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.
The Chinese Module Marker (CMM), the OPIS benchmark rating for TOPCon modules from China, remained stable at $0.088/W Free-On-Board (FOB) China, with indications between $0.085-0.093/W, according to the OPIS Solar Weekly Report published on December 9.
The forward curve indications of the FOB China TOPCon module for Q4 2026 cargo loading weakened this week, falling 1.11% to $0.089/W. Cargo loading in the first quarter of 2026 remained at $0.088/W, while cargo loading in the second and third quarters of 2026 was assessed stable at $0.089/W.
Fresh discussions about a possible export tax cut continued this week as the end of the year approaches, with export prices stable while the market waits for clearer direction.
Several market participants surveyed by OPIS said they expect China to cut the export tax credit for solar energy production by 3% to 6%, possibly taking effect in early 2026. China last cut the export tax credit from 13% to 9% in December 2024.
According to market sources, internal notices are circulating among leading module manufacturers indicating that the revised discount may apply from January 1, 2026, with discounts ranging from 3% to 4.5% for solar panels and lithium batteries. Sources said manufacturers have encouraged customers with pending orders to make shipping arrangements quickly.
Market participants said authorities would typically issue an official notice about two weeks before implementation. On that timeline, a mid-December notification would be expected if the discount is revised from Jan. 1 as rumored, a downstream producer said.
Procurement activities for the rest of the year have been delayed as market participants await clarity on the discount policy. Trade sources noted that buyers had already made early module purchases in the third quarter of 2025 when the rumor first surfaced in August, leading to heavy stockpiling, with some buyers even partially meeting 2026 demand.
Meanwhile, China’s polysilicon consolidation efforts took a formal step this week with the registration of its long-awaited platform company, Beijing Guanghe Qiancheng Technology Co., Ltd.
The entity was established in Beijing on December 9 with an initial capital of CNY3 billion ($414 million) and is widely seen as a means, backed by leading polysilicon producers, to acquire and restructure excess capacity.
No impact on the spot price of polysilicon has yet been observed. According to the same OPIS report, China Mono Premium – OPIS’s rating for mono-grade polysilicon used in the production of n-type ingots – remained unchanged week on week at CNY 52,200 ($7.40)/kg or CNY 0.110/W.
Market participants noted that the company’s initial registered capital of CNY3 billion suggests that the initiative is still in its early stages. Given that initial discussions on the consolidation plan envisioned raising roughly CNY50 billion to acquire about a third of excess polysilicon capacity – estimated at more than 1 million tonnes – significant additional financing will likely be required as the project develops.
Others noted that the company’s founding may only provide an initial framework. Key details, including the indicative price range for polysilicon and the target acquisition volume, remain unclear and are expected to be finalized over time. Nevertheless, participants view the development as an important milestone that has strengthened market expectations for 2026.
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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