Polysilicon prices in China rose sharply this week as reduced production, higher costs and strong downstream demand pushed trades above CNY60,000 ($8,590) per tonne (MT). However, module prices remained stable, supported by strong tenders and a tight supply of wafers.
The China Nonferrous Metals Industry Association (CNMIA) has reported a sharp increase in polysilicon prices, driven by lower operating rates at manufacturing facilities and stronger sourcing from downstream manufacturers. Average prices for n-type recharge polysilicon rose to CNY 59,200/MT, up 9.83% week on week, while n-type granular silicon rose 10.5% to CNY 55,800/MT. The CNMIA said many new orders were closed above CNY60,000/MT, reflecting tighter supply conditions. The association attributed the price increase to reduced polysilicon production, higher manufacturing costs, rising wafer and cell prices and strong demand supported by steady module orders. Waffle prices continued to rise, with average prices for n-type G10L, G12R and G12 wafers reaching CNY1.31, CNY1.42 and CNY1.66 per piece respectively, marking an increase of between 8.40% and 9.21% compared to pre-holiday levels. Mobile phone prices also rose, rising from CNY 0.37/W to CNY 0.39/W, an increase of 18.75%, while module prices remained stable at CNY 0.66/W to CNY 0.68/W. According to the CNMIA, the stable module price reflects strong demand for manufacturer inventory and tight wafer supply despite upstream cost pressures.
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In addition, deliveries have begun for the Shanghai Lingang No. 1 offshore solar project, where Aiko Solar is supplying modules. The first batch of ABC 655 W and 660 W high-efficiency modules has arrived on site. The project, located in the Lingang offshore area of Pudong, is designed for 500 MW, with a total module purchase of approximately 650 MWp. Aiko secured the contract in August 2025 at a bid price of CNY 0.72/W, with full grid connection planned in July 2026.
A subsidiary of Jolywood has won a contract worth CNY537 million to supply modules for the Gulang Longdian-to-Zhejiang Huanghuatan 2 GW solar project in Gansu province. The price covers the western part of the project with a capacity of 800 MW and implies a module price of approximately CNY 0.67/W. The project is expected to be completed in the fourth quarter of 2026.
JA Solar has signed an exclusive supply agreement with partner JB for what the company describes as South Korea’s largest ground-mounted solar project, with a combined capacity of 410 MW across eight sub-projects. The array will feature JA Solar’s DeepBlue 5.0 modules, with power up to 670 W and a conversion efficiency of 24.8%. All permits have been secured.
Shanghai-listed Chint Electrics said it is planning a potential H-share issuance in Hong Kong to support its international strategy and diversify financing channels. The company said the proposal would not change the controlling shareholder and remains subject to board, shareholder and regulatory approval.
Shenzhen-listed LEAD Intelligent Equipment said it has received approval from the China Securities Regulatory Commission (CSRC) to issue overseas-listed H shares. The company plans to issue up to 200.12 million ordinary shares on the Hong Kong Stock Exchange, subject to final regulatory approval. It plans to use the proceeds to support global expansion and R&D activities.
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