Free-On-Board (FOB) China TOPCon module prices held steady for another week as manufacturers' offers remained largely unchanged despite slow trading activity following the early-May holidays.
Industry sources said top-tier manufacturers have kept offers stable since April, while smaller-tier manufacturers have become more aggressive in pricing to secure orders, leading to a wider price divergence in both FOB China spot and forward loading cargoes.
According to the OPIS Global Solar Markets Report released on May 12, the Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon modules from China, was maintained at $0.117/W FOB China.
FOB China TOPCon module forward curve prices for Q2 2027 loading rose on firmer market indications, while the rest of the loading periods held steady. Q2 2027 cargoes were assessed 0.83% higher at $0.121/W, while Q1 2027 loading cargoes held at $0.120/W. Q3 2026 loading cargoes also held at $0.117/W, while Q4 2026 cargoes were assessed stable at $0.119/W.
From the buyer side, some sources said higher container freight rates since March have weighed on near-term procurement decisions. the decline in FOB China module prices since April has partly offset the impact of higher freight costs. A top-tier manufacturer source added that the net impact also depends on the destination region, with the freight burden less severe for Asian destinations than for Europe.
A Southeast Asian developer source said that while freight costs have increased, one strategy is to consolidate module requirements across projects and ship larger volumes in bulk. The source added that module prices have recently stabilized after a sharp and volatile increase in Q1 2026.
According to the Drewry World Container Index (WCI), container rates have risen by over 30% since end-February to $2,553 per 40ft container on May 14, amid ongoing Middle East tensions. Shanghai-Rotterdam rates rose 11% on the week to $2,413 per 40ft container, while Shanghai-Genoa rates increased 20% to $3,701 per 40ft container.
In China's domestic markets, market participants said demand from large-scale utility projects has yet to see meaningful recovery, suggesting that any further module price increases remain difficult to sustain. Prices for TOPCon modules used in distribution-generation projects continue to outperform those for larger utility-scale projects by around 5-10%, according to industry sources.
China's CHN Energy has shortlisted JA Solar and LONGi for its 59 MW TOPCon 610 W module tender for a renewable energy substitution project at the company's thermal power plant in Inner Mongolia. Bid prices were at CNY 0.778-0.783/W, or around $0.115/W FOB China. JA Solar was heard to be the successful bidder, according to industry sources.
Separately, China's Shenergy has launched a 1 GW tender for high-efficiency BC and TOPCon modules, with delivery required within one month of contract signing through the end of 2027.
Market consolidation also continued in the solar industry. HT-SAAE announced plans to sell its 81.76% equity stake in its wholly-owned subsidiary, Lianyungang Shenzhou New Energy Co., Ltd, which has a 1.2 GW cell and module manufacturing subsidiary. The company said the divestment was driven by overcapacity and intense price competition in the photovoltaic industry, as well as the subsidiary's insufficient competitiveness. The sale is expected to help HT-SAAE restructure its business and improve the quality of its asset operations, the company said.
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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