China mainstream TOPCon modules held steady for another week as market liquidity remained thin ahead of China’s Golden Week holiday, with market participants reluctant to commit to transactions amid uncertainty over forward price direction toward year-end.
According to the OPIS Global Solar Markets Report released on Sept. 22, the Chinese Module Marker (CMM), the OPIS benchmark assessment for TOPCon modules below 645W from China, was unchanged at $0.108/W Free-On-Board (FOB) China.
Manufacturer offers remained wide-ranging, reflecting differing expectations for prices in the coming months. Industry participants also pointed to continued availability of lower-priced, less-efficient modules as a factor weighing on the overall module market.
Weak domestic installations since the start of the year have further pressured module demand and prices. China’s cumulative solar installations totaled 97.19 GW in January-August, down more than 57.9% from the same period in 2025. August additions totaled 11.04 GW, down 21.6% month-on-month.
Some industry participants said that weak domestic module demand has also made local module prices more sensitive to broader market fluctuations, prompting manufacturers to place emphasis on overseas sales. This shift in focus may explain the relative stability in export module prices, sources said.
Since the start of August, domestic ex-works (EXW) China mainstream TOPCon module prices have risen around 3.4%, while FOB China prices have remained flat.
The forward curve has also weakened over the past few months. 01/W premium in late June.
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