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In a new weekly update for pv magazine , OPIS, a Dow Jones company, FOB China TOPCon modules below 450W for spot charging held steady at $0.093/W, with price indications between $0.087-$0.100/W. It also reveals that the current price increases are not being adopted uniformly across all Chinese manufacturers, with significant price differentials—often several euro cents—being observed between the top 5 and 10 manufacturers. China : The Chinese Module Marker (CMM), OPIS’ benchmark for spot TOPCon modules above 600W from China, rose 1.12% to $0.090/W. Free-On-Board (FOB) China, with price indications between $0.085-$0.094/W. FOB China price of Mono PERC modules was flat at $0.085/W, with indications between $0.082-$0.088/W. In the forward market, second-quarter 2025 cargoes were valued at $0.089/W, while the third-quarter 2025 price remained steady at $0.086/W. Prices for the fourth quarter of 2025 and first quarter of 2026 remained steady at $0.086 and $0.085 per year, respectively. Second-quarter 2026 cargo prices remained unchanged at $0.085/W, with bids ranging from $0.080 to $0.090/W. FOB China TOPCon modules below 450W for spot charging remained stable at $0.093/W, with price indications between $0.087-$0.100/W. Strong short-term demand—driven by the installation rush in response to Chinas 430 and 531 policies—has led major manufacturers to increase their April production by up to 3 GW, bringing total output to the low-to-mid 50 GW range. Several of the top 10 producers have increased their bids by 0.01 yuan ($0.0014)/W and 0.02 yuan/W. According to trading sources, rising costs for components such as glass, wafers, and cells have also contributed to the price increase. However, market participants anticipate increased price pressure in mid-April, when purchasing activity peaks. Several manufacturers have also expressed concern about a possible sharp correction in module prices in May or June, following the implementation of relevant policies. As one major producer noted, the prospects for sustained module price increases in the second half of 2025 appear weak, given the expected decline in demand. Europe : DDP Europe prices for TOPCon modules above 600W rose 0.99% on the week to €0.102 ($0.115)/W, with market indications ranging from €0.096/W to €0.112/W for Tier 1 panels. Similarly, EXW Europe prices for TOPCon modules below 450W rose 0.97% to €0.104/W, with market indications ranging from €0.097/W to €0.115/W for Tier 1 panels. Market sources agreed that module prices could continue to rise until mid-2025, after which they are expected to stabilize in the range of €0.110 to €0.120 per watt. A return to the early-year lows of €0.080 per watt is considered unlikely. The current price increases are not being adopted uniformly across all Chinese manufacturers, the sources noted. Significant price differences—often several euro cents—have been observed between the top five and ten manufacturers, largely influenced by factors such as liquidity and inventory levels. On the supply side, lead times for major manufacturers are shrinking, and securing inventory is becoming increasingly difficult amid tighter supplies than last year. Most shipments are reportedly sold in transit and rarely reach warehouse shelves. US : TOPCon spot price for 600W+ DDP US modules was valued at $0.258/W this week, up 0.78% from last week, while spot price for sub-450W Mono PERC modules EXW rose 4.17% to $0.325/W. Looking ahead, OPIS estimates the cost of TOPCon modules in Q1 2026 at $0.276/W, and Mono PERC modules in the same period at $0.266/W. The market continues to digest the implications of President Trumps recent announcement of reciprocal tariffs, which have significantly affected Southeast Asian countries with substantial solar manufacturing capabilities. Specifically, the new tariff rates include 48% for Laos, 32% for Indonesia, and 26% for India. Further price increases are expected as the tariffs take effect. A U.S. source noted that prices for modules imported from Southeast Asia could increase by approximately $0.05/W in the short term, potentially making U.S.-made modules more competitively priced. Market participants report that module import volumes to the US have surged in recent months as buyers stockpiled goods ahead of the tariffs. For shipments yet to be cleared, suppliers are engaging in negotiations with buyers to revise existing agreements and share the additional tariff burden. One source revealed a request for their client to pay an additional $0.06 per watt on top of the previously agreed price. 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. In 2022, it acquired the price data assets of the Singapore Solar Exchange and now publishes the OPIS APAC Solar Weekly Report . |
