In a new weekly update for PV -MagazineOpis, a Dow Jones company, offers a quick look at the most important trends in the global PV industry.
Waffle prices in China have registered wide profits this week after three weeks of relative stability. According to Opis Solar Weekly Report released on 2 September, FOB China prices for N-type M10 and G12 Wafer climbed to $ 0.162/PC and $ 0.200/PC, an increase of 3.85% and 2.04%.
Trade sources indicated that the recent price increases are mainly powered by higher polys silicon costs and a tighter wafer inventory, which is currently below 20 GW – less than the production of half a month. Despite the price profits, the total trade volumes are limited due to the weak demand for end users and cautious purchasing strategies at electric manufacturers.
According to market participants, they strive with market pressure, integrated and specialized waffle producers. Integrated manufacturers, who prioritize the profitability of cells and modules, have a lower operational wafers. With the current wafers that largely cover only cash costs, these manufacturers use a combination of internal production and external purchasing to minimize the total costs.
On the other hand, specialized wafers manufacturers have increased company rates, supported by a stronger demand for Waferigal Equipment Manufacturer (OEM) services. Some electric players have stored polysilon and delivered to these specialized factories for OEM production – an approach that benefits both parties by minimizing losses and reducing costs. According to a source, the Wafer OEM model manufacturers enables stable processing committees to earn stable processing committees by converting polysilicon delivered by the customer into waffles, so that they are isolated by changes to Wafers. This protects electricity customers at price fluctuations in the wafer segment.
Separately, a leading wafer producer maintained low production speeds in the third quarter after reporting deeper losses in the second quarter, according to a Market Insider. The financial report of the company for the first half of 2025 indicated that losses exceeded in the second quarter that of the first quarter. Sources allocated this to the company that increased its operational rate during the installation of the second quarter without sufficient cost control. The report showed one year on annual increases from both sales and management costs.
Looking ahead, a market observer noted that, despite favorable policy support in China, significant challenges continue to exist. Given the large -scale production capacity on the market, a meaningful recovery of industry would require extensive consolidation, and even leading companies can experience serious problems when collecting new funds.
In addition to the domestic market in China, developments in the US create new pressure and lead strategic shifts. Last week, reports emerged from a domestic waffle production project in the US allegedly started negotiations with electric customers.
In another development, the regulations of foreign entities (FEOCs) in the US have not yet extended to the import of the waffle, but the consensus of the industry indicates that this is only a matter of time. In anticipation, manufacturers have started implementing measures to reduce potential risks. Reports indicate that various waffle companies from Southeast Asia are investigating Chinese ownership of disinvestors to change their business structures, aimed at reducing exposure to future FEOC-related risks.
In the meantime, some cell and modulemakers consider the activation capacity outside by activating FEOC regions by moving equipment to Africa, the Middle East and other emerging markets, to set up more diversified food systems.
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