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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. China : The Chinese Module Marker (CMM), OPIS’ benchmark assessment for TOPCon 600W modules from China, rose 1.19% to $0.085/W Free-On-Board (FOB) China, with price indications ranging from $0.082/W to $0.090/W. Meanwhile, FOB China prices for Mono PERC modules remained unchanged at $0.084/W, with prices ranging from $0.081 to $0.088/W. FOB China TOPCon 450W modules for spot loading were priced stable at $0.092/W, with price indications between $0.086/W and $0.100/W. In the past week, transactions have reflected price increases announced by manufacturers ahead of the Lunar New Year holiday, with prices rising to $0.080/W, recovering from the previous week’s record low of $0.084/W. Trading sources attribute this partly to a seasonal lull in module production since January, with run rates around 40%, and partly to increased installation in Chinese projects due to a recent announcement on electricity tariff rules, leading to tighter module supply. For the first half of 2025 cargo, prices rose by 1.19% to $0.085/W, with highest values ??between $0.082 and $0.090/W, while prices for the second half of 2025 cargo remained stable at $0.085/W. Meanwhile, prices for the first quarter of 2026 rose by 3.61% to $0.086/W, with highest quotes between $0.083 and $0.090/W. Market expectations for future module price developments remain divided. Some sources expect continued price increases during the second half of 2025 and early 2026, driven by supply constraints and weak module margins. Others, however, expect prices to decline after the May 31 deadline, in line with China’s new electricity tariff policy announced by the National Development and Reform Commission (NDRC). Under this policy, new grid-connected solar projects will adopt market-based electricity pricing from June 1, which could lead to a sudden drop in domestic module demand and lower prices in the second half of 2025. Europe : DDP Europes TOPCon 600W module prices rose 2.06% week-on-week to €0.099 ($0.102)/W, with price indications ranging from €0.095/W to €0.108/W for Tier 1 panels. Meanwhile, EXW Rotterdam (Western Europe) prices for TOPCon 450W modules remained stable at an average of €0.104/W, with price indications between €0.095/W and €0.110/W for Tier-1 panels. According to industry insiders, the rise in module prices since mid-February has been due to genuine market support. Following China’s announcement of radical changes to its electricity tariff structure, market players rushed to deliver modules for domestic projects before the end of April. As a result, projects initially planned for the second half of 2025 are being brought forward to the second quarter of 2025, creating a perception of module shortages in China. This has limited availability for export, supporting DDP Europe prices. Further price increases are also expected in Central and Eastern European (CEE) markets from March onwards, with sources anticipating that DDP TOPCon prices of around €0.120/W in CEE could become the new normal. United States : The US DDP TOPCon 600W module spot price is down 2.87% this week to $0.271/W, while the EXW Mono PERC 450W module spot price is stable at $0.307/W. Looking ahead, OPIS estimates the cost of TOPCon modules in Q1 2026 at $0.282/W, and that of Mono PERC modules in the same period at $0.272/W. While Lao and Indonesian manufacturers continue to offer the cheapest options for U.S. buyers, with quotes ranging from $0.20 to $0.20/W, experts warn that further trade investigations are likely to be launched once import data provides sufficient justification. Large stocks are reportedly still in some US warehouses, indicating that many importers purchased modules before the new AD/CVD tariffs came into effect in the hope of being able to sell them later when prices for new shipments would rise dramatically. However, as this anticipated price increase has yet to materialise, some sellers are now keen to get rid of excess stock, with one distributor highlighting the availability of 545-550W mono PERC modules at $0.19/W. 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 . |
