China TOPCon Cell Prices Drop for Third Straight Week

FOB China TOPCon M10 cell prices dropped 2.29% week on week to $0.0469/W. This marks the third consecutive decline. The drop follows a fade in export buying and lower input costs.

FOB China TOPCon 210R cell prices fell 1.72% to $0.0458/W. Current levels sit about 12% below late-August peaks. Prices remain 20% and 18% above early-August levels respectively.

Demand Cools In Both Markets

Overseas restocking ahead of U.S. Section 232 measures has slowed. Inventories have accumulated in foreign warehouses. Domestic demand remains subdued under new electricity pricing rules.

Document 136 reforms have lowered expected project returns. This shift away from fixed tariffs reduces investment incentives. Market sources expect price pressure to persist near term.

Cost Factors Ease Pressure

Silver prices fell up to 9% from their late-August peak. They have since recovered to about 5% below that level. Lower silver costs reduce metallization expenses for cell producers.

Wafer prices also declined, reinforcing cost relief. FOB China 210R wafer prices dropped 1.92% to $0.153/pc. M10 wafer prices held steady at $0.149/pc. Persistent oversupply continues to weigh on the wafer market.

Production Data Shows Modest Growth

China’s solar cell output rose 1.9% in August to 67.02 GW. Production remains 12.9% below year-earlier levels. January to August output fell 14.6% year on year to 505.90 GW.

Wafer inventories have started to decline. Manufacturer inventory days fell to less than two weeks of production. New polysilicon purchases by wafer makers remain limited. Reports suggest a production-cut agreement may support upstream prices.

The OPIS Global Solar Markets Report provided the primary pricing data. GN auto markets/commodities: silver prices also showed significant volatility. Traders watch whether Q4 output cuts will stabilize the market. Second-tier manufacturers are already lowering prices to stimulate sales.