Solar Spot Price
China PV Industry Weekly Market Update (March 4, 2026)
Exchange Rate Benchmark
All CNY-denominated prices are converted to USD using the official central parity rate released by the China Foreign Exchange Trade System on March 4, 2026: 1 USD = 6.9124 CNY (1 CNY ≈ 0.1447 USD). All converted prices are rounded to match the standard precision used in the global PV industry.
Polysilicon
Supply
Polysilicon inventories have remained stubbornly elevated, staying consistently above 510,000 tonnes nationwide. The destocking process is progressing at an extremely sluggish pace, resulting in a pronounced supply glut in the market, with manufacturers facing severe pressure from mounting, unsold stockpiles.
Demand
Lackluster overall downstream demand, coupled with sustained price declines in the silicon wafer segment, has prompted wafer manufacturers to adopt an extremely cautious stance toward polysilicon procurement. Market activity is now dominated by conservative wait-and-see behavior and bargain-hunting purchases at suppressed price levels.
Price Trend
Trading activity was thin in the market this week, with most transactions closed at CNY 45–50 per kg (USD 6.51–7.23 per kg) by second- and third-tier manufacturers. Quotations from leading players including Tongwei have temporarily stabilized above CNY 50 per kg (USD 7.23 per kg), while market rumors suggest that prices for some cauliflower-grade polysilicon have dropped to CNY 40–45 per kg (USD 5.79–6.51 per kg). Dragged down by the dual headwinds of record-high domestic inventories and cautious, price-sensitive procurement from downstream buyers, polysilicon prices face significant downside risk in the near term.
Silicon Wafers
Supply
Silicon wafer inventories remain sharply elevated, holding steady above 26 GW. The broader supply-demand imbalance and oversupply situation has yet to improve, leaving manufacturers under severe, ongoing pressure for shipments and destocking.
Demand
The production resumption pace in the downstream solar cell segment has fallen short of market expectations, resulting in extremely weak effective procurement demand for silicon wafers. This soft demand has failed to provide any meaningful support or upward momentum to the wafer market.
Price Trend
Leading manufacturers and second- and third-tier players have launched a staggered round of price cuts. Current mainstream prices for 183N, 210RN and 210N wafers have dropped to CNY 1.05 per piece (USD 0.152 per unit), CNY 1.15 per piece (USD 0.166 per unit) and CNY 1.35 per piece (USD 0.195 per unit), respectively. Hampered by the dual headwinds of weak downstream demand and the sustained decline in upstream polysilicon prices, silicon wafer prices have not yet bottomed out, with clear room for further correlated downside in the coming period.
Solar Cells
Supply
The solar cell segment is currently in a phase of gradual production resumption, with overall inventory days remaining at a relatively high level of around 8 days. Lingering destocking pressure remains a core challenge across the market.
Demand
Downstream end-market demand has long failed to gain meaningful and sustained traction. Meanwhile, with the implementation date of China's export tax rebate adjustment approaching, overseas demand faces the risk of a sharp contraction, resulting in severely insufficient support from the overall demand side.
Price Trend
Squeezed between weak downstream demand and eroding cost support from sustained price cuts in upstream silicon wafers, solar cell prices have started to soften notably this week, with mainstream quotations falling to around CNY 0.41–0.42 per watt (USD 0.059–0.061 per watt). Based on calculations using the current spot silver price of approximately CNY 21,000 per kg (USD 3,038 per kg), solar cell prices are expected to have further downside room of around CNY 0.05 per watt (USD 0.007 per watt) in the coming period.
PV Modules
Supply
As prices in the upstream segments of the industrial chain (including polysilicon and silicon wafers) continue to decline, the cost floor for module production has weakened consistently, resulting in ample spot supply in the current market.
Demand
Current shipments are mainly supported by overseas deliveries, as domestic PV projects have yet to see substantive kick-off. While domestic utility-scale projects will be rolled out successively in the coming months, the price suppression effect from tenders held by China's central and state-owned enterprises (SOEs) remains highly pronounced.
Price Trend
While quotations from some tier-1 leading manufacturers have barely held above CNY 0.8 per watt (USD 0.116 per watt), the mainstream transaction price in the spot market has dropped to around CNY 0.78 per watt (USD 0.113 per watt). Against the backdrop of the "dual weakness" of yet-to-rally end-market demand and collapsing upstream costs, module prices also face notable downside risk ahead.
