Driven by rising prices of polysilicon and silver paste, wafer manufacturers have shown a strong willingness to maintain firm pricing, leading to a noticeable strengthening of wafer prices over the past week.
On December 26, A-share solar sector stocks surged nearly 3% during intraday trading. As of the time of writing, leading gainers included Sungrow Power Supply Co., Ltd. (300274.SZ), Shenzhen S.C New Energy Technology Corporation (300724.SZ), Hainan Drinda New Energy Technology Co., Ltd. (002865.SZ), Gcl System Integration Technology Co., Ltd. (002506.SZ), and Longi Green Energy Technology Co., Ltd. (601012.SH).
From a market fundamentals perspective, it has been observed that with the ongoing capacity reduction in upstream polysilicon and the rising price of silver paste, the price support in the photovoltaic industry chain shows signs of transmitting downstream, prompting multiple wafer manufacturers to raise their quotes this week.
According to information from industry agency Infolink Consulting, wafer companies demonstrated a strong determination to hold prices firm, resulting in significantly stronger wafer prices over the past week, with downstream module manufacturers generally responding to industry self-regulation initiatives.
Market data released on the 25th by the Silicon Branch of the China Nonferrous Metals Industry Association showed that over the past week, the average transaction price for N-type G10L monocrystalline silicon wafers (182*183.75mm/130μm) was 1.2 yuan per piece, up 2.56% week-on-week; the average transaction price for N-type G12R monocrystalline silicon wafers (182*210mm/130μm) was 1.31 yuan per piece, up 9.17% week-on-week; and the average transaction price for N-type G12 monocrystalline silicon wafers (210*210mm/130μm) was 1.52 yuan per piece, up 1.33% week-on-week.
Infolink Consulting analyzed that the continued discussion around industry self-discipline has driven an overall increase in wafer factory quotations. "Beyond sentiment factors, the persistent rise in silver paste prices has forced the cell segment to continue its upward price trend, indirectly enhancing the rationale for the new wafer pricing."
Regarding the sustainability of this round of price increases, Infolink Consulting believes that most wafer companies are currently still focused on whether upstream polysilicon prices will rise as expected. Against the backdrop that the new round of wafer quotes has not yet seen widespread high-volume transactions, the subsequent price trend still requires further observation.
With silver prices surging over 140% year-to-date, silver paste has surpassed polysilicon to become the largest cost component of photovoltaic modules. Based on transaction prices in the industry chain as of December 2025, data from a report by Guojin Securities analyst Yao Yao indicates that the top three single highest cost items for PV modules are currently silver paste, polysilicon, and glass, accounting for 17%, 14%, and 13% respectively.
It is understood that while modules have not yet been significantly affected by cost transfers due to rising silver prices, following the recent convening of the 2025 China Photovoltaic Industry Annual Conference, leading module manufacturers have generally taken action to raise module quotes.
According to statistics from Infolink Consulting, market quotes for modules in this round have increased by 0.02 yuan per watt to 0.04 yuan per watt. The distributed distribution channel was the first to show an upward trend in transaction prices, with the current mainstream transaction price for domestic distributed modules ranging from 0.68 yuan per watt to 0.71 yuan per watt.
It is worth noting that an article titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries" released on December 26 by the Industrial Development Department of the National Development and Reform Commission pointed out that for industries such as lithium batteries, photovoltaics, and new energy vehicles—the "new three"—the key lies in standardizing order and guiding innovation.
The article stated that during the "16th Five-Year Plan" period, it is necessary to comprehensively address "cut-throat" internal competition, maintain a fair competitive environment, increase industry concentration, and build globally leading technological highlands. It emphasized strengthening macro-control, persisting in using market-oriented and rule-of-law means to phase out backward and inefficient capacity, and enhancing industry self-discipline by leveraging industry associations to guide companies in cultivating differentiated competitive advantages.
Statistical data on the national power industry released by the National Energy Administration on December 26 showed that as of the end of November, the country's cumulative installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1%. Among this, solar power generation installed capacity stood at 1.16 billion kilowatts, surging 41.9% year-on-year.
Data monitored by the China Photovoltaic Industry Association shows that with the ongoing push against "internal volume," the spot price of upstream polysilicon has risen from 35,400 yuan per ton to 53,600 yuan per ton. Losses for companies within the industry have narrowed; the photovoltaic industry incurred losses of 31.039 billion yuan in the first three quarters of 2025, with third-quarter losses of 6.422 billion yuan, nearly halving compared to the second quarter.
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