In a new weekly update for PV -MagazineOpis, a Dow Jones company, reports that the prices of FOB China Waffels remained stable this week in the midst of weak demand and low production. It says that manufacturers remain under the margin pressure despite seasonal water costs lighting and traceability documentation premiums.
FOB China prices for Mono Perc M10 Waffels held stable this week at $ 0.133 each. Likewise, FOB prices for N-type M10-related and G12 waffles remained unchanged compared to the previous week, respectively at $ 0.121/PC and $ 0.162/PC. The total wafers market remained relatively quiet, with price stability a reflection of flat order volumes. However, the downward pressure on prices continues as a result of persistent weak demand, low production levels and the continuous risk of inventory accumulation.
According to insiders from the industry, the average operational rates in the Wafersmarkt are currently around 50%. Specialized WAFELF manufacturers maintain slightly higher usage levels than integrated producers – a trend in the industry that is usually observed when market prices fall below production costs.
Data from the silicon branch of the China Non -Ferrous Metals Industry Association reported that China’s waffle production reached 55.65 Gigawatt in May. Although this figure seems considerably lower than the 92.9 GW of the newly installed solar capacity announced by the National Energy Administration for the same month, industry experts suggest that a more sustainable monthly waffle output, tailored to the annual installation projection, would ideally be enforced below 50 GW.
On the domestic market of China, wafer orders are predominantly limited to small -scale resting, resulting in very short lead times. A commercial source noted that some orders that are planned before delivery are still negotiating, with the expectation that prices will fall slightly. “The adjustment is expected to be in the range of 0.02 to 0.03 Yuan /PC compared to the current level,” the source added.
With Sichuan and Yunnan, who enter their seasonal period of abundant hydropower in June, local electricity prices are expected to fall, reducing the production costs in these regions in these regions by around 0.05 Yuan/PC, according to sources. However, various market participants warned that such cost reductions only offer limited lighting in the midst of broader financial pressure. In some cases, manufacturers are even forced to display these savings in their prices, offering further discounts to stimulate sale.
To relieve the margin pressure, some manufacturers are said to use the documentation of traceability as a means to improve the premiums for sale and command price. Trade sources indicate that both domestic and export assignments can get premiums from traceability documentation of a maximum of 0.10 Yuan/PC compared to standard orders.
In the worldwide markets, Opis has learned from sources from the industry that the production of waffle in Malaysia has seen a remarkable decrease in business percentages – from around 50% in the first quarter to around 30% currently. This corresponds to data from the silicon branch of the China Non-Ferrous Metals Industry Association, which in April 2025 reported a decrease of 37.06% month-on-month in the Export of Polysilicon in China, a total of 1,262.3 tons. The association attributed the decrease mainly to reduced shipments to Malaysia, after imposing definitive anti-dumping and compensatory tasks by the US on the import of solar energy from four Southeast Asian countries.
Opis, a Dow Jones company, offers energy prices, news, data and analysis of gasoline, diesel, aircraft fuel, LPG/NGL, coal, metals and chemicals, as well as renewable fuels and environmental products. It acquired price determination of data from Singapore Solar Exchange in 2022 and now publishes the OPIS APAC SOLAR WEEKLY REPORT.
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