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In a new weekly update for pv magazine , OPIS, a Dow Jones company, provides a quick look at key price trends in the global PV industry.
The Chinese Module Marker (CMM), OPIS’ benchmark assessment for TOPCon modules from China, fell to $0.089/W Free-On-Board (FOB) China, amid weaker indications between $0.085 and $0.099/W FOB. According to a Southeast Asian buyer, Tier 1 manufacturers are filling orders for the first quarter of 2025, with some suppliers offering aggressive pricing for next year. Another market source noted that spot indications have also weakened as manufacturers seek to clear inventory before the end of this year.
TOPCon modules for delivery in Southeast Asia in the fourth quarter of 2024 are around $0.090 per square meter on a cost, insurance and freight (CIF) basis, according to market sources. Meanwhile, TOPCon modules for delivery in the first half of 2025 were slightly discounted, with highs of $0.080/W CIF Southeast Asia.
In the Chinese domestic market, TOPCon module prices fell 2.19% week-on-week to 0.716 yuan ($0.10)/W. Similarly, mono PERC module prices fell 2.25% to 0.694 yuan/W. The weakness is mainly attributed to falling prices in large-scale procurement tenders, which have put pressure on spot prices in the domestic market.
The China Photovoltaic Industry Association (CPIA) recently released its October cost estimate for PV modules, setting the production cost of N-type M10 bifacial modules, including taxes, at 0.68 yuan/W. The move is intended to curb below-cost bidding that has plagued the sector.
In Europe, TOPCon module prices remained stable week after week. OPIS assessed the average price at €0.103 ($0.11)/W, with indications ranging from a low of €0.085/W to a high of €0.120/W.
Prices for TOPCon panels for European imports have fallen by an average of €0.01/W this month as many suppliers continue to write down their stocks to boost sales, sources said. Market observers also cited still-flat demand in the residential sector, complex permitting processes and uncertainty around longer-term economic conditions. Traders estimate current stocks in Western Europe at around 20 GW.
The US market is quiet, according to numerous purchasing sources. As November approaches, most customers are looking ahead to their needs for 2025 and awaiting the results of the US presidential election in early November and the AD/CVD poll in late November.
Earlier this year, prices were expected to spike by this time, as AD/CVD research got into full swing, but oversupply and landed stocks subject to the December use-up deadline are still having a drag effect in the short term. According to one source, one supplier with tens of MW of modules is swinging prices between $0.18 and $0.24 per year.
One source that produces modules in both the US and Southeast Asia is offering US TOPCon DDP modules at around $0.25/W “plus or minus 10%” for the full year 2025, regardless of where they are assembled. The US modules would use cells produced in Asia and thus have a negligible percentage of domestic content. The source said that “the market doesn’t let us differentiate (between origin)… so right now, we just want to close deals.” “It’s a tough environment,” they added.
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 pricing data assets of the Singapore Solar Exchange and now publishes the OPIS APAC Solar Weekly Report . |
