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In a new weekly update for pv magazine , OPIS, a Dow Jones company, offers a snapshot of key pricing trends in the global PV industry. This week, FOB China prices for Mono PERC M10 and n-type G12 wafers remained stable at $0.133/unit and $0.166/unit, respectively. In contrast, prices for n-type M10 wafers fell to $0.122/unit, representing a weekly decline of 2.40%. The downward trend in M10 n-type wafer prices has now lasted eight consecutive weeks, driven by persistently weak downstream demand. Since their peak in early April, prices have fallen 22.78%. Market sources report that certain 182 mm x 183.75 mm n-type wafers in the domestic Chinese market are already trading below 0.95 yuan (0.13 USD)/unit. In response to the price decline, some wafer manufacturers, especially those in the second and third tier with less focus on product efficiency, have incorporated a higher proportion of lower-quality polysilicon raw materials to reduce production costs. These companies have reportedly reduced their cash production cost for M10 n-type wafers to around $0.90 per unit. However, they remain unprofitable when considering labor, management, and sales expenses. Financial pressure across the sector is becoming more visible. Ahead of next weeks 18th SNEC (2025) exhibition in Shanghai, some manufacturers have canceled previously reserved booth spaces. Industry insiders interpret these cancellations as last-resort cost-saving measures, highlighting the acute financial stress many companies are facing. On the supply side, sources noted that wafer inventories have declined from their peak of over 20 GW in mid-May. Falling wafer prices have reached more acceptable levels for downstream buyers, leading to a modest uptick in procurement. Sources estimate that solar cell production in China in May was around 56 GW, while wafer production is projected to reach up to 50 GW, suggesting a narrowing gap and contributing to the recent decline in inventories. Based on typical supply and demand dynamics in the solar market, upstream production planning tends to exceed that of the adjacent downstream segment by approximately 5% to account for processing losses and ensure continuity throughout the value chain, one source added, noting that the current reversal, with wafer production lagging, underscores the continued overcapacity in the market. Operationally, according to market commentary, the two largest wafer producers are operating at around 50% utilization, while integrated manufacturers average around 55%. Some specialized wafer manufacturers have reached up to 80% utilization. With wafer prices at new lows, certain integrated players are reducing self-produced wafer volumes and turning to the spot market for cheaper external supplies. Some are also outsourcing wafer slicing to third-party manufacturers equipped with more advanced technologies. The wafer slicing service fee in China currently stands at approximately $0.20/unit, trading sources noted. In the global market, Vietnam continues to lead Southeast Asia in wafer production, according to industry sources. Comments on regional operating rates indicate that monthly wafer production in Vietnam remains at approximately 600 MW, with an estimated polysilicon consumption of around 1,300 metric tons per month. On the export front, 182 mm x 182 mm and 182.2 mm x 182.2 mm n-type wafers continue to represent the main export sizes from China, while demand for 182 mm x 183.75 mm and 182.2 mm x 183.75 mm wafers is growing. Although production costs for these sub-sizes are generally similar, variations in customer requirements are creating mismatches between supply and demand for each format, driving price volatility. Export prices for 182 mm x 182 mm n-type wafers can occasionally reach as high as $0.140–$0.145/unit due to customized production and format-specific demand, a trading source noted. OPIS, a Dow Jones company, provides energy prices, news, data, and analysis on gasoline, diesel, jet fuel, LPG/LNG, coal, metals and chemicals, as well as renewable fuels and environmental commodities. It acquired the price data assets of the Singapore Solar Exchange in 2022 and now publishes the OPIS APAC Solar Weekly Report . |
