According to the OPIS Global Solar Markets Report released on July 14, Free-On-Board (FOB) China M10 and 210R wafer prices declined to $0.130/pc and $0.141/pc, respectively, representing week-on-week decreases of 0.76% and 1.40%.
According to market participants, the wafer market continued to face mounting pressure as abundant supply, weakening downstream demand and softer polysilicon prices added to downward price pressure. Against this backdrop, wafer prices recorded another modest decline.
With the exception of one leading cell manufacturer, most cell producers have reduced operating rates to varying degrees since the beginning of July, according to one market participant. The cuts have further widened the imbalance between wafer supply and downstream consumption.
Supply is also expected to remain elevated. Following China’s wafer output of nearly 55 GW in June 2026, industry participants estimated that July production would increase by approximately 5%. In addition, market sources said a Chinese-owned wafer plant in Southeast Asia had recently resumed production after being idled by financial difficulties and unfavorable international trade policies.
Against this backdrop, market participants generally expect wafer manufacturers to accelerate price reductions in an effort to stimulate sales and reduce inventories. One major wafer producer is reportedly placing greater emphasis on downstream integrated manufacturing and has appeared frequently on the shortlists of large-scale module procurement tenders in China.
Industry sources said the company has been submitting increasingly competitive bids, partly to help absorb its substantial internal wafer production capacity.
TCL Zhonghuan’s preliminary results for the first half of 2026 reflected this broader shift toward integrated manufacturing. The company estimated that its net loss narrowed by 22.2%-29.3% year on year, primarily due to a recovery in the operating performance of its photovoltaic business.
The company said continued cost-reduction and efficiency initiatives lowered non-silicon wafer manufacturing costs by more than 13% year on year.
TCL Zhonghuan also reported progress in its integration and globalization strategies. Revenue from its cell and module business increased by nearly 40% year on year and accounted for more than half of its photovoltaic revenue in the second quarter.
However, weakness persisted in the broader cell market. FOB China TOPCon cell prices declined amid softer traded indications in export markets, while domestic offers continued to retreat because of weak end-user demand.
According to the OPIS Global Solar Markets Report, FOB China TOPCon M10 cell prices fell by 4.49% week on week to $0.0404/W, while 210R cell prices declined by 4.85% to $0.0412/W.
An integrated solar manufacturer said falling silver prices had lowered production costs, adding further downward pressure on cell prices in recent weeks. Silver prices have fallen by around 15% over the past month and nearly 35% over the past six months, although they remain more than 55% higher year on year.
A specialized Chinese cell manufacturer said weak export demand had prompted suppliers to reduce overseas offers further. Export buyers had accumulated cell inventories ahead of China’s April 1 cancellation of export tax rebates for solar products, but the manufacturer believed that most of those inventories had since been consumed.
The source added that cells and other solar raw materials require substantial storage space and appropriate storage conditions, limiting buyers’ willingness to maintain large inventories for extended periods.
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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