According to the OPIS Global Solar Markets Report released on Oct. 13, Free-On-Board (FOB) China TOPCon M10 cell prices fell 0.86% week on week to $0.0463/W, while FOB China TOPCon 210R cell prices fell 0.66% to $0.0454/W.
The declines ended two consecutive weeks of stability and left both formats around 13% below their late-August peaks, as overseas demand continued to signs of weakening after the Golden Week holiday.
A trader source, echoing a recent assessment by the China Nonferrous Metals Industry Association (CNMIA), said U.S. restrictions on stockpiling were expected to further weaken overseas demand and weigh on cell prices. The temporary U.S. rule covers polysilicon and its derivatives ahead of Section 232 measures taking effect on Dec. 4.
In India, a manufacturer said an earlier buying rush from the commercial and industrial (C&I) segment was tapering. An extended exemption allows eligible C&I projects commissioned by Dec. 31, 2026, to forgo the use of approved India-made solar cells. The manufacturer said, however, elevated FOB China cell prices and the approaching deadline made further stockpiling commercially unattractive.
In China, CNMIA forecast a gradual strengthening in utility-scale demand toward year-end. Procurement to meet project deadlines could support buying, although market participants questioned whether any pickup would translate into a sustained recovery in installations.
China added 97.19 GW of solar capacity in January-August, down more than 57% year on year, according to National Energy Administration (NEA) data.
07 GW added in 2025. 1 GW a month in January-August.
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