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 price drops for Chinese waffles have narrowed significantly this week. However, wafer trading activity remains extremely subdued, mainly due to lower business figures in the solar cell sector, which has significantly weakened demand for downstream purchasing.
According to the OPIS Global Solar Markets Report published on April 21, prices for Free-On-Board (FOB) China n-type M10 and n-type G12 wafers fell to $0.139/pc and $0.169/pc, reflecting week-on-week declines of 0.71% and 0.59%, respectively.
An industry insider noted that in the domestic Chinese market, current wafer prices remain only slightly above the 2025 historic low. At this level, waffle manufacturers have shown a reduced willingness to cut prices further to accelerate sales, with leading producers even attempting to stabilize or slightly increase prices this week.
The rationale behind this price stabilization attempt is the recent recovery in polysilicon sentiment, supported by stabilizing spot prices and rising futures prices, the source added.
According to the OPIS report, the China Mono Premium – OPIS’ rating for mono-grade polysilicon used in the production of n-type ingots – was estimated stable this week at CNY34.071 ($4.99)/kg, ending a seven-week streak of consecutive price declines.
However, several industry participants told OPIS that meaningful price increases remain difficult to sustain in the context of continued weak end demand. Market attention is therefore focused on whether policy coordination efforts and sector-level meetings can support a broader price recovery.
A photovoltaic industry symposium jointly convened on April 17 by various high-level central government agencies, including the Ministry of Industry and Information Technology, the National Development and Reform Commission, the State Administration for Market Regulation and the National Energy Administration, outlined measures to standardize market competition and curb disorderly prices.
Several major state-owned power generation companies also participated in the meeting. These companies hold key positions in the construction and installation activities of solar power plants in China, giving them significant influence on downstream demand and broader industry dynamics. Industry participants noted that their involvement, rather than that of manufacturers, signals a shift in regulatory focus to demand-side governance.
Compared to previous supply-side interventions, the current policy direction places greater emphasis on downstream purchasing behavior, module procurement mechanisms and grid integration coordination as part of broader market stabilization efforts. According to market participants, a more regulated procurement environment could reduce the aggressive price suppression that has contributed to disorderly competition in the value chain.
Following the policy announcement, polysilicon futures prices have risen significantly since Monday. Settlement data from the Guangzhou Futures Exchange (GFEX) on April 20 showed that even the lowest contract price, for delivery in May 2026, was about 8.16% higher than this week’s spot polysilicon price, indicating a marked improvement in futures market sentiment.
However, it remains highly uncertain whether this upward shift can be passed on to the wafer segment and accepted by the solar cell market. One market participant noted that although the policy aims to restore price stability starting from the downstream side, no tangible impact has yet been achieved. In this context, the transfer of positive sentiment to the wafer segment will take some time.
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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