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.
N-type wafer prices increased across the board this week compared to the previous assessment on December 16, 2025. FOB China prices for n-type M10 wafers rose 13.92% to $0.180 per unit (pc), while G12 wafers rose 10.82%, to $0.215/pc, according to the OPIS Solar Weekly Report released on January 6.
According to market participants, manufacturers’ declared prices for n-type wafers in the Chinese domestic market have increased above CNY 1.4 ($0.20)/piece for M10 products and CNY 1.7/piece for G12 products.
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Industry sources attributed the upward price momentum in part to rising cell prices, driven by higher silver paste costs, which have given wafers some price headroom. According to market analysts, the cost of silver paste has soared as silver prices rose more than 160% year-on-year in December amid an ongoing supply shortage.
Additionally, efforts to advance the polysilicon consolidation plan – aimed at supporting polysilicon prices – have provided further indirect support to wafer price expectations.
However, industry sentiment remains cautious regarding the sustainability of waffle price increases. One market participant noted that while higher silver paste prices have supported mobile phone pricing, mobile phone manufacturers have also reduced business rates due to limited price tolerance among module makers, limiting their ability to pass on further cost increases. The source added that domestic end-market projects cannot absorb current wafer price levels.
Market participants also noted that in the run-up to the Lunar New Year in February, companies are under pressure to improve cash flow to support post-holiday production, raising the possibility of cheaper transactions in the coming weeks.
On the supply side, wafer makers are reportedly making significant production cuts. One large manufacturer would have an occupancy rate of about 20%. According to sources, specialty wafer makers have cut production more sharply to ease inventory pressure, while integrated manufacturers have maintained relatively higher operating rates by supplying wafers to their overseas facilities.
Overseas, a major Chinese wafer manufacturer announced this week that its subsidiary has joined the Middle East Solar Industry Association (MESIA), positioning the move as one to deepen its presence in the Middle East and North Africa photovoltaic markets.
The company previously announced plans in July 2024 to develop 20 GW of billet and wafer production capacity in Saudi Arabia. A source familiar with the matter told OPIS after the company’s announcement by MESIA that construction has yet to begin, although the project remains active and further details are pending official announcement.
While not confirmed by the company, another industry source said preliminary preparations at the corporate planning level have been largely completed, while key implementation milestones remain subject to the timely availability of financing from all stakeholders.
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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