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.
According to the OPIS Global Solar Markets Report published on March 17, Free-On-Board (FOB) China prices for n-type M10 and G12 wafers showed no weekly changes and remained stable at $0.153/pc and $0.174/pc, respectively.
Market participants indicated that the stability of waffle prices this week reflects weak demand and unresolved price negotiations between buyers and sellers, rather than a stable overall market trend.
A wafer supplier noted that some mobile customers had canceled their orders in early March, but recently resumed purchases, driven by overseas orders and domestic end-user projects. However, while the pickup has helped reduce inventory, it has not supported upward price movements, the supplier added.
An industry source explained that at current market levels, wafer manufacturers often incur losses when purchasing polysilicon, processing it into wafers and selling the products. As a result, manufacturers focus on fulfilling orders from key customers or accepting OEM contracts that avoid cash losses. Integrated manufacturers with polysilicon capacity are particularly favored because they require wafer producers to convert their own polysilicon into wafers for the production of cells and modules further down the chain.
Industry insiders also indicated that the current price of n-type 183mm wafers in China, slightly above CNY 1 ($0.14)/pc, is unlikely to fall to the 2025 historical low of CNY 0.80-0.90 ($0.116-0.131)/pc. One source said manufacturers have adjusted their expectations after prolonged undervaluation and are generally maintaining a price floor close to cash cost levels, excluding labor and operating costs.
Meanwhile, in the global market, India’s Ministry of New and Renewable Energy (MNRE) has amended the Approved List of Models and Manufacturers (ALMM) framework to extend mandatory domestic procurement requirements to solar energy blocks and wafers from June 1, 2028, according to a March 17 office memorandum.
The latest amendment introduces a new Schedule-III for blocks and wafers, further expanding the framework upstream. From June 1, 2028, ALMM-listed modules used in the covered projects will have to include cells listed under ALMM List-II and wafers listed under ALMM List-III. As per the amendment, the original Schedule III will not be issued unless at least three independent generating units are recruited with a combined capacity of not less than 15 GW per annum. Manufacturers wishing to sign up for wafers must also have equivalent block capacity.
An integrated Indian manufacturer with continued investments in domestic upstream capacity has welcomed the move, describing it as a policy that rewards early commitment to backward integration. Still, the manufacturer expects that upstream expansion will remain more difficult than downstream expansion, citing higher capital requirements, longer lead times and greater technical complexity.
To address some of these constraints, the government last week introduced a 60-day processing timeline for land border investment proposals in specific manufacturing sectors, including polysilicon and billet wafers. In December 2025, it also streamlined visa procedures for foreign professionals required for factory installation, commissioning, maintenance and production.
Although the effects of these policy efforts remain to be seen, there is progress in upstream capacity development. Earlier this week, a major Indian solar manufacturer announced the groundbreaking of a 10 GW integrated block and wafer facility in Nagpur, Maharashtra.
Industry feedback shows that this project, among the ingot and wafer projects announced outside China in the past two years, stands out in terms of implementation feasibility. Market participants noted that its development could have meaningful impacts on global trade flows, including providing potential offtake channels for emerging non-Chinese polysilicon capacity and alternative supply options for downstream manufacturers in regions such as Africa and the Middle East that focus on exports to the US market.
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 price data assets from Singapore Solar Exchange in 2022 and now publishes the OPIS APAC Solar Weekly Report.
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