In a new weekly update for pv magazine, OPIS, a Dow Jones company, provides a quick look at the main price trends in the global PV industry.
China’s TOPCon cell prices held steady in the first week of May amid weak trading activity, as China entered a week-long Labor Day holiday period. Prices have stabilized recently after several consecutive weeks of declines, tracking the movements of upstream markets.
According to the OPIS Global Solar Markets Report released on May 5, Free-On-Board (FOB) China TOPCon M10 cell prices were stable week-on-week at $0.0486/W, down 15.7% from their year-to-date peak in early March.
Beyond the holiday lull, supply-side developments could add further pressure on Chinese cell pricing in Q2 2026. Industry sources said a major cell manufacturer is expected to complete upgrades to its TOPCon cell production lines in May. Some sources expect utilization rates to increase once the upgraded lines resume operations, potentially raising overall industry cell production capacity.
The pressure, however, may be partly offset by planned maintenance at other cell producers. Another cell manufacturer source told OPIS that weaker demand had prompted some manufacturers to schedule maintenance in May, which could result in a slight reduction in supply.
The same source said visibility on how much capacity would enter maintenance remained limited, but expected a clearer picture after the long break, given that many factories had halted operations during the holiday period.
On the cost side, wafer market sentiment has shown signs of improvement in recent weeks, as procurement activity picked up over the past two weeks amid stabilizing polysilicon prices. Downstream buyers generally view current polysilicon price levels as carrying limited downside risk, with some industry sources believing prices may have bottomed out.
Upstream EXW China Mono Premium polysilicon and FOB China N-type M10 wafer prices have fallen 36.1% and 22.8%, respectively, on a year-to-date basis, according to OPIS data.
The pickup in procurement activity has helped gradually reduce wafer inventory levels, as supply is increasingly transferred downstream from wafer manufacturers, according to market sources. While stabilizing wafer prices could provide cost-side support for downstream cell and module prices, broader wafer-side fundamentals remain weak.
According to the China Nonferrous Metals Industry Association (CNMIA), factors including weaker overseas demand, lower-than-expected domestic demand, existing inventory at cell factories and the May holidays continue to weigh on wafer demand.
CNMIA added that while wafer operating rates have remained steady, the market remains in a short-term stalemate, with upstream suppliers holding firm on prices while downstream buyers continue to push for discounts.
OPIS, a Dow Jones company, provides energy prices, news, data, and analysis on gasoline, diesel, jet fuel, LPG/NGL, coal, metals, and chemicals, as well as renewable fuels and environmental commodities. It acquired pricing data assets from Singapore Solar Exchange in 2022 and now publishes the OPIS APAC Solar Weekly Report.
The views and opinions expressed in this article are the author’s own, and do not necessarily reflect those held by pv magazine.
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