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.
In the Chinese marketThe Chinese Module Marker (CMM), the OPIS benchmark rating for TOPCon modules from China, was assessed at $0.095/W, stable week-on-week on unchanged market fundamentals. Market participants said TOPCon prices below $0.09/W FOB China were still circulating in the market.
Cargoes below $0.09/W FOB China were sold at a loss to maintain market share and generate cash flow, an industry source said. For major module makers, maintaining cash flow is more important than avoiding losses as they have to pay wages and loans for equipment, the industry source added.
In the American marketspot price for US-delivered duty-paid (DDP) TOPCon modules fell to $0.290/W, with indications ranging from $0.220/W to $0.330/W, while prices for Q1 2025 delivery averaged $0.301/W , ranging between $0.280/W and $0.325/W.
OPIS estimated US mono PERC Q4 delivery module prices at $0.249/W, with indications between $0.215/W and $0.310/W, while 2025 delivery loads were around $0.270 to $0.315/W.
According to a Southeast Asian manufacturer, U.S. module prices are showing wide variations due to the availability of alternative imports from countries not affected by the AD/CVD investigation. The producer added that increased competition from various sources has “distorted” U.S. domestic prices. Currently, Indonesian manufacturers are offering modules for delivery in late 2025 at around $0.24/W, similar to levels provided by suppliers in Vietnam, Thailand, Malaysia and Cambodia before the investigation began, a US source told OPIS. The source also shared that Indian manufacturers were trading at around $0.29/W for the same period.
Another market source noted that increased Customs and Border Protection (CBP) scrutiny of imported modules from India in recent months will further fuel uncertainty and widen the price range. Nearly a third of retained electronic goods from India have been rejected, compared to just 5.4% of rejections for goods held by Southeast Asian manufacturers.
In the European market, TOPCon module prices fell slightly in the week ending August 27, with indications ranging between a low of €0.090 ($0.1)/W and a high of €0.122 ($0.14)/W, with an average price of €0.107 ($0.12)/WW On the freight side, ocean freight rates between Asia and Northern Europe fell 1% to $8,264 per forty foot equivalent unit (FEU). This corresponds to $0.0196/W.
The market for imported Chinese TOPCon panels evolved from an oversupply in the second quarter to a near shortage during the summer months. The availability of Chinese solar panels increases in the third quarter, but this seems to go hand in hand with price pressure for suppliers. All stock is consumed in the high-end technology panels.
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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