China wafer price declines significantly narrowed this week. However, wafer trading activity remains extremely subdued, mainly due to reduced operating rates in the solar cell sector, which has significantly weakened downstream procurement demand.
According to the OPIS Global Solar Markets Report released on April 21, Free-On-Board (FOB) China n-type M10 and n-type G12 wafer prices declined to $0.139/pc and $0.169/pc, reflecting week-on-week decreases of 0.71% and 0.59%, respectively.
An industry insider noted that in the domestic Chinese market, current wafer prices remain only slightly above 2025 historical lows. At this level, wafer manufacturers have shown reduced willingness to further lower prices to accelerate sales, with leading producers even attempting to stabilize or slightly raise prices this week.
The rationale behind this price stabilization attempt is the recent recovery in polysilicon sentiment, supported by stabilizing spot prices and rising futures prices, the source added.
According to the OPIS report, the China Mono Premium—OPIS' assessment for mono-grade polysilicon used in n-type ingot production—was assessed stable at CNY 34.071 ($4.99)/kg this week, ending a seven-week run of consecutive price declines.
However, several industry participants told OPIS that in the context of persistently weak end-demand, meaningful price increases remain difficult to sustain. Market attention is therefore focused on whether policy coordination efforts and industry-level meetings can support a broader price recovery.
A photovoltaic industry symposium jointly convened on Apr. 17 by the several high-level central government authorities including Ministry of Industry and Information Technology, National Development and Reform Commission, State Administration for Market Regulation, and National Energy Administration outlined measures to standardize market competition and curb disorderly pricing.
Several major state-owned power generation groups also participated in the meeting. These companies hold key positions in solar power plant construction and installation activities in China, giving them substantial influence over downstream demand and broader industry dynamics. Industry participants noted that their involvement, rather than that of manufacturers, signals a shift in regulatory focus toward demand-side governance.
Compared with earlier supply-side interventions, the current policy direction places greater emphasis on downstream procurement behaviour, module tender mechanisms, and grid integration coordination as part of broader market stabilization efforts. According to market participants, more regulated tender environment could reduce the aggressive price suppression that has contributed to disorderly competition across the value chain.
Following the policy notice, polysilicon futures prices have risen notably since Monday. Settlement data from the Guangzhou Futures Exchange (GFEX) on April 20 showed that even the lowest contract price, for May 2026 delivery, was approximately 8.16% higher than this week's spot polysilicon price, indicating a clear improvement in forward market sentiment.
However, whether this upward shift can be transmitted to the wafer segment and accepted by the solar cell market remains highly uncertain. A market participant noted that, while the policy aims to restore pricing stability starting from the downstream end, no tangible impact has yet materialized. Under this context, the transmission of positive sentiment to the wafer segment will still take time.
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.
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