market participant noted that rising silver prices have driven up the cost of manufacturing solar cells, further limiting manufacturers’ ability to absorb any increases in wafer prices.
Despite these headwinds, waffle production remains at a high level. Sources indicated that the average utilization rate has exceeded 60% and wafer production is expected to exceed 60 GW in October. However, based on current production control policy guidelines, market participants expect production to decline in November and December as inventory accumulation increases.
On the export front, both market sources and customs data show that Chinese wafer exports increased from January to September 2025 compared to the same period in 2024. This growth was mainly driven by rising solar cell production capacity in India, now the second largest market for wafer consumption after China. Other major export destinations include Vietnam, Thailand, Laos and Indonesia, where Chinese wafers are processed into solar cells for markets such as India and Turkey, or further assembled into modules in Africa before being shipped to the US.
However, trade participants warned that these export flows could be affected by the ongoing US Section 232 national security investigation into polysilicon and its derivatives. “If the investigation results in restrictive measures – especially targeting products of Chinese origin – the use of Chinese wafers in modules for the US could decline,” one source warned.
In addition, reports indicate that a major Chinese waffle manufacturer is in talks to acquire an integrated producer further down the chain. Although the deal has not yet been confirmed, insiders indicate that the target company is facing challenging business conditions.
A market insider noted that while industry consolidation could be beneficial for the long-term development of the sector, the feasibility of this acquisition remains uncertain. The waffle manufacturer itself is also under financial pressure, having previously postponed an overseas expansion project that it is now reconsidering. “Whether the company can secure sufficient capital to complete the acquisition remains unclear,” the source added.
OPIS, a Dow Jones company, provides energy prices, news, data and analysis on gasoline, diesel, jet fuel, LPG/NGL, coal, metals and chemicals, as well as renewable fuels and environmentally friendly feedstocks. It acquired assets with pricing data from Singapore Solar Exchange in 2022 and now publishes the OPIS APAC Solar Weekly Report.
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