China solar: prices along the supply chain were flat (Week 11, 2025)

According to InfoLink, along the solar supply chain, prices remained largely stable last week on a week-over-week (WoW) basis. Polysilicon prices was stable, with prices ranging between RMB 38-43/kg. Although there is potential for price increase due to rising downstream prices, current high inventory level limits price negotiations. With the upcoming installation rush, industry association projects a demand surge in wafer, which could create a near-term supply shortage. Cell Prices saw some recovery with N-type prices increasing by 2%. Module Prices remain stable.

During China’s Two Sessions meeting, representatives from leading companies advocated the BIPV development and industry-wide self-discipline to protect pricing. National Energy Administration also said they will set new policies to help the industry to achieve sustainable growth.

It is expected that much stronger government policies are needed to help the industry to turn around. We expect polysilicon and solar glass players to be among the first to benefit, given the smaller number of upstream players.